v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
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 he: (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) Interventional Glaucoma and (ii) Interventional 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 across segments since many operating costs are shared between 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 expenses requiring 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
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

Interventional Glaucoma

 

$

20,713

 

 

$

19,231

 

 

$

39,058

 

 

$

36,345

 

Interventional Dry Eye

 

 

2,675

 

 

 

333

 

 

 

4,028

 

 

 

727

 

Total

 

 

23,388

 

 

 

19,564

 

 

 

43,086

 

 

 

37,072

 

Cost of goods sold

 

 

 

 

 

 

 

 

 

 

 

 

Interventional Glaucoma cost of goods sold

 

 

2,835

 

 

 

2,772

 

 

 

5,178

 

 

 

5,070

 

Interventional Glaucoma tariff recovery

 

 

(1,231

)

 

 

—

 

 

 

(1,231

)

 

 

—

 

Interventional Dry Eye cost of goods sold

 

 

545

 

 

 

205

 

 

 

922

 

 

 

321

 

Interventional Dry Eye tariff recovery

 

 

(135

)

 

 

—

 

 

 

(135

)

 

 

—

 

Total cost of goods sold

 

 

2,014

 

 

 

2,977

 

 

 

4,734

 

 

 

5,391

 

Gross profit

 

 

 

 

 

 

 

 

 

 

 

 

Interventional Glaucoma

 

 

19,109

 

 

 

16,459

 

 

 

35,111

 

 

 

31,275

 

Interventional Dry Eye

 

 

2,265

 

 

 

128

 

 

 

3,241

 

 

 

406

 

Total

 

 

21,374

 

 

 

16,587

 

 

 

38,352

 

 

 

31,681

 

Operating expense

 

 

(25,262

)

 

 

(28,254

)

 

 

(54,653

)

 

 

(57,207

)

Investment income

 

 

678

 

 

 

1,026

 

 

 

1,419

 

 

 

2,174

 

Interest expense

 

 

(1,290

)

 

 

(1,284

)

 

 

(2,557

)

 

 

(2,547

)

Other income (expense), net

 

 

82

 

 

 

24

 

 

 

53

 

 

 

(115

)

Loss before income taxes

 

$

(4,418

)

 

$

(11,901

)

 

$

(17,386

)

 

$

(26,014

)