Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 29, 2023 | Feb. 21, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 29, 2023 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | STAAR SURGICAL CO | ||
Entity Central Index Key | 0000718937 | ||
Current Fiscal Year End Date | --12-29 | ||
Entity Filer Category | Large Accelerated Filer | ||
Trading Symbol | STAA | ||
Entity Common Stock, Shares Outstanding | 48,865,875 | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Document Financial Statement Error Correction [Flag] | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 2,567,481,107 | ||
Entity File Number | 0-11634 | ||
Entity Tax Identification Number | 95-3797439 | ||
Entity Address, Address Line One | 25651 Atlantic Ocean Drive | ||
Entity Address, City or Town | Lake Forest | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 92630 | ||
City Area Code | 626 | ||
Local Phone Number | 303-7902 | ||
Entity Interactive Data Current | Yes | ||
Entity Incorporation, State or Country Code | DE | ||
Title of 12(b) Security | Common | ||
Security Exchange Name | NASDAQ | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Documents Incorporated by Reference | Portions of the registrant’s definitive proxy statement relating to its 2024 annual meeting of stockholders, which will be filed with the Securities and Exchange Commission pursuant to Regulation 14A within 120 days of the close of the registrant’s last fiscal year, are incorporated by reference into Part III of this report. | ||
Auditor Name | BDO USA, P.C. | ||
Auditor Location | Los Angeles, California | ||
Auditor Firm ID | 243 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 29, 2023 | Dec. 30, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 183,038,000 | $ 86,480,000 |
Investments available for sale | 37,688,000 | 125,159,000 |
Accounts receivable trade, net | 94,704,000 | 62,447,000 |
Inventories, net | 35,130,000 | 24,161,000 |
Prepayments, deposits and other current assets | 14,709,000 | 13,476,000 |
Total current assets | 365,269,000 | 311,723,000 |
Investments available for sale | 11,703,000 | 13,902,000 |
Property, plant and equipment, net | 66,835,000 | 50,921,000 |
Finance lease right-of-use assets, net | 183,000 | 342,000 |
Operating lease right-of-use assets, net | 34,387,000 | 30,270,000 |
Intangible assets, net | 173,000 | |
Goodwill | 1,786,000 | 1,786,000 |
Deferred income taxes | 5,190,000 | 8,744,000 |
Other assets | 3,339,000 | 957,000 |
Total assets | 488,692,000 | 418,818,000 |
Current liabilities: | ||
Accounts payable | 13,557,000 | 11,576,000 |
Obligations under finance leases | 165,000 | 169,000 |
Obligations under operating leases | 4,202,000 | 3,524,000 |
Allowance for sales returns | 6,174,000 | 5,706,000 |
Other current liabilities | 40,938,000 | 30,741,000 |
Total current liabilities | 65,036,000 | 51,716,000 |
Obligations under finance leases | 42,000 | 210,000 |
Obligations under operating leases | 31,425,000 | 27,136,000 |
Deferred income taxes | 1,077,000 | 1,489,000 |
Asset retirement obligations | 103,000 | 220,000 |
Pension liability | 5,055,000 | 1,935,000 |
Total liabilities | 102,738,000 | 82,706,000 |
Commitments and contingencies (Note 13) | ||
Stockholders’ equity: | ||
Common stock, $0.01 par value; 60,000 shares authorized: 48,839 and 48,212 shares issued and outstanding at December 29, 2023 and December 30, 2022, respectively | 488,000 | 482,000 |
Additional paid-in capital | 436,947,000 | 404,189,000 |
Accumulated other comprehensive income (loss) | (4,113,000) | 156,000 |
Accumulated deficit | (47,368,000) | (68,715,000) |
Total stockholders’ equity | 385,954,000 | 336,112,000 |
Total liabilities and stockholders’ equity | $ 488,692,000 | $ 418,818,000 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 29, 2023 | Dec. 30, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 60,000,000 | 60,000,000 |
Common stock, shares issued | 48,839,000 | 48,212,000 |
Common stock, shares outstanding | 48,839,000 | 48,212,000 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | ||
Income Statement [Abstract] | ||||
Net sales | $ 322,415 | $ 284,391 | $ 230,472 | |
Cost of sales | 69,764 | 61,008 | 51,835 | |
Gross profit | 252,651 | 223,383 | 178,637 | |
Selling, general and administrative expenses: | ||||
General and administrative | 72,319 | 54,742 | 44,142 | |
Selling and marketing | 107,834 | 88,856 | 67,294 | |
Research and development | 44,401 | 35,983 | 33,862 | |
Total selling, general and administrative expenses | 224,554 | 179,581 | 145,298 | |
Operating income | 28,097 | 43,802 | 33,339 | |
Other income (expense), net: | ||||
Interest income (expense), net | 6,986 | 2,448 | (38) | |
Loss on foreign currency transactions | [1] | (1,909) | (1,707) | (2,964) |
Royalty income | 74 | 804 | 1,015 | |
Other income (loss), net | 448 | 205 | (48) | |
Total other income (expenses), net | 5,599 | 1,750 | (2,035) | |
Income before income taxes | 33,696 | 45,552 | 31,304 | |
Provision for income taxes | 12,349 | 5,887 | 3,793 | |
Net income | $ 21,347 | $ 39,665 | $ 27,511 | |
Net income per share: | ||||
Basic | $ 0.44 | $ 0.83 | $ 0.58 | |
Diluted | $ 0.43 | $ 0.80 | $ 0.56 | |
Weighted average shares outstanding: | ||||
Basic | 48,523 | 47,987 | 47,210 | |
Diluted | 49,427 | 49,380 | 49,456 | |
[1] Shown as a separate line item on the Consolidated Statements of Income. |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income (Loss) | $ 21,347 | $ 39,665 | $ 27,511 |
Defined benefit plans: | |||
Net change in plan assets | (3,946) | 6,509 | 2,632 |
Reclassification into other income (expense), net | (357) | 187 | 487 |
Investments available for sale: | |||
Change in unrealized gain (loss) | 363 | (406) | |
Foreign currency translation loss | (1,095) | (2,090) | (1,776) |
Tax effect | 766 | 4 | 154 |
Other comprehensive income (loss), net of tax | (4,269) | 4,204 | 1,497 |
Comprehensive income | $ 17,078 | $ 43,869 | $ 29,008 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit |
Balance at Jan. 01, 2021 | $ 197,222 | $ 464 | $ 338,194 | $ (5,545) | $ (135,891) |
Balance (in shares) at Jan. 01, 2021 | 46,448 | ||||
Net Income (Loss) | 27,511 | 27,511 | |||
Other comprehensive income (loss) | 1,497 | 1,497 | |||
Common stock issued upon exercise of options | 19,437 | $ 12 | 19,425 | ||
Common stock issued upon exercise of options (in shares) | 1,206 | ||||
Stock-based compensation | $ 15,900 | 15,900 | |||
Unvested restricted stock (in shares) | (3) | 3 | |||
Vested restricted and performance stock | $ 1 | $ 1 | |||
Vested restricted and performance stock (in shares) | 59 | ||||
Balance at Dec. 31, 2021 | 261,568 | $ 477 | 373,519 | (4,048) | (108,380) |
Balance (in shares) at Dec. 31, 2021 | 47,716 | ||||
Net Income (Loss) | 39,665 | 39,665 | |||
Other comprehensive income (loss) | 4,204 | 4,204 | |||
Common stock issued upon exercise of options | 8,422 | $ 4 | 8,418 | ||
Common stock issued upon exercise of options (in shares) | 427 | ||||
Stock-based compensation | $ 22,252 | 22,252 | |||
Unvested restricted stock (in shares) | (4) | 7 | |||
Vested restricted and performance stock | $ 1 | $ 1 | |||
Vested restricted and performance stock (in shares) | 62 | ||||
Balance at Dec. 30, 2022 | 336,112 | $ 482 | 404,189 | 156 | (68,715) |
Balance (in shares) at Dec. 30, 2022 | 48,212 | ||||
Net Income (Loss) | 21,347 | 21,347 | |||
Other comprehensive income (loss) | (4,269) | (4,269) | |||
Common stock issued upon exercise of options | $ 9,672 | $ 5 | 9,667 | ||
Common stock issued upon exercise of options (in shares) | 518 | 518 | |||
Stock-based compensation | $ 25,188 | 25,188 | |||
Repurchase of employee common stock for taxes withheld | (2,097) | (2,097) | |||
Repurchase of employee common stock for taxes withheld (in shares) | (35) | ||||
Unvested restricted stock (in shares) | 14 | ||||
Vested restricted and performance stock | 1 | $ 1 | |||
Vested restricted and performance stock (in shares) | 130 | ||||
Balance at Dec. 29, 2023 | $ 385,954 | $ 488 | $ 436,947 | $ (4,113) | $ (47,368) |
Balance (in shares) at Dec. 29, 2023 | 48,839 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||
Net Income (Loss) | $ 21,347 | $ 39,665 | $ 27,511 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation of property, plant, and equipment | 5,111 | 4,481 | 3,608 |
Amortization of intangibles | 13 | 28 | 34 |
Impairment of intangibles | 154 | ||
Accretion/amortization of investments available for sale | (2,501) | (1,198) | |
Deferred income taxes | 3,264 | (2,254) | (1,515) |
Change in net pension liability | (956) | 53 | 137 |
Loss on disposal of property and equipment | 73 | 65 | 2 |
Stock-based compensation expense | 23,516 | 20,371 | 14,605 |
Change in asset retirement obligation | (102) | 47 | |
Provision for sales returns and credit losses | 663 | 913 | 318 |
Inventory provision | 4,851 | 2,423 | 1,654 |
Changes in working capital: | |||
Accounts receivable | (32,760) | (19,601) | (8,868) |
Inventories | (14,361) | (7,943) | 66 |
Prepayments, deposits, and other assets | (3,413) | (2,549) | (711) |
Accounts payable | (701) | 1,805 | 108 |
Other current liabilities | 10,396 | (591) | 7,013 |
Net cash provided by operating activities | 14,594 | 35,715 | 43,962 |
Cash flows from investing activities: | |||
Acquisition of property and equipment | (18,188) | (18,108) | (13,645) |
Purchase of investments available for sale | (52,313) | (155,748) | |
Proceeds from sale or maturity of investments available for sale | 144,848 | 17,480 | |
Net cash provided by (used in) investing activities | 74,347 | (156,376) | (13,645) |
Cash flows from financing activities: | |||
Repayment of finance lease obligations | (161) | (126) | (348) |
Repayment of line of credit | (1,297) | ||
Repurchase of employee common stock for taxes withheld | (2,097) | ||
Proceeds from the exercise of stock options | 9,672 | 8,422 | 19,437 |
Proceeds from vested restricted stock | 1 | 1 | 1 |
Net cash provided by financing activities | 7,415 | 8,297 | 17,793 |
Effect of exchange rate changes on cash and cash equivalents | 202 | (862) | (857) |
Increase (decrease) in cash and cash equivalents | 96,558 | (113,226) | 47,253 |
Cash and cash equivalents, at beginning of year | 86,480 | 199,706 | 152,453 |
Cash and cash equivalents, at end of year | $ 183,038 | $ 86,480 | $ 199,706 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) | $ 21,347 | $ 39,665 | $ 27,511 |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Dec. 29, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Organization and Description of
Organization and Description of Business and Accounting Policies | 12 Months Ended |
Dec. 29, 2023 | |
Accounting Policies [Abstract] | |
Organization and Description of Business and Accounting Policies | Note 1 — Organization and Description of Business and Accounting Policies Organization and Description of Business STAAR Surgical Company, a Delaware corporation, was first incorporated in 1982, and together with its subsidiaries (the “Company”) designs, develops, manufactures, and sells implantable lenses for the eye and accessory delivery systems used to deliver the lenses into the eye. The Company generates worldwide revenue almost exclusively from sales of its implantable Collamer lenses (“ICLs”), which are used in corrective or “refractive” surgery. Historically, the Company also manufactured and sold intraocular lenses (“IOLs”), for use in surgery to treat cataracts. As the Company has focused its business and strategy on its ICL product offerings, it has phased out its cataract IOL product line. The Company markets and sells ICLs for refractive surgery to treat myopia (nearsightedness) as its “EVO” family of lenses. The Company’s EVO family of lenses includes its EVO ICL, EVO+ ICL, and EVO Visian ICL. The Company’s newest offering, EVO Viva, has an extended depth of focus (EDoF) optic, which is designed to treat myopia with presbyopia (age-related loss of ability to focus). The Company also markets and sells an ICL lens to treat hyperopia (farsightedness), which is called Visian ICL. The Company makes its ICL product offerings available in multiple models, powers and lengths, including some with toric ICL (TICL) versions to correct for astigmatism (blurred vision). Not all of the Company’s products are currently available in all markets where it sells ICLs today. As of December 29, 2023, the Company’s significant subsidiaries consisted of: • STAAR Surgical AG, a wholly owned subsidiary organized under the laws of Switzerland (“STAAR AG”) • STAAR Japan, Inc., a wholly owned subsidiary organized under the laws of Japan (“STAAR Japan”) The Company operates as one operating segment, the ophthalmic surgical market, for financial reporting purposes (see Note 17). Principles of Consolidation The accompanying consolidated financial statements include the accounts of STAAR Surgical Company and its wholly-owned subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All significant intercompany balances and transactions have been eliminated. Fiscal Year and Interim Reporting Periods The Company’s fiscal year ends on the Friday nearest December 31 and each of the Company’s quarterly reporting periods generally consists of 13 weeks. Fiscal years 2023, 2022 and 2021 are based on a 52-week period. Foreign Currency The functional currency of STAAR Japan is the Japanese yen. The functional currency of STAAR AG is the U.S. dollar. Assets and liabilities of STAAR Japan are translated at rates of exchange in effect at the close of the period. Sales and expenses are translated at the weighted average of exchange rates in effect during the period. Net foreign translation gain (loss) was as follows (in thousands): Years Ended 2023 2022 2021 Foreign currency translation loss (1) $ ( 1,095 ) $ ( 2,090 ) $ ( 1,776 ) Loss on foreign currency transactions (2) ( 1,909 ) ( 1,707 ) ( 2,964 ) (1) Shown as a separate line item on the Consolidated Statements of Comprehensive Income. (2) Shown as a separate line item on the Consolidated Statements of Income. Note 1 — Organization and Description of Business and Accounting Policies (Continued) Cash and Cash Equivalents Cash and cash equivalents include cash and balances in deposits and money market accounts held at banks and financial institutions with original maturities of three months or less. Such balances generally exceed the federal insurance limits; however, the Company periodically assesses the financial condition of the institutions and believes that the risk of any loss is minimal. Use of Estimates The consolidated financial statements have been prepared in conformity with GAAP and, as such, include amounts based on significant estimates and judgments of management with consideration given to materiality. Estimates used include determining valuation allowances for uncollectible trade receivables, sales returns reserves, obsolete and excess inventory reserves, deferred income taxes, and tax reserves, including valuation allowances for deferred tax assets, pension liabilities, evaluation of asset impairment, in determining the useful life of depreciable and definite-lived intangible assets, and in the variables and assumptions used to calculate and record stock-based compensation. Actual results could differ materially from those estimates. Significant estimates used include determining valuation allowances for sales returns reserves, obsolete and excess inventory reserves, deferred income taxes, and tax reserves, including valuation allowances for deferred tax assets, pension liabilities, and in the variables and assumptions used to calculate and record stock-based compensation. Other estimates made by management not considered to be significant include determining valuation allowances for uncollectible trade receivables, evaluation of asset impairment, and in determining the useful life of depreciable and definite-lived intangible assets. Revenue Recognition The Company recognizes revenue when its contractual performance obligations with customers are satisfied. The Company’s performance obligations are generally limited to single sales orders with product shipping to the customer within a month of receipt of the sales order. Substantially all of the Company’s revenues are recognized at a point-in-time when control of its products transfers to the customer, which is typically upon shipment (as discussed below). Payment for product sales is typically collected within a short period following transfer of control of product. The Company presents sales tax and similar taxes it collects from its customers on a net basis (excluded from revenues). Historically, the Company marketed and sold cataract IOLs and related injectors and injector parts. The Company phased out sales of such products in fiscal 2023, and it does not expect to sell any such products in fiscal 2024 or thereafter. Sales of such products involved sales by the Company of injector parts to an unrelated customer and supplier (collectively referred to as “supplier”) whereby these injector part sales were either made as a final sale to the supplier or, were sold to be combined with an acrylic cataract IOL by the supplier into finished goods inventory (a preloaded acrylic cataract IOL). These finished goods were then sold back to the Company at an agreed upon, contractual price. The Company made a profit margin on either type of sale with the supplier and each type of sale was made under separate purchase and sales orders between the two parties resulting in cash settlement for the orders sold or repurchased. For parts that were sold as a final sale, the Company recognized a sale and those sales were classified as other product sales in total net sales. For the injector parts that were sold to be combined with an acrylic cataract IOL into finished goods, the Company recorded the transaction at its carrying value deferring any profit margin as contra-inventory, until the finished goods inventory was sold to an end-customer (not the supplier) at which point the Company recognized revenues. For all sales, the Company is considered the principal in the transaction as the Company is the party providing specified goods it has control over prior to when control is transferred to the customer. Cost of sales includes cost of production, freight and distribution, and inventory provisions, net of any purchase discounts. Shipping and handling activities that occur after the customer obtains control of the goods are recognized as fulfillment costs. The Company disaggregates its revenue into the following categories: non-consignment sales and consignment sales. Note 1 — Organization and Description of Business and Accounting Policies (Continued) Revenue Recognition (Continued) • Non-consignment Sales – The Company recognizes revenue from non-consignment product sales at a point-in-time when control has been transferred, which is typically at shipping point, except for certain customers and for STAAR Japan, which is typically recognized when the customer receives the product. The Company does not have significant deferred revenues as of December 29, 2023, December 30, 2022 and December 31, 2021, as delivery to the customer is generally made within the same or the next day of shipment. • Consignment Sales – The Company’s products are marketed to ophthalmic surgeons, hospitals, ambulatory surgery centers or vision centers, and distributors. ICLs may be offered to surgeons and hospitals on a consignment basis, and historically, cataract IOLs were also offered on a consignment basis. The Company maintains title and risk of loss on consigned inventory and recognizes revenue for consignment inventory at a point-in-time when the Company is notified that the lenses have been implanted, thus completing the performance obligation. See Note 17 for additional information on disaggregation of revenues, geographic sales information and product sales. The Company also enters into certain strategic cooperation agreements with customers in which, as consideration for certain commitments made by the customer, including minimum purchase commitments, the Company agrees, among other things, to share the expense for marketing, educational training and general support of the Company’s products. The provisions in these arrangements allow for these payments to be made directly to the customer or payments can be made directly to a third party for distinct marketing, educational training and general support services provided to or on behalf of the customer by the third party. For payments the Company makes to another party or reimburses the customer for distinct marketing and support services, the Company recognizes these payments as sales and marketing expense as incurred. These strategic cooperation agreements are generally for periods of 12 months or more with quarterly minimum purchase commitments. The Company recognizes sales and marketing expenses in the period in which it expects the customer will achieve its minimum purchase commitment, generally quarterly, and any unpaid amounts are recorded in other current liabilities on the Consolidated Balance Sheets, see Note 8. Reimbursements made directly to the customer for general marketing incentives are treated as a reduction in revenues. The Company’s performance obligations generally occur in the same quarter as the shipment of product. Sales and marketing expenses for distinct services were as follows (in thousands): Years Ended 2023 2022 2021 Marketing and support services related to strategic cooperation agreements $ 1,891 $ 1,662 $ 714 Since the payments for distinct or non-distinct services occur within the quarter corresponding with the purchases made by the customer and the shipments made by the Company to that customer, there is no remaining performance obligation by the Company to the customer. Accordingly, there are no deferred revenues associated with these types of arrangements as of December 29, 2023, December 30, 2022 and December 31, 2021 . Allowance for Credit Losses The Company performs ongoing credit evaluations of its customers and adjusts credit limits based on customer payment history and credit worthiness, as determined by the Company’s review of its customers’ current credit information. The Company continuously monitors collections and payments from customers and maintains a provision for estimated credit losses and uncollectible accounts based upon an expected loss model which considers its historical experience, any specific customer collection issues that have been identified and other relevant observable data, including current economic conditions. Amounts determined to be uncollectible are written off against the allowance for credit losses. Note 1 — Organization and Description of Business and Accounting Policies (Continued) Concentration of Credit Risk and Sales Financial instruments that potentially subject the Company to credit risk principally consist of trade receivables. This risk is limited due to the large number of customers comprising the Company’s customer base, and their geographic dispersion. As of December 29, 2023 and December 30, 2022 , there was one customer who accounted for 70 % and 59 %, respectively, of the Company’s consolidated trade receivables. Ongoing credit evaluations of customers’ financial condition are performed and, generally, no collateral is required. The Company maintains reserves for potential credit losses and such losses, taken together, have not exceeded management’s expectations. There was one customer who accounted for 58 %, 52 % and 47 % of the Company’s consolidated net sales for the years ended 2023, 2022 and 2021 , respectively. Sales Return Reserve The Company generally may permit returns of product if the product, upon issuance of a Return Goods Authorization, is returned within the time allowed by its return policies and records an allowance for estimated returns at the time revenue is recognized. The Company’s allowance for estimated returns is based on an expected loss model which considers historical and current/anticipated trends and experience, the impact of new product launches, the entry of a competitor, availability of timely and pertinent information and the various terms and arrangements offered, including sales with extended credit terms. For estimated returns, sales are reported net of estimated returns and cost of sales are reported net of estimated returns that can be resold. On the Consolidated Balance Sheets, the balances associated for estimated sales returns were as follows (in thousands): 2023 2022 Estimated returns - inventory (1) $ 818 $ 888 Allowance for sales returns 6,174 5,706 (1) Recognized in inventories, net on the Consolidated Balance Sheets Investments Available for Sale Investments available for sale (“AFS”) are investments in debt securities for which the Company does not have the positive intent and ability to hold to maturity. The Company’s investment policy primary objective is capital preservation while maximizing its return on investment. Investments may include U.S. government and corporate debt securities, commercial paper, certain certificates of deposit and related security types, that are rated by two nationally recognized statistical rating organizations with minimum investment grade ratings of AAA to A-/A-1+ to A-2, or the equivalent. The maturity of individual investments may not extend 24 months from the date of purchase. There are also limits to the amount of credit exposure in any given security type. Investments AFS with maturities of twelve months or less, are classified as short-term, otherwise, they are classified as long-term. Accrued interest receivable is recognized in current investments AFS on the Consolidated Balance Sheets. Investments AFS are measured at fair value and its unrealized gains and losses reported net of the allowance for credit losses and applicable income taxes, are recognized in accumulated other comprehensive income (loss) on the Consolidated Balance Sheets. The cost of investments AFS is adjusted for amortization of premiums and accretion of discounts to maturity. Interest earned, including amortization of premiums and accretion of discounts recognized, is included in interest income (expense) on the Consolidated Statements of Income. The cost of investments for purposes of computing realized and unrealized gains and losses is based on the specific identification method. The Company recognizes impairment of a debt security for which there has been a decline in fair value below amortized cost if management intends to sell the security, or it is more-likely-than-not that the Company will be required to sell the security before recovery of its amortized cost basis. Impairment related to credit losses is recognized in other income (expense) on the Consolidated Statements of Income. Any portion of impairment not related to credit losses is recognized in accumulated other comprehensive income (loss) on the Consolidated Balance Sheets. The measurement of the credit loss component is equal to the difference between the debt security’s amortized cost basis and the present value of its expected future cash flows discounted at the security’s effective yield. Note 1 — Organization and Description of Business and Accounting Policies (Continued) Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs to valuation methodologies used to measure fair value: • Level 1 – Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 – Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments. • Level 3 – Inputs to the valuation methodology are unobservable; that reflect management’s own assumptions about the assumptions market participants would make and significant to the fair value. The carrying values reflected on the Consolidated Balance Sheets for cash and cash equivalents, trade accounts receivable, net, prepayments, deposits and other current assets, accounts payable and other current liabilities approximate their fair values because of the short maturity of these instruments. Inventories, Net Inventories, net are valued at the lower of cost, determined on a first-in, first-out basis, or net realizable value. Inventories include the costs of raw material, labor, and manufacturing overhead, work in process and finished goods. Inventories also include as a contra item, deferred margins for certain injector parts described under the revenue recognition policy. The Company provides estimated inventory allowances for excess, expiring, slow moving and obsolete inventory as well as inventory whose carrying value is in excess of net realizable value to properly reflect inventory at the lower of cost or market. Property, Plant, and Equipment Property, plant, and equipment are recorded at cost. Depreciation on property, plant, and equipment is computed using the straight-line method over the estimated useful lives of the assets as noted below. Leasehold improvements are amortized over the lesser of the estimated useful lives of the assets or the related expected lease term. Major improvements are capitalized and minor replacements, maintenance and repairs are charged to expense as incurred. Also included in property, plant and equipment is construction in process. Construction in process includes the cost of design plans and build out of facilities and the cost of equipment, as well as the direct costs incurred in the testing and validation of machinery and equipment and facilities before they are ready for productive use. Upon placement in service, costs are reclassified into the appropriate asset category and depreciation commences. The estimated useful lives of assets are as follows: Machinery and equipment 5 - 10 years Computer equipment and software 2 - 5 years Furniture and equipment 3 - 7 years Leasehold improvements The shorter of the useful life of the asset or the expected term of the associated lease Note 1 — Organization and Description of Business and Accounting Policies (Continued) Goodwill Goodwill, which has an indefinite life, is not amortized but instead is tested for impairment on an annual basis or between annual tests if an event occurs or circumstances change that would indicate the carrying amount may be impaired. Impairment testing for goodwill is done at the reporting unit level. Reporting units can be one level below the operating segment level and can be combined when reporting units within the same operating segment have similar economic characteristics. The Company has determined that its reporting units have similar economic characteristics, and therefore, can be combined into one reporting unit for the purposes of goodwill impairment testing. The Company performed its annual impairment test and determined that its goodwill was not impaired. As of December 29, 2023 and December 30, 2022 , the carrying value of goodwill was $ 1,786,000 . Long-Lived Assets The Company reviews property, plant, and equipment and intangible assets, excluding goodwill, for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. The Company measures recoverability of these assets by comparing the carrying value of such assets to the estimated undiscounted future cash flows the assets are expected to generate. When the estimated undiscounted future cash flows are less than their carrying amount, an impairment loss is recognized equal to the difference between the assets’ fair value and their carrying value. A review of long-lived assets was conducted as of December 29, 2023 and December 30, 2022 and no impairment was identified. Amortization is computed on the straight-line basis, which is the Company’s best estimate of the economic benefits realized over the estimated useful lives of the assets which range from 3 to 20 years for patents, certain acquired rights and licenses, 10 years for customer relationships, and 3 to 10 years for developed technology. Cloud-Based Software Implementation Costs The Company has entered into cloud-based software hosting arrangements for which it incurs implementation costs. Certain costs incurred during the application development stage are capitalized and included within Prepayments, deposits and other current assets or Other assets on the Consolidated Balance Sheet, depending on the short- or long-term nature of such costs, in line with the Company’s policy on the accounting for prepaid software hosting arrangements. Costs incurred during the preliminary project stage and post-implementation stage are expensed as incurred. Capitalized cloud-based software implementation costs are amortized, beginning on the date the related software or module is ready for its intended use, on a straight-line basis over the remaining term of the hosting arrangement. Amortization is recognized as a component of selling, general, and administrative expenses, in the same line item as the expense for the associated hosting arrangement. As of December 29, 2023 , the Company recognized $ 2,406,000 of net capitalized cloud-based software implementation costs recorded within Other assets on the Consolidated Balance Sheets. There were no capitalized cloud-based software implementation costs recognized at December 30, 2022. As of December 29, 2023 , these assets are not currently placed into service. No amortization of capitalized cloud-based software implementation costs was recognized during the year ended December 29, 2023 . Lease Accounting The Company recognizes right-of-use (“ROU”) assets and lease liabilities for leases with terms greater than twelve months on the Consolidated Balance Sheets. Leases are classified as either finance or operating, with classification affecting the pattern of expense recognition in the Consolidated Statements of Income. A contract contains a lease if the contract conveys the right to control an identified asset for a period of time in exchange for consideration. An asset is either explicitly identified or implicitly identified and must be physically distinct. In addition, the Company must have both the right to obtain substantially all of the economic benefits from use of the identified asset and has the right to direct the use of the identified asset. Note 1 — Organization and Description of Business and Accounting Policies (Continued) Lease Accounting (Continued) Certain leases may have non-lease components such as common area maintenance expense for building leases and maintenance expenses for automobile leases. In general, the Company separates common area maintenance expense component from the value of the ROU asset and lease liability when evaluating rental properties, whereas the Company includes the maintenance and service components in the value of the ROU asset and lease liability while evaluating automobile leases. When determining whether a lease is a finance lease or operating lease, the Company uses (i) greater than or equal to 75% to determine whether the lease term is a major part of the remaining economic life of the underlying asset and (ii) greater than or equal to 90% to determine whether the present value of the sum of lease payments is substantially all of the fair value of the underlying asset. The Company uses either the rate implicit in the lease or its incremental borrowing rate as the discount rate in lease accounting. The Company also elected not to capitalize leases that have terms of twelve months or less. The Company reviews ROU assets, for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. The Company measures recoverability of these assets by comparing the carrying value of such assets to the estimated undiscounted future cash flows the assets are expected to generate. When the estimated undiscounted future cash flows are less than their carrying amount, an impairment loss is recognized equal to the difference between the assets’ fair value and their carrying value. Research and Development Costs Expenditures for research activities relating to product development and improvement are charged to expense as incurred. Advertising Costs Advertising costs, which are included in selling and marketing expenses, are expensed as incurred, and were as follows (in thousands): Years Ended 2023 2022 2021 Advertising costs $ 46,680 $ 37,918 $ 21,989 Income Taxes The Company recognizes deferred tax assets and liabilities for temporary differences between the financial reporting basis and the tax basis of the Company’s assets and liabilities, net operating loss and credit carryforwards, and uncertainty in income taxes, on a jurisdiction-by-jurisdiction basis. For each tax entity and tax jurisdiction, the Company presents deferred tax liabilities and assets, as well as any related valuation allowance, as a single non-current amount. The Company does not offset deferred tax liabilities and assets attributable to different tax entities or to different tax jurisdictions. In evaluating the Company’s ability to recover the deferred tax assets within a jurisdiction from which they arise, management considers all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax-planning strategies, and results of recent operations. In projecting future taxable income, the Company begins with historical results and incorporates assumptions including overall current and projected business and industry conditions, projected sales growth, margins, costs and income by jurisdiction, the amount of future federal, state, and foreign pretax operating income, the reversal of temporary differences and the successful implementation of feasible and prudent tax-planning strategies. These assumptions require significant judgment about the forecasts of future taxable income and are consistent with the plans and estimates the Company uses to manage the underlying businesses. In evaluating the objective evidence that historical results provide, the Company also considers three years of cumulative operating results. Valuation allowances, or reductions to deferred tax assets, are recognized if, based on the weight of all the available evidence, it is more likely than not that some portion or all the deferred tax asset may not be realized. The impact on deferred taxes of changes in tax rates and laws, if any, are applied to the years during which temporary differences are expected to be settled and reflected in the financial statements in the period of enactment. Note 1 — Organization and Description of Business and Accounting Policies (Continued) Income Taxes (Continued) The Company has made a policy election to apply the incremental cash tax savings approach when analyzing the impact Global Intangible Low Tax Income (“GILTI”) could have on its U.S. valuation allowance. As a result of future expected GILTI inclusions, and because of the 2017 Tax Cuts and Jobs Act’s ordering rules, U.S. companies may now expect to utilize tax attribute carryforwards (e.g., net operating losses and deferred tax assets) for which a valuation allowance has historically been recorded (this is referred to as the “tax law ordering approach”). However, due to the mechanics of the GILTI rules, companies that have a GILTI inclusion may realize a reduced (or no) cash tax savings from utilizing such tax attribute carryforwards (this view is referred to as the “incremental cash tax savings approach”). The Company recognizes the income tax benefit from an uncertain tax position when it is more likely than not that, based on technical merits, the position will be sustained upon examination, including resolutions of any related appeals or litigation processes. The amount of tax benefit recorded, if any, is limited to the extent it is not greater than 50 percent likely to be realized upon settlement with the taxing authority (that has full knowledge of all relevant information). Accrued interest, if any, related to uncertain tax positions is included as a component of income tax expense, and penalties, if incurred, are recognized as a component of operating income or loss. The Company does not have any uncertain tax positions as of any of the periods presented. Basic and Diluted Net Income Per Share The Company has only one class of common stock and no participating securities which would require the two-class method of calculating basic earnings per share. Basic per share information is calculated by dividing net income by the weighted average number of shares outstanding during the period, net of unvested stock-based awards. Diluted per share information is calculated by dividing net income by the weighted average number of shares outstanding during the period, adjusted for the effects of potentially dilutive securities using the treasury stock method. Potentially dilutive securities include the Company’s outstanding stock-based awards. As of December 29, 2023 , the Company had outstanding grants of stock options, restricted stock units (“RSUs”), and performance stock units (“PSUs”). Stock options that are anti-dilutive, where their exercise price exceeds the average market price of the common stock, are not included in the treasury stock method calculation for diluted net income per share. Employee Defined Benefit Plans The Company maintains a passive pension plan (the “Swiss Plan”) covering employees of STAAR AG. The Swiss Plan conforms to the features of a defined benefit plan. The Company also maintains a noncontributory defined benefit pension plan which covers substantially all the employees of STAAR Japan. The Company recognizes the funded status, or difference between the fair value of plan assets and the projected benefit obligations of the pension plan on the Consolidated Balance Sheets, with a corresponding adjustment to accumulated other comprehensive income (loss). If the projected benefit obligation exceeds the fair value of plan assets, then that difference or unfunded status represents the pension liability. The Company records a net periodic pension cost in the Consolidated Statements of Income. The liabilities and annual income or expense of both plans are determined using methodologies that involve several actuarial assumptions, the most significant of which are the discount rate and the expected long-term rate of asset return (asset returns and fair-value of plan assets are applicable for the Swiss Plan only). The fair values of plan assets are determined based on prevailing market prices. Note 1 — Organization and Description of Business and Accounting Policies (Continued) Stock-Based Compensation The Company maintains an Amended and Restated Omnibus Equity Incentive Plan (the “Equity Plan”). The Equity Plan provides the Company with the ability to grant va |
Investments Available for Sale
Investments Available for Sale | 12 Months Ended |
Dec. 29, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments Available for Sale | Note 2 — Investments Available for Sale During 2022, the Company started to invest its cash in investments AFS, in accordance with its investment policy. Investments AFS and the related fair value measurement consisted of the following (dollars in thousands): December 29, 2023 Fair Value Measurements Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Level 1 Level 2 Commercial paper $ 7,720 $ 9 $ — $ 7,729 $ — $ 7,729 Certificates of deposit 3,716 4 — 3,720 — 3,720 U.S. Treasury securities 23,036 3 ( 56 ) 22,983 22,983 — U.S. agency securities 3,423 — ( 4 ) 3,419 — 3,419 Corporate debt securities 11,538 12 ( 10 ) 11,540 — 11,540 Total investments AFS $ 49,433 $ 28 $ ( 70 ) $ 49,391 $ 22,983 $ 26,408 December 30, 2022 Fair Value Measurements Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Level 1 Level 2 Commercial paper $ 44,054 $ 11 $ ( 62 ) $ 44,003 $ — $ 44,003 Certificates of deposit 17,355 4 ( 75 ) 17,284 — 17,284 U.S. Treasury securities 21,847 3 ( 15 ) 21,835 21,835 — U.S. agency securities 10,688 16 ( 3 ) 10,701 — 10,701 Corporate debt securities 45,522 4 ( 288 ) 45,238 — 45,238 Total investments AFS $ 139,466 $ 38 $ ( 443 ) $ 139,061 $ 21,835 $ 117,226 The Company obtains the fair value from third-party pricing services. The pricing services utilize industry standard valuation models, including both income and market-based approaches and observable market inputs to determine value. These observable market inputs include reportable trades, benchmark yields, credit spreads, broker/dealer quotes, bids, offers and other industry and economic events. The Company assessed each debt security (see Note 1 for information on composition of the portfolio) with gross unrealized losses for credit impairment. As part of that assessment, the Company concluded that it does not intend to sell and it is more-likely-than-not that the Company will not be required to sell, prior to the recovery of the amortized cost basis. The Company did no t recognize impairment for the years ended December 29, 2023 and December 30, 2022. The following table shows the fair value of investments AFS by contractual maturity (dollars in thousands): As of December 29, 2023 Within one year After one year through five years Total Commercial paper $ 7,729 $ — $ 7,729 Certificates of deposit 3,720 — 3,720 U.S. Treasury securities 14,533 8,450 22,983 U.S. agency securities 3,419 — 3,419 Corporate debt securities 8,287 3,253 11,540 Total investments AFS $ 37,688 $ 11,703 $ 49,391 Note 2 — Investments Available for Sale (Continued) During 2023 and 2022, two of the Company’s investments AFS were the subject of a downgraded credit rating. The Company sold its investments of $ 1,300,000 and $ 359,000 during 2023 and 2022, respectively, in aggregate securities following the downgrade. The Company recognized a realized loss upon sale of less than $ 1,000 for 2023 and 2022. |
Accounts Receivable Trade, Net
Accounts Receivable Trade, Net | 12 Months Ended |
Dec. 29, 2023 | |
Receivables [Abstract] | |
Accounts Receivable Trade, Net | Note 3 — Accounts Receivable Trade, Net Accounts receivable trade, net consisted of the following (in thousands): 2023 2022 Domestic $ 2,009 $ 2,430 Foreign 92,886 60,037 Total accounts receivable trade, gross 94,895 62,467 Less allowance for credit losses ( 191 ) ( 20 ) Total accounts receivable trade, net $ 94,704 $ 62,447 |
Inventories, Net
Inventories, Net | 12 Months Ended |
Dec. 29, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | Note 4 — Inventories, Net Inventories, net consisted of the following (in thousands): 2023 2022 Raw materials and purchased parts $ 9,766 $ 6,703 Work in process 5,722 5,499 Finished goods 23,150 13,633 Total inventories, gross 38,638 25,835 Less inventory reserves ( 3,508 ) ( 1,674 ) Total inventories, net $ 35,130 $ 24,161 |
Prepayments, Deposits and Other
Prepayments, Deposits and Other Current Assets | 12 Months Ended |
Dec. 29, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepayments, Deposits and Other Current Assets | Note 5 — Prepayments, Deposits and Other Current Assets Prepayments, deposits and other current assets consisted of the following (in thousands): 2023 2022 Prepayments and deposits $ 6,216 $ 3,986 Prepaid insurance 2,314 2,620 Prepaid marketing 2,141 2,534 Consumption tax receivable 820 864 Value added tax (VAT) receivable 2,456 2,661 Other (1) 762 811 Total prepayments, deposits and other current assets $ 14,709 $ 13,476 (1) No individual category in “other” exceeds 5 % of the total prepayments, deposits and other current assets. |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 29, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Net | Note 6 — Property, Plant and Equipment, Net Property, plant and equipment, net consisted of the following (in thousands): 2023 2022 Machinery and equipment $ 30,874 $ 28,026 Computer equipment and software 8,495 9,266 Furniture and fixtures 4,122 4,276 Leasehold improvements 10,780 14,965 Construction in process 40,364 32,269 Total property, plant and equipment, gross 94,635 88,802 Less accumulated depreciation ( 27,800 ) ( 37,881 ) Total property, plant and equipment, net $ 66,835 $ 50,921 Depreciation expense and loss on disposal of property, plant and equipment were as follows (in thousands): Years Ended 2023 2022 2021 Depreciation expense $ 4,960 $ 4,321 $ 3,525 Loss on disposal of property, plant and equipment 73 65 2 |
Intangible Assets, Net
Intangible Assets, Net | 12 Months Ended |
Dec. 29, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets, Net | Note 7 — Intangible Assets, Net Intangible assets, net consisted of the following (in thousands): 2023 2022 Long-lived amortized intangible assets Gross Accumulated Net Gross Accumulated Net Patents and licenses $ 9,205 $ ( 9,205 ) $ — $ 9,240 $ ( 9,067 ) $ 173 During 2023, the Company recognized impairment of $ 154,000 for the remaining unamortized Japan patent and licenses related to cataract IOLs. Amortization expense for intangible assets were as follows (in thousands): Years Ended 2023 2022 2021 Amortization expense $ 13 $ 28 $ 34 |
Other Current Liabilities
Other Current Liabilities | 12 Months Ended |
Dec. 29, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Other Current Liabilities | Note 8 — Other Current Liabilities Other current liabilities consisted of the following (in thousands): 2023 2022 Accrued salaries and wages $ 12,519 $ 10,862 Accrued bonuses 3,456 6,925 Accrued insurance 2,315 — Income taxes payable 10,848 3,845 Marketing obligations 1,874 1,374 Other (1) 9,926 7,735 Total other current liabilities $ 40,938 $ 30,741 (1) No individual category in “Other” exceeds 5 % of the other current liabilities. |
Leases
Leases | 12 Months Ended |
Dec. 29, 2023 | |
Leases [Abstract] | |
Leases | Note 9 — Leases Finance Leases The Company entered into finance leases primarily related to purchases of equipment used for manufacturing, furniture and computer-related equipment. These finance leases are two to five years in length and have fixed payment amounts for the term of the contract and have options to purchase the assets at the end of the lease term. Supplemental balance sheet information related to finance leases consisted of the following (dollars in thousands): 2023 2022 Machinery and equipment $ — $ 30 Computer equipment and software 6 18 Furniture and fixtures 475 475 Finance lease ROU assets, gross 481 523 Less accumulated depreciation ( 298 ) ( 181 ) Finance lease ROU assets, net $ 183 $ 342 Current finance lease obligations $ 165 $ 169 Long-term finance lease obligations 42 210 Total finance lease liability $ 207 $ 379 Weighted-average remaining lease term (in years) 1.3 2.2 Weighted-average discount rate 4.24 % 4.10 % Supplemental cash flow information related to finance leases consisted of the following (in thousands): Years Ended 2023 2022 2021 Amortization of finance lease ROU asset $ 151 $ 160 $ 83 Interest on finance lease liabilities 12 17 6 Cash paid for amounts included in the measurement of finance lease liabilities: Operating cash flows 12 17 6 Financing cash flows 161 126 348 ROU assets obtained in exchange for new finance lease liabilities — — 475 Operating Leases The Company entered into operating leases primarily related to real property (office, manufacturing and warehouse facilities), automobiles and copiers. These operating leases are two to ten years in length with options to extend. The Company does not include any lease extensions in the initial valuation unless the Company was reasonably certain to extend the lease. Depending on the lease, there are those with fixed payment amounts for the entire length of the contract or payments which increase periodically as noted in the contract or increased at an inflation rate indicator. For operating leases that increase using an inflation rate indicator, the Company used the inflation rate at the time the lease was entered into for the length of the lease term. Note 9 — Leases (Continued) Operating Leases (Continued) Supplemental balance sheet information related to operating leases consisted of the following (dollars in thousands): 2023 2022 Machinery and equipment $ 735 $ 789 Computer equipment and software 446 446 Real property 40,869 34,465 Operating lease ROU assets, gross 42,050 35,700 Less accumulated depreciation ( 7,663 ) ( 5,430 ) Operating lease ROU assets, net $ 34,387 $ 30,270 Current operating lease obligations $ 4,202 $ 3,524 Long-term operation lease obligations 31,425 27,136 Total operating lease liability $ 35,627 $ 30,660 Weighted-average remaining lease term (in years) 7.3 7.5 Weighted-average discount rate 5.48 % 3.87 % Supplemental cash flow information related to operating leases was as follows (in thousands): Years Ended 2023 2022 2021 Operating lease cost $ 5,239 $ 4,473 $ 3,345 Cash paid for amounts included in the measurement of operating lease liabilities: Operating cash flows 4,875 4,171 3,259 ROU assets obtained in exchange for new operating lease liabilities 8,498 2,860 29,269 Future Maturities of Lease Liabilities Estimated future maturities of lease liabilities under operating and finance leases having initial or remaining non-cancelable lease terms more than one year are as follows (in thousands): Year Ended Operating Leases Finance Leases 2024 $ 6,247 $ 171 2025 5,583 42 2026 5,246 — 2027 5,506 — 2028 5,581 — Thereafter 17,705 — Total minimum lease payments, including interest $ 45,868 $ 213 Less amounts representing interest ( 10,241 ) ( 6 ) Total lease liability $ 35,627 $ 207 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 29, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 10 — Income Taxes Provision for Income Taxes Income (loss) from continuing operations before provision for income taxes was as follows (in thousands): Years Ended 2023 2022 2021 Domestic $ ( 46,388 ) $ ( 25,366 ) $ ( 15,565 ) Foreign 80,084 70,918 46,869 Income before income taxes $ 33,696 $ 45,552 $ 31,304 The provision (benefit) for income taxes consisted of the following (in thousands): Years Ended 2023 2022 2021 Current tax provision: U.S. federal $ — $ — $ — State 21 — — Foreign 9,064 8,141 5,308 Total current provision 9,085 8,141 5,308 Deferred tax provision (benefit): U.S. federal 3,306 ( 1,821 ) ( 2,218 ) State 12 82 53 Foreign ( 54 ) ( 515 ) 650 Total deferred provision (benefit) 3,264 ( 2,254 ) ( 1,515 ) Provision for income taxes $ 12,349 $ 5,887 $ 3,793 A reconciliation of the statutory U.S. federal tax rate to the Company’s effective tax rate was as follows (dollars in thousands): Years Ended 2023 2022 2021 Amount Amount Amount Income before income taxes $ 33,696 $ 45,552 $ 31,304 Income tax expense: Taxes at federal statutory tax rate 7,076 9,566 6,574 State taxes, net of federal income tax benefit 440 3,673 ( 448 ) Equity compensation 1,035 ( 331 ) ( 14,629 ) Foreign rate differential ( 7,611 ) ( 7,022 ) ( 3,890 ) Foreign income inclusion 16,922 14,583 171 Net operating loss adjustments — 532 — Valuation allowance ( 4,233 ) ( 15,560 ) 16,308 Tax credits ( 930 ) ( 39 ) — Other ( 350 ) 485 ( 293 ) Total income tax expense $ 12,349 $ 5,887 $ 3,793 Effective tax rate 36.6 % 12.9 % 12.1 % The Company has elected to recognize U.S. taxes on GILTI as a period expense in the year the tax is incurred. The Company utilized the high-tax exception to exclude income from foreign jurisdictions with foreign taxes at an effective rate that is higher than 90 percent of the applicable highest U.S. corporate tax rate. Note 10 — Income Taxes (Continued) Deferred Tax Assets and Liabilities Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets (liabilities) were as follows (in thousands): 2023 2022 Deferred tax assets: Accrued expenses $ 1,435 $ 2,021 Stock-based compensation 4,010 3,051 Operating lease liability 6,162 6,071 Net operating loss and other credit carryforwards 44,998 51,255 Other deferred tax assets 2,376 1,621 Gross deferred tax assets 58,981 64,019 Valuation allowance ( 42,744 ) ( 46,977 ) Total deferred tax assets $ 16,237 $ 17,042 Deferred tax liabilities: Property, plant, equipment and intangibles $ ( 4,222 ) $ ( 2,169 ) Operating lease ROU assets ( 6,019 ) ( 5,979 ) Foreign taxes ( 1,883 ) ( 1,639 ) Total deferred tax liabilities ( 12,124 ) ( 9,787 ) Total net deferred tax assets $ 4,113 $ 7,255 The ultimate realization of deferred tax assets is dependent upon future generation of income during the periods in which temporary differences representing net future deductible amounts become deductible. Management considers the projected future income and tax planning strategies in making this assessment. In addition, management considers all other available positive and negative evidence in its analysis. This includes existing profits in foreign jurisdiction as well as projected future profits. Under the incremental cash tax savings approach, the total net deferred assets represent the Company’s net cash tax savings and benefit at December 29, 2023. Under the incremental cash tax savings approach, the deferred tax asset valuation allowance activity was as follows (in thousands): Years Ended 2023 2022 2021 Balance at beginning of period $ ( 46,977 ) $ ( 62,860 ) $ ( 46,611 ) Release (recapture) due to incremental cash tax savings ( 3,318 ) 910 3,363 Current year change due to deferred tax asset realization 7,551 14,973 ( 19,612 ) Balance at end of period $ ( 42,744 ) $ ( 46,977 ) $ ( 62,860 ) Note 10 — Income Taxes (Continued) Deferred Tax Assets and Liabilities (Continued) As of December 29, 2023, the Company had U.S. net operating loss (“NOL”) carryforwards consisting of the following (in thousands): 2023 Expiration Date Pre-2018 federal NOL carryforwards $ 50,225 will begin to expire in 2026 Post-2018 federal NOL carryforwards 124,895 indefinite State NOL carryforwards 54,978 will begin to expire in 2024 As of December 29, 2023, the Company had U.S. tax credit carryforwards consisting of the following (in thousands): 2023 Expiration Date Federal credit carryforwards $ 1,404 will begin to expire in 2030 State research tax credit carryforwards 833 indefinite Federal foreign tax credit carryforwards 2,013 will begin to expire in 2028 The Company files income tax returns in the U.S. federal, various states and foreign jurisdictions. In the normal course of business, the Company is subject to examination by taxing authorities throughout the world. The following tax years remain subject to examination: Significant jurisdictions Open Years U.S. Federal 2020 – 2022 U.S. States 2019 – 2022 Foreign 2019 – 2022 In various jurisdictions, years prior to 2019 remain open solely for the purposes of examination of the Company’s NOL and credit carryforwards. Tax Holiday The Company operates under a tax holiday in Switzerland, which is effective through 2024, and it may be extended through 2029 if certain additional requirements are satisfied. The tax holiday is conditional upon our meeting certain employment and investment thresholds. The impact of these tax holidays is as follows (in thousands, except per share amounts): Years Ended 2023 2022 2021 Tax impact related to tax holidays $ 8,683 $ 7,394 $ 4,887 Impact of tax holidays on diluted earnings per share $ 0.17 $ 0.15 $ 0.10 Uncertain Tax Benefits The Company does not have any uncertain tax positions as of December 29, 2023 . The Company does not expect any significant changes in its uncertain tax positions within the next twelve months. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 29, 2023 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Note 11 – Employee Benefit Plans Defined Benefit Plan – Switzerland The Company maintains a passive pension plan (the “Swiss Plan”) covering employees of STAAR AG, which is accounted for as a defined benefit plan. In Switzerland employers are required to provide a minimum pension plan for their staff. Contributions of both the employees and employer finance the Swiss Plan. The amount of the contributions is defined by the plan regulations and cannot be decreased without amending the plan regulations. It is required that the employer contribute an amount equal to or greater than the employee contribution. The following table shows the changes in the benefit obligation and plan assets and the Swiss Plan’s funded status (in thousands): 2023 2022 Change in Projected Benefit Obligation: Projected benefit obligation, beginning of period $ 21,463 $ 26,247 Service cost 916 1,133 Interest cost 413 82 Participant contributions 863 772 Benefits deposited (paid) ( 7,101 ) 208 Actuarial (gain) loss 5,411 ( 6,979 ) Projected benefit obligation, end of period $ 21,965 $ 21,463 Change in Plan Assets: Plan assets at fair value, beginning of period $ 20,709 $ 18,809 Actual return on plan assets (including foreign currency impact) 1,922 12 Employer contributions 988 908 Participant contributions 863 772 Benefits deposited (paid) ( 7,101 ) 208 Plan assets at fair value, end of period $ 17,381 $ 20,709 Funded status (pension liability), end of year (1) $ ( 4,584 ) $ ( 754 ) Amount Recognized in Accumulated Other Comprehensive Income Actuarial loss on plan assets $ ( 38 ) $ ( 1,354 ) Actuarial loss on benefit obligation ( 5,378 ) ( 531 ) Actuarial gain recognized in current year 1,849 1,847 Prior service credit 1,122 1,283 Effect of curtailments 610 610 Accumulated other comprehensive income (loss) $ ( 1,835 ) $ 1,855 Accumulated benefit obligation at year end $ ( 20,729 ) $ ( 20,784 ) (1) The underfunded balance was included in pension liability on the Consolidated Balance Sheets. Note 11 – Employee Benefit Plans (Continued) Defined Benefit Plan – Switzerland (Continued) Net periodic pension cost associated with the Swiss Plan included the following components (in thousands): Years Ended 2023 2022 2021 Service cost (1) $ 916 $ 1,133 $ 1,089 Interest cost (2) 413 82 55 Expected return on plan assets (2) ( 452 ) ( 494 ) ( 434 ) Prior service credit (2),(3) ( 179 ) ( 179 ) ( 42 ) Actuarial loss recognized in current period (2),(3) — 390 524 Net periodic pension cost $ 698 $ 932 $ 1,192 (1) Recognized in selling general and administrative expenses on the Consolidated Statements of Income. (2) Recognized in other income (expense), net, on the Consolidated Statements of Income. (3) Amounts reclassified from accumulated other comprehensive income (loss). Changes in other comprehensive income (loss), net of tax, associated with the Swiss Plan included the following components (in thousands): Years Ended 2023 2022 2021 Current year actuarial gain (loss) on plan assets $ 1,316 $ ( 432 ) $ ( 724 ) Current year actuarial gain (loss) on benefit obligation ( 4,847 ) 6,251 1,671 Actuarial gain recorded in current year 2 348 470 Prior service credit ( 161 ) ( 160 ) 1,142 Change in other comprehensive gain (loss) $ ( 3,690 ) $ 6,007 $ 2,559 Net periodic pension cost and projected and accumulated pension obligation for the Company’s Swiss Plan were calculated using the following assumptions: 2023 2022 Discount rate 1.5 % 2.2 % Salary increases 2.5 % 2.0 % Expected return on plan assets 3.0 % 2.5 % Expected average remaining working lives in years 9.5 9.3 The discount rates are based on an assumed duration of the pension obligations and estimated using the rates of returns for AAA and AA-rated Swiss and foreign CHF-denominated corporate bonds listed on the SIX Swiss Exchange. The salary increase rate was based on the Company’s best estimate of future increases over time. The expected long-term rate of return on plan assets is based on the expected asset allocation and assumptions concerning long-term interest rates, inflation rates, and risk premiums for equities above the risk-free rates of return. These assumptions take into consideration historical long-term rates of return for relevant asset categories. Under Swiss law, pension funds are legally independent from the employer and all the contributions are invested with regulated entities. The Company has a contract with Allianz Suisse Life Insurance Company’s BVG Collective Foundation (the “Foundation”) to manage its Swiss pension fund. Multiple employers contract with the Foundation to manage the employers’ respective pension plans. The Foundation manages the pension plans of its contracted employers as a collective entity. The investment strategy is determined by the Foundation and applies to all members of the collective Foundation. There are no separate financial statements for each employer contract. The pension plan assets of all the employers that contract with the Foundation are comingled. They are considered multiple-employer plans and therefore accounted for as single-employer plans. Note 11 – Employee Benefit Plans (Continued) Defined Benefit Plan – Switzerland (Continued) As there are no separate financial statements for each employer contract, there are no individual investments that can be directly attributed to the Company’s pension plan assets. However, the funds contributed by an employer are specifically earmarked for its employees and the total assets of the plan allocable to Company’s employees are separately tracked by the Foundation. The lack of visibility into the specific investments of the plan assets and how they are valued is a significant unobservable input, therefore, the Company considers the plan assets collectively to be Level 3 assets under the fair value hierarchy. The table below sets forth the fair value of Plan assets at December 29, 2023 and December 30, 2022, and the related activity in years ended 2023 and 2022 (in thousands): Insurance Ending balance at December 31, 2021 $ 18,809 Actual return on plan assets 12 Purchases, sales, and settlement 1,888 Ending balance at December 30, 2022 $ 20,709 Actual return on plan assets 1,922 Purchases, sales, and settlement ( 5,250 ) Ending balance at December 29, 2023 $ 17,381 During fiscal year 2024, the Company expects to make cash contributions totaling approximately $ 1,099,000 to the Swiss Plan. The estimated future benefit payments for the Swiss Plan are as follows (in thousands): Year Ended Amount 2024 $ 196 2025 131 2026 158 2027 202 2028 3,897 Thereafter — Total $ 4,584 Defined Benefit Plan-Japan STAAR Japan maintains a noncontributory defined benefit pension plan (“Japan Plan”) substantially covering all the employees of STAAR Japan. Benefits under the Japan Plan are earned, vested, and accumulated based on a point-system, primarily based on the combination of years of service, actual and expected future grades (management or non-management) and actual and future zone (performance) levels of the employees. Each point earned is worth a fixed monetary value, 1,000 Yen per point, regardless of the level grade or zone of the employee. Gross benefits are calculated based on the cumulative number of points earned over the service period multiplied by 1,000 Yen. The mandatory retirement age limit is 60 years old. STAAR Japan administers the pension plan and funds the obligations of the Japan Plan from STAAR Japan’s operating cash flows. STAAR Japan is not required, and does not intend, to provide contributions to the Plan to meet benefit obligations and therefore does not have any plan assets. Benefit payments are made to beneficiaries as they become due. Note 11 – Employee Benefit Plans (Continued) Defined Benefit Plan-Japan (Continued) The funded status of the benefit plan was as follows (in thousands): 2023 2022 Change in Projected Benefit Obligation: Projected benefit obligation, beginning of period $ 1,181 $ 1,320 Service cost 60 116 Interest cost 3 2 Actuarial (gain) loss 8 ( 42 ) Benefits paid ( 705 ) ( 46 ) Foreign exchange adjustment ( 76 ) ( 169 ) Projected benefit obligation, end of period $ 471 $ 1,181 Change in Plan Assets: Plan assets at fair value, beginning of period $ — $ — Actual return on plan assets — — Employer contributions — — Benefits paid — — Distribution of plan assets — — Foreign exchange adjustment — — Plan assets at fair value, end of period $ — $ — Funded status (pension liability), end of year (1) $ ( 471 ) $ ( 1,181 ) Amount Recognized in Accumulated Other Comprehensive Income Actuarial loss $ ( 28 ) $ ( 30 ) Prior service cost 3 4 Settlement ( 106 ) — Curtailment ( 2 ) — Net gain (loss) 189 210 Accumulated other comprehensive income $ 56 $ 184 Accumulated benefit obligation at year end $ ( 446 ) $ ( 1,134 ) (1) The underfunded balance was included in pension liability on the Consolidated Balance Sheets. Net periodic pension cost associated with the Japan Plan included the following components (in thousands): Years Ended 2023 2022 2021 Service cost (1) $ 60 $ 116 $ 177 Interest cost (2) 3 2 6 Prior service credit (2),(3) ( 14 ) ( 24 ) 5 Settlement gain (2),(3) ( 160 ) — — Curtailment gain (2),(3) ( 4 ) — — Net periodic pension cost $ ( 115 ) $ 94 $ 188 (1) Recognized in selling general and administrative expenses on the Consolidated Statements of Income. (2) Recognized in other income (expense), net, on the Consolidated Statements of Income. (3) Amounts reclassified from accumulated other comprehensive loss. Note 11 – Employee Benefit Plans (Continued) Defined Benefit Plan-Japan (Continued) Changes in other comprehensive income (loss), net of tax, associated with the Japan Plan include the following components (in thousands): Years Ended 2023 2022 2021 Amortization of actuarial loss $ 2 $ 5 $ 3 Prior service cost ( 1 ) ( 2 ) ( 1 ) Actuarial income (loss) recorded in current year ( 21 ) ( 11 ) 175 Settlement ( 106 ) — — Curtailment loss ( 2 ) — — Change in other comprehensive income (loss) $ ( 128 ) $ ( 8 ) $ 177 Net periodic pension cost and projected and accumulated pension obligation for the Company’s Japan Plan were calculated using the following assumptions: 2023 2022 Discount rate 0.8 % 0.4 % Salary increases 4.8 % 3.8 % Expected return on plan assets N/A N/A Expected average remaining working lives in years 6.0 10.2 The discount rates are based on the yield curve of corporate bonds rated AA or higher. The salary increase average rate was based on the Company’s best estimate of future increases over time. The estimated future benefit payments for the Japan Plan are as follows (in thousands): Year Ended Amount 2024 $ 40 2025 45 2026 49 2027 51 2028 64 Thereafter 222 Total $ 471 Defined Contribution Plan The Company has a 401(k) profit sharing plan (“401(k) Plan”) for the benefit of qualified employees in the U.S. During the year ended December 29, 2023 , employees who participate may elect to make salary deferral contributions to the 401(k) Plan up to $ 22,500 of the employees’ eligible payroll subject to annual Internal Revenue Code maximum limitations (with a $7 ,500 annual catch-up contribution permitted for those over 50 years old). The Company’s contribution percentage is 80 % of the employee’s contribution up to the first 6 % of the employee’s compensation. In addition, STAAR may make a discretionary contribution to qualified employees, in accordance with the 401(k) Plan. The Company’s contributions, net of forfeitures, to the 401(k) Plan were as follows (in thousands): Years Ended 2023 2022 2021 Employer contributions, net of forfeitures $ 2,720 $ 2,004 $ 1,563 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 29, 2023 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Note 12 — Stockholders’ Equity Incentive Plan The Company maintains an Amended and Restated Omnibus Equity Incentive Plan (the “Equity Plan”). The Equity Plan allows for awards of stock options, stock appreciation rights, restricted stock, RSUs, and other stock- and cash-based awards, including awards that are subject to service-based and performance-based vesting conditions. As of December 29, 2023, the Company had outstanding grants of stock options, restricted stock awards, RSUs and PSUs. Stock options granted under the Equity Plan are granted at fair market value on the date of grant, become exercisable generally over a three-year period, or as determined by the Board, and expire over periods not exceeding 10 years from the date of grant. Certain stock options and stock-based awards provide for accelerated vesting if there is a change in control and pre-established financial metrics are met (as defined in the Equity Plan). Grants of restricted stock outstanding under the Equity Plan generally vest over periods of one to three years . Grants of RSUs and PSUs outstanding under the Equity Plan generally vest based on service, performance, or a combination of both. On June 15, 2023, the Company’s stockholders approved a proposal to increase the number of shares that may be issued pursuant to stock-based awards granted under the Equity Plan, which increased the share pool by 2,170,000 shares, for a total of 20,205,000 shares. As of December 29, 2023 , there were 2,993,717 shares available for grants of stock-based awards under the Equity Plan. Stock-Based Compensation The following table represents the fair value of stock-based compensation granted during the year ended 2023 (in thousands): Fair Value Stock options $ 21,239 RSUs 17,227 PSUs 10,338 Restricted stock 715 Total stock-based compensation expense $ 49,519 The Company recorded stock-based compensation expense by award as follows (in thousands): Years Ended 2023 2022 2021 Employee stock options $ 12,842 $ 10,403 $ 10,373 Restricted stock 548 686 616 RSUs 7,987 4,512 2,667 PSUs 1,270 3,525 371 Nonemployee stock options 869 1,245 578 Total stock-based compensation expense $ 23,516 $ 20,371 $ 14,605 The Company recorded stock-based compensation expense in the following categories (in thousands): Years Ended 2023 2022 2021 Cost of sales $ 716 $ 501 $ 215 General and administrative 12,125 9,402 6,495 Selling and marketing 4,083 4,795 3,454 Research and development 6,592 5,673 4,441 Total stock-based compensation expense, net 23,516 20,371 14,605 Amounts capitalized as part of inventory 1,672 1,881 1,295 Total stock-based compensation expense, gross $ 25,188 $ 22,252 $ 15,900 Note 12 — Stockholders’ Equity (Continued) Stock-Based Compensation (Continued) As of December 29, 2023, total unrecognized compensation cost related to non-vested stock-based compensation arrangements granted under the Equity Plan were as follows (in thousands): 2023 Stock options $ 22,001 Restricted stock, RSUs and PSUs 16,952 Total unrecognized stock-based compensation cost $ 38,953 This cost is expected to be recognized over a weighted-average period of approximately two years . Assumptions The fair value of each stock option award is estimated on the date of grant using a Black-Scholes option valuation model applying the weighted-average assumptions noted in the following table. Expected volatilities are based on historical volatility of the Company’s stock. The expected term of stock options granted is derived from the historical exercises and post-vesting cancellations, and represents the period of time that stock options granted are expected to be outstanding. The Company has calculated a 7 % estimated forfeiture rate based on historical forfeiture experience. The risk-free rate is based on the U.S. Treasury yield curve corresponding to the expected term at the time of the grant. Years Ended 2023 2022 2021 Expected dividend yield 0 % 0 % 0 % Expected volatility 60 % 54 % 53 % Risk-free interest rate 3.98 % 2.09 % 0.84 % Expected term (in years) 5.05 5.10 5.38 Stock Options A summary of stock option activity under the Equity Plan for the year ended December 29, 2023 was as follows: Shares Weighted- Weighted- Aggregate Outstanding at December 30, 2022 2,469 $ 39.63 Granted 749 51.88 Exercised ( 518 ) 18.67 Forfeited or expired ( 70 ) 72.30 Outstanding at December 29, 2023 2,630 $ 46.38 6.04 $ 10,088 Exercisable at December 29, 2023 1,704 $ 40.70 4.55 $ 10,088 Note 12 — Stockholders’ Equity (Continued) Stock Options (Continued) A summary of unvested stock options activity under the Equity Plan for the year ended December 29, 2023 was as follows: Shares Weighted- Outstanding at December 30, 2022 633 $ 35.37 Granted 749 28.36 Forfeited or expired ( 70 ) 35.30 Vested ( 386 ) 34.63 Unvested at December 29, 2023 926 $ 30.09 The weighted average grant date fair value of stock options granted under the Equity Plan and the total intrinsic value of stock options exercised were as follows: Years Ended 2023 2022 2021 Weighted-average grant-date fair value $ 28.36 $ 35.68 $ 45.08 Intrinsic value of options exercised (in thousands) $ 17,041 $ 25,000 $ 127,024 Restricted Stock, Restricted Stock Units and Performance Stock Units A summary of restricted stock, RSU and PSU activity under the Equity Plan for the year ended December 29, 2023 was as follows: Restricted Stock Restricted Stock Units Performance Stock Units Units Weighted- Units Weighted- Units Weighted- Outstanding at December 30, 2022 4 $ 62.10 192 $ 73.25 118 $ 73.78 Granted 15 46.70 336 51.28 182 56.64 Vested ( 5 ) 55.99 ( 95 ) 68.43 ( 35 ) 71.41 Forfeited or expired — — ( 32 ) 75.86 ( 209 ) 58.93 Outstanding at December 29, 2023 14 $ 47.61 401 $ 55.75 56 $ 74.80 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 29, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 13 — Commitments and Contingencies Asset Retirement Obligation The Company recorded certain Asset Retirement Obligations (“ARO”), in connection with the Company’s obligation to return its Japan facility to its “original condition,” as defined in the lease agreement. The Company has recorded approximately $ 103,000 and $ 220,000 , representing the fair value of the ARO liability obligation in noncurrent liabilities at December 29, 2023 and December 30, 2022, respectively. This lease expires in 2025. Open Purchase Orders As of December 29, 2023, there were open purchase orders of $ 18,199,000 . Note 13 — Commitments and Contingencies (Continued) Severance Paid For 2023 and 2022, the Company recognized expense of $ 1,392,000 and $ 297,000 for one-time employee benefits paid to certain employees in STAAR Japan who work primarily in cataract IOL sales. These one-time employee benefits were recognized in general and administrative expense on the Consolidated Statements of Income. Indemnification Agreements The Company has entered into indemnification agreements with its directors and officers that may require the Company: (a) to indemnify them against liabilities that may arise by reason of their status or service as directors or officers, except as prohibited by applicable law; (b) to advance their expenses incurred as a result of any proceeding against them as to which they could be indemnified; and (c) to make a good faith determination whether or not it is practicable for the Company to obtain directors’ and officers’ insurance. The Company currently has directors’ and officers’ liability insurance through a third-party carrier. Also, in connection with the sale of products and entering into business relationships in the ordinary course of business, the Company may make representations affirming, among other things, that its products do not infringe on the intellectual property rights of others and agrees to indemnify customers against third-party claims for such infringement as well as its negligence. The Company has not been required to make material payments under such provisions. Tax Filings The Company’s tax filings are subject to audit by taxing authorities in jurisdictions where it conducts business. These audits may result in assessments of additional taxes that are subsequently resolved with the authorities or potentially through the courts. Management believes the Company has adequately provided for taxes; however, final assessments, if any, could be significantly different than the amounts recorded in the Consolidated Financial Statements. Employment Agreements The Company’s Chief Executive Officer entered into an employment agreement with the Company, effective January 1, 2023. He and certain officers, have as provisions of their agreements, certain rights, including continuance of cash compensation and benefits, upon a “change in control,” which may include an acquisition of substantially all its assets, or termination “without cause or for good reason” as defined in the employment agreements. Litigation and Claims From time to time, the Company is involved in various legal proceedings and other matters arising in the normal course of business. These legal proceedings and other matters may relate to, among other things, contractual rights and obligations, employment matters, or claims of product liability. STAAR maintains insurance coverage for various matters, including product liability and certain securities claims. While the Company does not believe that any of the claims known is likely to have a material adverse effect on the Company’s financial condition or results of operations, new claims or unexpected results of existing claims could lead to significant financial harm. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 29, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 14 — Related Party Transactions The Company has made various advances to certain non-executive employees. Amounts due from employees are included in prepayments, deposits, and other current assets were as follows (in thousands): 2023 2022 Due from employees $ — $ 5 |
Supplemental Disclosure of Cash
Supplemental Disclosure of Cash Flow Information | 12 Months Ended |
Dec. 29, 2023 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Disclosure of Cash Flow Information | Note 15 — Supplemental Disclosure of Cash Flow Information The Company’s non-cash investing and financing activities, and cash paid were as follows (in thousands): Years Ended 2023 2022 2021 Non-cash investing and financing activities: ROU assets obtained in exchange for new finance lease liabilities $ — $ — $ 475 Purchase of property and equipment included in accounts payable $ 2,768 $ 1,314 $ 1,331 Cash paid: Interest $ 75 $ 52 $ 75 Taxes $ 2,844 $ 6,633 $ 7,466 |
Basic and Diluted Net Income Pe
Basic and Diluted Net Income Per Share | 12 Months Ended |
Dec. 29, 2023 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Net Income Per Share | Note 16 — Basic and Diluted Net Income Per Share The following table sets forth the computation of basic and diluted net income per share (in thousands except per share amounts): Years Ended 2023 2022 2021 Numerator: Net income $ 21,347 $ 39,665 $ 27,511 Denominator: Weighted average common shares outstanding 48,523 47,991 47,213 Less: Unvested restricted stock — ( 4 ) ( 3 ) Weighted average common shares outstanding for basic 48,523 47,987 47,210 Dilutive potential common stock outstanding: Stock options 813 1,310 2,145 Unvested restricted stock 3 2 5 RSUs 56 55 86 PSUs 32 26 10 Weighted average common shares outstanding for diluted 49,427 49,380 49,456 Net income per share: Basic $ 0.44 $ 0.83 $ 0.58 Diluted $ 0.43 $ 0.80 $ 0.56 The following table sets forth (in thousands) the weighted average number of options to purchase shares of common stock, restricted stock, RSUs and PSUs with either exercise prices or unrecognized compensation cost per share greater than the average market price per share of the Company’s common stock, which were not included in the calculation of diluted per share amounts because the effects would be anti-dilutive. Years Ended 2023 2022 2021 Stock options 2,073 933 228 Restricted stock, RSUs and PSUs 32 18 6 Total 2,105 951 234 |
Disaggregation of Revenues, Geo
Disaggregation of Revenues, Geographic Sales and Product Sales | 12 Months Ended |
Dec. 29, 2023 | |
Segment Reporting [Abstract] | |
Disaggregation of Revenues, Geographic Sales and Product Sales | Note 17 — Disaggregation of Revenues, Geographic Sales and Product Sales In the following tables, revenues are disaggregated by category, sales by geographic market and sales by product line. The following breaks down revenues into the following categories (in thousands): Years Ended 2023 2022 2021 Non-consignment sales $ 301,163 $ 264,620 $ 210,517 Consignment sales 21,252 19,771 19,955 Total net sales $ 322,415 $ 284,391 $ 230,472 The Company markets and sells its products in more than 75 countries and conducts its manufacturing in the United States. Other than China and Japan, the Company does not conduct business in any country in which its sales in that country exceed 10 % of consolidated net sales. Sales are attributed to countries based on location of customers. The composition of the Company’s net sales to unaffiliated customers was as follows (in thousands): Years Ended 2023 2022 2021 Domestic $ 17,221 $ 14,679 $ 10,095 Foreign: China (1) 185,554 148,167 107,333 Japan 38,472 43,093 40,973 Other (2) 81,168 78,452 72,071 Total foreign sales 305,194 269,712 220,377 Total net sales $ 322,415 $ 284,391 $ 230,472 (1) The China region includes sales into China and Hong Kong. (2) No other location individually exceeds 10 % of the total net sales. 100 % of the Company’s sales are generated from the ophthalmic surgical product segment and the chief operating decision maker makes the operating decisions and allocates resources based upon the consolidated operating results, therefore, the Company operates as one operating segment for financial reporting purposes. The Company’s principal product, ICLs, are used in refractive surgery. Historically the Company marketed and sold cataract IOLs and related injectors and injector parts. The Company phased out sales of such products in fiscal 2023, and it does not expect to sell any such products in fiscal 2024 or thereafter. The composition of the Company’s net sales by product line was as follows (in thousands): Years Ended 2023 2022 2021 ICLs $ 319,427 $ 269,712 $ 212,905 Other product sales Cataract IOLs 1,139 9,638 12,519 Other surgical products (1) 1,849 5,041 5,048 Total other product sales 2,988 14,679 17,567 Total net sales $ 322,415 $ 284,391 $ 230,472 (1) Other surgical products include delivery systems and normal recurring sales adjustments such as sales return allowances. The Company sells its products internationally, which subjects the Company to several potential risks, including fluctuating exchange rates (to the extent the Company’s transactions are not in U.S. dollars), regulation of fund transfers by foreign governments, U.S. and foreign export and import duties and tariffs, and political instability. |
Geographic Assets
Geographic Assets | 12 Months Ended |
Dec. 29, 2023 | |
Segment Reporting [Abstract] | |
Geographic Assets | Note 18 —Geographic Assets The composition of the Company’s long-lived assets between those in the U.S., Japan and Switzerland was as follows (in thousands): 2023 U.S. Japan Switzerland Total Property, plant and equipment, net $ 55,851 $ 147 $ 10,837 $ 66,835 Finance lease ROU assets, net 182 1 — 183 Operating lease ROU assets, net 26,501 796 7,090 34,387 Total $ 82,534 $ 944 $ 17,927 $ 101,405 2022 U.S. Japan Switzerland Total Property, plant and equipment, net $ 41,912 $ 129 $ 8,880 $ 50,921 Finance lease ROU assets, net 329 13 — 342 Operating lease ROU assets, net 23,303 280 6,687 30,270 Intangible assets, net 83 90 — 173 Total $ 65,627 $ 512 $ 15,567 $ 81,706 |
COVID-19 Developments
COVID-19 Developments | 12 Months Ended |
Dec. 29, 2023 | |
C O V I D19 Developments [Abstract] | |
COVID-19 Developments | Note 19 – COVID-19 Developments In December 2019, COVID-19 surfaced and in March 2020, the World Health Organization declared a pandemic related to the rapid spread of COVID-19 around the world. The impact of the COVID-19 outbreak on the businesses and the economy in the U.S. and the rest of the world was significant. The Company’s revenues have been adversely impacted since the first quarter of 2020 in global geographies characterized as “hot spots” for the COVID-19 virus and its variants as customers in those locations were limited in their ability to carry out medical procedures or were otherwise limited in their activities by government regulations intended to contain the spread of COVID-19 and variant strains. While many world economies are returning to pre-pandemic levels of business, disruptions from COVID-19 remain a risk, particularly as novel COVID-19 variant strains emerge. The extent to which COVID-19 and its variants may impact medical procedures and lens orders in the future, and the related impact on the Company’s results is uncertain; however, it could have a material adverse impact on the Company’s results of operations, cash flows and financial condition. |
SCHEDULE II - VALUATION AND QUA
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES | 12 Months Ended |
Dec. 29, 2023 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts and Reserves | SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS AND RESERVES Column A Column B Column C - Additions Column D Column E Description Balance at Beginning Charged to costs and expenses Charged to other accounts Deductions Balance at End of Year (in thousands) 2023 Allowance for credit losses $ 20 $ 171 $ — $ — $ 191 Sales return reserve 5,706 15,967 — 15,499 6,174 Deferred tax asset valuation allowance 46,977 3,318 — 7,551 42,744 $ 52,703 $ 19,456 $ — $ 23,050 $ 49,109 2022 Allowance for credit losses $ 43 $ 55 $ — $ 78 $ 20 Sales return reserve 4,816 15,459 — 14,569 5,706 Deferred tax asset valuation allowance 62,860 ( 910 ) — 14,973 46,977 $ 67,719 $ 14,604 $ — $ 29,620 $ 52,703 2021 Allowance for credit losses $ 59 $ 5 $ — $ 21 $ 43 Sales return reserve 4,532 14,159 — 13,875 4,816 Deferred tax asset valuation allowance 46,611 ( 3,363 ) — ( 19,612 ) 62,860 $ 51,202 $ 10,801 $ — $ ( 5,716 ) $ 67,719 |
Organization and Description _2
Organization and Description of Business and Accounting Policies (Policies) | 12 Months Ended |
Dec. 29, 2023 | |
Accounting Policies [Abstract] | |
Organization And Description Of Business | Organization and Description of Business STAAR Surgical Company, a Delaware corporation, was first incorporated in 1982, and together with its subsidiaries (the “Company”) designs, develops, manufactures, and sells implantable lenses for the eye and accessory delivery systems used to deliver the lenses into the eye. The Company generates worldwide revenue almost exclusively from sales of its implantable Collamer lenses (“ICLs”), which are used in corrective or “refractive” surgery. Historically, the Company also manufactured and sold intraocular lenses (“IOLs”), for use in surgery to treat cataracts. As the Company has focused its business and strategy on its ICL product offerings, it has phased out its cataract IOL product line. The Company markets and sells ICLs for refractive surgery to treat myopia (nearsightedness) as its “EVO” family of lenses. The Company’s EVO family of lenses includes its EVO ICL, EVO+ ICL, and EVO Visian ICL. The Company’s newest offering, EVO Viva, has an extended depth of focus (EDoF) optic, which is designed to treat myopia with presbyopia (age-related loss of ability to focus). The Company also markets and sells an ICL lens to treat hyperopia (farsightedness), which is called Visian ICL. The Company makes its ICL product offerings available in multiple models, powers and lengths, including some with toric ICL (TICL) versions to correct for astigmatism (blurred vision). Not all of the Company’s products are currently available in all markets where it sells ICLs today. As of December 29, 2023, the Company’s significant subsidiaries consisted of: • STAAR Surgical AG, a wholly owned subsidiary organized under the laws of Switzerland (“STAAR AG”) • STAAR Japan, Inc., a wholly owned subsidiary organized under the laws of Japan (“STAAR Japan”) The Company operates as one operating segment, the ophthalmic surgical market, for financial reporting purposes (see Note 17). |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the accounts of STAAR Surgical Company and its wholly-owned subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All significant intercompany balances and transactions have been eliminated. |
Fiscal Year and Interim Reporting Periods | Fiscal Year and Interim Reporting Periods The Company’s fiscal year ends on the Friday nearest December 31 and each of the Company’s quarterly reporting periods generally consists of 13 weeks. Fiscal years 2023, 2022 and 2021 are based on a 52-week period. |
Foreign Currency | Foreign Currency The functional currency of STAAR Japan is the Japanese yen. The functional currency of STAAR AG is the U.S. dollar. Assets and liabilities of STAAR Japan are translated at rates of exchange in effect at the close of the period. Sales and expenses are translated at the weighted average of exchange rates in effect during the period. Net foreign translation gain (loss) was as follows (in thousands): Years Ended 2023 2022 2021 Foreign currency translation loss (1) $ ( 1,095 ) $ ( 2,090 ) $ ( 1,776 ) Loss on foreign currency transactions (2) ( 1,909 ) ( 1,707 ) ( 2,964 ) (1) Shown as a separate line item on the Consolidated Statements of Comprehensive Income. (2) Shown as a separate line item on the Consolidated Statements of Income. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash and balances in deposits and money market accounts held at banks and financial institutions with original maturities of three months or less. Such balances generally exceed the federal insurance limits; however, the Company periodically assesses the financial condition of the institutions and believes that the risk of any loss is minimal. |
Use of Estimates | Use of Estimates The consolidated financial statements have been prepared in conformity with GAAP and, as such, include amounts based on significant estimates and judgments of management with consideration given to materiality. Estimates used include determining valuation allowances for uncollectible trade receivables, sales returns reserves, obsolete and excess inventory reserves, deferred income taxes, and tax reserves, including valuation allowances for deferred tax assets, pension liabilities, evaluation of asset impairment, in determining the useful life of depreciable and definite-lived intangible assets, and in the variables and assumptions used to calculate and record stock-based compensation. Actual results could differ materially from those estimates. Significant estimates used include determining valuation allowances for sales returns reserves, obsolete and excess inventory reserves, deferred income taxes, and tax reserves, including valuation allowances for deferred tax assets, pension liabilities, and in the variables and assumptions used to calculate and record stock-based compensation. Other estimates made by management not considered to be significant include determining valuation allowances for uncollectible trade receivables, evaluation of asset impairment, and in determining the useful life of depreciable and definite-lived intangible assets. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue when its contractual performance obligations with customers are satisfied. The Company’s performance obligations are generally limited to single sales orders with product shipping to the customer within a month of receipt of the sales order. Substantially all of the Company’s revenues are recognized at a point-in-time when control of its products transfers to the customer, which is typically upon shipment (as discussed below). Payment for product sales is typically collected within a short period following transfer of control of product. The Company presents sales tax and similar taxes it collects from its customers on a net basis (excluded from revenues). Historically, the Company marketed and sold cataract IOLs and related injectors and injector parts. The Company phased out sales of such products in fiscal 2023, and it does not expect to sell any such products in fiscal 2024 or thereafter. Sales of such products involved sales by the Company of injector parts to an unrelated customer and supplier (collectively referred to as “supplier”) whereby these injector part sales were either made as a final sale to the supplier or, were sold to be combined with an acrylic cataract IOL by the supplier into finished goods inventory (a preloaded acrylic cataract IOL). These finished goods were then sold back to the Company at an agreed upon, contractual price. The Company made a profit margin on either type of sale with the supplier and each type of sale was made under separate purchase and sales orders between the two parties resulting in cash settlement for the orders sold or repurchased. For parts that were sold as a final sale, the Company recognized a sale and those sales were classified as other product sales in total net sales. For the injector parts that were sold to be combined with an acrylic cataract IOL into finished goods, the Company recorded the transaction at its carrying value deferring any profit margin as contra-inventory, until the finished goods inventory was sold to an end-customer (not the supplier) at which point the Company recognized revenues. For all sales, the Company is considered the principal in the transaction as the Company is the party providing specified goods it has control over prior to when control is transferred to the customer. Cost of sales includes cost of production, freight and distribution, and inventory provisions, net of any purchase discounts. Shipping and handling activities that occur after the customer obtains control of the goods are recognized as fulfillment costs. The Company disaggregates its revenue into the following categories: non-consignment sales and consignment sales. Note 1 — Organization and Description of Business and Accounting Policies (Continued) Revenue Recognition (Continued) • Non-consignment Sales – The Company recognizes revenue from non-consignment product sales at a point-in-time when control has been transferred, which is typically at shipping point, except for certain customers and for STAAR Japan, which is typically recognized when the customer receives the product. The Company does not have significant deferred revenues as of December 29, 2023, December 30, 2022 and December 31, 2021, as delivery to the customer is generally made within the same or the next day of shipment. • Consignment Sales – The Company’s products are marketed to ophthalmic surgeons, hospitals, ambulatory surgery centers or vision centers, and distributors. ICLs may be offered to surgeons and hospitals on a consignment basis, and historically, cataract IOLs were also offered on a consignment basis. The Company maintains title and risk of loss on consigned inventory and recognizes revenue for consignment inventory at a point-in-time when the Company is notified that the lenses have been implanted, thus completing the performance obligation. See Note 17 for additional information on disaggregation of revenues, geographic sales information and product sales. The Company also enters into certain strategic cooperation agreements with customers in which, as consideration for certain commitments made by the customer, including minimum purchase commitments, the Company agrees, among other things, to share the expense for marketing, educational training and general support of the Company’s products. The provisions in these arrangements allow for these payments to be made directly to the customer or payments can be made directly to a third party for distinct marketing, educational training and general support services provided to or on behalf of the customer by the third party. For payments the Company makes to another party or reimburses the customer for distinct marketing and support services, the Company recognizes these payments as sales and marketing expense as incurred. These strategic cooperation agreements are generally for periods of 12 months or more with quarterly minimum purchase commitments. The Company recognizes sales and marketing expenses in the period in which it expects the customer will achieve its minimum purchase commitment, generally quarterly, and any unpaid amounts are recorded in other current liabilities on the Consolidated Balance Sheets, see Note 8. Reimbursements made directly to the customer for general marketing incentives are treated as a reduction in revenues. The Company’s performance obligations generally occur in the same quarter as the shipment of product. Sales and marketing expenses for distinct services were as follows (in thousands): Years Ended 2023 2022 2021 Marketing and support services related to strategic cooperation agreements $ 1,891 $ 1,662 $ 714 Since the payments for distinct or non-distinct services occur within the quarter corresponding with the purchases made by the customer and the shipments made by the Company to that customer, there is no remaining performance obligation by the Company to the customer. Accordingly, there are no deferred revenues associated with these types of arrangements as of December 29, 2023, December 30, 2022 and December 31, 2021 . |
Allowance for Credit Losses | Allowance for Credit Losses The Company performs ongoing credit evaluations of its customers and adjusts credit limits based on customer payment history and credit worthiness, as determined by the Company’s review of its customers’ current credit information. The Company continuously monitors collections and payments from customers and maintains a provision for estimated credit losses and uncollectible accounts based upon an expected loss model which considers its historical experience, any specific customer collection issues that have been identified and other relevant observable data, including current economic conditions. Amounts determined to be uncollectible are written off against the allowance for credit losses. |
Concentration of Credit Risk and Sales | Concentration of Credit Risk and Sales Financial instruments that potentially subject the Company to credit risk principally consist of trade receivables. This risk is limited due to the large number of customers comprising the Company’s customer base, and their geographic dispersion. As of December 29, 2023 and December 30, 2022 , there was one customer who accounted for 70 % and 59 %, respectively, of the Company’s consolidated trade receivables. Ongoing credit evaluations of customers’ financial condition are performed and, generally, no collateral is required. The Company maintains reserves for potential credit losses and such losses, taken together, have not exceeded management’s expectations. There was one customer who accounted for 58 %, 52 % and 47 % of the Company’s consolidated net sales for the years ended 2023, 2022 and 2021 , respectively. |
Sales Return Reserve | Sales Return Reserve The Company generally may permit returns of product if the product, upon issuance of a Return Goods Authorization, is returned within the time allowed by its return policies and records an allowance for estimated returns at the time revenue is recognized. The Company’s allowance for estimated returns is based on an expected loss model which considers historical and current/anticipated trends and experience, the impact of new product launches, the entry of a competitor, availability of timely and pertinent information and the various terms and arrangements offered, including sales with extended credit terms. For estimated returns, sales are reported net of estimated returns and cost of sales are reported net of estimated returns that can be resold. On the Consolidated Balance Sheets, the balances associated for estimated sales returns were as follows (in thousands): 2023 2022 Estimated returns - inventory (1) $ 818 $ 888 Allowance for sales returns 6,174 5,706 (1) Recognized in inventories, net on the Consolidated Balance Sheets |
Investments Available for Sale | Investments Available for Sale Investments available for sale (“AFS”) are investments in debt securities for which the Company does not have the positive intent and ability to hold to maturity. The Company’s investment policy primary objective is capital preservation while maximizing its return on investment. Investments may include U.S. government and corporate debt securities, commercial paper, certain certificates of deposit and related security types, that are rated by two nationally recognized statistical rating organizations with minimum investment grade ratings of AAA to A-/A-1+ to A-2, or the equivalent. The maturity of individual investments may not extend 24 months from the date of purchase. There are also limits to the amount of credit exposure in any given security type. Investments AFS with maturities of twelve months or less, are classified as short-term, otherwise, they are classified as long-term. Accrued interest receivable is recognized in current investments AFS on the Consolidated Balance Sheets. Investments AFS are measured at fair value and its unrealized gains and losses reported net of the allowance for credit losses and applicable income taxes, are recognized in accumulated other comprehensive income (loss) on the Consolidated Balance Sheets. The cost of investments AFS is adjusted for amortization of premiums and accretion of discounts to maturity. Interest earned, including amortization of premiums and accretion of discounts recognized, is included in interest income (expense) on the Consolidated Statements of Income. The cost of investments for purposes of computing realized and unrealized gains and losses is based on the specific identification method. The Company recognizes impairment of a debt security for which there has been a decline in fair value below amortized cost if management intends to sell the security, or it is more-likely-than-not that the Company will be required to sell the security before recovery of its amortized cost basis. Impairment related to credit losses is recognized in other income (expense) on the Consolidated Statements of Income. Any portion of impairment not related to credit losses is recognized in accumulated other comprehensive income (loss) on the Consolidated Balance Sheets. The measurement of the credit loss component is equal to the difference between the debt security’s amortized cost basis and the present value of its expected future cash flows discounted at the security’s effective yield. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs to valuation methodologies used to measure fair value: • Level 1 – Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 – Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments. • Level 3 – Inputs to the valuation methodology are unobservable; that reflect management’s own assumptions about the assumptions market participants would make and significant to the fair value. The carrying values reflected on the Consolidated Balance Sheets for cash and cash equivalents, trade accounts receivable, net, prepayments, deposits and other current assets, accounts payable and other current liabilities approximate their fair values because of the short maturity of these instruments. |
Inventories, Net | Inventories, Net Inventories, net are valued at the lower of cost, determined on a first-in, first-out basis, or net realizable value. Inventories include the costs of raw material, labor, and manufacturing overhead, work in process and finished goods. Inventories also include as a contra item, deferred margins for certain injector parts described under the revenue recognition policy. The Company provides estimated inventory allowances for excess, expiring, slow moving and obsolete inventory as well as inventory whose carrying value is in excess of net realizable value to properly reflect inventory at the lower of cost or market. |
Property, Plant, and Equipment | Property, Plant, and Equipment Property, plant, and equipment are recorded at cost. Depreciation on property, plant, and equipment is computed using the straight-line method over the estimated useful lives of the assets as noted below. Leasehold improvements are amortized over the lesser of the estimated useful lives of the assets or the related expected lease term. Major improvements are capitalized and minor replacements, maintenance and repairs are charged to expense as incurred. Also included in property, plant and equipment is construction in process. Construction in process includes the cost of design plans and build out of facilities and the cost of equipment, as well as the direct costs incurred in the testing and validation of machinery and equipment and facilities before they are ready for productive use. Upon placement in service, costs are reclassified into the appropriate asset category and depreciation commences. The estimated useful lives of assets are as follows: Machinery and equipment 5 - 10 years Computer equipment and software 2 - 5 years Furniture and equipment 3 - 7 years Leasehold improvements The shorter of the useful life of the asset or the expected term of the associated lease |
Goodwill | Goodwill Goodwill, which has an indefinite life, is not amortized but instead is tested for impairment on an annual basis or between annual tests if an event occurs or circumstances change that would indicate the carrying amount may be impaired. Impairment testing for goodwill is done at the reporting unit level. Reporting units can be one level below the operating segment level and can be combined when reporting units within the same operating segment have similar economic characteristics. The Company has determined that its reporting units have similar economic characteristics, and therefore, can be combined into one reporting unit for the purposes of goodwill impairment testing. The Company performed its annual impairment test and determined that its goodwill was not impaired. As of December 29, 2023 and December 30, 2022 , the carrying value of goodwill was $ 1,786,000 . |
Long-Lived Assets | Long-Lived Assets The Company reviews property, plant, and equipment and intangible assets, excluding goodwill, for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. The Company measures recoverability of these assets by comparing the carrying value of such assets to the estimated undiscounted future cash flows the assets are expected to generate. When the estimated undiscounted future cash flows are less than their carrying amount, an impairment loss is recognized equal to the difference between the assets’ fair value and their carrying value. A review of long-lived assets was conducted as of December 29, 2023 and December 30, 2022 and no impairment was identified. Amortization is computed on the straight-line basis, which is the Company’s best estimate of the economic benefits realized over the estimated useful lives of the assets which range from 3 to 20 years for patents, certain acquired rights and licenses, 10 years for customer relationships, and 3 to 10 years for developed technology. |
Cloud-Based Software Implementation Costs | Cloud-Based Software Implementation Costs The Company has entered into cloud-based software hosting arrangements for which it incurs implementation costs. Certain costs incurred during the application development stage are capitalized and included within Prepayments, deposits and other current assets or Other assets on the Consolidated Balance Sheet, depending on the short- or long-term nature of such costs, in line with the Company’s policy on the accounting for prepaid software hosting arrangements. Costs incurred during the preliminary project stage and post-implementation stage are expensed as incurred. Capitalized cloud-based software implementation costs are amortized, beginning on the date the related software or module is ready for its intended use, on a straight-line basis over the remaining term of the hosting arrangement. Amortization is recognized as a component of selling, general, and administrative expenses, in the same line item as the expense for the associated hosting arrangement. As of December 29, 2023 , the Company recognized $ 2,406,000 of net capitalized cloud-based software implementation costs recorded within Other assets on the Consolidated Balance Sheets. There were no capitalized cloud-based software implementation costs recognized at December 30, 2022. As of December 29, 2023 , these assets are not currently placed into service. No amortization of capitalized cloud-based software implementation costs was recognized during the year ended December 29, 2023 . |
Lease Accounting | Lease Accounting The Company recognizes right-of-use (“ROU”) assets and lease liabilities for leases with terms greater than twelve months on the Consolidated Balance Sheets. Leases are classified as either finance or operating, with classification affecting the pattern of expense recognition in the Consolidated Statements of Income. A contract contains a lease if the contract conveys the right to control an identified asset for a period of time in exchange for consideration. An asset is either explicitly identified or implicitly identified and must be physically distinct. In addition, the Company must have both the right to obtain substantially all of the economic benefits from use of the identified asset and has the right to direct the use of the identified asset. Note 1 — Organization and Description of Business and Accounting Policies (Continued) Lease Accounting (Continued) Certain leases may have non-lease components such as common area maintenance expense for building leases and maintenance expenses for automobile leases. In general, the Company separates common area maintenance expense component from the value of the ROU asset and lease liability when evaluating rental properties, whereas the Company includes the maintenance and service components in the value of the ROU asset and lease liability while evaluating automobile leases. When determining whether a lease is a finance lease or operating lease, the Company uses (i) greater than or equal to 75% to determine whether the lease term is a major part of the remaining economic life of the underlying asset and (ii) greater than or equal to 90% to determine whether the present value of the sum of lease payments is substantially all of the fair value of the underlying asset. The Company uses either the rate implicit in the lease or its incremental borrowing rate as the discount rate in lease accounting. The Company also elected not to capitalize leases that have terms of twelve months or less. The Company reviews ROU assets, for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. The Company measures recoverability of these assets by comparing the carrying value of such assets to the estimated undiscounted future cash flows the assets are expected to generate. When the estimated undiscounted future cash flows are less than their carrying amount, an impairment loss is recognized equal to the difference between the assets’ fair value and their carrying value. |
Research and Development Costs | Research and Development Costs Expenditures for research activities relating to product development and improvement are charged to expense as incurred. |
Advertising Costs | Advertising Costs Advertising costs, which are included in selling and marketing expenses, are expensed as incurred, and were as follows (in thousands): Years Ended 2023 2022 2021 Advertising costs $ 46,680 $ 37,918 $ 21,989 |
Income Taxes | Income Taxes The Company recognizes deferred tax assets and liabilities for temporary differences between the financial reporting basis and the tax basis of the Company’s assets and liabilities, net operating loss and credit carryforwards, and uncertainty in income taxes, on a jurisdiction-by-jurisdiction basis. For each tax entity and tax jurisdiction, the Company presents deferred tax liabilities and assets, as well as any related valuation allowance, as a single non-current amount. The Company does not offset deferred tax liabilities and assets attributable to different tax entities or to different tax jurisdictions. In evaluating the Company’s ability to recover the deferred tax assets within a jurisdiction from which they arise, management considers all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax-planning strategies, and results of recent operations. In projecting future taxable income, the Company begins with historical results and incorporates assumptions including overall current and projected business and industry conditions, projected sales growth, margins, costs and income by jurisdiction, the amount of future federal, state, and foreign pretax operating income, the reversal of temporary differences and the successful implementation of feasible and prudent tax-planning strategies. These assumptions require significant judgment about the forecasts of future taxable income and are consistent with the plans and estimates the Company uses to manage the underlying businesses. In evaluating the objective evidence that historical results provide, the Company also considers three years of cumulative operating results. Valuation allowances, or reductions to deferred tax assets, are recognized if, based on the weight of all the available evidence, it is more likely than not that some portion or all the deferred tax asset may not be realized. The impact on deferred taxes of changes in tax rates and laws, if any, are applied to the years during which temporary differences are expected to be settled and reflected in the financial statements in the period of enactment. Note 1 — Organization and Description of Business and Accounting Policies (Continued) Income Taxes (Continued) The Company has made a policy election to apply the incremental cash tax savings approach when analyzing the impact Global Intangible Low Tax Income (“GILTI”) could have on its U.S. valuation allowance. As a result of future expected GILTI inclusions, and because of the 2017 Tax Cuts and Jobs Act’s ordering rules, U.S. companies may now expect to utilize tax attribute carryforwards (e.g., net operating losses and deferred tax assets) for which a valuation allowance has historically been recorded (this is referred to as the “tax law ordering approach”). However, due to the mechanics of the GILTI rules, companies that have a GILTI inclusion may realize a reduced (or no) cash tax savings from utilizing such tax attribute carryforwards (this view is referred to as the “incremental cash tax savings approach”). The Company recognizes the income tax benefit from an uncertain tax position when it is more likely than not that, based on technical merits, the position will be sustained upon examination, including resolutions of any related appeals or litigation processes. The amount of tax benefit recorded, if any, is limited to the extent it is not greater than 50 percent likely to be realized upon settlement with the taxing authority (that has full knowledge of all relevant information). Accrued interest, if any, related to uncertain tax positions is included as a component of income tax expense, and penalties, if incurred, are recognized as a component of operating income or loss. The Company does not have any uncertain tax positions as of any of the periods presented. |
Basic and Diluted Net Income Per Share | Basic and Diluted Net Income Per Share The Company has only one class of common stock and no participating securities which would require the two-class method of calculating basic earnings per share. Basic per share information is calculated by dividing net income by the weighted average number of shares outstanding during the period, net of unvested stock-based awards. Diluted per share information is calculated by dividing net income by the weighted average number of shares outstanding during the period, adjusted for the effects of potentially dilutive securities using the treasury stock method. Potentially dilutive securities include the Company’s outstanding stock-based awards. As of December 29, 2023 , the Company had outstanding grants of stock options, restricted stock units (“RSUs”), and performance stock units (“PSUs”). Stock options that are anti-dilutive, where their exercise price exceeds the average market price of the common stock, are not included in the treasury stock method calculation for diluted net income per share. |
Employee Defined Benefit Plans | Employee Defined Benefit Plans The Company maintains a passive pension plan (the “Swiss Plan”) covering employees of STAAR AG. The Swiss Plan conforms to the features of a defined benefit plan. The Company also maintains a noncontributory defined benefit pension plan which covers substantially all the employees of STAAR Japan. The Company recognizes the funded status, or difference between the fair value of plan assets and the projected benefit obligations of the pension plan on the Consolidated Balance Sheets, with a corresponding adjustment to accumulated other comprehensive income (loss). If the projected benefit obligation exceeds the fair value of plan assets, then that difference or unfunded status represents the pension liability. The Company records a net periodic pension cost in the Consolidated Statements of Income. The liabilities and annual income or expense of both plans are determined using methodologies that involve several actuarial assumptions, the most significant of which are the discount rate and the expected long-term rate of asset return (asset returns and fair-value of plan assets are applicable for the Swiss Plan only). The fair values of plan assets are determined based on prevailing market prices. |
Stock-Based Compensation | Stock-Based Compensation The Company maintains an Amended and Restated Omnibus Equity Incentive Plan (the “Equity Plan”). The Equity Plan provides the Company with the ability to grant various types of stock-based awards to executive officers, employees, consultants and members of its Board of Directors (the “Board”). The Equity Plan allows for awards of stock options, stock appreciation rights, restricted stock, RSUs, and other stock- and cash-based awards, including awards that are subject to service-based and performance-based vesting conditions. As of December 29, 2023, the Company had outstanding grants of stock options, restricted stock awards, RSUs and PSUs. Stock-based compensation expense for all stock-based awards granted is based on the grant-date fair value of the award. The Company recognizes this compensation expense on a straight-line basis over the requisite service period of the award, which is generally the vesting term of three to four years for executive officers, employees and consultants, and one year for Board members. For performance-based awards, vesting is contingent upon the Company meeting certain internally established performance conditions and is subject to the grantee’s continued service with the Company. The Company recognizes compensation expense for performance-based awards when the Company concludes that it is probable that the performance condition will be achieved, net of an estimate of pre-vesting forfeitures, over the requisite service period based on the grant-date fair value of the award. The Company reassesses the probability of vesting at each reporting period and adjusts compensation cost based on its probability assessment. While the majority of the Company’s outstanding stock-based awards are stock options, RSUs and PSUs, the Company also, at times, grants awards in the form of restricted stock. Restricted stock awards provide for the issuance of common stock upon grant, subject to restrictions that lapse over the requisite service period of the award. For restricted stock awards granted to the Board, the restrictions lapse over a one-year service period and for executive officers and employees, it is typically a three-year service period. In each case the awards are subject to forfeiture (or acceleration, depending upon the circumstances) until the service period is completed. Restricted stock compensation expense is recognized on a straight-line basis over the requisite service period of one to three years, based on the grant-date fair value of the award. Restricted stock awards are included in the Company’s shares of common stock issued and outstanding on the grant date. Shares subject to RSU and PSU awards are not issuable until the requisite service and applicable performance conditions are satisfied, so they are not included in the Company’s shares of common stock issued and outstanding until the vesting of such awards. |
Comprehensive Income (Loss) | Comprehensive Income (Loss) The Company presents comprehensive income (loss) on the Consolidated Balance Sheets and the Consolidated Statements of Comprehensive Income. Total comprehensive income (loss) includes, in addition to the net income, changes in equity that are excluded from the Consolidated Statements of Income and are recorded directly into a separate section of stockholders’ equity on the Consolidated Balance Sheets. The following table summarizes the changes in the accumulated balances for each component of accumulated other comprehensive income (loss) attributable to the Company for the years ended December 29, 2023, December 30, 2022 and December 31, 2021 (in thousands): Note 1 — Organization and Description of Business and Accounting Policies (Continued) Comprehensive Income (Loss) (Continued) Foreign Investments Available for Sale Defined Defined Accumulated Balance, at January 1, 2021 $ 1,151 $ — $ 15 $ ( 6,711 ) $ ( 5,545 ) Other comprehensive income (loss) ( 1,776 ) — 254 2,865 1,343 Tax effect 537 — ( 77 ) ( 306 ) 154 Balance, at December 31, 2021 ( 88 ) — 192 ( 4,152 ) ( 4,048 ) Other comprehensive income (loss) ( 2,090 ) ( 406 ) ( 11 ) 6,707 4,200 Tax effect 631 70 3 ( 700 ) 4 Balance, at December 30, 2022 ( 1,547 ) ( 336 ) 184 1,855 156 Other comprehensive income (loss) ( 1,095 ) 363 ( 182 ) ( 4,121 ) ( 5,035 ) Tax effect 345 ( 64 ) 54 431 766 Balance, at December 29, 2023 $ ( 2,297 ) $ ( 37 ) $ 56 $ ( 1,835 ) $ ( 4,113 ) |
Recent Accounting Pronouncements Not Yet Adopted | Recent Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, “Segment Reporting (Topic 280).” ASU 2023-07 improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments (a) disclose significant segment expenses regularly provided to the chief operating decision maker (“CODM”), (b) disclose an amount for other segment items by reportable segment and description of its composition, (c) extend certain annual disclosures to interim periods, (d) clarify single reportable segment entities must apply Topic 280 in its entirety, (e) permit more than one measure of segment profit or loss to be reported under certain conditions and (f) require disclosure of the title and position of the CODM. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company will adopt the annual disclosure requirements of ASU 2023-07 as of beginning of fiscal year 2024 and will adopt the interim disclosure requirements beginning fiscal year 2025. The Company is currently evaluating the disclosure requirements and its effect on the Consolidated Financial Statements. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740).” ASU 2023-09 improves the transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. It also includes certain other amendments to improve the effectiveness of income tax disclosures regarding (a) income or loss from continuing operations disaggregated between domestic and foreign and (b) income tax expense or benefit from continuing operations disaggregated by federal, state and foreign. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. The Company will adopt ASU 2023-09 at the beginning of fiscal year 2025. The Company is currently evaluating the disclosure requirements and its effect on the Consolidated Financial Statements. |
Organization and Description _3
Organization and Description of Business and Accounting Policies (Tables) | 12 Months Ended |
Dec. 29, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Net Currency Foreign Translation Gain Loss | Net foreign translation gain (loss) was as follows (in thousands): Years Ended 2023 2022 2021 Foreign currency translation loss (1) $ ( 1,095 ) $ ( 2,090 ) $ ( 1,776 ) Loss on foreign currency transactions (2) ( 1,909 ) ( 1,707 ) ( 2,964 ) (1) Shown as a separate line item on the Consolidated Statements of Comprehensive Income. (2) Shown as a separate line item on the Consolidated Statements of Income. |
Schedule of Sales and Marketing Expenses for Distinct Services | Sales and marketing expenses for distinct services were as follows (in thousands): Years Ended 2023 2022 2021 Marketing and support services related to strategic cooperation agreements $ 1,891 $ 1,662 $ 714 |
Summary of Estimated Sales Return | On the Consolidated Balance Sheets, the balances associated for estimated sales returns were as follows (in thousands): 2023 2022 Estimated returns - inventory (1) $ 818 $ 888 Allowance for sales returns 6,174 5,706 (1) Recognized in inventories, net on the Consolidated Balance Sheets |
Schedule Of Estimated Useful Lives of Assets | The estimated useful lives of assets are as follows: Machinery and equipment 5 - 10 years Computer equipment and software 2 - 5 years Furniture and equipment 3 - 7 years Leasehold improvements The shorter of the useful life of the asset or the expected term of the associated lease |
Summary of Advertising Costs | Advertising costs, which are included in selling and marketing expenses, are expensed as incurred, and were as follows (in thousands): Years Ended 2023 2022 2021 Advertising costs $ 46,680 $ 37,918 $ 21,989 |
Summary of Changes in Accumulated Other Comprehensive Income (Loss) | The following table summarizes the changes in the accumulated balances for each component of accumulated other comprehensive income (loss) attributable to the Company for the years ended December 29, 2023, December 30, 2022 and December 31, 2021 (in thousands): Foreign Investments Available for Sale Defined Defined Accumulated Balance, at January 1, 2021 $ 1,151 $ — $ 15 $ ( 6,711 ) $ ( 5,545 ) Other comprehensive income (loss) ( 1,776 ) — 254 2,865 1,343 Tax effect 537 — ( 77 ) ( 306 ) 154 Balance, at December 31, 2021 ( 88 ) — 192 ( 4,152 ) ( 4,048 ) Other comprehensive income (loss) ( 2,090 ) ( 406 ) ( 11 ) 6,707 4,200 Tax effect 631 70 3 ( 700 ) 4 Balance, at December 30, 2022 ( 1,547 ) ( 336 ) 184 1,855 156 Other comprehensive income (loss) ( 1,095 ) 363 ( 182 ) ( 4,121 ) ( 5,035 ) Tax effect 345 ( 64 ) 54 431 766 Balance, at December 29, 2023 $ ( 2,297 ) $ ( 37 ) $ 56 $ ( 1,835 ) $ ( 4,113 ) |
Investments Available for Sale
Investments Available for Sale (Tables) | 12 Months Ended |
Dec. 29, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Investments Available for Sale and Related Fair Value Measurement | During 2022, the Company started to invest its cash in investments AFS, in accordance with its investment policy. Investments AFS and the related fair value measurement consisted of the following (dollars in thousands): December 29, 2023 Fair Value Measurements Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Level 1 Level 2 Commercial paper $ 7,720 $ 9 $ — $ 7,729 $ — $ 7,729 Certificates of deposit 3,716 4 — 3,720 — 3,720 U.S. Treasury securities 23,036 3 ( 56 ) 22,983 22,983 — U.S. agency securities 3,423 — ( 4 ) 3,419 — 3,419 Corporate debt securities 11,538 12 ( 10 ) 11,540 — 11,540 Total investments AFS $ 49,433 $ 28 $ ( 70 ) $ 49,391 $ 22,983 $ 26,408 December 30, 2022 Fair Value Measurements Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Level 1 Level 2 Commercial paper $ 44,054 $ 11 $ ( 62 ) $ 44,003 $ — $ 44,003 Certificates of deposit 17,355 4 ( 75 ) 17,284 — 17,284 U.S. Treasury securities 21,847 3 ( 15 ) 21,835 21,835 — U.S. agency securities 10,688 16 ( 3 ) 10,701 — 10,701 Corporate debt securities 45,522 4 ( 288 ) 45,238 — 45,238 Total investments AFS $ 139,466 $ 38 $ ( 443 ) $ 139,061 $ 21,835 $ 117,226 |
Summary of Fair Value of Investments Available for Sale by Contractual Maturity | The following table shows the fair value of investments AFS by contractual maturity (dollars in thousands): As of December 29, 2023 Within one year After one year through five years Total Commercial paper $ 7,729 $ — $ 7,729 Certificates of deposit 3,720 — 3,720 U.S. Treasury securities 14,533 8,450 22,983 U.S. agency securities 3,419 — 3,419 Corporate debt securities 8,287 3,253 11,540 Total investments AFS $ 37,688 $ 11,703 $ 49,391 |
Accounts Receivable Trade, Net
Accounts Receivable Trade, Net (Tables) | 12 Months Ended |
Dec. 29, 2023 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | Accounts receivable trade, net consisted of the following (in thousands): 2023 2022 Domestic $ 2,009 $ 2,430 Foreign 92,886 60,037 Total accounts receivable trade, gross 94,895 62,467 Less allowance for credit losses ( 191 ) ( 20 ) Total accounts receivable trade, net $ 94,704 $ 62,447 |
Inventories, Net (Tables)
Inventories, Net (Tables) | 12 Months Ended |
Dec. 29, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | Inventories, net consisted of the following (in thousands): 2023 2022 Raw materials and purchased parts $ 9,766 $ 6,703 Work in process 5,722 5,499 Finished goods 23,150 13,633 Total inventories, gross 38,638 25,835 Less inventory reserves ( 3,508 ) ( 1,674 ) Total inventories, net $ 35,130 $ 24,161 |
Prepayments, Deposits and Oth_2
Prepayments, Deposits and Other Current Assets (Tables) | 12 Months Ended |
Dec. 29, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule Of Prepayments, Deposits and Other Current Assets | Prepayments, deposits and other current assets consisted of the following (in thousands): 2023 2022 Prepayments and deposits $ 6,216 $ 3,986 Prepaid insurance 2,314 2,620 Prepaid marketing 2,141 2,534 Consumption tax receivable 820 864 Value added tax (VAT) receivable 2,456 2,661 Other (1) 762 811 Total prepayments, deposits and other current assets $ 14,709 $ 13,476 (1) No individual category in “other” exceeds 5 % of the total prepayments, deposits and other current assets. |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 29, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Net | Property, plant and equipment, net consisted of the following (in thousands): 2023 2022 Machinery and equipment $ 30,874 $ 28,026 Computer equipment and software 8,495 9,266 Furniture and fixtures 4,122 4,276 Leasehold improvements 10,780 14,965 Construction in process 40,364 32,269 Total property, plant and equipment, gross 94,635 88,802 Less accumulated depreciation ( 27,800 ) ( 37,881 ) Total property, plant and equipment, net $ 66,835 $ 50,921 |
Schedule of Depreciation Expense and Loss on Disposal of Property, Plant and Equipment | Depreciation expense and loss on disposal of property, plant and equipment were as follows (in thousands): Years Ended 2023 2022 2021 Depreciation expense $ 4,960 $ 4,321 $ 3,525 Loss on disposal of property, plant and equipment 73 65 2 |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 29, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | Intangible assets, net consisted of the following (in thousands): 2023 2022 Long-lived amortized intangible assets Gross Accumulated Net Gross Accumulated Net Patents and licenses $ 9,205 $ ( 9,205 ) $ — $ 9,240 $ ( 9,067 ) $ 173 |
Finite-lived Intangible Assets Amortization Expense | Amortization expense for intangible assets were as follows (in thousands): Years Ended 2023 2022 2021 Amortization expense $ 13 $ 28 $ 34 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 29, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Current Liabilities | Other current liabilities consisted of the following (in thousands): 2023 2022 Accrued salaries and wages $ 12,519 $ 10,862 Accrued bonuses 3,456 6,925 Accrued insurance 2,315 — Income taxes payable 10,848 3,845 Marketing obligations 1,874 1,374 Other (1) 9,926 7,735 Total other current liabilities $ 40,938 $ 30,741 (1) No individual category in “Other” exceeds 5 % of the other current liabilities. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 29, 2023 | |
Leases [Abstract] | |
Supplemental Balance Sheet Information Related to Finance Leases | Supplemental balance sheet information related to finance leases consisted of the following (dollars in thousands): 2023 2022 Machinery and equipment $ — $ 30 Computer equipment and software 6 18 Furniture and fixtures 475 475 Finance lease ROU assets, gross 481 523 Less accumulated depreciation ( 298 ) ( 181 ) Finance lease ROU assets, net $ 183 $ 342 Current finance lease obligations $ 165 $ 169 Long-term finance lease obligations 42 210 Total finance lease liability $ 207 $ 379 Weighted-average remaining lease term (in years) 1.3 2.2 Weighted-average discount rate 4.24 % 4.10 % |
Supplemental Cash Flow Information Related to Finance Leases | Supplemental cash flow information related to finance leases consisted of the following (in thousands): Years Ended 2023 2022 2021 Amortization of finance lease ROU asset $ 151 $ 160 $ 83 Interest on finance lease liabilities 12 17 6 Cash paid for amounts included in the measurement of finance lease liabilities: Operating cash flows 12 17 6 Financing cash flows 161 126 348 ROU assets obtained in exchange for new finance lease liabilities — — 475 |
Supplemental Balance Sheet Information Related to Operating Leases | Supplemental balance sheet information related to operating leases consisted of the following (dollars in thousands): 2023 2022 Machinery and equipment $ 735 $ 789 Computer equipment and software 446 446 Real property 40,869 34,465 Operating lease ROU assets, gross 42,050 35,700 Less accumulated depreciation ( 7,663 ) ( 5,430 ) Operating lease ROU assets, net $ 34,387 $ 30,270 Current operating lease obligations $ 4,202 $ 3,524 Long-term operation lease obligations 31,425 27,136 Total operating lease liability $ 35,627 $ 30,660 Weighted-average remaining lease term (in years) 7.3 7.5 Weighted-average discount rate 5.48 % 3.87 % |
Supplemental Cash Flow Information Related to Operating Leases | Supplemental cash flow information related to operating leases was as follows (in thousands): Years Ended 2023 2022 2021 Operating lease cost $ 5,239 $ 4,473 $ 3,345 Cash paid for amounts included in the measurement of operating lease liabilities: Operating cash flows 4,875 4,171 3,259 ROU assets obtained in exchange for new operating lease liabilities 8,498 2,860 29,269 |
Schedule of Estimated Future Maturities of Lease Liabilities under Operating and Finance Leases Having Initial or Remaining Non-Cancelable Lease Terms More Than One Year | Estimated future maturities of lease liabilities under operating and finance leases having initial or remaining non-cancelable lease terms more than one year are as follows (in thousands): Year Ended Operating Leases Finance Leases 2024 $ 6,247 $ 171 2025 5,583 42 2026 5,246 — 2027 5,506 — 2028 5,581 — Thereafter 17,705 — Total minimum lease payments, including interest $ 45,868 $ 213 Less amounts representing interest ( 10,241 ) ( 6 ) Total lease liability $ 35,627 $ 207 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 29, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income (Loss) before Income Tax, Domestic and Foreign | Income (loss) from continuing operations before provision for income taxes was as follows (in thousands): Years Ended 2023 2022 2021 Domestic $ ( 46,388 ) $ ( 25,366 ) $ ( 15,565 ) Foreign 80,084 70,918 46,869 Income before income taxes $ 33,696 $ 45,552 $ 31,304 |
Schedule of Components of Income Tax Expense (Benefit) | The provision (benefit) for income taxes consisted of the following (in thousands): Years Ended 2023 2022 2021 Current tax provision: U.S. federal $ — $ — $ — State 21 — — Foreign 9,064 8,141 5,308 Total current provision 9,085 8,141 5,308 Deferred tax provision (benefit): U.S. federal 3,306 ( 1,821 ) ( 2,218 ) State 12 82 53 Foreign ( 54 ) ( 515 ) 650 Total deferred provision (benefit) 3,264 ( 2,254 ) ( 1,515 ) Provision for income taxes $ 12,349 $ 5,887 $ 3,793 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the statutory U.S. federal tax rate to the Company’s effective tax rate was as follows (dollars in thousands): Years Ended 2023 2022 2021 Amount Amount Amount Income before income taxes $ 33,696 $ 45,552 $ 31,304 Income tax expense: Taxes at federal statutory tax rate 7,076 9,566 6,574 State taxes, net of federal income tax benefit 440 3,673 ( 448 ) Equity compensation 1,035 ( 331 ) ( 14,629 ) Foreign rate differential ( 7,611 ) ( 7,022 ) ( 3,890 ) Foreign income inclusion 16,922 14,583 171 Net operating loss adjustments — 532 — Valuation allowance ( 4,233 ) ( 15,560 ) 16,308 Tax credits ( 930 ) ( 39 ) — Other ( 350 ) 485 ( 293 ) Total income tax expense $ 12,349 $ 5,887 $ 3,793 Effective tax rate 36.6 % 12.9 % 12.1 % |
Schedule of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets (liabilities) were as follows (in thousands): 2023 2022 Deferred tax assets: Accrued expenses $ 1,435 $ 2,021 Stock-based compensation 4,010 3,051 Operating lease liability 6,162 6,071 Net operating loss and other credit carryforwards 44,998 51,255 Other deferred tax assets 2,376 1,621 Gross deferred tax assets 58,981 64,019 Valuation allowance ( 42,744 ) ( 46,977 ) Total deferred tax assets $ 16,237 $ 17,042 Deferred tax liabilities: Property, plant, equipment and intangibles $ ( 4,222 ) $ ( 2,169 ) Operating lease ROU assets ( 6,019 ) ( 5,979 ) Foreign taxes ( 1,883 ) ( 1,639 ) Total deferred tax liabilities ( 12,124 ) ( 9,787 ) Total net deferred tax assets $ 4,113 $ 7,255 |
Summary of Valuation Allowance | Under the incremental cash tax savings approach, the deferred tax asset valuation allowance activity was as follows (in thousands): Years Ended 2023 2022 2021 Balance at beginning of period $ ( 46,977 ) $ ( 62,860 ) $ ( 46,611 ) Release (recapture) due to incremental cash tax savings ( 3,318 ) 910 3,363 Current year change due to deferred tax asset realization 7,551 14,973 ( 19,612 ) Balance at end of period $ ( 42,744 ) $ ( 46,977 ) $ ( 62,860 ) |
Schedule of Net Operating Loss Carryforwards | As of December 29, 2023, the Company had U.S. net operating loss (“NOL”) carryforwards consisting of the following (in thousands): 2023 Expiration Date Pre-2018 federal NOL carryforwards $ 50,225 will begin to expire in 2026 Post-2018 federal NOL carryforwards 124,895 indefinite State NOL carryforwards 54,978 will begin to expire in 2024 |
Schedule of Tax Credit Carryforwards | As of December 29, 2023, the Company had U.S. tax credit carryforwards consisting of the following (in thousands): 2023 Expiration Date Federal credit carryforwards $ 1,404 will begin to expire in 2030 State research tax credit carryforwards 833 indefinite Federal foreign tax credit carryforwards 2,013 will begin to expire in 2028 |
Summary of Income Tax Examinations | The Company files income tax returns in the U.S. federal, various states and foreign jurisdictions. In the normal course of business, the Company is subject to examination by taxing authorities throughout the world. The following tax years remain subject to examination: Significant jurisdictions Open Years U.S. Federal 2020 – 2022 U.S. States 2019 – 2022 Foreign 2019 – 2022 |
Summary of Impact of Tax Holidays | The Company operates under a tax holiday in Switzerland, which is effective through 2024, and it may be extended through 2029 if certain additional requirements are satisfied. The tax holiday is conditional upon our meeting certain employment and investment thresholds. The impact of these tax holidays is as follows (in thousands, except per share amounts): Years Ended 2023 2022 2021 Tax impact related to tax holidays $ 8,683 $ 7,394 $ 4,887 Impact of tax holidays on diluted earnings per share $ 0.17 $ 0.15 $ 0.10 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 29, 2023 | |
Schedule of Defined Contribution, Net of Forfeitures, 401(k) Plan | The Company’s contributions, net of forfeitures, to the 401(k) Plan were as follows (in thousands): Years Ended 2023 2022 2021 Employer contributions, net of forfeitures $ 2,720 $ 2,004 $ 1,563 |
Swiss Plan | |
Schedule of Defined Benefit Plans Disclosures | The following table shows the changes in the benefit obligation and plan assets and the Swiss Plan’s funded status (in thousands): 2023 2022 Change in Projected Benefit Obligation: Projected benefit obligation, beginning of period $ 21,463 $ 26,247 Service cost 916 1,133 Interest cost 413 82 Participant contributions 863 772 Benefits deposited (paid) ( 7,101 ) 208 Actuarial (gain) loss 5,411 ( 6,979 ) Projected benefit obligation, end of period $ 21,965 $ 21,463 Change in Plan Assets: Plan assets at fair value, beginning of period $ 20,709 $ 18,809 Actual return on plan assets (including foreign currency impact) 1,922 12 Employer contributions 988 908 Participant contributions 863 772 Benefits deposited (paid) ( 7,101 ) 208 Plan assets at fair value, end of period $ 17,381 $ 20,709 Funded status (pension liability), end of year (1) $ ( 4,584 ) $ ( 754 ) Amount Recognized in Accumulated Other Comprehensive Income Actuarial loss on plan assets $ ( 38 ) $ ( 1,354 ) Actuarial loss on benefit obligation ( 5,378 ) ( 531 ) Actuarial gain recognized in current year 1,849 1,847 Prior service credit 1,122 1,283 Effect of curtailments 610 610 Accumulated other comprehensive income (loss) $ ( 1,835 ) $ 1,855 Accumulated benefit obligation at year end $ ( 20,729 ) $ ( 20,784 ) (1) The underfunded balance was included in pension liability on the Consolidated Balance Sheets. |
Schedule of Net Benefit Costs | Net periodic pension cost associated with the Swiss Plan included the following components (in thousands): Years Ended 2023 2022 2021 Service cost (1) $ 916 $ 1,133 $ 1,089 Interest cost (2) 413 82 55 Expected return on plan assets (2) ( 452 ) ( 494 ) ( 434 ) Prior service credit (2),(3) ( 179 ) ( 179 ) ( 42 ) Actuarial loss recognized in current period (2),(3) — 390 524 Net periodic pension cost $ 698 $ 932 $ 1,192 (1) Recognized in selling general and administrative expenses on the Consolidated Statements of Income. (2) Recognized in other income (expense), net, on the Consolidated Statements of Income. (3) Amounts reclassified from accumulated other comprehensive income (loss). |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | Changes in other comprehensive income (loss), net of tax, associated with the Swiss Plan included the following components (in thousands): Years Ended 2023 2022 2021 Current year actuarial gain (loss) on plan assets $ 1,316 $ ( 432 ) $ ( 724 ) Current year actuarial gain (loss) on benefit obligation ( 4,847 ) 6,251 1,671 Actuarial gain recorded in current year 2 348 470 Prior service credit ( 161 ) ( 160 ) 1,142 Change in other comprehensive gain (loss) $ ( 3,690 ) $ 6,007 $ 2,559 |
Schedule of Assumptions Used | Net periodic pension cost and projected and accumulated pension obligation for the Company’s Swiss Plan were calculated using the following assumptions: 2023 2022 Discount rate 1.5 % 2.2 % Salary increases 2.5 % 2.0 % Expected return on plan assets 3.0 % 2.5 % Expected average remaining working lives in years 9.5 9.3 |
Schedule of Changes in Fair Value of Plan Assets | The table below sets forth the fair value of Plan assets at December 29, 2023 and December 30, 2022, and the related activity in years ended 2023 and 2022 (in thousands): Insurance Ending balance at December 31, 2021 $ 18,809 Actual return on plan assets 12 Purchases, sales, and settlement 1,888 Ending balance at December 30, 2022 $ 20,709 Actual return on plan assets 1,922 Purchases, sales, and settlement ( 5,250 ) Ending balance at December 29, 2023 $ 17,381 |
Schedule Of Defined Benefit Plan Estimated Future Benefit Payments | The estimated future benefit payments for the Swiss Plan are as follows (in thousands): Year Ended Amount 2024 $ 196 2025 131 2026 158 2027 202 2028 3,897 Thereafter — Total $ 4,584 |
Japan Plan | |
Schedule of Defined Benefit Plans Disclosures | The funded status of the benefit plan was as follows (in thousands): 2023 2022 Change in Projected Benefit Obligation: Projected benefit obligation, beginning of period $ 1,181 $ 1,320 Service cost 60 116 Interest cost 3 2 Actuarial (gain) loss 8 ( 42 ) Benefits paid ( 705 ) ( 46 ) Foreign exchange adjustment ( 76 ) ( 169 ) Projected benefit obligation, end of period $ 471 $ 1,181 Change in Plan Assets: Plan assets at fair value, beginning of period $ — $ — Actual return on plan assets — — Employer contributions — — Benefits paid — — Distribution of plan assets — — Foreign exchange adjustment — — Plan assets at fair value, end of period $ — $ — Funded status (pension liability), end of year (1) $ ( 471 ) $ ( 1,181 ) Amount Recognized in Accumulated Other Comprehensive Income Actuarial loss $ ( 28 ) $ ( 30 ) Prior service cost 3 4 Settlement ( 106 ) — Curtailment ( 2 ) — Net gain (loss) 189 210 Accumulated other comprehensive income $ 56 $ 184 Accumulated benefit obligation at year end $ ( 446 ) $ ( 1,134 ) (1) The underfunded balance was included in pension liability on the Consolidated Balance Sheets. |
Schedule of Net Benefit Costs | Net periodic pension cost associated with the Japan Plan included the following components (in thousands): Years Ended 2023 2022 2021 Service cost (1) $ 60 $ 116 $ 177 Interest cost (2) 3 2 6 Prior service credit (2),(3) ( 14 ) ( 24 ) 5 Settlement gain (2),(3) ( 160 ) — — Curtailment gain (2),(3) ( 4 ) — — Net periodic pension cost $ ( 115 ) $ 94 $ 188 (1) Recognized in selling general and administrative expenses on the Consolidated Statements of Income. (2) Recognized in other income (expense), net, on the Consolidated Statements of Income. (3) Amounts reclassified from accumulated other comprehensive loss. |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | Changes in other comprehensive income (loss), net of tax, associated with the Japan Plan include the following components (in thousands): Years Ended 2023 2022 2021 Amortization of actuarial loss $ 2 $ 5 $ 3 Prior service cost ( 1 ) ( 2 ) ( 1 ) Actuarial income (loss) recorded in current year ( 21 ) ( 11 ) 175 Settlement ( 106 ) — — Curtailment loss ( 2 ) — — Change in other comprehensive income (loss) $ ( 128 ) $ ( 8 ) $ 177 |
Schedule of Assumptions Used | Net periodic pension cost and projected and accumulated pension obligation for the Company’s Japan Plan were calculated using the following assumptions: 2023 2022 Discount rate 0.8 % 0.4 % Salary increases 4.8 % 3.8 % Expected return on plan assets N/A N/A Expected average remaining working lives in years 6.0 10.2 |
Schedule Of Defined Benefit Plan Estimated Future Benefit Payments | The estimated future benefit payments for the Japan Plan are as follows (in thousands): Year Ended Amount 2024 $ 40 2025 45 2026 49 2027 51 2028 64 Thereafter 222 Total $ 471 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 29, 2023 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Share-based Compensation, Fair Value of Stock-Based Compensation Granted | The following table represents the fair value of stock-based compensation granted during the year ended 2023 (in thousands): Fair Value Stock options $ 21,239 RSUs 17,227 PSUs 10,338 Restricted stock 715 Total stock-based compensation expense $ 49,519 |
Schedule of Compensation Cost | The Company recorded stock-based compensation expense by award as follows (in thousands): Years Ended 2023 2022 2021 Employee stock options $ 12,842 $ 10,403 $ 10,373 Restricted stock 548 686 616 RSUs 7,987 4,512 2,667 PSUs 1,270 3,525 371 Nonemployee stock options 869 1,245 578 Total stock-based compensation expense $ 23,516 $ 20,371 $ 14,605 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | The Company recorded stock-based compensation expense in the following categories (in thousands): Years Ended 2023 2022 2021 Cost of sales $ 716 $ 501 $ 215 General and administrative 12,125 9,402 6,495 Selling and marketing 4,083 4,795 3,454 Research and development 6,592 5,673 4,441 Total stock-based compensation expense, net 23,516 20,371 14,605 Amounts capitalized as part of inventory 1,672 1,881 1,295 Total stock-based compensation expense, gross $ 25,188 $ 22,252 $ 15,900 |
Schedule of Unrecognized Compensation Cost, Non-Vested Stock-Based Compensation Arrangements | As of December 29, 2023, total unrecognized compensation cost related to non-vested stock-based compensation arrangements granted under the Equity Plan were as follows (in thousands): 2023 Stock options $ 22,001 Restricted stock, RSUs and PSUs 16,952 Total unrecognized stock-based compensation cost $ 38,953 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The risk-free rate is based on the U.S. Treasury yield curve corresponding to the expected term at the time of the grant. Years Ended 2023 2022 2021 Expected dividend yield 0 % 0 % 0 % Expected volatility 60 % 54 % 53 % Risk-free interest rate 3.98 % 2.09 % 0.84 % Expected term (in years) 5.05 5.10 5.38 |
Schedule of Share-based Compensation, Stock Options, Activity | A summary of stock option activity under the Equity Plan for the year ended December 29, 2023 was as follows: Shares Weighted- Weighted- Aggregate Outstanding at December 30, 2022 2,469 $ 39.63 Granted 749 51.88 Exercised ( 518 ) 18.67 Forfeited or expired ( 70 ) 72.30 Outstanding at December 29, 2023 2,630 $ 46.38 6.04 $ 10,088 Exercisable at December 29, 2023 1,704 $ 40.70 4.55 $ 10,088 |
Share-based Compensation, Performance Shares Award Unvested Activity | A summary of unvested stock options activity under the Equity Plan for the year ended December 29, 2023 was as follows: Shares Weighted- Outstanding at December 30, 2022 633 $ 35.37 Granted 749 28.36 Forfeited or expired ( 70 ) 35.30 Vested ( 386 ) 34.63 Unvested at December 29, 2023 926 $ 30.09 |
Summary of Weighted Average Grant Date Fair Value of Stock Options Granted Under The Equity Plan and Total intrinsic Value of Stock options Exercised | The weighted average grant date fair value of stock options granted under the Equity Plan and the total intrinsic value of stock options exercised were as follows: Years Ended 2023 2022 2021 Weighted-average grant-date fair value $ 28.36 $ 35.68 $ 45.08 Intrinsic value of options exercised (in thousands) $ 17,041 $ 25,000 $ 127,024 |
Schedule of Share-based Compensation, Restricted Stock, RSU and PSU Activity | A summary of restricted stock, RSU and PSU activity under the Equity Plan for the year ended December 29, 2023 was as follows: Restricted Stock Restricted Stock Units Performance Stock Units Units Weighted- Units Weighted- Units Weighted- Outstanding at December 30, 2022 4 $ 62.10 192 $ 73.25 118 $ 73.78 Granted 15 46.70 336 51.28 182 56.64 Vested ( 5 ) 55.99 ( 95 ) 68.43 ( 35 ) 71.41 Forfeited or expired — — ( 32 ) 75.86 ( 209 ) 58.93 Outstanding at December 29, 2023 14 $ 47.61 401 $ 55.75 56 $ 74.80 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 29, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of Amounts Due from Employees Included in Prepayments, Deposits and Other Current Assets | Amounts due from employees are included in prepayments, deposits, and other current assets were as follows (in thousands): 2023 2022 Due from employees $ — $ 5 |
Supplemental Disclosure of Ca_2
Supplemental Disclosure of Cash Flow Information (Tables) | 12 Months Ended |
Dec. 29, 2023 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | The Company’s non-cash investing and financing activities, and cash paid were as follows (in thousands): Years Ended 2023 2022 2021 Non-cash investing and financing activities: ROU assets obtained in exchange for new finance lease liabilities $ — $ — $ 475 Purchase of property and equipment included in accounts payable $ 2,768 $ 1,314 $ 1,331 Cash paid: Interest $ 75 $ 52 $ 75 Taxes $ 2,844 $ 6,633 $ 7,466 |
Basic and Diluted Net Income _2
Basic and Diluted Net Income Per Share (Tables) | 12 Months Ended |
Dec. 29, 2023 | |
Earnings Per Share [Abstract] | |
Summary of Computation of Basic and Diluted Net Income Per Share | The following table sets forth the computation of basic and diluted net income per share (in thousands except per share amounts): Years Ended 2023 2022 2021 Numerator: Net income $ 21,347 $ 39,665 $ 27,511 Denominator: Weighted average common shares outstanding 48,523 47,991 47,213 Less: Unvested restricted stock — ( 4 ) ( 3 ) Weighted average common shares outstanding for basic 48,523 47,987 47,210 Dilutive potential common stock outstanding: Stock options 813 1,310 2,145 Unvested restricted stock 3 2 5 RSUs 56 55 86 PSUs 32 26 10 Weighted average common shares outstanding for diluted 49,427 49,380 49,456 Net income per share: Basic $ 0.44 $ 0.83 $ 0.58 Diluted $ 0.43 $ 0.80 $ 0.56 |
Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share | Years Ended 2023 2022 2021 Stock options 2,073 933 228 Restricted stock, RSUs and PSUs 32 18 6 Total 2,105 951 234 |
Disaggregation of Revenues, G_2
Disaggregation of Revenues, Geographic Sales and Product Sales (Tables) | 12 Months Ended |
Dec. 29, 2023 | |
Segment Reporting [Abstract] | |
Disaggregation of Revenue | In the following tables, revenues are disaggregated by category, sales by geographic market and sales by product line. The following breaks down revenues into the following categories (in thousands): Years Ended 2023 2022 2021 Non-consignment sales $ 301,163 $ 264,620 $ 210,517 Consignment sales 21,252 19,771 19,955 Total net sales $ 322,415 $ 284,391 $ 230,472 |
Net Sales by Geographic Areas | The composition of the Company’s net sales to unaffiliated customers was as follows (in thousands): Years Ended 2023 2022 2021 Domestic $ 17,221 $ 14,679 $ 10,095 Foreign: China (1) 185,554 148,167 107,333 Japan 38,472 43,093 40,973 Other (2) 81,168 78,452 72,071 Total foreign sales 305,194 269,712 220,377 Total net sales $ 322,415 $ 284,391 $ 230,472 (1) The China region includes sales into China and Hong Kong. (2) No other location individually exceeds 10 % of the total net sales. |
Net Sales by Products and Services | The composition of the Company’s net sales by product line was as follows (in thousands): Years Ended 2023 2022 2021 ICLs $ 319,427 $ 269,712 $ 212,905 Other product sales Cataract IOLs 1,139 9,638 12,519 Other surgical products (1) 1,849 5,041 5,048 Total other product sales 2,988 14,679 17,567 Total net sales $ 322,415 $ 284,391 $ 230,472 (1) Other surgical products include delivery systems and normal recurring sales adjustments such as sales return allowances. |
Geographic Assets (Tables)
Geographic Assets (Tables) | 12 Months Ended |
Dec. 29, 2023 | |
Segment Reporting [Abstract] | |
Composition of Long-Lived Assets | The composition of the Company’s long-lived assets between those in the U.S., Japan and Switzerland was as follows (in thousands): 2023 U.S. Japan Switzerland Total Property, plant and equipment, net $ 55,851 $ 147 $ 10,837 $ 66,835 Finance lease ROU assets, net 182 1 — 183 Operating lease ROU assets, net 26,501 796 7,090 34,387 Total $ 82,534 $ 944 $ 17,927 $ 101,405 2022 U.S. Japan Switzerland Total Property, plant and equipment, net $ 41,912 $ 129 $ 8,880 $ 50,921 Finance lease ROU assets, net 329 13 — 342 Operating lease ROU assets, net 23,303 280 6,687 30,270 Intangible assets, net 83 90 — 173 Total $ 65,627 $ 512 $ 15,567 $ 81,706 |
Organization and Description _4
Organization and Description of Business and Accounting Policies - Additional Information (Details) | 12 Months Ended | ||
Dec. 29, 2023 USD ($) Segment | Dec. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Organization And Description Of Business And Accounting Policies [Line Items] | |||
Number of operating segments | Segment | 1 | ||
Revenue, Remaining Performance Obligation, Amount | $ 0 | ||
Deferred Revenues | 0 | $ 0 | $ 0 |
Goodwill | $ 1,786,000 | 1,786,000 | |
Percentage of deduction in GILTI | 50% | ||
Capitalized cloud-based software implementation costs | $ 2,406,000 | $ 0 | |
Capitalized Computer Software, Amortization | $ 0 | ||
Board of Directors | |||
Organization And Description Of Business And Accounting Policies [Line Items] | |||
Option Vesting Term | 1 year | ||
Minimum | Executive Officers and Employees | |||
Organization And Description Of Business And Accounting Policies [Line Items] | |||
Option Vesting Term | 3 years | ||
Maximum | Executive Officers and Employees | |||
Organization And Description Of Business And Accounting Policies [Line Items] | |||
Option Vesting Term | 4 years | ||
Patents And Licenses | Minimum | |||
Organization And Description Of Business And Accounting Policies [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 3 years | ||
Patents And Licenses | Maximum | |||
Organization And Description Of Business And Accounting Policies [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 20 years | ||
Customer Relationships | |||
Organization And Description Of Business And Accounting Policies [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||
Developed technology | Minimum | |||
Organization And Description Of Business And Accounting Policies [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 3 years | ||
Developed technology | Maximum | |||
Organization And Description Of Business And Accounting Policies [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||
Customer Concentration Risk | One Customer | Trade Accounts Receivable | |||
Organization And Description Of Business And Accounting Policies [Line Items] | |||
Concentration risk, percentage | 70% | 59% | |
Customer Concentration Risk | One Customer | Sales Revenue, Net | |||
Organization And Description Of Business And Accounting Policies [Line Items] | |||
Concentration risk, percentage | 58% | 52% | 47% |
Organization and Description _5
Organization and Description of Business and Accounting Policies - Schedule of Net Currency Foreign Translation Gain Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | ||
Accounting Policies [Abstract] | ||||
Foreign currency translation loss | [1] | $ (1,095) | $ (2,090) | $ (1,776) |
Loss on foreign currency transactions | [2] | $ (1,909) | $ (1,707) | $ (2,964) |
[1] Shown as a separate line item on the Consolidated Statements of Comprehensive Income. Shown as a separate line item on the Consolidated Statements of Income. |
Organization and Description _6
Organization and Description of Business and Accounting Policies - Schedule of Sales and Marketing Expenses for Distinct Services (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | |||
Marketing and support services related to strategic cooperation agreements | $ 1,891 | $ 1,662 | $ 714 |
Organization and Description _7
Organization and Description of Business and Accounting Policies - Summary of Estimated Sales Return (Details) - USD ($) $ in Thousands | Dec. 29, 2023 | Dec. 30, 2022 | |
Accounting Policies [Abstract] | |||
Estimated returns - inventory | [1] | $ 818 | $ 888 |
Allowance for sales returns | $ 6,174 | $ 5,706 | |
[1] Recognized in inventories, net on the Consolidated Balance Sheets |
Organization and Description _8
Organization and Description of Business and Accounting Policies - Schedule Of Estimated Useful Lives of Assets (Details) | 12 Months Ended |
Dec. 29, 2023 | |
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration] | us-gaap:UsefulLifeTermOfLeaseMember |
Leasehold Improvements | |
Property, Plant and Equipment, Useful Life Description | The shorter of the useful life of the asset or the expected term of the associated lease |
Minimum | Machinery and Equipment | |
Property, Plant and Equipment, Useful Life | 5 years |
Minimum | Computer Equipment and Software | |
Property, Plant and Equipment, Useful Life | 2 years |
Minimum | Furniture and Fixtures | |
Property, Plant and Equipment, Useful Life | 3 years |
Maximum | Machinery and Equipment | |
Property, Plant and Equipment, Useful Life | 10 years |
Maximum | Computer Equipment and Software | |
Property, Plant and Equipment, Useful Life | 5 years |
Maximum | Furniture and Fixtures | |
Property, Plant and Equipment, Useful Life | 7 years |
Organization and Description _9
Organization and Description of Business and Accounting Policies - Summary of Advertising Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | |||
Advertising costs | $ 46,680 | $ 37,918 | $ 21,989 |
Organization and Description_10
Organization and Description of Business and Accounting Policies - Summary of Changes in Accumulated Other Comprehensive Income (Loss) - (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Balance | $ 156 | $ (4,048) | $ (5,545) |
Other comprehensive income (loss) | (5,035) | 4,200 | 1,343 |
Tax effect | 766 | 4 | 154 |
Balance | (4,113) | 156 | (4,048) |
Foreign Currency Translation | |||
Balance | (1,547) | (88) | 1,151 |
Other comprehensive income (loss) | (1,095) | (2,090) | (1,776) |
Tax effect | 345 | 631 | 537 |
Balance | (2,297) | (1,547) | (88) |
Investments Available for Sale | |||
Balance | (336) | ||
Other comprehensive income (loss) | 363 | (406) | |
Tax effect | (64) | 70 | |
Balance | (37) | (336) | |
Defined Benefit Pension Plan | JAPAN | |||
Balance | 184 | 192 | 15 |
Other comprehensive income (loss) | (182) | (11) | 254 |
Tax effect | 54 | 3 | (77) |
Balance | 56 | 184 | 192 |
Defined Benefit Pension Plan | SWITZERLAND | |||
Balance | 1,855 | (4,152) | (6,711) |
Other comprehensive income (loss) | (4,121) | 6,707 | 2,865 |
Tax effect | 431 | (700) | (306) |
Balance | $ (1,835) | $ 1,855 | $ (4,152) |
Investments Available for Sal_2
Investments Available for Sale - Summary of Investments Available for Sale and Related Fair Value Measurement (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 29, 2023 | Dec. 30, 2022 | |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 49,433 | $ 139,466 |
Unrealized Gains | 28 | 38 |
Unrealized Losses | (70) | (443) |
Estimated Fair Value | 49,391 | 139,061 |
Fair Value, Inputs, Level 1 | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Fair Value Measurements | 22,983 | 21,835 |
Fair Value, Inputs, Level 2 | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Fair Value Measurements | 26,408 | 117,226 |
Commercial Paper | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 7,720 | 44,054 |
Unrealized Gains | 9 | 11 |
Unrealized Losses | (62) | |
Estimated Fair Value | 7,729 | 44,003 |
Commercial Paper | Fair Value, Inputs, Level 2 | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Fair Value Measurements | 7,729 | 44,003 |
Certificates of Deposit | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 3,716 | 17,355 |
Unrealized Gains | 4 | 4 |
Unrealized Losses | (75) | |
Estimated Fair Value | 3,720 | 17,284 |
Certificates of Deposit | Fair Value, Inputs, Level 2 | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Fair Value Measurements | 3,720 | 17,284 |
U.S. Treasury Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 23,036 | 21,847 |
Unrealized Gains | 3 | 3 |
Unrealized Losses | (56) | (15) |
Estimated Fair Value | 22,983 | 21,835 |
U.S. Treasury Securities | Fair Value, Inputs, Level 1 | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Fair Value Measurements | 21,835 | |
U.S. Agency Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 3,423 | 10,688 |
Unrealized Gains | 16 | |
Unrealized Losses | (4) | (3) |
Estimated Fair Value | 3,419 | 10,701 |
U.S. Agency Securities | Fair Value, Inputs, Level 2 | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Fair Value Measurements | 3,419 | 10,701 |
Corporate Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 11,538 | 45,522 |
Unrealized Gains | 12 | 4 |
Unrealized Losses | (10) | (288) |
Estimated Fair Value | 11,540 | 45,238 |
Corporate Debt Securities | Fair Value, Inputs, Level 2 | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Fair Value Measurements | $ 11,540 | $ 45,238 |
Investments Available for Sal_3
Investments Available for Sale - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 29, 2023 | Dec. 30, 2022 | |
Schedule Of Available For Sale Securities [Line Items] | |||
Impairment recognized | $ 0 | $ 0 | |
Sale of securities | $ 1,300,000 | 359,000 | |
Maximum | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Realized gain on debt securities available for sale | $ 1,000 | $ 1,000 |
Investments Available for Sal_4
Investments Available for Sale - Summary of Fair Value of Investments Available for Sale by Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 29, 2023 | Dec. 30, 2022 |
Schedule Of Available For Sale Securities [Line Items] | ||
Within one year | $ 37,688 | |
After one year through five years | 11,703 | |
Total | 49,391 | $ 139,061 |
Commercial Paper | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Within one year | 7,729 | |
Total | 7,729 | 44,003 |
Certificates of Deposit | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Within one year | 3,720 | |
Total | 3,720 | 17,284 |
U.S. Treasury Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Within one year | 14,533 | |
After one year through five years | 8,450 | |
Total | 22,983 | 21,835 |
U.S. Agency Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Within one year | 3,419 | |
Total | 3,419 | 10,701 |
Corporate Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Within one year | 8,287 | |
After one year through five years | 3,253 | |
Total | $ 11,540 | $ 45,238 |
Accounts Receivable Trade, Ne_2
Accounts Receivable Trade, Net - Schedule of Accounts, Notes, Loans and Financing Receivable (Details) - USD ($) $ in Thousands | Dec. 29, 2023 | Dec. 30, 2022 |
Accounts Receivable [Line Items] | ||
Total accounts receivable trade, gross | $ 94,895 | $ 62,467 |
Less allowance for credit losses | (191) | (20) |
Total accounts receivable trade, net | 94,704 | 62,447 |
US | ||
Accounts Receivable [Line Items] | ||
Total accounts receivable trade, gross | 2,009 | 2,430 |
Foreign | ||
Accounts Receivable [Line Items] | ||
Total accounts receivable trade, gross | $ 92,886 | $ 60,037 |
Inventories, Net - Schedule of
Inventories, Net - Schedule of Inventory, Current (Details) - USD ($) $ in Thousands | Dec. 29, 2023 | Dec. 30, 2022 |
Inventory Disclosure [Abstract] | ||
Raw materials and purchased parts | $ 9,766 | $ 6,703 |
Work in process | 5,722 | 5,499 |
Finished goods | 23,150 | 13,633 |
Total inventories, gross | 38,638 | 25,835 |
Less inventory reserves | (3,508) | (1,674) |
Total inventories, net | $ 35,130 | $ 24,161 |
Prepayments, Deposits and Oth_3
Prepayments, Deposits and Other Current Assets - Schedule Of Prepayments, Deposits and Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 29, 2023 | Dec. 30, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Prepayments and deposits | $ 6,216 | $ 3,986 | |
Prepaid insurance | 2,314 | 2,620 | |
Prepaid marketing | 2,141 | 2,534 | |
Consumption tax receivable | 820 | 864 | |
Value added tax (VAT) receivable | 2,456 | 2,661 | |
Other | [1] | 762 | 811 |
Total prepayments, deposits and other current assets | $ 14,709 | $ 13,476 | |
[1] No individual category in “other” exceeds 5 % of the total prepayments, deposits and other current assets. |
Prepayments, Deposits and Oth_4
Prepayments, Deposits and Other Current Assets - Schedule Of Prepayments, Deposits and Other Current Assets (Parenthetical) (Details) | Dec. 29, 2023 | Dec. 30, 2022 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Percent of prepayments deposits and other current assets included in other current assets | 5% | 5% |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net - Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 29, 2023 | Dec. 30, 2022 |
Property, Plant and Equipment [Abstract] | ||
Machinery and equipment | $ 30,874 | $ 28,026 |
Computer equipment and software | 8,495 | 9,266 |
Furniture and fixtures | 4,122 | 4,276 |
Leasehold improvements | 10,780 | 14,965 |
Construction in process | 40,364 | 32,269 |
Total property, plant and equipment, gross | 94,635 | 88,802 |
Less accumulated depreciation | (27,800) | (37,881) |
Total property, plant and equipment, net | $ 66,835 | $ 50,921 |
Property, Plant and Equipment_4
Property, Plant and Equipment, Net - Schedule of Depreciation Expense and Loss on Disposal of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 4,960 | $ 4,321 | $ 3,525 |
Loss on disposal of property, plant and equipment | $ 73 | $ 65 | $ 2 |
Intangible Assets, Net - Schedu
Intangible Assets, Net - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 29, 2023 | Dec. 30, 2022 |
Finite Lived Intangible Assets [Line Items] | ||
Long-lived intangible assets, Net | $ 173 | |
Patents and licenses | ||
Finite Lived Intangible Assets [Line Items] | ||
Long-lived intangible assets, Gross Carrying Amount | $ 9,205 | 9,240 |
Long-lived intangible assets, Accumulated Amortization | (9,205) | (9,067) |
Long-lived intangible assets, Net | $ 0 | $ 173 |
Intangible Assets, Net - Additi
Intangible Assets, Net - Additional Information (Details) | 12 Months Ended |
Dec. 29, 2023 USD ($) | |
Finite-Lived Intangible Assets [Line Items] | |
Impairment of intangible assets | $ 154,000 |
Patents and licenses | Cataract IOLs | Japan | |
Finite-Lived Intangible Assets [Line Items] | |
Impairment of intangible assets | $ 154,000 |
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration] | Selling, General and Administrative Expense |
Intangible Assets, Net - Finite
Intangible Assets, Net - Finite-lived Intangible Assets Amortization Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense | $ 13 | $ 28 | $ 34 |
Other Current Liabilities - Sch
Other Current Liabilities - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 29, 2023 | Dec. 30, 2022 | |
Other Liabilities Disclosure [Abstract] | |||
Accrued salaries and wages | $ 12,519 | $ 10,862 | |
Accrued bonuses | 3,456 | 6,925 | |
Accrued insurance | 2,315 | ||
Income taxes payable | 10,848 | 3,845 | |
Marketing obligations | 1,874 | 1,374 | |
Other | [1] | 9,926 | 7,735 |
Total other current liabilities | $ 40,938 | $ 30,741 | |
[1] No individual category in “Other” exceeds 5 % of the other current liabilities. |
Other Current Liabilities - S_2
Other Current Liabilities - Schedule of Other Current Liabilities (Parenthetical) (Details) | Dec. 29, 2023 | Dec. 30, 2022 |
Other Liabilities Disclosure [Abstract] | ||
Percent of Other Current Liabilities Included in Other | 5% | 5% |
Leases - Additional Information
Leases - Additional Information (Details) | Dec. 29, 2023 |
Minimum | |
Lessee Lease Description [Line Items] | |
Finance lease, term of contract | 2 years |
Operating lease, term of contract | 2 years |
Maximum | |
Lessee Lease Description [Line Items] | |
Finance lease, term of contract | 5 years |
Operating lease, term of contract | 10 years |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information Related to Finance Leases (Details) - USD ($) $ in Thousands | Dec. 29, 2023 | Dec. 30, 2022 |
Lessee Lease Description [Line Items] | ||
Finance lease ROU assets, gross | $ 481 | $ 523 |
Less accumulated depreciation | (298) | (181) |
Finance lease ROU assets, net | 183 | 342 |
Current finance lease obligations | 165 | 169 |
Long-term finance lease obligations | 42 | 210 |
Total finance lease liability | $ 207 | $ 379 |
Weighted-average remaining lease term (in years) | 1 year 3 months 18 days | 2 years 2 months 12 days |
Weighted-average discount rate | 4.24% | 4.10% |
Machinery and Equipment | ||
Lessee Lease Description [Line Items] | ||
Finance lease ROU assets, gross | $ 30 | |
Computer Equipment and Software | ||
Lessee Lease Description [Line Items] | ||
Finance lease ROU assets, gross | $ 6 | 18 |
Furniture and Fixtures | ||
Lessee Lease Description [Line Items] | ||
Finance lease ROU assets, gross | $ 475 | $ 475 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information Related to Finance Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Amortization of finance lease ROU asset | $ 151 | $ 160 | $ 83 |
Interest on finance lease liabilities | 12 | 17 | 6 |
Cash paid for amounts included in the measurement of finance lease liabilities: | |||
Operating cash flows | 12 | 17 | 6 |
Financing cash flows | $ 161 | $ 126 | 348 |
ROU assets obtained in exchange for new finance lease liabilities | $ 475 |
Leases - Supplemental Balance_2
Leases - Supplemental Balance Sheet Information Related to Operating Leases (Details) - USD ($) $ in Thousands | Dec. 29, 2023 | Dec. 30, 2022 |
Lessee Lease Description [Line Items] | ||
Operating lease ROU assets, gross | $ 42,050 | $ 35,700 |
Less accumulated depreciation | (7,663) | (5,430) |
Operating lease ROU assets, net | 34,387 | 30,270 |
Current operating lease obligations | 4,202 | 3,524 |
Long-term operation lease obligations | 31,425 | 27,136 |
Total operating lease liability | $ 35,627 | $ 30,660 |
Weighted-average remaining lease term (in years) | 7 years 3 months 18 days | 7 years 6 months |
Weighted-average discount rate | 5.48% | 3.87% |
Machinery and Equipment | ||
Lessee Lease Description [Line Items] | ||
Operating lease ROU assets, gross | $ 735 | $ 789 |
Computer Equipment and Software | ||
Lessee Lease Description [Line Items] | ||
Operating lease ROU assets, gross | 446 | 446 |
Real Property | ||
Lessee Lease Description [Line Items] | ||
Operating lease ROU assets, gross | $ 40,869 | $ 34,465 |
Leases - Supplemental Cash Fl_2
Leases - Supplemental Cash Flow Information Related to Operating Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Operating lease cost | $ 5,239 | $ 4,473 | $ 3,345 |
Cash paid for amounts included in the measurement of operating lease liabilities: | |||
Operating cash flows | 4,875 | 4,171 | 3,259 |
ROU assets obtained in exchange for new operating lease liabilities | $ 8,498 | $ 2,860 | $ 29,269 |
Leases - Schedule of Estimated
Leases - Schedule of Estimated Future Maturities of Lease Liabilities under Operating and Finance Leases Having Initial or Remaining Non-Cancelable Lease Terms More Than One Year (Details) - USD ($) $ in Thousands | Dec. 29, 2023 | Dec. 30, 2022 |
Operating Lease Liabilities, Payments, Due, Rolling Maturity [Abstract] | ||
2024 | $ 6,247 | |
2025 | 5,583 | |
2026 | 5,246 | |
2027 | 5,506 | |
2028 | 5,581 | |
Thereafter | 17,705 | |
Total minimum lease payments, including interest | 45,868 | |
Less amounts representing interest | (10,241) | |
Total lease liability | 35,627 | $ 30,660 |
Finance Lease Liabilities, Payments, Rolling Maturity [Abstract] | ||
2024 | 171 | |
2025 | 42 | |
Total minimum lease payments, including interest | 213 | |
Less amounts representing interest | (6) | |
Total lease liability | $ 207 | $ 379 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income (Loss) before Income Tax, Domestic and Foreign (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ (46,388) | $ (25,366) | $ (15,565) |
Foreign | 80,084 | 70,918 | 46,869 |
Income before income taxes | $ 33,696 | $ 45,552 | $ 31,304 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Current tax provision: | |||
State | $ 21 | ||
Foreign | 9,064 | $ 8,141 | $ 5,308 |
Total current provision | 9,085 | 8,141 | 5,308 |
Deferred tax provision (benefit): | |||
U.S. federal | 3,306 | (1,821) | (2,218) |
State | 12 | 82 | 53 |
Foreign | (54) | (515) | 650 |
Total deferred provision (benefit) | 3,264 | (2,254) | (1,515) |
Provision for income taxes | $ 12,349 | $ 5,887 | $ 3,793 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Increase (decrease) in taxes resulting from: | |||
Income before income taxes | $ 33,696 | $ 45,552 | $ 31,304 |
Income tax expense: | |||
Taxes at federal statutory tax rate | 7,076 | 9,566 | 6,574 |
State taxes, net of federal income tax benefit | 440 | 3,673 | (448) |
Equity compensation | 1,035 | (331) | (14,629) |
Foreign rate differential | (7,611) | (7,022) | (3,890) |
Foreign income inclusion | 16,922 | 14,583 | 171 |
Net operating loss adjustments | 532 | ||
Valuation allowance | (4,233) | (15,560) | 16,308 |
Tax credits | (930) | (39) | |
Other | (350) | 485 | (293) |
Provision for income taxes | $ 12,349 | $ 5,887 | $ 3,793 |
Effective tax rate | 36.60% | 12.90% | 12.10% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) | 12 Months Ended |
Dec. 29, 2023 | |
Income Tax Disclosure [Abstract] | |
Income tax holiday, description | The Company utilized the high-tax exception to exclude income from foreign jurisdictions with foreign taxes at an effective rate that is higher than 90 percent of the applicable highest U.S. corporate tax rate. |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | Jan. 01, 2021 |
Deferred tax assets: | ||||
Accrued expenses | $ 1,435 | $ 2,021 | ||
Stock-based compensation | 4,010 | 3,051 | ||
Operating lease liability | 6,162 | 6,071 | ||
Net operating loss and other credit carryforwards | 44,998 | 51,255 | ||
Other deferred tax assets | 2,376 | 1,621 | ||
Gross deferred tax assets | 58,981 | 64,019 | ||
Valuation allowance | (42,744) | (46,977) | $ (62,860) | $ (46,611) |
Total deferred tax assets | 16,237 | 17,042 | ||
Deferred tax liabilities: | ||||
Property, plant, equipment and intangibles | (4,222) | (2,169) | ||
Operating lease ROU assets | (6,019) | (5,979) | ||
Foreign taxes | (1,883) | (1,639) | ||
Total deferred tax liabilities | (12,124) | (9,787) | ||
Total net deferred tax assets | $ 4,113 | $ 7,255 |
Income Taxes - Schedule of Valu
Income Taxes - Schedule of Valuation Allowance Release (Recapture) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Balance at beginning of period | $ (46,977) | $ (62,860) | $ (46,611) |
Release (recapture) due to incremental cash tax savings | (3,318) | 910 | 3,363 |
Current year change due to deferred tax asset realization | 7,551 | 14,973 | (19,612) |
Balance at end of period | $ (42,744) | $ (46,977) | $ (62,860) |
Income Taxes - Schedule of Net
Income Taxes - Schedule of Net Operating Loss Carryforwards (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 29, 2023 | Dec. 30, 2022 | |
Income Taxes [Line Items] | ||
Net operating loss and other credit carryforwards | $ 44,998 | $ 51,255 |
Pre-2018 Federal NOL Carryforwards | ||
Income Taxes [Line Items] | ||
Net operating loss and other credit carryforwards | $ 50,225 | |
NOL carryforwards, expiration date | 2026 | |
Post-2018 Federal NOL Carryforwards | ||
Income Taxes [Line Items] | ||
Net operating loss and other credit carryforwards | $ 124,895 | |
State NOL Carryforwards | ||
Income Taxes [Line Items] | ||
Net operating loss and other credit carryforwards | $ 54,978 | |
NOL carryforwards, expiration date | 2024 |
Income Taxes - Schedule of Tax
Income Taxes - Schedule of Tax Credit Carryforwards (Details) $ in Thousands | 12 Months Ended |
Dec. 29, 2023 USD ($) | |
Federal Credit Carryforwards | |
Income Taxes [Line Items] | |
Research tax credit carryforwards | $ 1,404 |
Research tax credit carryforwards | 2030 |
State Research Tax Credit Carryforwards | |
Income Taxes [Line Items] | |
Research tax credit carryforwards | $ 833 |
Federal Foreign Tax Credit Carryforwards | |
Income Taxes [Line Items] | |
Research tax credit carryforwards | $ 2,013 |
Research tax credit carryforwards | 2028 |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income Tax Examinations (Details) | 12 Months Ended |
Dec. 29, 2023 | |
Minimum | US Federal | |
Income Taxes [Line Items] | |
Tax years remain subject to examination | 2020 |
Minimum | U.S. States | |
Income Taxes [Line Items] | |
Tax years remain subject to examination | 2019 |
Minimum | Foreign | |
Income Taxes [Line Items] | |
Tax years remain subject to examination | 2019 |
Maximum | US Federal | |
Income Taxes [Line Items] | |
Tax years remain subject to examination | 2022 |
Maximum | U.S. States | |
Income Taxes [Line Items] | |
Tax years remain subject to examination | 2022 |
Maximum | Foreign | |
Income Taxes [Line Items] | |
Tax years remain subject to examination | 2022 |
Income Taxes - Summary of Impac
Income Taxes - Summary of Impact of Tax Holidays (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Tax impact related to tax holidays | $ 8,683 | $ 7,394 | $ 4,887 |
Impact of tax holidays on diluted earnings per share | $ 0.17 | $ 0.15 | $ 0.10 |
Employee Benefit Plans - Schedu
Employee Benefit Plans - Schedule of Defined Benefit Plans Disclosures (Details) - USD ($) | 12 Months Ended | |||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | ||
Swiss Plan | ||||
Change in Projected Benefit Obligation: | ||||
Projected benefit obligation, beginning of period | $ 21,463,000 | $ 26,247,000 | ||
Service cost | [1] | 916,000 | 1,133,000 | $ 1,089,000 |
Interest cost | [2] | 413,000 | 82,000 | 55,000 |
Participant contributions | 863,000 | 772,000 | ||
Benefits deposited (paid) | (7,101,000) | 208,000 | ||
Actuarial (gain) loss | (5,411,000) | (6,979,000) | ||
Projected benefit obligation, end of period | 21,965,000 | 21,463,000 | 26,247,000 | |
Change in Plan Assets: | ||||
Plan assets at fair value, beginning of period | 20,709,000 | 18,809,000 | ||
Actual return on plan assets | 1,922,000 | 12,000 | ||
Employer contributions | 988,000 | 908,000 | ||
Participant contributions | 863,000 | 772,000 | ||
Benefits deposited (paid) | (7,101,000) | 208,000 | ||
Plan assets at fair value, end of period | 17,381,000 | 20,709,000 | 18,809,000 | |
Funded status (pension liability), end of year | [3] | (4,584,000) | (754,000) | |
Amount Recognized in Accumulated Other Comprehensive Income (Loss), net of tax: | ||||
Actuarial loss on plan assets | (38,000) | (1,354,000) | ||
Actuarial loss on benefit obligation | (5,378,000) | (531,000) | ||
Actuarial gain (loss) recognized in current year | 1,849,000 | 1,847,000 | ||
Prior service credit | 1,122,000 | 1,283,000 | ||
Effect of curtailments | 610,000 | 610,000 | ||
Accumulated other comprehensive income (loss) | (1,835,000) | 1,855,000 | ||
Accumulated benefit obligation at year end | (20,729,000) | (20,784,000) | ||
Japan Plan | ||||
Change in Projected Benefit Obligation: | ||||
Projected benefit obligation, beginning of period | 1,181,000 | 1,320,000 | ||
Service cost | [1] | 60,000 | 116,000 | 177,000 |
Interest cost | [2] | 3,000 | 2,000 | 6,000 |
Benefits deposited (paid) | (705,000) | (46,000) | ||
Actuarial (gain) loss | (8,000) | (42,000) | ||
Foreign exchange adjustment | (76,000) | (169,000) | ||
Projected benefit obligation, end of period | 471,000 | 1,181,000 | 1,320,000 | |
Change in Plan Assets: | ||||
Plan assets at fair value, beginning of period | 0 | 0 | ||
Actual return on plan assets | 0 | 0 | ||
Employer contributions | 0 | 0 | ||
Plan assets at fair value, end of period | 0 | 0 | 0 | |
Benefits paid | 0 | 0 | ||
Distribution of plan assets | 0 | 0 | ||
Foreign exchange adjustment | 0 | 0 | ||
Funded status (pension liability), end of year | [3] | (471,000) | (1,181,000) | |
Amount Recognized in Accumulated Other Comprehensive Income (Loss), net of tax: | ||||
Actuarial gain (loss) recognized in current year | (28,000) | (30,000) | ||
Prior service credit | 3,000 | 4,000 | ||
Settlement | (106,000) | 0 | 0 | |
Curtailment | (2,000) | 0 | $ 0 | |
Net gain (loss) | 189,000 | 210,000 | ||
Accumulated other comprehensive income (loss) | 56,000 | 184,000 | ||
Accumulated benefit obligation at year end | $ (446,000) | $ (1,134,000) | ||
[1] Recognized in selling general and administrative expenses on the Consolidated Statements of Income. Recognized in other income (expense), net, on the Consolidated Statements of Income. The underfunded balance was included in pension liability on the Consolidated Balance Sheets. |
Employee Benefit Plans - Sche_2
Employee Benefit Plans - Schedule of Net Benefit Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | ||
Swiss Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | [1] | $ 916 | $ 1,133 | $ 1,089 |
Interest cost | [2] | 413 | 82 | 55 |
Expected return on plan assets | [2] | (452) | (494) | (434) |
Prior service credit | [2],[3] | (179) | (179) | (42) |
Actuarial loss recognized in current period | [2],[3] | 0 | 390 | 524 |
Net periodic pension cost | 698 | 932 | 1,192 | |
Japan Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | [1] | 60 | 116 | 177 |
Interest cost | [2] | 3 | 2 | 6 |
Prior service credit | [2],[3] | (14) | (24) | 5 |
Settlement gain | [2],[3] | (160) | 0 | 0 |
Curtailment gain | [2],[3] | (4) | 0 | 0 |
Net periodic pension cost | $ (115) | $ (94) | $ 188 | |
[1] Recognized in selling general and administrative expenses on the Consolidated Statements of Income. Recognized in other income (expense), net, on the Consolidated Statements of Income. Amounts reclassified from accumulated other comprehensive income (loss). |
Employee Benefit Plans - Sche_3
Employee Benefit Plans - Schedule of Amounts Recognized in Other Comprehensive Income (Loss) (Details) - USD ($) | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Swiss Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Current year actuarial gain (loss) on plan assets | $ 1,316,000 | $ (432,000) | $ (724,000) |
Current year actuarial gain (loss) on benefit obligation | (4,847,000) | 6,251,000 | 1,671,000 |
Prior service credit | (161,000) | (160,000) | 1,142,000 |
Actuarial gain (loss) recorded in current year | 2,000 | 348,000 | 470,000 |
Change in other comprehensive gain (loss) | (3,690,000) | 6,007,000 | 2,559,000 |
Japan Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Amortization of actuarial loss | (2,000) | 5,000 | 3,000 |
Prior service credit | (1) | (2,000) | (1,000) |
Actuarial gain (loss) recorded in current year | (21,000) | (11,000) | 175,000 |
Settlement | (106,000) | 0 | 0 |
Curtailment loss | (2,000) | 0 | 0 |
Change in other comprehensive gain (loss) | $ (128,000) | $ (8,000) | $ 177,000 |
Employee Benefit Plans - Sche_4
Employee Benefit Plans - Schedule of Assumptions Used (Details) | 12 Months Ended | |
Dec. 29, 2023 | Dec. 30, 2022 | |
Swiss Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate | 1.50% | 2.20% |
Salary increases | 2.50% | 2% |
Expected return on plan assets | 3% | 2.50% |
Expected average remaining working lives in years | 9 years 6 months | 9 years 3 months 18 days |
Japan Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate | 0.80% | 0.40% |
Salary increases | 4.80% | 3.80% |
Expected average remaining working lives in years | 6 years | 10 years 2 months 12 days |
Employee Benefit Plans - Sche_5
Employee Benefit Plans - Schedule of Changes in Fair Value of Plan Assets (Details) - Swiss Plan - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 29, 2023 | Dec. 30, 2022 | |
Plan assets at fair value, beginning of period | $ 20,709 | $ 18,809 |
Actual return on plan assets | 1,922 | 12 |
Plan assets at fair value, end of period | 17,381 | 20,709 |
Insurance Contracts | Fair Value, Inputs, Level 3 | ||
Plan assets at fair value, beginning of period | 20,709 | 18,809 |
Actual return on plan assets | (1,922) | 12 |
Purchases, sales, and settlement | 5,250 | 1,888 |
Plan assets at fair value, end of period | $ 17,381 | $ 20,709 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Details) | 12 Months Ended |
Dec. 29, 2023 USD ($) | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Description Related To Benefit Based Under Point System | Each point earned is worth a fixed monetary value, 1,000 Yen per point, regardless of the level grade or zone of the employee. Gross benefits are calculated based on the cumulative number of points earned over the service period multiplied by 1,000 Yen. The mandatory retirement age limit is 60 years old. |
Defined Contribution Plan Employees Eligible Payroll | $ 22,500 |
Defined Contribution Plan Employees Catch-up Contribution | $ 500 |
Employers Contribution Percentage | 80% |
Employee’s Contribution up to First Percentage of Employee’s Compensation | 6% |
Swiss Plan | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Future Estimated Cash Contribution | $ 1,099,000 |
Employee Benefit Plans - Sche_6
Employee Benefit Plans - Schedule Of Defined Benefit Plan Estimated Future Benefit Payments (Details) $ in Thousands | Dec. 29, 2023 USD ($) |
Swiss Plan | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2024 | $ 196 |
2025 | 131 |
2026 | 158 |
2027 | 202 |
2028 | 3,897 |
Total | 4,584 |
Japan Plan | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2024 | 40 |
2025 | 45 |
2026 | 49 |
2027 | 51 |
2028 | 64 |
Thereafter | 222 |
Total | $ 471 |
Employee Benefit Plans - Sche_7
Employee Benefit Plans - Schedule of Defined Contribution, Net of Forfeitures, 401(k) Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |||
Employer contributions, net of forfeitures | $ 2,720 | $ 2,004 | $ 1,563 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - shares | 12 Months Ended | |
Jun. 15, 2023 | Dec. 29, 2023 | |
Stockholders Equity Note [Line Items] | ||
Weighted-average period of cost expected to recognize | 2 years | |
Estimated forfeiture rate | 7% | |
Omnibus Plan | ||
Stockholders Equity Note [Line Items] | ||
Share-based compensation arrangement by share-based payment award, expiration period | 10 years | |
Share-based compensation arrangement by share-based payment award, number of additional shares authorized | 2,170,000 | |
Share-based compensation arrangement by share-based payment award, number of shares authorized | 20,205,000 | |
Omnibus Plan | Employee Stock Option | ||
Stockholders Equity Note [Line Items] | ||
Share-based compensation arrangement by share-based payment award, vesting period | 3 years | |
Omnibus Plan | Restricted Stock | ||
Stockholders Equity Note [Line Items] | ||
Share-based compensation arrangement by share-based payment award, number of shares available for grant | 2,993,717 | |
Omnibus Plan | Restricted Stock | Minimum | ||
Stockholders Equity Note [Line Items] | ||
Share-based compensation arrangement by share-based payment award, vesting period | 1 year | |
Omnibus Plan | Restricted Stock | Maximum | ||
Stockholders Equity Note [Line Items] | ||
Share-based compensation arrangement by share-based payment award, vesting period | 3 years |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Share-based Compensation, Fair Value of Stock-Based Compensation Granted (Details) $ in Thousands | 12 Months Ended |
Dec. 29, 2023 USD ($) | |
Schedule of Employee Service Share-based Compensation [Line Items] | |
Sharebased Compensation Arrangement By Sharebased Payment Award Granted In Period Fair Value | $ 49,519 |
Stock Options | |
Schedule of Employee Service Share-based Compensation [Line Items] | |
Sharebased Compensation Arrangement By Sharebased Payment Award Granted In Period Fair Value | 21,239 |
RSUs | |
Schedule of Employee Service Share-based Compensation [Line Items] | |
Sharebased Compensation Arrangement By Sharebased Payment Award Granted In Period Fair Value | 17,227 |
PSUs | |
Schedule of Employee Service Share-based Compensation [Line Items] | |
Sharebased Compensation Arrangement By Sharebased Payment Award Granted In Period Fair Value | 10,338 |
Restricted Stock | |
Schedule of Employee Service Share-based Compensation [Line Items] | |
Sharebased Compensation Arrangement By Sharebased Payment Award Granted In Period Fair Value | $ 715 |
Stockholders' Equity - Schedu_2
Stockholders' Equity - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Share-Based Payment Arrangement, Expense | $ 23,516 | $ 20,371 | $ 14,605 |
Employee Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Share-Based Payment Arrangement, Expense | 12,842 | 10,403 | 10,373 |
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Share-Based Payment Arrangement, Expense | 548 | 686 | 616 |
RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Share-Based Payment Arrangement, Expense | 7,987 | 4,512 | 2,667 |
PSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Share-Based Payment Arrangement, Expense | 1,270 | 3,525 | 371 |
Non Employee Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Share-Based Payment Arrangement, Expense | $ 869 | $ 1,245 | $ 578 |
Stockholders' Equity - Schedu_3
Stockholders' Equity - Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation expense, net | $ 23,516 | $ 20,371 | $ 14,605 |
Amounts capitalized as part of inventory | 1,672 | 1,881 | 1,295 |
Total stock-based compensation expense, gross | 25,188 | 22,252 | 15,900 |
Cost of Sales | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation expense, net | 716 | 501 | 215 |
General and Administrative | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation expense, net | 12,125 | 9,402 | 6,495 |
Selling and Marketing | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation expense, net | 4,083 | 4,795 | 3,454 |
Research and Development Expense | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation expense, net | $ 6,592 | $ 5,673 | $ 4,441 |
Stockholders' Equity - Schedu_4
Stockholders' Equity - Schedule of Unrecognized Compensation Cost Related to Non-Vested Stock-Based Compensation Arrangements (Details) $ in Thousands | Dec. 29, 2023 USD ($) |
Share-Based Payment Arrangement [Abstract] | |
Stock options | $ 22,001 |
Restricted stock, RSUs and PSUs | 16,952 |
Total unrecognized stock-based compensation cost | $ 38,953 |
Stockholders' Equity - Schedu_5
Stockholders' Equity - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details) | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |||
Expected dividend yield | 0% | 0% | 0% |
Expected volatility | 60% | 54% | 53% |
Risk-free interest rate | 3.98% | 2.09% | 0.84% |
Expected term (in years) | 5 years 18 days | 5 years 1 month 6 days | 5 years 4 months 17 days |
Stockholders' Equity - Schedu_6
Stockholders' Equity - Schedule of Share-based Compensation, Stock Options, Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Dec. 29, 2023 USD ($) $ / shares shares | |
Stockholders' Equity Note [Abstract] | |
Options, Outstanding at December 30, 2022 | shares | 2,469 |
Options, Granted, Shares | shares | 749 |
Options, Exercised, Shares | shares | (518) |
Options, Forfeited or expired, Shares | shares | (70) |
Options, Outstanding at December 29, 2023 | shares | 2,630 |
Options, Exercisable at December 29, 2023 | shares | 1,704 |
Outstanding at December 30, 2022, Weighted-Average Grant-Date Fair Value | $ / shares | $ 39.63 |
Weighted Average Exercise Price, Options, Granted | $ / shares | 51.88 |
Weighted Average Exercise Price,Options, Exercised | $ / shares | 18.67 |
Weighted Average Exercise Price, Options, Forfeited or Expired | $ / shares | 72.30 |
Weighted Average Exercise Price, Options Outstanding at December 29, 2023 | $ / shares | 46.38 |
Weighted Average Exercise Price, Options Exercisable at December 29, 2023 | $ / shares | $ 40.70 |
Weighted Average Remaining Contractual Term, Options, Outstanding at December 29, 2023 | 6 years 14 days |
Weighted Average Remaining Contractual Term, Options, Exercisable at December 29, 2023 | 4 years 6 months 18 days |
Aggregate Intrinsic Value, Options, Outstanding at December 29, 2023 | $ | $ 10,088 |
Aggregate Intrinsic Value, Options, Outstanding at December 29, 2023 | $ | $ 10,088 |
Stockholders' Equity - Share-ba
Stockholders' Equity - Share-based Compensation, Performance Shares Award Unvested Activity (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Schedule of Nonvested Options Activity [Line Items] | |||
Options, Granted, Shares | 749 | ||
Outstanding at December 30, 2022, Weighted-Average Grant-Date Fair Value | $ 39.63 | ||
Granted, Weighted Average Grant Date Fair Value | $ 28.36 | $ 35.68 | $ 45.08 |
Nonvested Stock Options | |||
Schedule of Nonvested Options Activity [Line Items] | |||
Options, Outstanding at December 30, 2022 | 633 | ||
Options, Granted, Shares | 749 | ||
Options, Forfeited or expired, Shares | (70) | ||
Options, Vested, Shares | (386) | ||
Options, Unvested at December 29, 2022 | 926 | 633 | |
Outstanding at December 30, 2022, Weighted-Average Grant-Date Fair Value | $ 35.37 | ||
Granted, Weighted Average Grant Date Fair Value | 28.36 | ||
Forfeited or expired during the year, Weighted Average Grant Date Fair Value | 35.30 | ||
Vested during the year, Weighted Average Grant Date Fair Value | 34.63 | ||
Unvested at December 29, 2022, Weighted Average Grant Date Fair Value | $ 30.09 | $ 35.37 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Weighted Average Grant Date Fair Value of Options Granted and Total intrinsic Value of options Exercised (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |||
Weighted-average grant-date fair value | $ 28.36 | $ 35.68 | $ 45.08 |
Intrinsic value of options exercised (in thousands) | $ 17,041 | $ 25,000 | $ 127,024 |
Stockholders' Equity - Schedu_7
Stockholders' Equity - Schedule of Share-based Compensation, Restricted Stock, RSU and PSU Activity (Details) shares in Thousands | 12 Months Ended |
Dec. 29, 2023 $ / shares shares | |
Restricted Stock | |
Schedule of Restricted Stock Restricted Stock Units and Performance Stock Units [Line Items] | |
Outstanding at December 30, 2022 | shares | 4 |
Granted | shares | 15 |
Vested | shares | (5) |
Outstanding at December 29, 2023 | shares | 14 |
Outstanding at December 30, 2022 | $ / shares | $ 62.10 |
Granted, Weighted Average Grant-Date Fair Value per Share | $ / shares | 46.70 |
Vested, Weighted Average Grant-Date Fair Value per Share | $ / shares | 55.99 |
Outstanding at December 29, 2023 | $ / shares | $ 47.61 |
Restricted Stock Units (RSUs) | |
Schedule of Restricted Stock Restricted Stock Units and Performance Stock Units [Line Items] | |
Outstanding at December 30, 2022 | shares | 192 |
Granted | shares | 336 |
Vested | shares | (95) |
Forfeited or expired | shares | (32) |
Outstanding at December 29, 2023 | shares | 401 |
Outstanding at December 30, 2022 | $ / shares | $ 73.25 |
Granted, Weighted Average Grant-Date Fair Value per Share | $ / shares | 51.28 |
Vested, Weighted Average Grant-Date Fair Value per Share | $ / shares | 68.43 |
Forfeited or expired, Weighted Average Grant-Date Fair Value per Share | $ / shares | 75.86 |
Outstanding at December 29, 2023 | $ / shares | $ 55.75 |
Performance Stock Units | |
Schedule of Restricted Stock Restricted Stock Units and Performance Stock Units [Line Items] | |
Outstanding at December 30, 2022 | shares | 118 |
Granted | shares | 182 |
Vested | shares | (35) |
Forfeited or expired | shares | (209) |
Outstanding at December 29, 2023 | shares | 56 |
Outstanding at December 30, 2022 | $ / shares | $ 73.78 |
Granted, Weighted Average Grant-Date Fair Value per Share | $ / shares | 56.64 |
Vested, Weighted Average Grant-Date Fair Value per Share | $ / shares | 71.41 |
Forfeited or expired, Weighted Average Grant-Date Fair Value per Share | $ / shares | 58.93 |
Outstanding at December 29, 2023 | $ / shares | $ 74.80 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) | Dec. 29, 2023 | Dec. 30, 2022 |
Loss Contingencies [Line Items] | ||
Asset retirement obligations | $ 103,000 | $ 220,000 |
Purchase Commitment, Remaining Minimum Amount Committed | 18,199,000 | |
Severance paid includes one time employee expense (benefits) | $ 1,392,000 | $ (297,000) |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Amounts Due from Employees Included in Prepayments, Deposits and Other Current Assets (Details) $ in Thousands | Dec. 30, 2022 USD ($) |
Related Party [Member] | |
Related Party Transaction [Line Items] | |
Due from employees | $ 5 |
Supplemental Disclosure of Ca_3
Supplemental Disclosure of Cash Flow Information - Schedule of Cash Flow, Supplemental Disclosures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Non-cash investing and financing activities: | |||
ROU assets obtained in exchange for new finance lease liabilities | $ 475 | ||
Purchase of property and equipment included in accounts payable | $ 2,768 | $ 1,314 | 1,331 |
Cash paid: | |||
Interest | 75 | 52 | 75 |
Taxes | $ 2,844 | $ 6,633 | $ 7,466 |
Basic and Diluted Net Income _3
Basic and Diluted Net Income Per Share - Summary of Computation of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Numerator: | |||
Net Income (Loss) | $ 21,347 | $ 39,665 | $ 27,511 |
Denominator: | |||
Weighted average common shares outstanding | 48,523 | 47,991 | 47,213 |
Less: Unvested restricted stock | (4) | (3) | |
Weighted average common shares outstanding for basic | 48,523 | 47,987 | 47,210 |
Dilutive potential common stock outstanding: | |||
Weighted average common shares outstanding for diluted | 49,427 | 49,380 | 49,456 |
Net income per share: | |||
Basic | $ 0.44 | $ 0.83 | $ 0.58 |
Diluted | $ 0.43 | $ 0.80 | $ 0.56 |
Employee Stock Options | |||
Dilutive potential common stock outstanding: | |||
Weighted average common shares outstanding for diluted | 813 | 1,310 | 2,145 |
Unvested Restricted Stock | |||
Dilutive potential common stock outstanding: | |||
Weighted average common shares outstanding for diluted | 3 | 2 | 5 |
RSUs | |||
Dilutive potential common stock outstanding: | |||
Weighted average common shares outstanding for diluted | 56 | 55 | 86 |
PSUs | |||
Dilutive potential common stock outstanding: | |||
Weighted average common shares outstanding for diluted | 32 | 26 | 10 |
Basic and Diluted Net Income _4
Basic and Diluted Net Income Per Share - Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Anti-dilutive securities excluded from computation of earnings per share, Amount | 2,105 | 951 | 234 |
Employee Stock Option | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Anti-dilutive securities excluded from computation of earnings per share, Amount | 2,073 | 933 | 228 |
Restricted stock, RSUs and PSUs | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Anti-dilutive securities excluded from computation of earnings per share, Amount | 32 | 18 | 6 |
Disaggregation of Revenues, G_3
Disaggregation of Revenues, Geographic Sales and Product Sales - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Total net sales | $ 322,415 | $ 284,391 | $ 230,472 |
Non Consignment Sales [Member] | |||
Total net sales | 301,163 | 264,620 | 210,517 |
Consignment Sales [Member] | |||
Total net sales | $ 21,252 | $ 19,771 | $ 19,955 |
Disaggregation of Revenues, G_4
Disaggregation of Revenues, Geographic Sales and Product Sales - Additional Information (Details) | 12 Months Ended |
Dec. 29, 2023 Country Segment | |
Geographic and Product Data [Line Items] | |
Number of countries in which Company operates | Country | 75 |
Number of operating segments | Segment | 1 |
Sales Revenue, Net | Geographic Concentration Risk [Member] | Other than China and Japan [Member] | Maximum | |
Geographic and Product Data [Line Items] | |
Concentration risk, percentage | 10% |
Sales Revenue, Net | Product Concentration Risk [Member] | Ophthalmic Surgical Product [Member] | |
Geographic and Product Data [Line Items] | |
Concentration risk, percentage | 100% |
Disaggregation of Revenues, G_5
Disaggregation of Revenues, Geographic Sales and Product Sales - Net Sales by Geographic Areas (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | ||
Geographic And Sales [Line Items] | ||||
Total net sales | $ 322,415 | $ 284,391 | $ 230,472 | |
Geographic Distribution, Domestic [Member] | ||||
Geographic And Sales [Line Items] | ||||
Total net sales | 17,221 | 14,679 | 10,095 | |
Geographic Distribution, Foreign [Member] | ||||
Geographic And Sales [Line Items] | ||||
Total net sales | 305,194 | 269,712 | 220,377 | |
Geographic Distribution, Foreign [Member] | China [Member] | ||||
Geographic And Sales [Line Items] | ||||
Total net sales | [1] | 185,554 | 148,167 | 107,333 |
Geographic Distribution, Foreign [Member] | JAPAN | ||||
Geographic And Sales [Line Items] | ||||
Total net sales | 38,472 | 43,093 | 40,973 | |
Geographic Distribution, Foreign [Member] | Other [Member] | ||||
Geographic And Sales [Line Items] | ||||
Total net sales | [2] | $ 81,168 | $ 78,452 | $ 72,071 |
[1] The China region includes sales into China and Hong Kong. No other location individually exceeds 10 % of the total net sales. |
Disaggregation of Revenues, G_6
Disaggregation of Revenues, Geographic Sales and Product Sales - Net Sales by Products and Services (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | ||
Product Information [Line Items] | ||||
Total other product sales | $ 2,988 | $ 14,679 | $ 17,567 | |
Total net sales | 322,415 | 284,391 | 230,472 | |
ICLs [Member] | ||||
Product Information [Line Items] | ||||
Revenue from contract with customer, excluding assessed tax | 319,427 | 269,712 | 212,905 | |
Cataract IOLs [Member] | ||||
Product Information [Line Items] | ||||
Total other product sales | 1,139 | 9,638 | 12,519 | |
Other surgical products [Member] | ||||
Product Information [Line Items] | ||||
Total other product sales | [1] | $ 1,849 | $ 5,041 | $ 5,048 |
[1] Other surgical products include delivery systems and normal recurring sales adjustments such as sales return allowances. |
Geographic Assets - Composition
Geographic Assets - Composition of Long-Lived Assets (Details) - USD ($) $ in Thousands | Dec. 29, 2023 | Dec. 30, 2022 |
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Property, plant and equipment, net | $ 66,835 | $ 50,921 |
Finance lease ROU assets, net | 183 | 342 |
Operating lease ROU assets, net | 34,387 | 30,270 |
Intangible assets, net | 173 | |
Total | 101,405 | 81,706 |
U.S. | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Property, plant and equipment, net | 55,851 | 41,912 |
Finance lease ROU assets, net | 182 | 329 |
Operating lease ROU assets, net | 26,501 | 23,303 |
Intangible assets, net | 83 | |
Total | 82,534 | 65,627 |
JAPAN | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Property, plant and equipment, net | 147 | 129 |
Finance lease ROU assets, net | 1 | 13 |
Operating lease ROU assets, net | 796 | 280 |
Intangible assets, net | 90 | |
Total | 944 | 512 |
SWITZERLAND | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Property, plant and equipment, net | 10,837 | 8,880 |
Finance lease ROU assets, net | ||
Operating lease ROU assets, net | 7,090 | 6,687 |
Intangible assets, net | ||
Total | $ 17,927 | $ 15,567 |
SCHEDULE II - VALUATION AND Q_2
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | $ 52,703 | $ 67,719 | $ 51,202 |
Additions charged to costs and expenses | 19,456 | 14,604 | 10,801 |
Deductions | 23,050 | 29,620 | (5,716) |
Balance at End of Year | 49,109 | 52,703 | 67,719 |
Allowance for Credit Losses | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | 20 | 43 | 59 |
Additions charged to costs and expenses | 171 | 55 | 5 |
Deductions | 78 | 21 | |
Balance at End of Year | 191 | 20 | 43 |
Sales Return Reserve | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | 5,706 | 4,816 | 4,532 |
Additions charged to costs and expenses | 15,967 | 15,459 | 14,159 |
Deductions | 15,499 | 14,569 | 13,875 |
Balance at End of Year | 6,174 | 5,706 | 4,816 |
Deferred Tax Asset Valuation Allowance | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | 46,977 | 62,860 | 46,611 |
Additions charged to costs and expenses | 3,318 | (910) | (3,363) |
Deductions | 7,551 | 14,973 | (19,612) |
Balance at End of Year | $ 42,744 | $ 46,977 | $ 62,860 |