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Segment Information
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Information

Note 10. 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 CODM: (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 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 (in thousands):

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

Surgical Glaucoma

 

$

19,718

 

 

$

18,632

 

 

$

56,063

 

 

$

57,132

 

Dry Eye

 

 

188

 

 

 

1,525

 

 

 

915

 

 

 

3,660

 

Total revenue

 

 

19,906

 

 

 

20,157

 

 

 

56,978

 

 

 

60,792

 

Cost of goods sold

 

 

 

 

 

 

 

 

 

 

 

 

Surgical Glaucoma

 

 

2,592

 

 

 

2,453

 

 

 

7,662

 

 

 

7,084

 

Dry Eye

 

 

117

 

 

 

797

 

 

 

438

 

 

 

1,984

 

Total cost of goods sold

 

 

2,709

 

 

 

3,250

 

 

 

8,100

 

 

 

9,068

 

Gross profit

 

 

 

 

 

 

 

 

 

 

 

 

Surgical Glaucoma

 

 

17,126

 

 

 

16,179

 

 

 

48,401

 

 

 

50,048

 

Dry Eye

 

 

71

 

 

 

728

 

 

 

477

 

 

 

1,676

 

Total gross profit

 

 

17,197

 

 

 

16,907

 

 

 

48,878

 

 

 

51,724

 

Operating expenses

 

 

(25,102

)

 

 

(28,136

)

 

 

(82,308

)

 

 

(90,327

)

Investment income

 

 

965

 

 

 

1,454

 

 

 

3,139

 

 

 

4,628

 

Interest expense

 

 

(1,306

)

 

 

(1,151

)

 

 

(3,853

)

 

 

(3,501

)

Loss on debt extinguishment

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1,962

)

Other (expense) income, net

 

 

(2

)

 

 

26

 

 

 

(118

)

 

 

(25

)

Loss before income taxes

 

$

(8,248

)

 

$

(10,900

)

 

$

(34,262

)

 

$

(39,463

)