v3.26.1
Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Information  
Segment Information

Note 12. Segment Information

With the divestiture of the CIED Business, the Company now operates in two segments. The Company determined its operating and reportable segments to be consistent with its major product groupings – Women’s Health and Cardiovascular. The accounting policies of the segments are the same as those described in the summary of significant accounting policies.

The Chief Operating Decision Maker ("CODM") is the Chief Executive Officer. The CODM evaluates the performance of our segments based upon, among other things, segment net sales and segment gross profit, excluding intangible asset amortization (“segment gross profit”). Segment gross profit is what the CODM uses in evaluating our results of operations and the financial measure that provides insight into our overall performance and financial position. The CODM considers budget-to-actual variances and variances against prior years using segment gross profit when making decisions about allocating resources to the segments. Asset information is not provided as the Company's CODM does not regularly review or utilize detailed asset data to assess segment performance.

​

For the three months ended March 31, 2026, the Company’s segment gross profit was comprised of the following (in thousands):

​

​

​

​

​

​

​

​

​

​

​

Women's Health

​

​

Cardiovascular

​

​

Total

Net sales

$

2,089

​

$

1,025

​

$

3,114

Cost of goods sold, excluding intangible asset amortization

​

891

​

​

151

​

​

1,042

Segment gross profit

$

1,198

​

$

874

​

$

2,072

​

For the three months ended March 31, 2025, the Company’s segment gross profit was comprised of the following (in thousands):

​

​

​

​

​

​

​

​

​

​

​

Women's Health

​

​

Cardiovascular

​

​

Total

Net sales

$

2,625

​

$

326

​

$

2,951

Cost of goods sold, excluding intangible asset amortization

​

1,173

​

​

127

​

​

1,300

Segment gross profit

$

1,452

​

$

199

​

$

1,651

​

No customer exceeded 10% of the Company’s total net sales for the three months ended March 31, 2026. One customer in the Women’s Health segment, Tiger, represented 32% of total net sales for the three months ended March 31, 2025. The Company distribution agreement with Tiger was terminated effective October 2025.

​

The following table is a reconciliation of segment gross profit to the consolidated loss before provision for income taxes for the three months ended March 31, 2026 and 2025, (in thousands):

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

​

March 31, 

​

  ​ ​ ​

2026

​

2025

Segment gross profit

​

$

2,072

​

$

1,651

Adjustments:

​

​

​

​

​

​

Intangible asset amortization expense

​

​

(270)

​

​

(269)

Sales and marketing

​

​

(1,480)

​

​

(995)

General and administrative

​

​

(4,091)

​

​

(3,721)

Research and development

​

​

(1,973)

​

​

(871)

Litigation costs, net

​

​

(606)

​

​

(2,572)

Loss from operations

 

​

(6,348)

​

​

(6,777)

Interest (income) expense, net

 

​

(108)

​

​

184

Loss (gain) on revaluation of warrant liability

​

​

1,655

​

​

(5,187)

Other (income) expense, net

 

​

(71)

​

​

105

Loss from continuing operations before provision for income taxes

 

$

(7,824)

​

$

(1,879)

​

During the three months ended March 31, 2026 and 2025, the Company did not have any material international product sales, and the Company did not own any long-lived assets outside the United States.