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Segment Information
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Information

Note 11. Segment Information

The Company’s Chief Executive Officer, who is the Company’s Chief Operating Decision Maker (“CODM”), manages the business through two operating segments, consistent with how the Company’s Chief Executive Officer: (i) assesses operating performance on a regular basis, (ii) makes resource allocation decisions, and (iii) designates responsibilities of his direct reports. The Company’s operating segments, which also qualify as reportable segments include: (i) Surgical Glaucoma and (ii) Dry Eye. These segments are generally determined based on the decision-making structure and the grouping of similar products and services.

The Company’s CODM uses segment gross profit to assess the operating performance and make resource allocation decisions for each of its segments. Segment gross profit represents revenue reduced by cost of goods sold within each of the operating and reportable segments. The CODM reviews a monthly executive reporting package based on consolidated results of the Company when making decisions about allocating resources and assessing performance. The CODM evaluates actual segment performance to budget and forecast, including monthly sales performance, when allocating capital and personnel.

The Company does not have any intercompany transactions between segments that require elimination. The CODM does not review operating expenses separately for its segments, as the Company does not allocate operating expenses, with many operating costs shared between the segments, and therefore, this is not considered when allocating resources and assessing performance. The Company evaluated the monthly executive reporting package and did not identify any significant or other expenses for disclosure that are not already presented.

In reviewing and assessing segment performance and managing operations, management does not review segment assets. Substantially all of the Company’s revenue is generated from sales in the United States.

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

 

 

Years Ended December 31,

 

 

 

2024

 

 

2023

 

Revenue

 

 

 

 

 

 

Surgical Glaucoma

 

$

75,902

 

 

$

74,310

 

Dry Eye

 

 

3,964

 

 

 

6,746

 

Total

 

 

79,866

 

 

 

81,056

 

Cost of goods sold

 

 

 

 

 

 

Surgical Glaucoma

 

 

9,448

 

 

 

8,830

 

Dry Eye

 

 

2,133

 

 

 

3,051

 

Total

 

 

11,581

 

 

 

11,881

 

Gross profit

 

 

 

 

 

 

Surgical Glaucoma

 

 

66,454

 

 

 

65,480

 

Dry Eye

 

 

1,831

 

 

 

3,695

 

Total

 

 

68,285

 

 

 

69,175

 

Operating expense

 

 

(118,817

)

 

 

(126,449

)

Investment income

 

 

5,917

 

 

 

7,289

 

Interest expense

 

 

(4,662

)

 

 

(5,408

)

Loss on debt extinguishment

 

 

(1,962

)

 

 

—

 

Other expense, net

 

 

(32

)

 

 

(44

)

Loss before income tax

 

$

(51,271

)

 

$

(55,437

)