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Segment Information
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Segment Information

Note 10. Segment Information

The Company has two reportable operating segments which are determined on the basis of the product portfolio: Surgical Glaucoma and Dry Eye. The operating and reportable segments were determined based on how the Company’s Chief Executive Officer, its Chief Operating Decision Maker (“CODM”), views and evaluates the Company’s operations. The CODM allocates resources to and evaluates the financial performance of each operating segment primarily based on gross profit and gross profit margin.

The Surgical Glaucoma segment includes sales of the Company’s OMNI Surgical System and SION Surgical Instrument for use in minimally invasive glaucoma procedures. The Dry Eye segment includes sales of the Company’s TearCare System and related components.

The following table summarizes select operating results information for each reportable segment (in thousands):

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

Surgical Glaucoma

 

$

18,632

 

 

$

18,425

 

 

$

57,132

 

 

$

57,158

 

Dry Eye

 

 

1,525

 

 

 

1,584

 

 

 

3,660

 

 

 

5,147

 

Total

 

 

20,157

 

 

 

20,009

 

 

 

60,792

 

 

 

62,305

 

Cost of goods sold

 

 

 

 

 

 

 

 

 

 

 

 

Surgical Glaucoma

 

 

2,453

 

 

 

2,002

 

 

 

7,084

 

 

 

6,808

 

Dry Eye

 

 

797

 

 

 

675

 

 

 

1,984

 

 

 

2,297

 

Total

 

 

3,250

 

 

 

2,677

 

 

 

9,068

 

 

 

9,105

 

Gross profit

 

 

 

 

 

 

 

 

 

 

 

 

Surgical Glaucoma

 

 

16,179

 

 

 

16,423

 

 

 

50,048

 

 

 

50,350

 

Dry Eye

 

 

728

 

 

 

909

 

 

 

1,676

 

 

 

2,850

 

Total

 

 

16,907

 

 

 

17,332

 

 

 

51,724

 

 

 

53,200

 

Operating expenses

 

 

28,136

 

 

 

30,743

 

 

 

90,327

 

 

 

99,364

 

Loss from operations

 

 

(11,229

)

 

 

(13,411

)

 

 

(38,603

)

 

 

(46,164

)

Investment income

 

 

1,454

 

 

 

1,897

 

 

 

4,628

 

 

 

5,499

 

Interest expense

 

 

(1,151

)

 

 

(1,432

)

 

 

(3,501

)

 

 

(4,057

)

Loss on debt extinguishment

 

 

—

 

 

 

—

 

 

 

(1,962

)

 

 

—

 

Other income (expense), net

 

 

26

 

 

 

(11

)

 

 

(25

)

 

 

(34

)

Loss before income taxes

 

$

(10,900

)

 

$

(12,957

)

 

$

(39,463

)

 

$

(44,756

)

 

The Company does not allocate any income and expenses beyond revenue and cost of goods sold to the reportable operating segments in its reporting to the CODM. No asset information is provided for reportable operating segments because they are not reviewed by the CODM on a segment basis. Substantially all of the Company’s revenue is generated from sales in the United States.