Segment Information

6 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Segment Information

15. Segment Information

Operating segments are 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. We operate two reportable segments:

• Medical Device: 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 structural heart, among others; and the design, development, and manufacture of interventional medical devices, primarily balloons and catheters, including drug-coated balloons, for peripheral arterial disease treatment and other applications; and

• In Vitro Diagnostics (“IVD”): Design, development and manufacture of component products and technologies for diagnostic immunoassay, as well as molecular tests and biomedical research applications, with products that include protein stabilization reagents, substrates, surface coatings and antigens.

Segment revenue, operating income (loss), and depreciation and amortization were as follows:

	Three Months Ended						Six Months Ended
	March 31,						March 31,
(In thousands)	2021			2020			2021			2020
Revenue:
Medical Device	$	27,907		$	16,304		$	44,103		$	33,708
In Vitro Diagnostics		7,088			6,518			13,189			11,730
Total revenue	$	34,995		$	22,822		$	57,292		$	45,438
Operating income (loss):
Medical Device	$	8,564		$	(1,453	)	$	7,971		$	(1,876	)
In Vitro Diagnostics		3,809			3,462			7,029			6,061
Total segment operating income		12,373			2,009			15,000			4,185
Corporate		(2,890	)		(2,165	)		(5,424	)		(4,607	)
Total operating income (loss)	$	9,483		$	(156	)	$	9,576		$	(422	)
Depreciation and amortization:
Medical Device	$	1,721		$	1,439		$	3,373		$	2,894
In Vitro Diagnostics		88			109			193			219
Corporate		97			248			200			487
Total depreciation and amortization	$	1,906		$	1,796		$	3,766		$	3,600

The Corporate category includes expenses that are not fully allocated to Medical Device and In Vitro Diagnostics segments. These Corporate costs are related to administrative corporate 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.