v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting
13.
Segment Reporting

The Company operates under one reportable segment. The Company’s chief operating decision maker (“CODM”), is the Chief Executive Officer (“CEO”). The Company views its operations, makes decisions regarding how to allocate resources and manages its business as one reportable segment and one reporting unit. The CODM reviews financial information presented on a consolidated basis for purposes of allocating resources and assessing financial performance. Net income or net loss as reported on the consolidated statement of comprehensive income or loss is the measure of segment profit or loss used by the CODM in allocating resources and assessing performance. Total assets for the operating segment is the amount presented on the condensed consolidated balance sheets.

The following table represents the Company’s total revenue by customers’ geographic locations:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Revenue by customers' geographic locations:

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

 

51

%

 

 

49

%

 

 

48

%

 

 

49

%

Europe

 

 

32

%

 

 

38

%

 

 

35

%

 

 

36

%

Asia Pacific ("APAC") & Rest of World (1)

 

 

17

%

 

 

13

%

 

 

17

%

 

 

15

%

Total revenue

 

 

100

%

 

 

100

%

 

 

100

%

 

 

100

%

(1) Rest of the world consists of countries in Central and South America and Africa.

The following table presents the Company’s significant segment expenses which are regularly provided to the CODM for the single reportable segment:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

 

(Amounts in thousands)

 

Total revenue

 

$

204,128

 

 

$

182,366

 

 

$

398,383

 

 

$

351,538

 

Costs and operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of goods sold

 

 

94,889

 

 

 

91,224

 

 

 

181,321

 

 

 

169,639

 

Research and development

 

 

15,086

 

 

 

13,958

 

 

 

29,842

 

 

 

26,882

 

Sales and marketing

 

 

28,218

 

 

 

26,666

 

 

 

56,432

 

 

 

50,622

 

General and administrative

 

 

51,959

 

 

 

36,622

 

 

 

100,872

 

 

 

83,921

 

Total costs and operating expenses

 

 

190,152

 

 

 

168,470

 

 

 

368,467

 

 

 

331,064

 

Other income (expense), net

 

 

177

 

 

 

4,319

 

 

 

(13,991

)

 

 

5,684

 

Income tax provision

 

 

9,145

 

 

 

3,349

 

 

 

2,584

 

 

 

5,462

 

Net income

 

$

5,008

 

 

$

14,866

 

 

$

13,341

 

 

$

20,696

 

Concentrations of Credit Risk and Significant Customers

Financial instruments that subject the Company to significant concentrations of credit risk primarily consist of cash and cash equivalents, marketable securities and accounts receivable. The Company's investment policy requires that it only invest in highly-rated securities and limits its exposure to any single-issuer to mitigate the risk of credit loss.

The Company’s expected loss allowance methodology for accounts receivable is developed using historical collection experience, current and future economic and market conditions and a review of the current status of customers' trade accounts receivable. The Company’s expected loss allowance and changes in the allowance period over period have not been historically material. Concentration of credit risk with respect to accounts receivable is limited to customers to whom the Company makes significant sales. To control credit risk, the Company performs regular credit evaluations of its customers’ financial condition.

There was no revenue from a specific customer that represented 10% or more of the Company's total revenue for the three and six months ended June 30, 2026 or 2025.

One customer represented 10% of the Company’s total trade accounts receivable balance at June 30, 2026, and no customer represented 10% or more of the Company's total trade accounts receivable balance at December 31, 2025.