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Segment Information (Tables)
6 Months Ended
Jun. 30, 2022
Segment Reporting [Abstract]  
Summary of Segment Information

The following tables present the Company’s segment information for the three and six months ended June 30, 2022 and 2021:

 

 

2022

 

 

2021

 

 

 

(in thousands, except percentage data)

 

 

 

Product

 

 

Software

 

 

Total

 

 

Product

 

 

Software

 

 

Total

 

Revenue

 

$

8,442

 

 

$

2,105

 

 

$

10,547

 

 

$

6,171

 

 

$

1,821

 

 

$

7,992

 

Cost of sales

 

 

7,385

 

 

 

609

 

 

 

7,994

 

 

 

5,333

 

 

 

566

 

 

 

5,899

 

Gross profit

 

 

1,057

 

 

 

1,496

 

 

 

2,553

 

 

 

838

 

 

 

1,255

 

 

 

2,093

 

Gross margin

 

 

13

%

 

 

71

%

 

 

24

%

 

 

14

%

 

 

69

%

 

 

26

%

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

 

12,243

 

 

 

579

 

 

 

12,822

 

 

 

6,866

 

 

 

515

 

 

 

7,381

 

Research and development

 

 

3,552

 

 

 

466

 

 

 

4,018

 

 

 

4,222

 

 

 

409

 

 

 

4,631

 

Change in fair value of contingent earnout

 

 

 

 

 

 

 

 

 

 

 

(21

)

 

 

 

 

 

(21

)

Total operating expenses

 

 

15,795

 

 

 

1,045

 

 

 

16,840

 

 

 

11,067

 

 

 

924

 

 

 

11,991

 

(Loss) income from operations

 

$

(14,738

)

 

$

451

 

 

$

(14,287

)

 

$

(10,229

)

 

$

331

 

 

$

(9,898

)

 

 

 

 

2022

 

 

2021

 

 

 

(in thousands, except percentage data)

 

 

 

Product

 

 

Software

 

 

Total

 

 

Product

 

 

Software

 

 

Total

 

Revenue

 

$

15,645

 

 

$

3,935

 

 

$

19,580

 

 

$

11,980

 

 

$

3,439

 

 

$

15,419

 

Cost of sales

 

 

13,463

 

 

 

1,285

 

 

 

14,748

 

 

 

10,408

 

 

 

1,176

 

 

 

11,584

 

Gross profit

 

 

2,182

 

 

 

2,650

 

 

 

4,832

 

 

 

1,572

 

 

 

2,263

 

 

 

3,835

 

Gross margin

 

 

14

%

 

 

67

%

 

 

25

%

 

 

13

%

 

 

66

%

 

 

25

%

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

 

23,770

 

 

 

1,037

 

 

 

24,807

 

 

 

12,932

 

 

 

973

 

 

 

13,905

 

Research and development

 

 

7,983

 

 

 

885

 

 

 

8,868

 

 

 

8,861

 

 

 

816

 

 

 

9,677

 

Change in fair value of contingent earnout

 

 

 

 

 

 

 

 

 

 

 

(7

)

 

 

 

 

 

(7

)

Total operating expenses

 

 

31,753

 

 

 

1,922

 

 

 

33,675

 

 

 

21,786

 

 

 

1,789

 

 

 

23,575

 

(Loss) income from operations

 

$

(29,571

)

 

$

728

 

 

$

(28,843

)

 

$

(20,214

)

 

$

474

 

 

$

(19,740

)

Segment Assets

Segment Assets:

 

 

As of

 

 

 

June 30,

 

 

December 31,

 

 

 

2022

 

 

2021

 

 

 

(in thousands)

 

Product

 

$

77,269

 

 

$

104,588

 

Software

 

 

10,639

 

 

 

10,911

 

Total

 

$

87,908

 

 

$

115,499