v3.26.3
Segment Information
 9 Months Ended
Sep. 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
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

Interventional Glaucoma

 

$

21,046

 

 

$

19,718

 

 

$

60,105

 

 

$

56,063

 

Interventional Dry Eye

 

 

3,877

 

 

 

188

 

 

 

7,905

 

 

 

915

 

Total

 

 

24,923

 

 

 

19,906

 

 

 

68,010

 

 

 

56,978

 

Cost of goods sold

 

 

 

 

 

 

 

 

 

 

 

 

Interventional Glaucoma cost of goods sold

 

 

2,688

 

 

 

2,592

 

 

 

7,865

 

 

 

7,662

 

Interventional Glaucoma tariff recovery

 

 

—

 

 

 

—

 

 

 

(1,231

)

 

 

—

 

Interventional Dry Eye cost of goods sold

 

 

815

 

 

 

117

 

 

 

1,738

 

 

 

438

 

Interventional Dry Eye tariff recovery

 

 

—

 

 

 

—

 

 

 

(135

)

 

 

—

 

Total cost of goods sold

 

 

3,503

 

 

 

2,709

 

 

 

8,237

 

 

 

8,100

 

Gross profit

 

 

 

 

 

 

 

 

 

 

 

 

Interventional Glaucoma

 

 

18,358

 

 

 

17,126

 

 

 

53,471

 

 

 

48,401

 

Interventional Dry Eye

 

 

3,062

 

 

 

71

 

 

 

6,302

 

 

 

477

 

Total

 

 

21,420

 

 

 

17,197

 

 

 

59,773

 

 

 

48,878

 

Operating expenses

 

 

(27,548

)

 

 

(25,102

)

 

 

(82,201

)

 

 

(82,308

)

Investment income

 

 

692

 

 

 

965

 

 

 

2,111

 

 

 

3,139

 

Interest expense

 

 

(1,312

)

 

 

(1,306

)

 

 

(3,869

)

 

 

(3,853

)

Other income (expense), net

 

 

(51

)

 

 

(2

)

 

 

1

 

 

 

(118

)

Loss before income taxes

 

$

(6,799

)

 

$

(8,248

)

 

$

(24,185

)

 

$

(34,262

)