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Reportable Segment Information
12 Months Ended
Sep. 30, 2019
Segment Reporting [Abstract]  
Reportable Segment Information

11.  Reportable Segment Information

The accounting standards for reporting information about operating segments define operating segments as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, who is the Company’s Chief Executive Officer, in deciding how to allocate resources and in assessing performance. For financial accounting and reporting purposes, the Company reports its results for the two reportable segments as follows: (1) the Medical Device unit, which designs, develops and manufactures interventional medical devices, primarily for the peripheral vascular market; surface modification coating technologies to improve access, deliverability, and predictable deployment of medical devices;  as well as drug-delivery coating technologies to provide site-specific drug-delivery from the surface of a medical device, with end markets that include coronary, peripheral, neuro-vascular and urology, among others, and (2) the In Vitro Diagnostics unit, which consists of component products and technologies for diagnostic test kits and biomedical research applications, with products that include protein stabilization reagents, substrates, antigens and surface coatings.

The tables below present segment revenue, operating income from continuing operations and depreciation and amortization, for the years ended September 30, as follows (in thousands):

 

 

 

2019

 

 

2018

 

 

2017

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Medical Device

 

$

78,353

 

 

$

60,513

 

 

$

53,983

 

In Vitro Diagnostics

 

 

21,724

 

 

 

20,823

 

 

 

19,129

 

Total revenue

 

$

100,077

 

 

$

81,336

 

 

$

73,112

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

Medical Device

 

$

4,794

 

 

$

(8,478

)

 

$

6,902

 

In Vitro Diagnostics

 

 

10,620

 

 

 

8,619

 

 

 

8,293

 

Total segment operating income

 

 

15,414

 

 

 

141

 

 

 

15,195

 

Corporate

 

 

(8,945

)

 

 

(8,940

)

 

 

(8,092

)

Total operating income (loss)

 

$

6,469

 

 

$

(8,799

)

 

$

7,103

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization:

 

 

 

 

 

 

 

 

 

 

 

 

Medical Device

 

$

5,811

 

 

$

5,376

 

 

$

4,453

 

In Vitro Diagnostics

 

 

464

 

 

 

394

 

 

 

412

 

Corporate

 

 

1,037

 

 

 

661

 

 

 

690

 

Total depreciation and amortization

 

$

7,312

 

 

$

6,431

 

 

$

5,555

 

 

The Corporate category includes expenses that are not fully allocated to Medical Device and In Vitro Diagnostics segments.  These Corporate costs are related to functions, such as executive management, corporate accounting, legal, human resources and Board of Directors. Corporate may also include expenses, such as litigation, which are not specific to a segment and thus not allocated to the operating segments.  

Asset information by segment is not presented because the Company does not provide its chief operating decision maker assets by segment, as the data is not readily available.

Major Customers

Revenue from customers that equaled or exceeded 10% of total revenue was as follows for the years ended September 30:

 

 

 

2019

 

 

2018

 

 

2017

 

Abbott

 

 

19

%

 

 

11

%

 

N/A

 

Medtronic

 

 

14

%

 

 

16

%

 

 

18

%

 

The revenue from the customers listed is derived from two primary sources: licensing and product sales (primarily in the Medical Device segment).

Geographic Revenue and Long-lived Assets

Geographic revenue was as follows for the years ended September 30:

 

 

 

2019

 

 

2018

 

 

2017

 

Domestic

 

 

81

%

 

 

79

%

 

 

77

%

Foreign

 

 

19

%

 

 

21

%

 

 

23

%

 

Long-lived assets, including property and equipment and intangible assets net of accumulated depreciation and amortization, respectively, by country were as follows as of September 30:

 

 

 

2019

 

 

2018

 

U.S.

 

$

24,450

 

 

$

26,652

 

Ireland

 

 

19,524

 

 

 

21,174