v3.25.2
SEGMENT REPORTING
 6 Months Ended
Jun. 30, 2025
SEGMENT REPORTING [Abstract]  
SEGMENT REPORTING
12.
SEGMENT REPORTING
 
(a)
Description of segments
 
Segment information is presented using a management approach, meaning that segment information is provided on the same basis as information is used for internal reporting purposes by the CODM which is the Vice Chairman and CEO, who makes key strategic decisions. The CODM is responsible for the allocation of resources and assessing the performance of the Group. Management has determined that the activities of the business as reviewed by the CODM are one segment, being the development and commercialization of the ADAPT® anti-calcification tissue. This is focused on the DurAVR® THV system.
(b)
Segment information
 
The revenue and cost information relating to all of the ADAPT® products including both the DurAVR® THV system and regenerative tissue products are regularly reviewed by the CODM on an aggregate basis.
 
The CODM assesses performance and allocates resources based on the Company’s Condensed Consolidated Statements of Operations and key components and processes of the Company’s operations are managed centrally. Segment asset information is not used by the CODM to allocate resources. As a single reportable segment entity, the Company’s segment performance measure is net income or loss.
 
                 
  Three months ended
  June 30, 		Six months ended
  June 30,
(in thousands)
  2025
  $ 		    2024
   $ 		    2025
   $ 		    2024
   $ 		 
Net sales from external customers
 618   632   1,174   1,398 
Depreciation & amortization
 (418)   (377)   (821)   (722) 
Interest income
 391   100   482   266 
Interest expense
 (22)   (11)   (48)   (28) 
Other segment items
 (21,631)   (19,163)   (43,780)   (35,886) 
Segment net loss  (21,062)   (18,819)   (42,993)   (34,972) 
 
No detailed asset information by reportable segment has been reported given that the single segment’s information is already presented in the Condensed Consolidated Balance Sheets. Refer to the Condensed Consolidated Statements of Cash Flows for significant non-cash items and total expenditure for additions of long-lived assets.
 
(c)
Geographic information
 
Segment revenues (net sales) have been based on the geographic location of the customers taking possession of the products.
 
                 
  Three months ended
  June 30, 		Six months ended
   June 30,
(in thousands)
  2025
   $ 		    2024
   $ 		    2025
   $ 		    2024
  $ 		 
United States
 610   503   886   1,114 
Australia
 8   4   16   8 
Germany
  -    125   272   276 
   618   632   1,174   1,398 
 (d)
Major customers
 
The following table summarizes revenues from major customers that individually accounted for 10% or more of the Company's total revenues.
 
                 
  Three months ended
June 30, 		Six months ended
June 30,
(in thousands)
  2025
   $ 		    2024
   $ 		    2025
   $ 		    2024
   $ 		 
Customer A
  -    240   272   661 
Customer B
 610   388   886   729 
 
The total amounts outstanding from these customers was $0.7 million and $0.3 million as of June 30, 2025 and December 31, 2024, respectively.