Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2016 | Feb. 23, 2017 | Jul. 01, 2016 | |
Document Information [Line Items] | |||
Entity Registrant Name | Nuvectra Corp | ||
Entity Central Index Key | 1,648,893 | ||
Trading Symbol | nvtr | ||
Current Fiscal Year End Date | --12-30 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding (in shares) | 10,337,753 | ||
Entity Public Float | $ 73.9 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 30, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 30, 2016 | Jan. 01, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 63,710,000 | $ 202,000 |
Trade accounts receivable, net of allowance for doubtful accounts of $10 in fiscal 2016 and $56 in fiscal 2015 | 3,177,000 | 417,000 |
Inventories | 5,233,000 | 24,000 |
Prepaid expenses and other current assets | 443,000 | 121,000 |
Total current assets | 72,563,000 | 764,000 |
Property, plant and equipment, net | 6,317,000 | 4,469,000 |
Intangible assets, net | 1,714,000 | 1,983,000 |
Goodwill | 38,182,000 | 38,182,000 |
Other long-term assets | 526,000 | |
Total assets | 119,302,000 | 45,398,000 |
Current liabilities: | ||
Accounts payable | 9,928,000 | |
Accrued liabilities | 3,355,000 | 18,000 |
Other accrued compensation | 1,766,000 | 524,000 |
Accrued bonuses | 991,000 | 198,000 |
Amount due to non-controlling interests | 6,818,000 | |
Total current liabilities | 16,040,000 | 7,558,000 |
Other long-term liabilities | 940,000 | |
Long-term debt, net | 13,744,000 | |
Total liabilities | 30,724,000 | 7,558,000 |
Commitments and contingencies (Note 9) | ||
Stockholders’ equity: | ||
Common stock, $0.001 par value, 100,000,000 shares authorized; 10,319,627 and 0 shares issued and outstanding in fiscal 2016 and fiscal 2015, respectively | 10,000 | |
Additional paid-in capital | 121,806,000 | |
Accumulated other comprehensive loss | (2,000) | |
Accumulated deficit | (33,236,000) | (125,094,000) |
Integer’s net investment | 162,934,000 | |
Total stockholders’ equity | 88,578,000 | 37,840,000 |
Total liabilities and stockholders’ equity | $ 119,302,000 | $ 45,398,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 30, 2016 | Jan. 01, 2016 |
Trade accounts receivable, allowance for doubtful accounts | $ 10 | $ 56 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 10,319,627 | 0 |
Common stock, shares outstanding (in shares) | 10,319,627 | 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 30, 2016 | Jan. 01, 2016 | |
Product | $ 9,314 | $ 5,238 |
Service | 3,221 | |
Total sales | 12,535 | 5,238 |
Product | 4,806 | 3,371 |
Service | 1,624 | |
Total cost of sales | 6,430 | 3,371 |
Gross profit | 6,105 | 1,867 |
Operating expenses: | ||
Selling, general and administrative expenses | 28,507 | 10,541 |
Research, development and engineering costs, net | 14,524 | 15,430 |
Other operating expenses (income) | 476 | 312 |
Total operating expenses | 43,507 | 26,283 |
Operating loss | (37,402) | (24,416) |
Interest expense, net | 1,311 | |
Other income, net | (285) | |
Loss before provision for income taxes | (38,428) | (24,416) |
Total provision for income taxes | ||
Net loss | (38,428) | (24,416) |
Other comprehensive loss: | ||
Unrealized holding loss on investments arising during period | (2) | |
Other comprehensive loss | (2) | |
Comprehensive loss | $ (38,430) | $ (24,416) |
Basic and diluted net loss per share (in dollars per share) | $ (3.74) | $ (2.38) |
Basic and diluted weighted average shares outstanding (in shares) | 10,277 | 10,258 |
Consolidated Cash Flow Statemen
Consolidated Cash Flow Statements - USD ($) | 12 Months Ended | |
Dec. 30, 2016 | Jan. 01, 2016 | |
Cash flows from operating activities: | ||
Net loss | $ (38,428,000) | $ (24,416,000) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Writedowns of excess and obsolete inventories | 156,000 | 0 |
Depreciation and amortization | 2,243,000 | 587,000 |
Debt related amortization included in interest expense | 510,000 | |
Stock-based compensation | 2,370,000 | 1,050,000 |
Loss on disposal of property, plant and equipment | 226,000 | |
Other non-cash losses, net | 235,000 | |
Changes in operating assets and liabilities: | ||
Trade accounts receivable | (2,760,000) | 234,000 |
Inventories | (5,365,000) | |
Prepaid expenses and other current assets | (322,000) | 190,000 |
Accounts payable and other current liabilities | 12,610,000 | (265,000) |
Other accrued compensation | 1,242,000 | |
Accrued bonuses | 793,000 | (1,045,000) |
Other long-term liabilities | 940,000 | |
Net cash used in operating activities | (25,785,000) | (23,430,000) |
Cash flows from investing activities: | ||
Acquisition of property, plant and equipment | (4,031,000) | (529,000) |
Net cash used in investing activities | (4,031,000) | (529,000) |
Cash flows from financing activities: | ||
Borrowings under credit facility | 15,000,000 | |
Purchase of non-controlling interests | (6,818,000) | (9,875,000) |
Net funding and capital contribution provided by Integer | 86,421,000 | 33,618,000 |
Proceeds from the exercise of stock options | 249,000 | |
Payment of debt issuance costs | (1,528,000) | |
Net cash provided by financing activities | 93,324,000 | 23,743,000 |
Net increase (decrease) in cash and cash equivalents | 63,508,000 | (216,000) |
Cash and cash equivalents, beginning of period | 202,000 | 418,000 |
Cash and cash equivalents, end of period | 63,710,000 | 202,000 |
Supplemental Disclosure of Cash Flow Information: | ||
Interest paid | $ 822,000 |
Consolidated Cash Flow Stateme6
Consolidated Cash Flow Statements (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2016 | Jan. 01, 2016 | |
Property, Plant and Equipment, Additions | $ 4,100 | |
Property, Plant and Equipment, Accrued Costs | 100 | |
Payments to Acquire Property, Plant and Equipment | $ 4,031 | $ 529 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Parent [Member] | Total |
Balance (in shares) at Jan. 02, 2015 | 0 | |||||
Balance at Jan. 02, 2015 | $ (100,678) | $ 145,166 | $ 44,488 | |||
Parent allocation – stock-based compensation | 1,050 | 1,050 | ||||
Purchase of non-controlling interests | (16,693) | (16,693) | ||||
Net funding provided by Integer | 33,411 | 33,411 | ||||
Net loss | (24,416) | (24,416) | ||||
Balance (in shares) at Jan. 01, 2016 | 0 | |||||
Balance at Jan. 01, 2016 | (125,094) | 162,934 | 37,840 | |||
Unrealized holding period loss | ||||||
Net funding provided by Integer | 11,311 | 11,311 | ||||
Net loss | (33,236) | (5,192) | (38,428) | |||
Balance (in shares) at Dec. 30, 2016 | 10,320,000 | |||||
Balance at Dec. 30, 2016 | $ 10 | $ 121,806 | (33,236) | $ (2) | 88,578 | |
Issuance of common stock (in shares) | 10,258,000 | |||||
Issuance of common stock | $ 10 | 119,624 | $ 125,094 | (244,728) | ||
Issuance of common stock warrants | 238 | $ 238 | ||||
Option exercises (in shares) | 51,000 | 50,794 | ||||
Option exercises | 249 | $ 249 | ||||
Restricted stock issued, net of stock forfeited (in shares) | 11,000 | |||||
Stock-based compensation | $ 1,695 | 675 | 2,370 | |||
Capital contribution from Integer | $ 75,000 | 75,000 | ||||
Unrealized holding period loss | $ (2) | $ (2) |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 30, 2016 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations first Basis of Presentation 10 On July 30, 2015, March 14, 2016, March 14, 2016, Those combined financial statements included an allocation of expenses related to certain Integer corporate functions, including executive oversight, finance, legal, human resources, tax, information technology, product development, corporate procurement, and facilities. These expenses were charged to the Company on the basis of direct usage, when identifiable, with the remainder allocated primarily on a pro rata basis of estimated hours incurred, headcount, square footage, or other measures. The Company’s management considers the expense allocation methodology and results to be reasonable for all periods presented. However, these allocations are not indicative of the actual expenses that would have been incurred if the Company had been an independent publicly-traded company or of the costs the Company will incur in the future. Following the spin-off, Integer has continued to provide many of these services on a transitional basis for a fee. See Note 14 5 Liquidity and Capital Resources $75 $25 six two may Fiscal Year End fifty two, fifty three December 31. 2016 2015 December 30, 2016 January 1, 2016, fifty two Use of Estimates Fair Value Measurements . three Level 1 1 Level 2 Level 3 3 The availability of observable inputs can vary and is affected by a wide variety of factors, including, the type of asset/liability, whether the asset/liability is established in the marketplace, and other characteristics particular to the valuation. To the extent that a valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases, the inputs used to measure fair value may Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, assumptions are required to reflect those that market participants would use in pricing the asset or liability at the measurement date. The carrying amounts of cash and cash equivalents, trade accounts receivable, accounts payable and other current liabilities and accrued bonuses approximate fair value because of the short-term nature of these items. Note 11 Cash and Cash Equivalents three Concentration of Credit Risk 2016, $3.1 25%) 2015, one 10% December 30, 2016 $0.3 10% may 13 Allowance for Doubtful Accounts $0.01 $0.06 2016 2015, Inventories first first $156,000 $0 2016 2015, may Property, Plant and Equipment, Net (“PP&E”) 7 40 3 8 3 10 The Company is a party to various operating lease agreements for buildings, machinery, and equipment. Lease expense includes the effect of escalation clauses, which are accounted for ratably over the lease term. Note 2 Amortizing Intangible Assets, Net 6 7 3 Impairment of Long-Lived Assets may 50 Potential recoverability is measured by comparing the carrying amount of the asset or asset group to its related total future undiscounted cash flows. The projected cash flows for each asset or asset group considers multiple factors, including current revenue from existing customers, proceeds from the sale of the asset or asset group and expected profit margins giving consideration to historical and expected margins. If the carrying value is not recoverable, the asset or asset group is considered to be impaired. Impairment is measured by comparing the asset or asset group’s carrying amount to its fair value. When it is determined that useful lives of assets are shorter than originally estimated, and no impairment is present, the rate of depreciation is accelerated in order to fully depreciate the assets over their new shorter useful lives. Goodwill Valuation $38.2 December 2013. January 1, 2016, 2015 one one 2016 two As a new public entity, the Company commenced its first fourth 2016. two two $38.2 two The Company tests its goodwill balances for impairment on the last day of each fiscal year, or more frequently if certain indicators are present or changes in circumstances, as described above, suggest that impairment may may first zero” two zero two two December 30, 2016, first two The implied fair value of goodwill for the reporting units was determined utilizing both the income approach, specifically the Discounted Cash Flow (“DCF”) method, and the market approach. The income approach calculates fair value by estimating the after-tax cash flows attributable to a reporting unit and then discounting these after-tax cash flows to a present value using a risk-adjusted discount rate. The market approach calculates fair value by analyzing market comparisons available. The Company believes that a combination of these approaches represents the most appropriate valuation technique for which sufficient data is available to determine the fair value of its reporting units. In applying the income approach, the Company makes assumptions about the amount and timing of future expected cash flows, terminal value growth rates and appropriate discount rates. The amount and timing of future cash flows within the DCF analysis is based on the Company’s most recent operational budgets, long -range strategic plans and other estimates. The terminal value growth rate of approximately 4 12 Upon completing the first 4.5% 34.1% Although the Company uses consistent methodologies in developing the assumptions and estimates underlying the fair value calculations used in its impairment tests, these estimates are uncertain by nature and can vary from actual results. The use of alternative valuation assumptions, including estimated revenue projections, growth rates, cash flows and discount rates could result in significant changes to our goodwill fair value estimates. The estimates used represent management's best estimates, which it believes to be reasonable, but future declines in business performance or relatively small changes in key assumptions may 500 500 9%. The following represents our goodwill balance by reportable segment. The prior period information has been restated to conform to the current presentation. Changes to goodwill during the years ended December 30, 2016 January 1, 2016 Nuvectra NeuroNexus Total Balance – January 2, 2015 Goodwill, gross $ 33,491 $ 4,691 $ 38,182 Accumulated impairment losses — — — Goodwill, net 33,491 4,691 38,182 Goodwill impairment charge — — — Balance – January 1, 2016 Goodwill, gross 33,491 4,691 38,182 Accumulated impairment losses — — — Goodwill, net 33,491 4,691 38,182 Goodwill impairment charge — — — Balance – December 30, 2016 Goodwill, gross 33,491 4,691 38,182 Accumulated impairment losses — — — Goodwill, net $ 33,491 $ 4,691 $ 38,182 Warranty Reserve Revenue Recognition Service revenue is recognized as the services are performed. The Company’s development services are typically provided on a fixed-fee basis. The revenues for such longer duration projects are typically recognized using the proportional performance method. In using the proportional performance method, revenues are generally recorded based on the percentage of effort incurred to date on a contract relative to the estimated total expected contract effort. Significant judgment is required when estimating total contract effort and progress to completion on the arrangements as well as whether a loss is expected to be incurred on the contract. Management uses historical experience, project plans and an assessment of the risks and uncertainties inherent in the arrangements to establish these estimates. Various uncertainties may may Research, Development and Engineering Costs, Net (“RD&E”) Stock-Based Compensation – The Black-Scholes option-pricing model was used to estimate the fair value of stock options granted. For service-based and nonmarket-based performance restricted stock unit awards, the fair market value of the award is determined based upon the closing value of the stock price on the grant date. Historically, for market-based performance restricted stock unit awards, the fair market value of the award was determined utilizing a Monte Carlo simulation model, which projected the value of Integer’s stock under numerous scenarios and determined the value of the award based upon the present value of those projected outcomes. The amount of stock-based compensation expense recognized is based on the portion of the awards that are ultimately expected to vest. Pre-vesting forfeiture estimates were estimated based upon historical data and are revised if actual forfeitures differ from those estimates. The total expense recognized over the vesting period will only be for those awards that ultimately vest, excluding market and nonmarket performance award considerations. Note 5 Insurance third March 14, 2016 14 Interest Expense, Net $1.4 December 30, 2016. $0.1 December 30, 2016. 2015. Comprehensive Loss Income Taxes The Company accounts for uncertain tax positions using a more likely than not recognition threshold. The evaluation of uncertain tax positions is based on factors including, but not limited to, changes in tax law, the measurement of tax positions taken or expected to be taken in tax returns, the effective settlement of matters subject to audit, new audit activity and changes in facts or circumstances related to a tax position. The Company recognizes interest expense related to uncertain tax positions as Provision for Income Taxes. Penalties, if incurred, are recognized as a component of Selling, General and Administrative Expenses. These tax positions are evaluated on a quarterly basis. See Note 8 Subsequent Events The Company considers events or transactions that occur after the balance sheet date but prior to the issuance of the financial statements to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. |
Note 2 - Property, Plant and Eq
Note 2 - Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 30, 2016 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 2. PROPERTY, PLANT AND EQUIPMENT, NET PP&E is comprised of the following (in thousands): At December 30, 2016 January 1, 2016 Machinery and equipment $ 1,675 $ 1,700 Buildings and building improvements 2,854 1,563 Information technology hardware and software 3,191 265 Furniture and fixtures 314 143 Land and land improvements 390 390 Construction work in process 1,066 1,572 Total, gross 9,490 5,633 Accumulated depreciation (3,173 ) (1,164 ) Total, net $ 6,317 $ 4,469 During 2015, $1.8 2015, $2.0 January 1, 2016, Depreciation and rent expense for PP&E were as follows (in thousands): Year Ended December 30, 2016 January 1, 2016 Depreciation expense $ 1,974 $ 298 Rent expense 519 385 Minimum future estimated annual operating lease expenses as of December 30, 2016 2017 $ 588 2018 445 2019 401 2020 375 2021 283 Thereafter 216 Total estimated operating lease expense $ 2,308 |
Note 3 - Intangible Assets
Note 3 - Intangible Assets | 12 Months Ended |
Dec. 30, 2016 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | 3. INTANGIBLE ASSETS Intangible assets are comprised of the following (in thousands): Gross Carrying Amount Accumulated Amortization Net Carrying Amount At January 1, 2016 Technology and patents $ 1,058 $ (388 ) $ 670 Customer lists 1,869 (556 ) 1,313 Total intangible assets $ 2,927 $ (944 ) $ 1,983 At December 30, 2016 Technology and patents $ 1,058 $ (498 ) $ 560 Customer lists 1,869 (715 ) 1,154 Total intangible assets $ 2,927 $ (1,213 ) $ 1,714 Aggregate intangible asset amortization expense is classified as follows (in thousands): Year Ended December 30, 2016 January 1, 2016 Cost of sales $ 110 $ 133 Selling, general and administrative expenses 159 156 Total intangible asset amortization expense $ 269 $ 289 Estimated future intangible asset amortization expense based on the current carrying value is as follows (in thousands): Estimated Amortization Expense 2017 $ 286 2018 298 2019 293 2020 209 2021 194 Thereafter 434 Total estimated amortization expense $ 1,714 |
Note 4 - Accrued Liabilities
Note 4 - Accrued Liabilities | 12 Months Ended |
Dec. 30, 2016 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 4. Accrued Liabilities Accrued liabilities consisted of the following (in thousands): At December 30, 2016 January 1, 2016 Regulatory, clinical and quality $ 640 $ — Operations engagement fee 600 — Inventory 547 — Information technology system implementations 327 — Travel and entertainment 285 — Research and development 165 — Interest 99 — Legal 98 — Warranty reserve 98 — Sales and use tax 56 — Accrued other 440 18 Total accrued liabilities $ 3,355 $ 18 |
Note 5 - Employee Benefit Plans
Note 5 - Employee Benefit Plans | 12 Months Ended |
Dec. 30, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 5. EMPLOYEE BENEFIT PLANS Nuvectra Corporation 2016 2016 “2016 March 14, 2016. 2016 may may 2016 2016 1,128,410. During fiscal year 2016, 805,222 2016 2016 2016 $1.3 Stock-Based Compensation three $1.1 2016 2015. The components and classification of stock-based compensation expense were as follows (in thousands): Year Ended December 30, 2016 January 1, 2016 Stock options $ 638 $ 265 Restricted stock and restricted stock units 1,732 785 Total stock-based compensation expense $ 2,370 $ 1,050 Year Ended December 30, 2016 January 1, 2016 Selling, general and administrative expense $ 1,565 $ 727 Research, development and engineering costs, net 336 323 Other operating expenses 469 — Total stock-based compensation expense $ 2,370 $ 1,050 The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model with weighted-average assumptions based on the grant date. The weighted average fair value and assumptions used to value options granted under the 2016 December 30, 2016 Weighted average fair value $ 4.52 Risk-free interest rate 1.72 % Expected volatility 55 % Expected life (in years) 10 Expected dividend yield — % Subsequent to the spin-off, the following table summarizes the stock option activity during fiscal year 2016: Number of Time-Vested Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding at March 14, 2016 605,257 $ 6.09 Granted 361,619 7.25 Exercised (50,794 ) 4.93 Forfeited or expired (42,090 ) 9.00 Outstanding at December 30, 2016 873,992 $ 6.49 6.96 $ 258,148 Exercisable at December 30, 2016 500,964 $ 5.72 5.29 $ 258,148 The Company received proceeds totaling $0.2 50,794 2016. The following table summarizes the restricted stock and restricted stock unit activity during the fiscal year 2016: Time-Vested Activity Weighted Average Fair Value Nonvested at March 14, 2016 172,115 $ 6.97 Granted 443,603 6.95 Vested (24,786 ) 6.31 Forfeited (39,708 ) 6.80 Nonvested at December 30, 2016 551,224 $ 6.90 Nuvectra 2016 2016 “2016 2016 2016 $1.0 Algovita Bonus Plan 2015 $2.3 Integer’s Growth Bonus Plan (“G2B 2015, G2B 4% G2B 401(k) G2B G2B $0.2 2015. Defined Contribution Plans 401(k) 401(k) 2016 25% 6% $0.2 2016. Integer sponsors a defined contribution 401(k) 401(k) 2015 35% 6% 401(k) 2015 $0.2 2015. |
Note 6 - Other Operating Expens
Note 6 - Other Operating Expenses | 12 Months Ended |
Dec. 30, 2016 | |
Notes to Financial Statements | |
Other Operating Income and Expense [Text Block] | 6. OTHER OPERATING EXPENSES Other Operating Expenses is comprised of the following (in thousands): Year Ended December 30, 2016 January 1, 2016 Performance restricted stock expense $ 469 $ — Cleveland facility shutdown — 271 Other expenses 7 41 Total other operating expense $ 476 $ 312 Performance Restricted Stock Expense 2015 March 14, 2016 Cleveland Facility Shutdown 2014, 2015. $1.1 ● Severance and retention: $0.4 ● Asset write-offs: $0.3 ● Other: $0.4 Other costs primarily consist of costs to relocate certain equipment and personnel and the related travel expenditures. All expenses are cash expenditures, except asset write-offs. The change in accrued liabilities during fiscal year 2015 Severance and Retention Asset Write-offs Other Total At January 2, 2015 $ 375 $ — $ 200 $ 575 Restructuring charges (income) (114 ) 235 150 271 Write-offs — (235 ) — (235 ) Cash payments (261 ) — (350 ) (611 ) At January 1, 2016 $ — $ — $ — $ — Other Expenses 2016 2015, |
Note 7 - Debt
Note 7 - Debt | 12 Months Ended |
Dec. 30, 2016 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 7. DEBT Long-term debt is comprised of the following (in thousands): As of December 30, 2016 January 1, 2016 Term loan $ 16,163 $ — Deferred financing fees (1,262 ) — Discount on debt (1,157 ) — Total long-term debt $ 13,744 $ — Credit Facility February 2017 $40,000,000 $15,000,000 March 18, 2016, $12,500,000 June 30, 2017 December 31, 2017, $12,500,000 December 31, 2017 June 30, 2018 $5,000,000 six $13,500,000, six $20,000,000. 60 80% may The Term Loans bear interest at a floating rate equal to the prime rate plus 4.15%, 7.65%. December 30, 2016 7.65%. December 2017 March 2018 33 30 September 1, 2020, 7.75% 3.45%, 6.95%. March 18, 2018, no December 30, 2016. The Company paid an arrangement fee of $1,125,000, $200,000 one $25,000 one one February 14, 2017, $25,000 2% 3% first 2% second 1% $1,125,000, 2.50% The Loans are secured by a first The Credit Facility contains customary representations and warranties, reporting and other covenants for credit facilities of this kind including prohibitions on the payment of cash dividends on the Company’s capital stock and restrictions on mergers, sales of assets, investments, incurrence of liens, incurrence of indebtedness and transactions with affiliates. If the lenders fund the Term Loan B Commitment, the Company will be subject to a quarterly financial covenant requiring the Company to achieve consolidated revenues of at least 75% As a condition to the lenders’ funding the Loans under the Credit Facility, concurrently with the funding under the Term Loan A Commitment on March 18, 2016, 56,533 $5.97 March 18, 2026 56,533 $5.97 March 18, 2026 $0.2 Upon the funding of each of the Term Loan B Commitment and the Term Loan C Commitment, as applicable, Oxford Finance LLC and Silicon Valley Bank will each be entitled to additional warrants for the purchase of Nuvectra common stock. The number of shares under each warrant will be equal to the amount of the Term Loan made by each lender multiplied by 4.50% December 30, 2016 $0.2 11 Deferred Financing Fees – At January 1, 2016 $ — Additions during the period 1,528 Amortization during the period (266 ) At December 30, 2016 $ 1,262 In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2015 03, 835 30): |
Note 8 - Income Taxes
Note 8 - Income Taxes | 12 Months Ended |
Dec. 30, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 8. INCOME TAXES QiG was initially organized as a limited liability company (“LLC”) and immediately prior to completion of the spin-off, was converted into a Delaware corporation and changed its name to Nuvectra Corporation. For federal income tax purposes, QiG, as a LLC with only one 1B, In connection with the spin-off, certain assets and activities owned by Integer, but related to the Company’s business and operations, including shares of stock of NeuroNexus, a Michigan Corporation, were transferred to Nuvectra. NeuroNexus Technologies, Inc. is a taxable corporation and is subject to federal, state, and local taxes based on income. For purposes of the Consolidated Financial Statements, the Company’s income tax expense and deferred tax balances for the periods prior to the spin-off have been prepared as if Nuvectra filed income tax returns on a stand-alone basis and separate from Integer. Subsequent to the spin-off, the Company’s deferred taxes and effective tax rate may Year Ended December 30, 2016 January 1, 2016 Current tax expense $ — $ — Deferred tax benefit (13,997 ) (10,997 ) Change in valuation allowance 13,997 10,997 Total provision for income taxes $ — $ — The provision for income taxes differs from the United States statutory rate due to the following: Year Ended December 30, 2016 January 1, 2016 Tax benefit at U.S. statutory rate $ (13,117 ) $ (10,997 ) State taxes, net of federal benefit (1,146 ) — Other 266 — Change in valuation allowance 13,997 10,997 Total provision for income taxes $ — $ — Deferred tax assets (liabilities) consist of the following (in thousands): At December 30, 2016 January 1, 2016 Net operating loss carryforwards $ 10,998 $ 45,908 Research & development tax credits — 3,190 Property, plant & equipment 637 518 Accruals 415 — Intangible assets 5,603 — Other 1,629 801 Gross deferred tax assets 19,282 50,417 Less valuation allowance (19,282 ) (49,632 ) Net deferred tax assets — 785 Intangible assets — (785 ) Gross deferred tax liabilities — (785 ) Net deferred tax asset (liability) $ — $ — Deferred income tax assets or liabilities reflect temporary differences between amounts of assets and liabilities, including net operating loss (“NOL”) carryforwards, for financial and tax reporting. A valuation allowance is established for any deferred income tax asset for which realization is uncertain. Net Operating losses and Research and Development Credits were retained by Integer as of the date of the spin-off of Nuvectra. From the date of the spin to December 30, 2016, $29,393 three Based on an assessment of the available positive and negative evidence, including the historical operating results, the Company has concluded that it is more likely than not that the net deferred tax assets will not be realized. As such, the Company has provided a full valuation allowance on the net deferred income tax assets as of December 30, 2016 January 1, 2016. For purposes of the Consolidated Financial Statements, the Company’s income tax expense and deferred tax balances prior to the spin-off have been prepared as if Nuvectra filed income tax returns on a stand-alone basis separate from Integer. Historically, the net operating losses and federal research and development tax credits generated by Nuvectra have been fully retained by Integer, which files a consolidated federal income tax return. The Company files annual income tax returns in the United States and various state and local jurisdictions. As of December 30, 2016, Pursuant to the terms of the tax matters agreement with Integer, for a period of two one 30% 35% may |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 12 Months Ended |
Dec. 30, 2016 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 9. COMMITMENTS AND CONTINGENCIES Litigation – Purchase Commitments 2017 to certain minimum order quantity requirements. The Company also enters into contracts for outsourced services; however, the obligations under these contracts were not significant and the contracts generally contain clauses allowing for cancellation without significant penalty. Operating Leases 2 |
Note 10 - Earnings Per Share ("
Note 10 - Earnings Per Share ("EPS") | 12 Months Ended |
Dec. 30, 2016 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 10. EARNINGS PER SHARE (“EPS”) Basic net loss per share is calculated by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted net loss per share is equal to basic net loss per share as the Company had no not March 14, 2016. 10,258,278 The following table illustrates the calculation of Basic and Diluted EPS (in thousands, except per share amounts): Year Ended December 30, 2016 January 1, 2016 Basic net loss per share: Net loss $ (38,428 ) $ (24,416 ) Weighted average common shares outstanding 10,277 10,258 Basic net loss per share $ (3.74 ) $ (2.38 ) Diluted net loss per share: Net loss $ (38,428 ) $ (24,416 ) Weighted average common shares outstanding 10,277 10,258 Dilutive stock options, restricted stock and restricted stock units — — Weighted average common shares outstanding – assuming dilution 10,277 10,258 Diluted net loss per share $ (3.74 ) $ (2.38 ) Outstanding securities and warrants that were not included in the diluted calculation because their effect would be anti-dilutive 1,538 1,538 |
Note 11 - Fair Value Measuremen
Note 11 - Fair Value Measurements | 12 Months Ended |
Dec. 30, 2016 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 11. FAIR VALUE MEASUREMENTS The carrying amounts of cash, accounts receivable, accounts payable, and accrued expenses approximate fair value because of the short-term nature of these items. As of December 30, 2016, 2 Assets and Liabilities Measured at Fair Value on a Recurring Basis Fair value measurement standards apply to certain financial assets and liabilities that are measured at fair value on a recurring basis (each reporting period). The Company has categorized its warrants measured at fair value on a recurring basis in Level 3 $0.5 2016, $0.3 December 30, 2016 $0.2 The Company’s investments in marketable securities primarily consist of investments in debt securities, which are classified as available-for-sale and presented as current assets within Cash and Cash Equivalents on the balance sheet because of their original maturities of three The fair values of marketable securities were estimated using the market approach using prices and other relevant information generated by market transactions involving identical or comparable assets. The Company uses quoted market prices in active markets or quoted market prices in markets that are not active to measure fair value. When developing fair value estimates, the Company maximizes the use of observable inputs and minimizes the use of unobservable inputs. As of December 30, 2016, $55.0 three Marketable securities, measured at fair value, by level within the fair value hierarchy were as follows (in thousands): December 30, 2016 Fair Value Hierarchy Cost Unrealized Loss Fair Value Cash Level 1 $ 33,821 $ — $ 33,821 Government Level 1 2,005 — 2,005 Financial Level 2 8,064 (1 ) 8,063 Industrial Level 2 11,125 (1 ) 11,124 Total $ 55,015 $ (2 ) $ 55,013 Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Fair value standards also apply to certain assets and liabilities that are measured at fair value on a nonrecurring basis. A summary of the valuation methodologies for assets and liabilities measured on a nonrecurring basis is as follows: Long-lived Assets 1 Goodwill 1 2016 2015, no Warrants 10 March 18, 2016. The following table summarizes the assumptions used for estimating the fair value of the warrants classified as liability awards: Risk-free interest rate 1.88 % Expected volatility 45.00 % Contractual term (in years) 10 Dividend yield — % |
Note 12 - Stockholders' Equity
Note 12 - Stockholders' Equity | 12 Months Ended |
Dec. 30, 2016 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 12. STOCKHOLDERS’ EQUITY The Company is authorized to issue 100 $0.001 one March 14, 2016, 10,258,278 |
Note 13 - Business Segment, Geo
Note 13 - Business Segment, Geographic and Concentration Risk Information | 12 Months Ended |
Dec. 30, 2016 | |
Notes to Financial Statements | |
Segment Reporting, Geographical, and Concentration Risk Disclosure [Text Block] | 13. BUSINESS SEGMENTS, GEOGRAPHIC AND CONCENTRATION RISK INFORMATION As a new public entity, the Company commenced its first fourth 2016. two two Nuvectra is a neurostimulation company committed to helping physicians improve the lives of people with chronic neurological conditions. Algovita is the Company’s first TM second first NeuroNexus designs, manufactures and markets neural-interface technologies for the neuroscience clinical research market. Revenue includes sales of neural interface technology, components and systems to the neuroscience and clinical markets. An analysis and reconciliation of the Company’s product lines, business segments and geographic information to the respective information in the Consolidated Financial Statements follows. Sales by geographic area are presented by allocating sales from external customers based on where the products are shipped or services are rendered (in thousands): Year Ended December 30, 2016 January 1, 2016 Product line sales: Neural interface components and systems $ 5,152 $ 3,920 Algovita 4,162 1,318 Development and engineering service 3,221 — Total sales $ 12,535 $ 5,238 Year Ended December 30, 2016 January 1, 2016 Business segment sales: Nuvectra $ 7,383 $ 1,318 NeuroNexus 5,152 3,920 Total sales $ 12,535 $ 5,238 Year Ended December 30, 2016 January 1, 2016 Segment loss from operations: Nuvectra $ (37,702 ) $ (23,452 ) NeuroNexus 300 (964 ) Total segment loss from operations (37,402 ) (24,416 ) Unallocated operating expenses — — Operating loss (37,402 ) (24,416 ) Unallocated other income (expense), net (1,026 ) — Loss before provision for income taxes $ (38,428 ) $ (24,416 ) Year Ended December 30, 2016 January 1, 2016 Depreciation and amortization: Nuvectra $ 1,908 $ 257 NeuroNexus 335 330 Total depreciation and amortization included in segment income from operations 2,243 587 Unallocated depreciation and amortization — — Total depreciation and amortization $ 2,243 $ 587 Year Ended December 30, 2016 January 1, 2016 Expenditures for tangible long-lived assets: Nuvectra $ 3,950 $ 511 NeuroNexus 81 18 Total reportable segments 4,031 529 Unallocated tangible long-lived assets — — Total expenditures $ 4,031 $ 529 At December 30, 2016 January 1, 2016 Identifiable assets: Nuvectra $ 111,503 $ 37,762 NeuroNexus 7,799 7,636 Total reportable segments 119,302 45,398 Unallocated assets — — Total assets $ 119,302 $ 45,398 Year Ended December 30, 2016 January 1, 2016 Sales by geographic area: United States $ 5,800 $ 2,060 Non-Domestic locations: Switzerland 3,461 83 Germany 1,567 1,668 Rest of world 1,707 1,427 Total sales $ 12,535 $ 5,238 All of the Company’s long-lived tangible assets are located in the United States. |
Note 14 - Related Party Transac
Note 14 - Related Party Transactions | 12 Months Ended |
Dec. 30, 2016 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 14. RELATED PARTY TRANSACTIONS Corporate Overhead Allocations from Integer 1 2016, Corporate overhead allocations from Integer were classified as follows (in thousands): Year Ended December 30, 2016 January 1, 2016 Selling, general and administrative expenses $ 236 $ 1,064 Research, development and engineering costs, net — 1,780 Total $ 236 $ 2,844 The Company entered into, or amended, various agreements with Integer to effect the spin-off and to provide a framework for the Company’s relationship with Integer going forward after the spin-off including a supply agreement, license agreements, a separation and distribution agreement, a tax matters agreement, a transition services agreement and an employee matters agreement, which provided for the allocation between Nuvectra and Integer of assets, employees, liabilities and obligations (including PP&E, employee benefits, and tax-related assets and liabilities) attributable to the Company’s business for the period prior to, at, and after the spin-off. Immediately prior to the completion of the spin-off, Integer made a cash capital contribution to Nuvectra of $75.0 $25 six two may Employee Benefit Plans 5 Insurance third March 14, 2016 $0.1 2015. Supply Agreement $1.5 2015 . Purchase of Non-controlling Interests fourth 2015, $16.7 $9.9 2015 $6.8 January 1, 2016 January 2016 $6.9 $848 |
Note 15 - Recently Issued Accou
Note 15 - Recently Issued Accounting Standards | 12 Months Ended |
Dec. 30, 2016 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 1 5 . RECENTLY ISSUED ACCOUNTING STANDARDS In the normal course of business, management evaluates all new accounting pronouncements issued by the FASB, Securities and Exchange Commission (“SEC”), Emerging Issues Task Force (“EITF”), and other authoritative accounting bodies to determine the potential impact they may In August 2016, 2016 15, 230): 2016 15 eight December 15, 2017, first 2018 2016 15 In March 2016, 2016 09, 718, 2016 09 2016 09 December 15, 2016, In February 2016, 2016 02, 2016 02 2016 02 December 15, 2018 In January 2016, 2016 01, December 15, 2017, In July 2015, 2015 11, 330): first December 15, 2016, first 2017. 2015 11 In August 2014, 2014 15, 2014 15 one December 15, 2016. 2014 15 In May 2014, 2014 09, 2014 09 five two August 2015, 2015 14 2014 09 December 15, 2017, December 15, 2016. March 2016, 2016 08, 606): 2014 09. April 2016, 2016 10, 606): 2014 9. May 2016, 2016 11, 605) 815): 2014 09 2014 16 March 3, 2016 2016 11 two March 3, 2016 2016 11 605 December 15, 2017 815 December 15, 2015. May 2016, 2016 12, 606): 2014 9. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 30, 2016 | |
Accounting Policies [Abstract] | |
Nature of Operations [Policy Text Block] | Nature of Operations first |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation 10 On July 30, 2015, March 14, 2016, March 14, 2016, Those combined financial statements included an allocation of expenses related to certain Integer corporate functions, including executive oversight, finance, legal, human resources, tax, information technology, product development, corporate procurement, and facilities. These expenses were charged to the Company on the basis of direct usage, when identifiable, with the remainder allocated primarily on a pro rata basis of estimated hours incurred, headcount, square footage, or other measures. The Company’s management considers the expense allocation methodology and results to be reasonable for all periods presented. However, these allocations are not indicative of the actual expenses that would have been incurred if the Company had been an independent publicly-traded company or of the costs the Company will incur in the future. Following the spin-off, Integer has continued to provide many of these services on a transitional basis for a fee. See Note 14 5 |
Liquidity and Capital Resources [Policy Text Block] | Liquidity and Capital Resources $75 $25 six two may |
Fiscal Period, Policy [Policy Text Block] | Fiscal Year End fifty two, fifty three December 31. 2016 2015 December 30, 2016 January 1, 2016, fifty two |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements . three Level 1 1 Level 2 Level 3 3 The availability of observable inputs can vary and is affected by a wide variety of factors, including, the type of asset/liability, whether the asset/liability is established in the marketplace, and other characteristics particular to the valuation. To the extent that a valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases, the inputs used to measure fair value may Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, assumptions are required to reflect those that market participants would use in pricing the asset or liability at the measurement date. The carrying amounts of cash and cash equivalents, trade accounts receivable, accounts payable and other current liabilities and accrued bonuses approximate fair value because of the short-term nature of these items. Note 11 |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents three |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk 2016, $3.1 25%) 2015, one 10% December 30, 2016 $0.3 10% may 13 |
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] | Allowance for Doubtful Accounts $0.01 $0.06 2016 2015, Inventories first first $156,000 $0 2016 2015, may |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment, Net (“PP&E”) 7 40 3 8 3 10 The Company is a party to various operating lease agreements for buildings, machinery, and equipment. Lease expense includes the effect of escalation clauses, which are accounted for ratably over the lease term. Note 2 |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Amortizing Intangible Assets, Net 6 7 3 |
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets may 50 Potential recoverability is measured by comparing the carrying amount of the asset or asset group to its related total future undiscounted cash flows. The projected cash flows for each asset or asset group considers multiple factors, including current revenue from existing customers, proceeds from the sale of the asset or asset group and expected profit margins giving consideration to historical and expected margins. If the carrying value is not recoverable, the asset or asset group is considered to be impaired. Impairment is measured by comparing the asset or asset group’s carrying amount to its fair value. When it is determined that useful lives of assets are shorter than originally estimated, and no impairment is present, the rate of depreciation is accelerated in order to fully depreciate the assets over their new shorter useful lives. |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill Valuation $38.2 December 2013. January 1, 2016, 2015 one one 2016 two As a new public entity, the Company commenced its first fourth 2016. two two $38.2 two The Company tests its goodwill balances for impairment on the last day of each fiscal year, or more frequently if certain indicators are present or changes in circumstances, as described above, suggest that impairment may may first zero” two zero two two December 30, 2016, first two The implied fair value of goodwill for the reporting units was determined utilizing both the income approach, specifically the Discounted Cash Flow (“DCF”) method, and the market approach. The income approach calculates fair value by estimating the after-tax cash flows attributable to a reporting unit and then discounting these after-tax cash flows to a present value using a risk-adjusted discount rate. The market approach calculates fair value by analyzing market comparisons available. The Company believes that a combination of these approaches represents the most appropriate valuation technique for which sufficient data is available to determine the fair value of its reporting units. In applying the income approach, the Company makes assumptions about the amount and timing of future expected cash flows, terminal value growth rates and appropriate discount rates. The amount and timing of future cash flows within the DCF analysis is based on the Company’s most recent operational budgets, long -range strategic plans and other estimates. The terminal value growth rate of approximately 4 12 Upon completing the first 4.5% 34.1% Although the Company uses consistent methodologies in developing the assumptions and estimates underlying the fair value calculations used in its impairment tests, these estimates are uncertain by nature and can vary from actual results. The use of alternative valuation assumptions, including estimated revenue projections, growth rates, cash flows and discount rates could result in significant changes to our goodwill fair value estimates. The estimates used represent management's best estimates, which it believes to be reasonable, but future declines in business performance or relatively small changes in key assumptions may 500 500 9%. The following represents our goodwill balance by reportable segment. The prior period information has been restated to conform to the current presentation. Changes to goodwill during the years ended December 30, 2016 January 1, 2016 Nuvectra NeuroNexus Total Balance – January 2, 2015 Goodwill, gross $ 33,491 $ 4,691 $ 38,182 Accumulated impairment losses — — — Goodwill, net 33,491 4,691 38,182 Goodwill impairment charge — — — Balance – January 1, 2016 Goodwill, gross 33,491 4,691 38,182 Accumulated impairment losses — — — Goodwill, net 33,491 4,691 38,182 Goodwill impairment charge — — — Balance – December 30, 2016 Goodwill, gross 33,491 4,691 38,182 Accumulated impairment losses — — — Goodwill, net $ 33,491 $ 4,691 $ 38,182 |
Standard Product Warranty, Policy [Policy Text Block] | Warranty Reserve |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition Service revenue is recognized as the services are performed. The Company’s development services are typically provided on a fixed-fee basis. The revenues for such longer duration projects are typically recognized using the proportional performance method. In using the proportional performance method, revenues are generally recorded based on the percentage of effort incurred to date on a contract relative to the estimated total expected contract effort. Significant judgment is required when estimating total contract effort and progress to completion on the arrangements as well as whether a loss is expected to be incurred on the contract. Management uses historical experience, project plans and an assessment of the risks and uncertainties inherent in the arrangements to establish these estimates. Various uncertainties may may |
Research and Development Expense, Policy [Policy Text Block] | Research, Development and Engineering Costs, Net (“RD&E”) |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation – The Black-Scholes option-pricing model was used to estimate the fair value of stock options granted. For service-based and nonmarket-based performance restricted stock unit awards, the fair market value of the award is determined based upon the closing value of the stock price on the grant date. Historically, for market-based performance restricted stock unit awards, the fair market value of the award was determined utilizing a Monte Carlo simulation model, which projected the value of Integer’s stock under numerous scenarios and determined the value of the award based upon the present value of those projected outcomes. The amount of stock-based compensation expense recognized is based on the portion of the awards that are ultimately expected to vest. Pre-vesting forfeiture estimates were estimated based upon historical data and are revised if actual forfeitures differ from those estimates. The total expense recognized over the vesting period will only be for those awards that ultimately vest, excluding market and nonmarket performance award considerations. Note 5 |
Insurance, Policy [Policy Text Block] | Insurance third March 14, 2016 14 |
Interest Expense and Income [Policy Text Block] | Interest Expense, Net $1.4 December 30, 2016. $0.1 December 30, 2016. 2015. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Loss |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company accounts for uncertain tax positions using a more likely than not recognition threshold. The evaluation of uncertain tax positions is based on factors including, but not limited to, changes in tax law, the measurement of tax positions taken or expected to be taken in tax returns, the effective settlement of matters subject to audit, new audit activity and changes in facts or circumstances related to a tax position. The Company recognizes interest expense related to uncertain tax positions as Provision for Income Taxes. Penalties, if incurred, are recognized as a component of Selling, General and Administrative Expenses. These tax positions are evaluated on a quarterly basis. See Note 8 |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events The Company considers events or transactions that occur after the balance sheet date but prior to the issuance of the financial statements to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. |
New Accounting Pronouncements, Policy [Policy Text Block] | In the normal course of business, management evaluates all new accounting pronouncements issued by the FASB, Securities and Exchange Commission (“SEC”), Emerging Issues Task Force (“EITF”), and other authoritative accounting bodies to determine the potential impact they may In August 2016, 2016 15, 230): 2016 15 eight December 15, 2017, first 2018 2016 15 In March 2016, 2016 09, 718, 2016 09 2016 09 December 15, 2016, In February 2016, 2016 02, 2016 02 2016 02 December 15, 2018 In January 2016, 2016 01, December 15, 2017, In July 2015, 2015 11, 330): first December 15, 2016, first 2017. 2015 11 In August 2014, 2014 15, 2014 15 one December 15, 2016. 2014 15 In May 2014, 2014 09, 2014 09 five two August 2015, 2015 14 2014 09 December 15, 2017, December 15, 2016. March 2016, 2016 08, 606): 2014 09. April 2016, 2016 10, 606): 2014 9. May 2016, 2016 11, 605) 815): 2014 09 2014 16 March 3, 2016 2016 11 two March 3, 2016 2016 11 605 December 15, 2017 815 December 15, 2015. May 2016, 2016 12, 606): 2014 9. |
Note 1 - Summary of Significa24
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 30, 2016 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Nuvectra NeuroNexus Total Balance – January 2, 2015 Goodwill, gross $ 33,491 $ 4,691 $ 38,182 Accumulated impairment losses — — — Goodwill, net 33,491 4,691 38,182 Goodwill impairment charge — — — Balance – January 1, 2016 Goodwill, gross 33,491 4,691 38,182 Accumulated impairment losses — — — Goodwill, net 33,491 4,691 38,182 Goodwill impairment charge — — — Balance – December 30, 2016 Goodwill, gross 33,491 4,691 38,182 Accumulated impairment losses — — — Goodwill, net $ 33,491 $ 4,691 $ 38,182 |
Note 2 - Property, Plant and 25
Note 2 - Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 30, 2016 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | At December 30, 2016 January 1, 2016 Machinery and equipment $ 1,675 $ 1,700 Buildings and building improvements 2,854 1,563 Information technology hardware and software 3,191 265 Furniture and fixtures 314 143 Land and land improvements 390 390 Construction work in process 1,066 1,572 Total, gross 9,490 5,633 Accumulated depreciation (3,173 ) (1,164 ) Total, net $ 6,317 $ 4,469 |
Depreciation and Rent Expense for Property, Plant and Equipment [Table Text Block] | Year Ended December 30, 2016 January 1, 2016 Depreciation expense $ 1,974 $ 298 Rent expense 519 385 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | 2017 $ 588 2018 445 2019 401 2020 375 2021 283 Thereafter 216 Total estimated operating lease expense $ 2,308 |
Note 3 - Intangible Assets (Tab
Note 3 - Intangible Assets (Tables) | 12 Months Ended |
Dec. 30, 2016 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Gross Carrying Amount Accumulated Amortization Net Carrying Amount At January 1, 2016 Technology and patents $ 1,058 $ (388 ) $ 670 Customer lists 1,869 (556 ) 1,313 Total intangible assets $ 2,927 $ (944 ) $ 1,983 At December 30, 2016 Technology and patents $ 1,058 $ (498 ) $ 560 Customer lists 1,869 (715 ) 1,154 Total intangible assets $ 2,927 $ (1,213 ) $ 1,714 |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | Year Ended December 30, 2016 January 1, 2016 Cost of sales $ 110 $ 133 Selling, general and administrative expenses 159 156 Total intangible asset amortization expense $ 269 $ 289 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Estimated Amortization Expense 2017 $ 286 2018 298 2019 293 2020 209 2021 194 Thereafter 434 Total estimated amortization expense $ 1,714 |
Note 4 - Accrued Liabilities (T
Note 4 - Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 30, 2016 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | At December 30, 2016 January 1, 2016 Regulatory, clinical and quality $ 640 $ — Operations engagement fee 600 — Inventory 547 — Information technology system implementations 327 — Travel and entertainment 285 — Research and development 165 — Interest 99 — Legal 98 — Warranty reserve 98 — Sales and use tax 56 — Accrued other 440 18 Total accrued liabilities $ 3,355 $ 18 |
Note 5 - Employee Benefit Pla28
Note 5 - Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 30, 2016 | |
Notes Tables | |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | Year Ended December 30, 2016 January 1, 2016 Stock options $ 638 $ 265 Restricted stock and restricted stock units 1,732 785 Total stock-based compensation expense $ 2,370 $ 1,050 Year Ended December 30, 2016 January 1, 2016 Selling, general and administrative expense $ 1,565 $ 727 Research, development and engineering costs, net 336 323 Other operating expenses 469 — Total stock-based compensation expense $ 2,370 $ 1,050 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Weighted average fair value $ 4.52 Risk-free interest rate 1.72 % Expected volatility 55 % Expected life (in years) 10 Expected dividend yield — % |
Restricted Stock and RSU's [Member] | |
Notes Tables | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | Time-Vested Activity Weighted Average Fair Value Nonvested at March 14, 2016 172,115 $ 6.97 Granted 443,603 6.95 Vested (24,786 ) 6.31 Forfeited (39,708 ) 6.80 Nonvested at December 30, 2016 551,224 $ 6.90 |
Employee Stock Option [Member] | |
Notes Tables | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | Number of Time-Vested Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding at March 14, 2016 605,257 $ 6.09 Granted 361,619 7.25 Exercised (50,794 ) 4.93 Forfeited or expired (42,090 ) 9.00 Outstanding at December 30, 2016 873,992 $ 6.49 6.96 $ 258,148 Exercisable at December 30, 2016 500,964 $ 5.72 5.29 $ 258,148 |
Note 6 - Other Operating Expe29
Note 6 - Other Operating Expenses (Tables) | 12 Months Ended |
Dec. 30, 2016 | |
Notes Tables | |
Schedule of Other Operating Cost and Expense, by Component [Table Text Block] | Year Ended December 30, 2016 January 1, 2016 Performance restricted stock expense $ 469 $ — Cleveland facility shutdown — 271 Other expenses 7 41 Total other operating expense $ 476 $ 312 |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Severance and Retention Asset Write-offs Other Total At January 2, 2015 $ 375 $ — $ 200 $ 575 Restructuring charges (income) (114 ) 235 150 271 Write-offs — (235 ) — (235 ) Cash payments (261 ) — (350 ) (611 ) At January 1, 2016 $ — $ — $ — $ — |
Note 7 - Debt (Tables)
Note 7 - Debt (Tables) | 12 Months Ended |
Dec. 30, 2016 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | As of December 30, 2016 January 1, 2016 Term loan $ 16,163 $ — Deferred financing fees (1,262 ) — Discount on debt (1,157 ) — Total long-term debt $ 13,744 $ — |
Schedule of Debt Issuance Costs [Table Text Block] | At January 1, 2016 $ — Additions during the period 1,528 Amortization during the period (266 ) At December 30, 2016 $ 1,262 |
Note 8 - Income Taxes (Tables)
Note 8 - Income Taxes (Tables) | 12 Months Ended |
Dec. 30, 2016 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 30, 2016 January 1, 2016 Current tax expense $ — $ — Deferred tax benefit (13,997 ) (10,997 ) Change in valuation allowance 13,997 10,997 Total provision for income taxes $ — $ — |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 30, 2016 January 1, 2016 Tax benefit at U.S. statutory rate $ (13,117 ) $ (10,997 ) State taxes, net of federal benefit (1,146 ) — Other 266 — Change in valuation allowance 13,997 10,997 Total provision for income taxes $ — $ — |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | At December 30, 2016 January 1, 2016 Net operating loss carryforwards $ 10,998 $ 45,908 Research & development tax credits — 3,190 Property, plant & equipment 637 518 Accruals 415 — Intangible assets 5,603 — Other 1,629 801 Gross deferred tax assets 19,282 50,417 Less valuation allowance (19,282 ) (49,632 ) Net deferred tax assets — 785 Intangible assets — (785 ) Gross deferred tax liabilities — (785 ) Net deferred tax asset (liability) $ — $ — |
Note 10 - Earnings Per Share 32
Note 10 - Earnings Per Share ("EPS") (Tables) | 12 Months Ended |
Dec. 30, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended December 30, 2016 January 1, 2016 Basic net loss per share: Net loss $ (38,428 ) $ (24,416 ) Weighted average common shares outstanding 10,277 10,258 Basic net loss per share $ (3.74 ) $ (2.38 ) Diluted net loss per share: Net loss $ (38,428 ) $ (24,416 ) Weighted average common shares outstanding 10,277 10,258 Dilutive stock options, restricted stock and restricted stock units — — Weighted average common shares outstanding – assuming dilution 10,277 10,258 Diluted net loss per share $ (3.74 ) $ (2.38 ) Outstanding securities and warrants that were not included in the diluted calculation because their effect would be anti-dilutive 1,538 1,538 |
Note 11 - Fair Value Measurem33
Note 11 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 30, 2016 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | December 30, 2016 Fair Value Hierarchy Cost Unrealized Loss Fair Value Cash Level 1 $ 33,821 $ — $ 33,821 Government Level 1 2,005 — 2,005 Financial Level 2 8,064 (1 ) 8,063 Industrial Level 2 11,125 (1 ) 11,124 Total $ 55,015 $ (2 ) $ 55,013 |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] | Risk-free interest rate 1.88 % Expected volatility 45.00 % Contractual term (in years) 10 Dividend yield — % |
Note 13 - Business Segment, G34
Note 13 - Business Segment, Geographic and Concentration Risk Information (Tables) | 12 Months Ended |
Dec. 30, 2016 | |
Notes Tables | |
Revenue from External Customers by Products and Services [Table Text Block] | Year Ended December 30, 2016 January 1, 2016 Product line sales: Neural interface components and systems $ 5,152 $ 3,920 Algovita 4,162 1,318 Development and engineering service 3,221 — Total sales $ 12,535 $ 5,238 |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Year Ended December 30, 2016 January 1, 2016 Business segment sales: Nuvectra $ 7,383 $ 1,318 NeuroNexus 5,152 3,920 Total sales $ 12,535 $ 5,238 Year Ended December 30, 2016 January 1, 2016 Segment loss from operations: Nuvectra $ (37,702 ) $ (23,452 ) NeuroNexus 300 (964 ) Total segment loss from operations (37,402 ) (24,416 ) Unallocated operating expenses — — Operating loss (37,402 ) (24,416 ) Unallocated other income (expense), net (1,026 ) — Loss before provision for income taxes $ (38,428 ) $ (24,416 ) Year Ended December 30, 2016 January 1, 2016 Depreciation and amortization: Nuvectra $ 1,908 $ 257 NeuroNexus 335 330 Total depreciation and amortization included in segment income from operations 2,243 587 Unallocated depreciation and amortization — — Total depreciation and amortization $ 2,243 $ 587 Year Ended December 30, 2016 January 1, 2016 Expenditures for tangible long-lived assets: Nuvectra $ 3,950 $ 511 NeuroNexus 81 18 Total reportable segments 4,031 529 Unallocated tangible long-lived assets — — Total expenditures $ 4,031 $ 529 At December 30, 2016 January 1, 2016 Identifiable assets: Nuvectra $ 111,503 $ 37,762 NeuroNexus 7,799 7,636 Total reportable segments 119,302 45,398 Unallocated assets — — Total assets $ 119,302 $ 45,398 |
Revenue from External Customers by Geographic Areas [Table Text Block] | Year Ended December 30, 2016 January 1, 2016 Sales by geographic area: United States $ 5,800 $ 2,060 Non-Domestic locations: Switzerland 3,461 83 Germany 1,567 1,668 Rest of world 1,707 1,427 Total sales $ 12,535 $ 5,238 |
Note 14 - Related Party Trans35
Note 14 - Related Party Transactions (Tables) | 12 Months Ended |
Dec. 30, 2016 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | Year Ended December 30, 2016 January 1, 2016 Selling, general and administrative expenses $ 236 $ 1,064 Research, development and engineering costs, net — 1,780 Total $ 236 $ 2,844 |
Note 1 - Summary of Significa36
Note 1 - Summary of Significant Accounting Policies (Details Textual) | Mar. 14, 2016USD ($) | Dec. 30, 2016USD ($) | Jan. 01, 2016USD ($) | Jan. 02, 2015USD ($) | Dec. 31, 2013USD ($) |
Proceeds from Contributions from Former Parent | $ 86,421,000 | $ 33,618,000 | |||
Line of Credit, Portion Subject to Certain Revenue Milestones | $ 25,000,000 | ||||
Revenue, Net | 12,535,000 | 5,238,000 | |||
Allowance for Doubtful Accounts Receivable, Current | 10,000 | 56,000 | |||
Inventory Write-down | 156,000 | 0 | |||
Goodwill | $ 38,182,000 | $ 38,182,000 | $ 38,182,000 | $ 38,200,000 | |
Number of Reportable Segments | 2 | 1 | |||
Number of Reporting Units | 2 | 1 | |||
Goodwill, Gross | $ 38,182,000 | $ 38,182,000 | 38,182,000 | ||
Interest Expense | 1,400,000 | 0 | |||
Investment Income, Interest | 100,000 | ||||
Goodwill, Impaired, Accumulated Impairment Loss | 0 | ||||
Nuvectra Segment [Member] | |||||
Revenue, Net | 7,383,000 | 1,318,000 | |||
Goodwill | 33,491,000 | 33,491,000 | 33,491,000 | ||
Goodwill, Gross | $ 33,491,000 | 33,491,000 | 33,491,000 | ||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 4.50% | ||||
Goodwill, Impaired, Accumulated Impairment Loss | |||||
NeuroNexus Segment [Member] | |||||
Revenue, Net | 5,152,000 | 3,920,000 | |||
Goodwill | 4,691,000 | 4,691,000 | 4,691,000 | ||
Goodwill, Gross | $ 4,691,000 | 4,691,000 | 4,691,000 | ||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 34.10% | ||||
Goodwill, Impaired, Accumulated Impairment Loss | |||||
Goodwill [Member] | Income Approach Valuation Technique [Member] | |||||
Fair Value Inputs, Terminal Value Growth Rate | 4.00% | ||||
Fair Value Inputs, Weighted Average Cost of Capital | 12.00% | ||||
Patented Technology [Member] | |||||
Finite-Lived Intangible Asset, Useful Life | 6 years | ||||
Customer Lists [Member] | |||||
Finite-Lived Intangible Asset, Useful Life | 7 years | ||||
Building and Building Improvements [Member] | Minimum [Member] | |||||
Property, Plant and Equipment, Useful Life | 7 years | ||||
Building and Building Improvements [Member] | Maximum [Member] | |||||
Property, Plant and Equipment, Useful Life | 40 years | ||||
Machinery and Equipment [Member] | Minimum [Member] | |||||
Property, Plant and Equipment, Useful Life | 3 years | ||||
Machinery and Equipment [Member] | Maximum [Member] | |||||
Property, Plant and Equipment, Useful Life | 8 years | ||||
Office Equipment [Member] | Minimum [Member] | |||||
Property, Plant and Equipment, Useful Life | 3 years | ||||
Office Equipment [Member] | Maximum [Member] | |||||
Property, Plant and Equipment, Useful Life | 10 years | ||||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Aleva Neurotherapeutics S.A. [Member] | |||||
Revenue, Net | $ 3,100,000 | ||||
Concentration Risk, Percentage | 25.00% | ||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Aleva Neurotherapeutics S.A. [Member] | |||||
Accounts Receivable, Net | $ 300,000 | ||||
Integer [Member] | |||||
Proceeds from Contributions from Former Parent | $ 75,000,000 | ||||
Period in Which Contribution from Parent Will Fund Operations | 2 years |
Note 1 - Summary of Significa37
Note 1 - Summary of Significant Accounting Policies - Changes to Goodwill (Details) - USD ($) | 12 Months Ended | |||
Dec. 30, 2016 | Jan. 01, 2016 | Jan. 02, 2015 | Dec. 31, 2013 | |
Goodwill, Gross | $ 38,182,000 | $ 38,182,000 | $ 38,182,000 | |
Accumulated impairment losses | 0 | |||
Goodwill, net | 38,182,000 | 38,182,000 | 38,182,000 | $ 38,200,000 |
Goodwill impairment charge | 0 | 0 | ||
Nuvectra Segment [Member] | ||||
Goodwill, Gross | 33,491,000 | 33,491,000 | 33,491,000 | |
Accumulated impairment losses | ||||
Goodwill, net | 33,491,000 | 33,491,000 | 33,491,000 | |
Goodwill impairment charge | ||||
NeuroNexus Segment [Member] | ||||
Goodwill, Gross | 4,691,000 | 4,691,000 | 4,691,000 | |
Accumulated impairment losses | ||||
Goodwill, net | 4,691,000 | 4,691,000 | $ 4,691,000 | |
Goodwill impairment charge |
Note 2 - Property, Plant and 38
Note 2 - Property, Plant and Equipment, Net (Details Textual) $ in Millions | 12 Months Ended |
Jan. 01, 2016USD ($) | |
Building and Certain Fixed Assets Received from Parent [Member] | |
Property, Plant and Equipment, Transfers and Changes | $ 1.8 |
Transferred Certain Machinery and Equipment to Parent [Member] | |
Property, Plant and Equipment, Transfers and Changes | $ (2) |
Note 2 - Property, Plant and 39
Note 2 - Property, Plant and Equipment, Net - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 30, 2016 | Jan. 01, 2016 |
Property, Plant and Equipment, Gross | $ 9,490 | $ 5,633 |
Accumulated depreciation | (3,173) | (1,164) |
Total, net | 6,317 | 4,469 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment, Gross | 1,675 | 1,700 |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment, Gross | 2,854 | 1,563 |
Information Technology Hardware and Software [Member] | ||
Property, Plant and Equipment, Gross | 3,191 | 265 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment, Gross | 314 | 143 |
Land and Land Improvements [Member] | ||
Property, Plant and Equipment, Gross | 390 | 390 |
Construction in Progress [Member] | ||
Property, Plant and Equipment, Gross | $ 1,066 | $ 1,572 |
Note 2 - Property, Plant and 40
Note 2 - Property, Plant and Equipment, Net - Depreciation and Rent Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2016 | Jan. 01, 2016 | |
Depreciation expense | $ 1,974 | $ 298 |
Rent expense | $ 519 | $ 385 |
Note 2 - Property, Plant and 41
Note 2 - Property, Plant and Equipment, Net - Minimum Future Estimated Annual Operating Lease Expenses (Details) $ in Thousands | Dec. 30, 2016USD ($) |
2,017 | $ 588 |
2,018 | 445 |
2,019 | 401 |
2,020 | 375 |
2,021 | 283 |
Thereafter | 216 |
Total estimated operating lease expense | $ 2,308 |
Note 3 - Intangible Assets - Am
Note 3 - Intangible Assets - Amortizing Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 30, 2016 | Jan. 01, 2016 |
Gross carrying amount | $ 2,927 | $ 2,927 |
Accumulated amortization | (1,213) | (944) |
Net carrying amount | 1,714 | 1,983 |
Patented Technology [Member] | ||
Gross carrying amount | 1,058 | 1,058 |
Accumulated amortization | (498) | (388) |
Net carrying amount | 560 | 670 |
Customer Lists [Member] | ||
Gross carrying amount | 1,869 | 1,869 |
Accumulated amortization | (715) | (556) |
Net carrying amount | $ 1,154 | $ 1,313 |
Note 3 - Intangible Assets - Ag
Note 3 - Intangible Assets - Aggregate Intangible Asset Amortization Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2016 | Jan. 01, 2016 | |
Intangible asset amortization expense | $ 269 | $ 289 |
Cost of Sales [Member] | ||
Intangible asset amortization expense | 110 | 133 |
Selling, General and Administrative Expenses [Member] | ||
Intangible asset amortization expense | $ 159 | $ 156 |
Note 3 - Intangible Assets - Fu
Note 3 - Intangible Assets - Future Intangible Asset Amortization Expense (Details) - USD ($) $ in Thousands | Dec. 30, 2016 | Jan. 01, 2016 |
2,017 | $ 286 | |
2,018 | 298 | |
2,019 | 293 | |
2,020 | 209 | |
2,021 | 194 | |
Thereafter | 434 | |
Total estimated amortization expense | $ 1,714 | $ 1,983 |
Note 4 - Accrued Liabilities -
Note 4 - Accrued Liabilities - Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 30, 2016 | Jan. 01, 2016 |
Regulatory, clinical and quality | $ 640 | |
Operations engagement fee | 600 | |
Inventory | 547 | |
Information technology system implementations | 327 | |
Travel and entertainment | 285 | |
Research and development | 165 | |
Interest | 99 | |
Legal | 98 | |
Warranty reserve | 98 | |
Sales and use tax | 56 | |
Accrued other | 440 | 18 |
Total accrued liabilities | $ 3,355 | $ 18 |
Note 5 - Employee Benefit Pla46
Note 5 - Employee Benefit Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2016 | Jan. 01, 2016 | |
Proceeds from Stock Options Exercised | $ 249 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 50,794 | |
Defined Contribution Plan [Member] | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 25.00% | |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 6.00% | |
Defined Contribution Plan, Cost Recognized | $ 200 | |
Integer Sponsored Defined Contribution Plan [Member] | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 35.00% | |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 6.00% | |
Defined Contribution Plan, Cost Recognized | $ 200 | |
Bonus 2016 Plan [Member] | ||
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 1,000 | |
Algovita Bonus Plan [Member] | ||
Deferred Compensation Arrangement with Individual, Compensation Expense | 2,300 | |
Integer's Growth Bonus Plan [Member] | ||
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 200 | |
Percentage of Employee's Eligible Compensation Plan Bonus Contributed by Parent Company | 4.00% | |
Nuvectra Corporation 2016 Equity Incentive Plan [Member] | ||
Common Stock, Capital Shares Reserved for Future Issuance | 1,128,410 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost | $ 1,300 | |
Nuvectra Corporation 2016 Equity Incentive Plan [Member] | Restricted Stock Units and Non-Qualified Stock Options [Member] | Directors, Certain Officers and Key Employees [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options and Options, Grants in Period | 805,222 | |
Integer Equity Incentives Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost | $ 1,100 | $ 1,100 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years |
Note 5 - Employee Benefit Pla47
Note 5 - Employee Benefit Plans - Allocated Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2016 | Jan. 01, 2016 | |
Allocated share-based compensation expense | $ 2,370 | $ 1,050 |
Selling, General and Administrative Expenses [Member] | ||
Allocated share-based compensation expense | 1,565 | 727 |
Research and Development Expense [Member] | ||
Allocated share-based compensation expense | 336 | 323 |
Other Operating Income (Expense) [Member] | ||
Allocated share-based compensation expense | 469 | |
Employee Stock Option [Member] | ||
Allocated share-based compensation expense | 638 | 265 |
Restricted Stock Units (RSUs) [Member] | ||
Allocated share-based compensation expense | $ 1,732 | $ 785 |
Note 5 - Employee Benefit Pla48
Note 5 - Employee Benefit Plans - Weighted Average Fair Value Assumption Used to Values Options Granted (Details) | 12 Months Ended |
Dec. 30, 2016$ / shares | |
Weighted average fair value (in dollars per share) | $ 4.52 |
Risk-free interest rate | 1.72% |
Expected volatility | 55.00% |
Expected life (in years) (Year) | 10 years |
Expected dividend yield | 0.00% |
Note 5 - Employee Benefit Pla49
Note 5 - Employee Benefit Plans - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Thousands | 10 Months Ended | 12 Months Ended |
Dec. 30, 2016USD ($)$ / sharesshares | Dec. 30, 2016USD ($)$ / sharesshares | |
Exercised, number of options (in shares) | (50,794) | |
Employee Stock Option [Member] | ||
Outstanding, number of options (in shares) | 605,257,000 | |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 6.09 | |
Granted, number of options (in shares) | 361,619,000 | |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 7.25 | |
Exercised, number of options (in shares) | (50,794,000) | |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 4.93 | |
Forfeited or expired, number of options (in shares) | (42,090,000) | |
Forfeited or expired, weighted average exercise price (in dollars per share) | $ / shares | $ 9 | |
Outstanding, number of options (in shares) | 873,992,000 | 873,992,000 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 6.49 | $ 6.49 |
Outstanding, weighted average remaining contractual life (Year) | 6 years 350 days | |
Outstanding, aggregate intrinsic value | $ | $ 258,148 | $ 258,148 |
Exercisable, number of options (in shares) | 500,964,000 | 500,964,000 |
Exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 5.72 | $ 5.72 |
Exercisable, weighted average remaining contractual life (Year) | 5 years 105 days | |
Exercisable, aggregate intrinsic value | $ | $ 258,148 | $ 258,148 |
Note 5 - Employee Benefit Pla50
Note 5 - Employee Benefit Plans - Summary Restricted Stock Unit Activity (Details) - Restricted Stock and RSU's [Member] shares in Thousands | 10 Months Ended |
Dec. 30, 2016$ / sharesshares | |
Nonvested at March 14, 2016 (in shares) | shares | 172,115 |
Nonvested at March 14, 2016 (in dollars per share) | $ / shares | $ 6.97 |
Granted (in shares) | shares | 443,603 |
Granted (in dollars per share) | $ / shares | $ 6.95 |
Vested (in shares) | shares | (24,786) |
Vested (in dollars per share) | $ / shares | $ 6.31 |
Forfeited (in shares) | shares | (39,708) |
Forfeited (in dollars per share) | $ / shares | $ 6.80 |
Nonvested at December 30, 2016 (in shares) | shares | 551,224 |
Nonvested at December 30, 2016 (in dollars per share) | $ / shares | $ 6.90 |
Note 6 - Other Operating Expe51
Note 6 - Other Operating Expenses (Details Textual) - Cleveland Facility Shutdown [Member] $ in Millions | 24 Months Ended |
Dec. 31, 2015USD ($) | |
Restructuring Charges | $ 1.1 |
Severance and Retention Costs | 0.4 |
Asset Impairment Charges | 0.3 |
Other Restructuring Costs | $ 0.4 |
Note 6 - Other Operating Expe52
Note 6 - Other Operating Expenses - Schedule of Other Operating Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2016 | Jan. 01, 2016 | |
Performance restricted stock expense | $ 469 | |
Cleveland facility shutdown | 271 | |
Other expenses | 7 | 41 |
Other operating expenses (income) | $ 476 | $ 312 |
Note 6 - Other Operating Expe53
Note 6 - Other Operating Expenses - Change in Accrued Liabilities Related to Closure of Cleveland, OH Facility (Details) - Cleveland Facility Shutdown [Member] $ in Thousands | 12 Months Ended |
Jan. 01, 2016USD ($) | |
At January 2, 2015 | $ 575 |
Restructuring charges (income) | 271 |
Write-offs | (235) |
Cash payments | (611) |
At January 1, 2016 | |
Severance and Retention [Member] | |
At January 2, 2015 | 375 |
Restructuring charges (income) | (114) |
Write-offs | |
Cash payments | (261) |
At January 1, 2016 | |
Asset Write-offs [Member] | |
At January 2, 2015 | |
Restructuring charges (income) | 235 |
Write-offs | (235) |
Cash payments | |
At January 1, 2016 | |
Other Restructuring [Member] | |
At January 2, 2015 | 200 |
Restructuring charges (income) | 150 |
Write-offs | |
Cash payments | (350) |
At January 1, 2016 |
Note 7 - Debt (Details Textual)
Note 7 - Debt (Details Textual) - USD ($) | Mar. 18, 2016 | Dec. 30, 2016 | Jan. 01, 2016 | Feb. 14, 2017 |
Payments of Debt Issuance Costs | $ 1,528,000 | |||
Additional Paid in Capital | 121,806,000 | |||
Long-term Debt | 13,744,000 | |||
Warrant [Member] | ||||
Derivative Liability | $ 500,000 | $ 200,000 | ||
Oxford Finance LLC and Silicon Valley Bank [Member] | Warrant [Member] | ||||
Additional Paid in Capital | $ 200,000 | |||
Oxford Finance LLC and Silicon Valley Bank [Member] | Term Loan B Funded [Member] | ||||
Debt Covenant, Minimum Percentage of Forecasted Revenues Required | 75.00% | |||
Oxford Finance LLC and Silicon Valley Bank [Member] | Revolving Credit Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,000,000 | |||
Line of Credit Facility, Borrowing Base as Percentage of Accounts Receivable | 80.00% | |||
Debt Instrument, Interest Rate Floor | 6.95% | |||
Line of Credit Facility, Commitment Fee Amount | $ 25,000 | |||
Long-term Debt | $ 0 | |||
Oxford Finance LLC and Silicon Valley Bank [Member] | Revolving Credit Facility [Member] | Prime Rate [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 3.45% | |||
Oxford Finance LLC and Silicon Valley Bank [Member] | Term Loans [Member] | Piper Jaffray [Member] | ||||
Payments of Debt Issuance Costs | $ 1,125,000 | |||
Debt Instrument, Arrangement Fee, Percentage | 2.50% | |||
Oxford Finance LLC and Silicon Valley Bank [Member] | Term Loans [Member] | ||||
Debt Agreement, Maximum Borrowing Capacity | $ 40,000,000 | |||
Debt Instrument, Interest Rate Floor | 7.65% | |||
Debt Instrument, Interest Rate During Period | 7.65% | |||
Debt Instrument, Percentage of Funded Loan Amounts due at Maturity | 7.75% | |||
Debt Instrument, Commitment Fee Amount | $ 200,000 | |||
Oxford Finance LLC and Silicon Valley Bank [Member] | Term Loans [Member] | Subsequent Event [Member] | ||||
Debt Instrument, Amendment Fee | $ 25,000 | |||
Oxford Finance LLC and Silicon Valley Bank [Member] | Term Loans [Member] | If Term Loan B Not Funded, Beginning September, 2017 [Member] | ||||
Debt Instrument, Number of Monthly Principal and Interest Payments | 33 | |||
Oxford Finance LLC and Silicon Valley Bank [Member] | Term Loans [Member] | If Term Loan B Funded, Beginning March, 2018 [Member] | ||||
Debt Instrument, Number of Monthly Principal and Interest Payments | 30 | |||
Oxford Finance LLC and Silicon Valley Bank [Member] | Term Loans [Member] | Prepayment in First Year After Initial Closing [Member] | ||||
Debt Instrument, Prepayment Fee Percentage | 3.00% | |||
Oxford Finance LLC and Silicon Valley Bank [Member] | Term Loans [Member] | Prepayment in Second Year After Initial Closing [Member] | ||||
Debt Instrument, Prepayment Fee Percentage | 2.00% | |||
Oxford Finance LLC and Silicon Valley Bank [Member] | Term Loans [Member] | Prepayment After Second Year After Initial Closing [Member] | ||||
Debt Instrument, Prepayment Fee Percentage | 1.00% | |||
Oxford Finance LLC and Silicon Valley Bank [Member] | Term Loans [Member] | Prime Rate [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 4.15% | |||
Oxford Finance LLC and Silicon Valley Bank [Member] | Term Loan A [Member] | ||||
Debt Agreement, Maximum Borrowing Capacity | $ 15,000,000 | |||
Oxford Finance LLC and Silicon Valley Bank [Member] | Term Loan B [Member] | ||||
Debt Agreement, Maximum Borrowing Capacity | 12,500,000 | |||
Debt Covenant, Minimum Revenue Required for Trailing Six Months | 13,500,000 | |||
Oxford Finance LLC and Silicon Valley Bank [Member] | Term Loan C [Member] | ||||
Debt Agreement, Maximum Borrowing Capacity | 12,500,000 | |||
Debt Covenant, Minimum Revenue Required for Trailing Six Months | $ 20,000,000 | |||
Oxford Finance LLC and Silicon Valley Bank [Member] | Term Loans B and C [Member] | ||||
Debt Covenant, Maximum Number of Days to Draw Loan After Revenue Requirement | 60 days | |||
Debt Instrument, Commitment Fee Percentage | 2.00% | |||
Oxford Finance LLC [Member] | ||||
Class of Warrant or Right, Issued During Period | 56,533 | |||
Class of Warrant or Right, Issued During Period, Exercise Price | $ 5.97 | |||
Silicon Valley Bank [Member] | ||||
Class of Warrant or Right, Issued During Period | 56,533 | |||
Class of Warrant or Right, Issued During Period, Exercise Price | $ 5.97 | |||
Silicon Valley Bank [Member] | Term Loan B Funded [Member] | ||||
Class of Warrant or Right, Increase to Warrant, Percentage of Loan Divided by Market Value of Common Stock | 4.50% | |||
Silicon Valley Bank [Member] | Term Loan B Funded [Member] | Warrant [Member] | ||||
Derivative Liability | $ 200,000 |
Note 7 - Debt - Long-term Debt
Note 7 - Debt - Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 30, 2016 | Jan. 01, 2016 |
Term loan | $ 16,163 | |
Deferred financing fees | (1,262) | |
Discount on debt | (1,157) | |
Total long-term debt | $ 13,744 |
Note 7 - Debt - Deferred Financ
Note 7 - Debt - Deferred Financing Fees (Details) $ in Thousands | 12 Months Ended |
Dec. 30, 2016USD ($) | |
Deferred financing fees | |
Additions during the period | 1,528 |
Amortization during the period | (266) |
Deferred financing fees | $ 1,262 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - USD ($) $ in Millions | Mar. 14, 2016 | Dec. 31, 2016 | Dec. 30, 2016 |
Greatbatch [Member] | |||
Tax Matters Agreement, Term | 2 years | ||
Greatbatch [Member] | Tax Matters Agreement [Member] | |||
Equity Issuance Limitations | 30.00% | ||
Asset Disposal Limitations | 35.00% | ||
Domestic Tax Authority [Member] | |||
Operating Loss Carryforwards | $ 29,393 |
Note 8 - Income Taxes - Provisi
Note 8 - Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2016 | Jan. 01, 2016 | |
Current tax expense | ||
Deferred tax benefit | (13,997) | (10,997) |
Change in valuation allowance | 13,997 | 10,997 |
Total provision for income taxes |
Note 8 - Income Taxes - Tax Rat
Note 8 - Income Taxes - Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2016 | Jan. 01, 2016 | |
Tax benefit at U.S. statutory rate | $ (13,117) | $ (10,997) |
State taxes, net of federal benefit | (1,146) | |
Other | 266 | |
Change in valuation allowance | 13,997 | 10,997 |
Total provision for income taxes |
Note 8 - Income Taxes - Deferre
Note 8 - Income Taxes - Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands | Dec. 30, 2016 | Jan. 01, 2016 |
Deferred tax assets, net operating loss carryforwards | $ 10,998 | $ 45,908 |
Deferred tax assets, research & development tax credits | 3,190 | |
Deferred tax assets, property, plant & equipment | 637 | 518 |
Accruals | 415 | |
Deferred tax assets, intangible assets | 5,603 | |
Deferred tax assets, other | 1,629 | 801 |
Deferred tax assets, gross deferred tax assets | 19,282 | 50,417 |
Less valuation allowance | (19,282) | (49,632) |
Net deferred tax assets | 785 | |
Deferred tax liabilities, intangible assets | (785) | |
Gross deferred tax liabilities | (785) | |
Net deferred tax asset (liability) |
Note 10 - Earnings Per Share 61
Note 10 - Earnings Per Share ("EPS") (Details Textual) - shares | 12 Months Ended | |||
Dec. 30, 2016 | Jan. 01, 2016 | Mar. 14, 2016 | Mar. 13, 2016 | |
Common Stock, Shares, Outstanding | 10,319,627 | 0 | 10,258,278 | 0 |
Weighted Average Number Diluted Shares Outstanding Adjustment | 0 | 0 |
Note 10 - Earnings Per Share 62
Note 10 - Earnings Per Share ("EPS") - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 30, 2016 | Jan. 01, 2016 | |
Basic net loss per share: | ||
Net loss | $ (38,428) | $ (24,416) |
Weighted average common shares outstanding (in shares) | 10,277 | 10,258 |
Basic net loss per share (in dollars per share) | $ (3.74) | $ (2.38) |
Diluted net loss per share: | ||
Net loss | $ (38,428) | $ (24,416) |
Weighted average common shares outstanding (in shares) | 10,277 | 10,258 |
Dilutive stock options, restricted stock and restricted stock units (in shares) | ||
Weighted average common shares outstanding – assuming dilution (in shares) | 10,277 | 10,258 |
Diluted net loss per share (in dollars per share) | $ (3.74) | $ (2.38) |
Warrant [Member] | ||
Diluted net loss per share: | ||
Outstanding securities and warrants that were not included in the diluted calculation because their effect would be anti-dilutive (in shares) | 1,538 | 1,538 |
Note 11 - Fair Value Measurem63
Note 11 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2016 | Jan. 01, 2016 | Mar. 18, 2016 | |
Fair Value Adjustment of Warrants | $ 300 | ||
Available-for-sale Securities | 55,013 | ||
Goodwill, Impairment Loss | 0 | $ 0 | |
Warrant [Member] | |||
Derivative Liability | $ 200 | $ 500 |
Note 11 - Fair Value Measurem64
Note 11 - Fair Value Measurements - Marketable Securities Measured at Fair Value (Details) $ in Thousands | Dec. 30, 2016USD ($) |
Available-for-sale Securities, Amortized Cost Basis | $ 55,015 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss | (2) |
Available-for-sale Securities | 55,013 |
Cash [Member] | Fair Value, Inputs, Level 1 [Member] | |
Available-for-sale Securities, Amortized Cost Basis | 33,821 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss | |
Available-for-sale Securities | 33,821 |
US Treasury and Government [Member] | Fair Value, Inputs, Level 1 [Member] | |
Available-for-sale Securities, Amortized Cost Basis | 2,005 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss | |
Available-for-sale Securities | 2,005 |
Financial Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |
Available-for-sale Securities, Amortized Cost Basis | 8,064 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss | (1) |
Available-for-sale Securities | 8,063 |
Industrial Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |
Available-for-sale Securities, Amortized Cost Basis | 11,125 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss | (1) |
Available-for-sale Securities | $ 11,124 |
Note 11 - Fair Value Measurem65
Note 11 - Fair Value Measurements - Fair Value Assumptions of Warrants (Details) - Warrant [Member] | 12 Months Ended |
Dec. 30, 2016 | |
Risk-free interest rate | 1.88% |
Expected volatility | 45.00% |
Contractual term (in years) (Year) | 10 years |
Dividend yield | 0.00% |
Note 12 - Stockholders' Equity
Note 12 - Stockholders' Equity (Details Textual) - $ / shares | Dec. 30, 2016 | Mar. 14, 2016 | Mar. 13, 2016 | Jan. 01, 2016 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 | ||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | ||
Common Stock, Shares, Outstanding | 10,319,627 | 10,258,278 | 0 | 0 |
Note 13 - Business Segment, G67
Note 13 - Business Segment, Geographic and Concentration Risk Information (Details Textual) | 12 Months Ended | |
Dec. 30, 2016 | Jan. 01, 2016 | |
Number of Reportable Segments | 2 | 1 |
Number of Reporting Units | 2 | 1 |
Note 13 - Business Segment, G68
Note 13 - Business Segment, Geographic and Concentration Risk Information - Product Line Sales (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2016 | Jan. 01, 2016 | |
Revenue, Net | $ 12,535 | $ 5,238 |
Neural Interface Components and Systems [Member] | ||
Revenue, Net | 5,152 | 3,920 |
Algovita [Member] | ||
Revenue, Net | 4,162 | 1,318 |
Development and Engineering Services [Member] | ||
Revenue, Net | $ 3,221 |
Note 13 - Business Segment, G69
Note 13 - Business Segment, Geographic and Concentration Risk Information - Business Segments Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2016 | Jan. 01, 2016 | |
Revenue, Net | $ 12,535 | $ 5,238 |
Segment loss from operations | (37,402) | (24,416) |
Unallocated operating expenses | 43,507 | 26,283 |
Loss before provision for income taxes | (38,428) | (24,416) |
Depreciation and amortization | 2,243 | 587 |
Expenditures for tangible long-lived assets | 4,031 | 529 |
Identifiable assets | 119,302 | 45,398 |
Operating Segments [Member] | ||
Segment loss from operations | (37,402) | (24,416) |
Depreciation and amortization | 2,243 | 587 |
Expenditures for tangible long-lived assets | 4,031 | 529 |
Identifiable assets | 119,302 | 45,398 |
Segment Reconciling Items [Member] | ||
Unallocated operating expenses | ||
Unallocated other income (expense), net | (1,026) | |
Depreciation and amortization | ||
Expenditures for tangible long-lived assets | ||
Identifiable assets | ||
Nuvectra Segment [Member] | ||
Revenue, Net | 7,383 | 1,318 |
Nuvectra Segment [Member] | Operating Segments [Member] | ||
Segment loss from operations | (37,702) | (23,452) |
Depreciation and amortization | 1,908 | 257 |
Expenditures for tangible long-lived assets | 3,950 | 511 |
Identifiable assets | 111,503 | 37,762 |
NeuroNexus Segment [Member] | ||
Revenue, Net | 5,152 | 3,920 |
NeuroNexus Segment [Member] | Operating Segments [Member] | ||
Segment loss from operations | 300 | (964) |
Depreciation and amortization | 335 | 330 |
Expenditures for tangible long-lived assets | 81 | 18 |
Identifiable assets | $ 7,799 | $ 7,636 |
Note 13 - Business Segment, G70
Note 13 - Business Segment, Geographic and Concentration Risk Information - Sales by Geographic Area (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2016 | Jan. 01, 2016 | |
Revenue, Net | $ 12,535 | $ 5,238 |
UNITED STATES | ||
Revenue, Net | 5,800 | 2,060 |
SWITZERLAND | ||
Revenue, Net | 3,461 | 83 |
GERMANY | ||
Revenue, Net | 1,567 | 1,668 |
Rest of World [Member] | ||
Revenue, Net | $ 1,707 | $ 1,427 |
Note 14 - Related Party Trans71
Note 14 - Related Party Transactions (Details Textual) - USD ($) | Mar. 14, 2016 | Jan. 31, 2016 | Jan. 01, 2016 | Jan. 31, 2016 | Dec. 30, 2016 | Jan. 01, 2016 |
Line of Credit, Portion Subject to Certain Revenue Milestones | $ 25,000,000 | |||||
Spin-off Accounting, Insurance Charges Allocated by Parent Company | $ 100,000 | |||||
Cost of Revenue | $ 6,430,000 | 3,371,000 | ||||
Noncontrolling Interest, Increase from Business Combination | $ 16,700,000 | |||||
Payments to Noncontrolling Interests | $ 6,800,000 | $ 9,900,000 | $ 6,818,000 | 9,875,000 | ||
Supply Agreemetn with Parent [Member] | ||||||
Cost of Revenue | $ 1,500,000 | |||||
Integer [Member] | ||||||
Proceeds from Contributions from Parent | $ 75,000,000 | |||||
Period in Which Contribution from Parent Will Fund Operations | 2 years | |||||
Drees Holding LLC [Member] | ||||||
Payments to Noncontrolling Interests | $ 6,900,000 | |||||
Executive Vice President of Research and Development [Member] | ||||||
Payments to Noncontrolling Interests | $ 848,000 |
Note 14 - Related Party Trans72
Note 14 - Related Party Transactions - Corporate Overhead Allocations (Details) - Corporate Overhead Allocations [Member] - Integer [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2016 | Jan. 01, 2016 | |
Expenses from transactions with related party | $ 236 | $ 2,844 |
Selling, General and Administrative Expenses [Member] | ||
Expenses from transactions with related party | 236 | 1,064 |
Research and Development Expense [Member] | ||
Expenses from transactions with related party | $ 1,780 |