XML 47 R23.htm IDEA: XBRL DOCUMENT v3.25.4
Segment, Geographic, and Other Information
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment, Geographic, and Other Information Segment, Geographic, and Other Information
The Company manages its business on the basis of one operating segment and one reportable segment. The chief operating decision maker (“CODM”), who is the Chief Executive Officer, assesses performance for the one operating segment and decides how to allocate resources based on consolidated net income (loss) and consolidated income (loss) from operations, which is also reported on the Consolidated Statements of Comprehensive Income (Loss).
Significant expenses within consolidated net (loss) income include cost of sales, total operating expenses, interest expense, interest income, other (income) expense, net, change in fair value of warrant liabilities, foreign currency transaction loss (gain), net, and income tax expense (benefit), all of which are each separately reported on the Consolidated Statements of Comprehensive Income (Loss).

The CODM also reviews the disaggregation of total operating expenses, of which significant segment expenses are related to personnel-related expenses, which includes sales commission and share-based compensation expense. Other segment expenses included in total operating expenses primarily consist of fees for professional services principally comprising legal, audit, tax and accounting services, depreciation and amortization expenses, advertising and marketing-related expenses, software, facilities-related costs, credit card and wire fees, and insurance.
The following summarizes the components of operating expenses for the periods indicated:

Year Ended December 31,
(in thousands)202520242023
Total operating expenses:
Personnel-related expenses
$111,338 $131,134 $152,625 
Other segment expenses
105,829 118,936 133,405 
Total operating expenses
$217,167 $250,070 $286,030 
Net sales disaggregated by major product line were as follows for the periods indicated:
Year Ended December 31,
(in thousands)202520242023
Net Sales
Delivery Systems
$88,079 $125,400 $206,630 
Consumables212,711 208,894 191,361 
Total net sales$300,790 $334,294 $397,991 
Net sales by geographic region were as follows for the periods indicated:

Year Ended December 31,
(in thousands)202520242023
Americas$203,980 $216,993 $227,709 
Europe, the Middle East and Africa
68,295 71,633 88,089 
Asia-Pacific
28,515 45,668 82,193 
Total net sales$300,790 $334,294 $397,991 
No single customer accounted for 10% or more of consolidated net sales during the years ended December 31, 2025, 2024, and 2023.

No single customer accounted for 10% or more of the Company’s accounts receivable balance as December 31, 2025 and 2024.
Long-lived assets, which includes property and equipment, net and right-of-use assets, net, by geographic region were as follows for the periods indicated:

(in thousands)December 31, 2025December 31, 2024
U.S.$10,284 $13,285 
United Kingdom1,954 2,066 
Germany1,169 1,595 
China101 1,406 
Rest of World600 1,216 
Total long-lived assets$14,108 $19,568