Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 29, 2024 | May 02, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 29, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | STAAR Surgical Co | |
Entity Central Index Key | 0000718937 | |
Current Fiscal Year End Date | --12-27 | |
Entity Filer Category | Large Accelerated Filer | |
Trading Symbol | STAA | |
Entity Common Stock, Shares Outstanding | 49,131,110 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity Interactive Data Current | Yes | |
Entity File Number | 0-11634 | |
Title of 12(b) Security | Common | |
Security Exchange Name | NASDAQ | |
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 Incorporation, State or Country Code | DE | |
Document Quarterly Report | true | |
Document Transition Report | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 29, 2024 | Dec. 29, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 224,024 | $ 183,038 |
Investments available for sale | 21,125 | 37,688 |
Accounts receivable trade, net of allowance for credit losses of $187 and $191, respectively | 64,604 | 94,704 |
Inventories, net | 38,581 | 35,130 |
Prepayments, deposits and other current assets | 17,381 | 14,709 |
Total current assets | 365,715 | 365,269 |
Investments available for sale | 6,963 | 11,703 |
Property, plant and equipment, net | 72,337 | 66,835 |
Finance lease right-of-use assets, net | 146 | 183 |
Operating lease right-of-use assets, net | 34,600 | 34,387 |
Goodwill | 1,786 | 1,786 |
Deferred income taxes | 5,125 | 5,190 |
Other assets | 5,863 | 3,339 |
Total assets | 492,535 | 488,692 |
Current liabilities: | ||
Accounts payable | 16,560 | 13,557 |
Obligations under finance leases | 166 | 165 |
Obligations under operating leases | 4,403 | 4,202 |
Allowance for sales returns | 6,284 | 6,174 |
Other current liabilities | 35,261 | 40,938 |
Total current liabilities | 62,674 | 65,036 |
Obligations under finance leases | 42 | |
Obligations under operating leases | 31,126 | 31,425 |
Deferred income taxes | 1,074 | 1,077 |
Asset retirement obligations | 96 | 103 |
Pension liability | 4,777 | 5,055 |
Total liabilities | 99,747 | 102,738 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Common stock, $0.01 par value; 60,000 shares authorized: 49,120 and 48,839 shares issued and outstanding at March 29, 2024 and December 29, 2023, respectively | 491 | 488 |
Additional paid-in capital | 447,716 | 436,947 |
Accumulated other comprehensive income (loss) | (4,712) | (4,113) |
Accumulated deficit | (50,707) | (47,368) |
Total stockholders’ equity | 392,788 | 385,954 |
Total liabilities and stockholders’ equity | $ 492,535 | $ 488,692 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 29, 2024 | Dec. 29, 2023 |
Statement of Financial Position [Abstract] | ||
Allowance for credit losses, current | $ 187 | $ 191 |
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 | 49,120,000 | 48,839,000 |
Common stock, shares outstanding | 49,120,000 | 48,839,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 29, 2024 | Mar. 31, 2023 | |
Income Statement [Abstract] | ||
Net sales | $ 77,356 | $ 73,528 |
Cost of sales | 16,321 | 15,966 |
Gross profit | 61,035 | 57,562 |
Selling, general and administrative expenses: | ||
General and administrative | 23,228 | 18,098 |
Selling and marketing | 26,708 | 26,354 |
Research and development | 13,380 | 10,310 |
Total selling, general and administrative expenses | 63,316 | 54,762 |
Operating income (loss) | (2,281) | 2,800 |
Other income (expense), net: | ||
Interest income, net | 1,529 | 1,822 |
Gain (loss) on foreign currency transactions | (2,297) | 34 |
Royalty income | 508 | |
Other income, net | 330 | 63 |
Total other income, net | 70 | 1,919 |
Income (loss) before income taxes | (2,211) | 4,719 |
Provision for income taxes | 1,128 | 2,009 |
Net income (loss) | $ (3,339) | $ 2,710 |
Net income (loss) per share: | ||
Basic | $ (0.07) | $ 0.06 |
Diluted | $ (0.07) | $ 0.05 |
Weighted average shares outstanding: | ||
Basic | 48,907 | 48,247 |
Diluted | 48,907 | 49,500 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 29, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $ (3,339) | $ 2,710 |
Defined benefit plans: | ||
Net change in plan assets | 232 | (1,177) |
Reclassification into other income (expense), net | (17) | (52) |
Investments available for sale: | ||
Change in unrealized gain (loss) | (36) | 116 |
Reclassification into other income (expense), net | 3 | (2) |
Foreign currency translation loss | (1,100) | (129) |
Tax effect | 319 | 151 |
Other comprehensive loss, net of tax | (599) | (1,093) |
Comprehensive income (loss) | $ (3,938) | $ 1,617 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED 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 Dec. 30, 2022 | $ 336,112 | $ 482 | $ 404,189 | $ 156 | $ (68,715) |
Balance (in shares) at Dec. 30, 2022 | 48,212 | ||||
Net income (loss) | 2,710 | 2,710 | |||
Other comprehensive loss | (1,093) | (1,093) | |||
Common stock issued upon exercise of options | 529 | 529 | |||
Common stock issued upon exercise of options (in shares) | 40 | ||||
Stock-based compensation | 6,434 | 6,434 | |||
Repurchase of employee common stock for taxes withheld | (1,849) | (1,849) | |||
Repurchase of employee common stock for taxes withheld (in shares) | (31) | ||||
Vested restricted and performance stock units | 1 | $ 1 | |||
Vested restricted and performance stock units (in shares) | 110 | ||||
Balance at Mar. 31, 2023 | 342,844 | $ 483 | 409,303 | (937) | (66,005) |
Balance (in shares) at Mar. 31, 2023 | 48,331 | ||||
Balance at Dec. 29, 2023 | 385,954 | $ 488 | 436,947 | (4,113) | (47,368) |
Balance (in shares) at Dec. 29, 2023 | 48,839 | ||||
Net income (loss) | (3,339) | (3,339) | |||
Other comprehensive loss | (599) | (599) | |||
Common stock issued upon exercise of options | $ 5,324 | $ 2 | 5,322 | ||
Common stock issued upon exercise of options (in shares) | 187 | 187 | |||
Stock-based compensation | $ 6,676 | 6,676 | |||
Repurchase of employee common stock for taxes withheld | (1,229) | (1,229) | |||
Repurchase of employee common stock for taxes withheld (in shares) | (36) | ||||
Forfeited restricted stock (in shares) | (4) | ||||
Vested restricted and performance stock units | 1 | $ 1 | |||
Vested restricted and performance stock units (in shares) | 134 | ||||
Balance at Mar. 29, 2024 | $ 392,788 | $ 491 | $ 447,716 | $ (4,712) | $ (50,707) |
Balance (in shares) at Mar. 29, 2024 | 49,120 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 29, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (3,339) | $ 2,710 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Depreciation of property, plant, and equipment | 1,237 | 1,113 |
Amortization of intangibles | 7 | |
Accretion/Amortization of investments available for sale | (120) | (983) |
Deferred income taxes | 61 | 57 |
Change in net pension liability | (93) | (13) |
Stock-based compensation expense | 6,339 | 6,065 |
Provision for sales returns and bad debts | 128 | (377) |
Inventory provision | 646 | 614 |
Changes in working capital: | ||
Accounts receivable | 29,837 | (1,110) |
Inventories | (4,002) | (3,920) |
Prepayments, deposits, and other assets | (5,485) | (4,249) |
Accounts payable | 1,519 | (3,168) |
Other current liabilities | (5,048) | (1,840) |
Net cash provided by (used in) operating activities | 21,680 | (5,094) |
Cash flows from investing activities: | ||
Acquisition of property and equipment | (5,202) | (2,901) |
Purchase of investments available for sale | (27,445) | |
Proceeds from sale or maturity of investments available for sale | 21,389 | 40,279 |
Net cash provided by investing activities | 16,187 | 9,933 |
Cash flows from financing activities: | ||
Repayment of finance lease obligations | (40) | (42) |
Repurchase of employee common stock for taxes withheld | (1,229) | (1,849) |
Proceeds from the exercise of stock options | 5,324 | 529 |
Proceeds from vested restricted and performance stock units | 1 | 1 |
Net cash provided by (used in) financing activities | 4,056 | (1,361) |
Effect of exchange rate changes on cash and cash equivalents | (937) | 10 |
Increase in cash and cash equivalents | 40,986 | 3,488 |
Cash and cash equivalents, at beginning of the period | 183,038 | 86,480 |
Cash and cash equivalents, at end of the period | $ 224,024 | $ 89,968 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 29, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ (3,339) | $ 2,710 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 29, 2024 | |
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 |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 3 Months Ended |
Mar. 29, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | Note 1 — Basis of Presentation and Significant Accounting Policies STAAR Surgical Company, a Delaware corporation, was first incorporated in 1982, and together with its subsidiaries designs, develops, manufactures, and sells implantable lenses for the eye and accessory delivery systems used to deliver the lenses into the eye. The accompanying Condensed Consolidated Financial Statements present the financial position, results of operations, and cash flows of STAAR Surgical Company and its wholly owned subsidiaries (the “Company”). All significant intercompany accounts and transactions have been eliminated. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Commission. In accordance with those rules and regulations certain information and footnote disclosures normally included in the Comprehensive Financial Statements have been condensed or omitted pursuant to such rules and regulations. The Consolidated Balance Sheet as of December 29, 2023 was derived from the audited financial statements at that date, but does not include all the information and footnotes required by GAAP. These financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 29, 2023. The Condensed Consolidated Financial Statements for the three months ended March 29, 2024 and March 31, 2023, in the opinion of management, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Company’s financial condition and results of operations. The results of operations for the three months ended March 29, 2024 and March 31, 2023, are not necessarily indicative of the results to be expected for any other interim period or for the entire year. Each of the Company’s fiscal reporting periods ends on the Friday nearest to the quarter ending date and generally consists of 13 weeks. Unless the context indicates otherwise “we,” “us,” the “Company,” and “STAAR” refer to STAAR Surgical Company and its consolidated subsidiaries. Cloud-Based Software As of March 29, 2024 and December 29, 2023 , the Company recognized $ 4,947,000 and $ 2,406,000 , respectively, of net capitalized cloud-based software implementation costs recorded within Other assets on the Condensed Consolidated Balance Sheets. As of March 29, 2024 , these assets are not currently placed into service. No amortization of capitalized cloud-based software implementation costs were recognized during the three months ended March 29, 2024 and March 31, 2023. Vendor Concentration There was one vendor that accounted for over 12 % of the Company’s consolidated accounts payable as of March 29, 2024 . 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 Condensed 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 Condensed Consolidated Financial Statements. |
Investments Available for Sale
Investments Available for Sale | 3 Months Ended |
Mar. 29, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments Available for Sale | Note 2 — Investments Available for Sale Investments available for sale (“AFS”) and the related fair value measurement consisted of the following (dollars in thousands): March 29, 2024 Fair Value Measurements Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Level 1 Level 2 Commercial paper $ 4,522 $ 3 $ ( 1 ) $ 4,524 $ — $ 4,524 Certificates of deposit 2,017 2 — 2,019 — 2,019 U.S. Treasury securities 15,432 — ( 78 ) 15,354 15,354 — U.S. agency securities 1,732 — ( 3 ) 1,729 — 1,729 Corporate debt securities 4,462 4 ( 4 ) 4,462 — 4,462 Total investments AFS $ 28,165 $ 9 $ ( 86 ) $ 28,088 $ 15,354 $ 12,734 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 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 with gross unrealized losses for 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 three months ended March 29, 2024. The following table shows the fair value of investments AFS by contractual maturity (dollars in thousands): As of March 29, 2024 Within one year After one year through five years Total Commercial paper $ 4,524 $ — $ 4,524 Certificates of deposit 2,019 — 2,019 U.S. Treasury securities 9,816 5,538 15,354 U.S. agency securities 1,729 — 1,729 Corporate debt securities 3,037 1,425 4,462 Total investments AFS $ 21,125 $ 6,963 $ 28,088 Note 2 — Investments Available for Sale (Continued) During the three months ended March 31, 2023 , one of the Company’s investments AFS was the subject of a downgraded credit rating. The Company sold its investments of $ 600,000 following the downgrade. The Company recognized a realized gain upon sale of $ 2,000 during the three months ended March 31, 2023 . |
Inventories
Inventories | 3 Months Ended |
Mar. 29, 2024 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 3 — Inventories Inventories, net are stated at the lower of cost and net realizable value, determined on a first-in, first-out basis and consisted of the following (in thousands): March 29, 2024 December 29, 2023 Raw materials and purchased parts $ 9,591 $ 9,766 Work in process 6,097 5,722 Finished goods 25,642 23,150 Total inventories, gross 41,330 38,638 Less inventory reserves ( 2,749 ) ( 3,508 ) Total inventories, net $ 38,581 $ 35,130 |
Prepayments, Deposits, and Othe
Prepayments, Deposits, and Other Current Assets | 3 Months Ended |
Mar. 29, 2024 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepayments, Deposits, and Other Current Assets | Note 4 — Prepayments, Deposits, and Other Current Assets Prepayments, deposits, and other current assets consisted of the following (in thousands): March 29, 2024 December 29, 2023 Prepayments and deposits $ 7,817 $ 6,216 Prepaid insurance 1,968 2,314 Prepaid marketing costs 2,647 2,141 Consumption tax receivable 766 820 Value added tax (VAT) receivable 2,323 2,456 BVG (Swiss Pension) prepayment 1,416 23 Other (1) 444 739 Total prepayments, deposits and other current assets $ 17,381 $ 14,709 (1) No individual category in “other current assets” exceeds 5 % of the total prepayments, deposits and other current assets. |
Property, Plant and Equipment
Property, Plant and Equipment | 3 Months Ended |
Mar. 29, 2024 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Note 5 — Property, Plant and Equipment Property, plant and equipment, net consisted of the following (in thousands): March 29, 2024 December 29, 2023 Machinery and equipment $ 32,547 $ 30,874 Computer equipment and software 8,511 8,495 Furniture and fixtures 4,703 4,122 Leasehold improvements 11,736 10,780 Construction in process 45,149 40,364 Total property, plant and equipment, gross 102,646 94,635 Less accumulated depreciation ( 30,309 ) ( 27,800 ) Total property, plant and equipment, net $ 72,337 $ 66,835 |
Other Current Liabilities
Other Current Liabilities | 3 Months Ended |
Mar. 29, 2024 | |
Other Liabilities Disclosure [Abstract] | |
Other Current Liabilities | Note 6 – Other Current Liabilities Other current liabilities consisted of the following (in thousands): March 29, 2024 December 29, 2023 Accrued salaries and wages $ 10,440 $ 12,519 Accrued bonuses 2,325 3,456 Accrued insurance 1,460 2,315 Income taxes payable 9,708 10,848 Marketing obligations 2,097 1,874 Other (1) 9,231 9,926 Total other current liabilities $ 35,261 $ 40,938 (1) No individual category in “Other” exceeds 5 % of the other current liabilities. |
Leases
Leases | 3 Months Ended |
Mar. 29, 2024 | |
Leases [Abstract] | |
Leases | Note 7 – Leases Finance Leases The Company entered into finance leases primarily related to purchases of equipment used for manufacturing, computer-related equipment or furniture and fixtures. 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): March 29, 2024 December 29, 2023 Computer equipment and software $ 6 $ 6 Furniture and fixtures 475 475 Finance lease right-of-use assets, gross 481 481 Less accumulated depreciation ( 335 ) ( 298 ) Finance lease right-of-use assets, net $ 146 $ 183 Current finance lease obligations $ 166 $ 165 Long-term finance lease obligations — 42 Total finance lease liability $ 166 $ 207 Weighted-average remaining lease term (in years) 1.0 1.3 Weighted-average discount rate 4.25 % 4.24 % Supplemental cash flow information related to finance leases consisted of the following (dollars in thousands): Three Months Ended March 29, 2024 March 31, 2023 Amortization of finance lease right-of-use asset $ 37 $ 39 Interest on finance lease liabilities 2 4 Cash paid for amounts included in the measurement of finance lease liabilities: Operating cash flows 2 4 Financing cash flows 40 42 Note 7 – Leases (Continued) 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. Supplemental balance sheet information related to operating leases consisted of the following (dollars in thousands): March 29, 2024 December 29, 2023 Machinery and equipment $ 701 $ 735 Computer equipment and software 445 446 Real property 42,291 40,869 Operating lease right-of-use assets, gross 43,437 42,050 Less accumulated depreciation ( 8,837 ) ( 7,663 ) Operating lease right-of-use assets, net $ 34,600 $ 34,387 Current operating lease obligations $ 4,403 $ 4,202 Long-term operating lease obligations 31,126 31,425 Total operating lease liability $ 35,529 $ 35,627 Weighted-average remaining lease term (in years) 7.2 7.3 Weighted-average discount rate 5.51 % 5.48 % Supplemental cash flow information related to operating leases was as follows (dollars in thousands): Three Months Ended March 29, 2024 March 31, 2023 Operating lease cost $ 2,223 $ 1,107 Cash paid for amounts included in the measurement of operating lease liabilities: Operating cash flows 1,384 1,173 Right-of-use assets obtained in exchange for new operating lease liabilities 1,495 1,909 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 as of March 29, 2024 is as follows (in thousands): . As of March 29, 2024 Operating Leases Finance Leases March 2025 $ 6,433 $ 170 March 2026 5,379 — March 2027 5,508 — March 2028 5,633 — March 2029 5,743 — Thereafter 16,733 — Total future minimum lease payments $ 45,429 $ 170 Less amounts representing interest ( 9,900 ) ( 4 ) Total lease liability $ 35,529 $ 166 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 29, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 8 — Income Taxes The Company recorded an income tax provision as follows (in thousands): Three Months Ended March 29, 2024 March 31, 2023 Provision for income taxes $ 1,128 $ 2,009 The effective tax rates for the three months ended March 29, 2024 and March 31, 2023 were ( 51.0 ) % and 42.6 %, respectively. The Company’s effective tax rates differ from the U.S. federal statutory rate of 21 % for the three months ended March 29, 2024 and March 31, 2023 , respectively, primarily due to the income tax expense generated in foreign jurisdictions. |
Defined Benefit Pension Plans
Defined Benefit Pension Plans | 3 Months Ended |
Mar. 29, 2024 | |
Retirement Benefits [Abstract] | |
Defined Benefit Pension Plans | Note 9 – Defined Benefit Pension Plans The Company has defined benefit plans covering employees of its Switzerland and Japan operations. The following table summarizes the components of net periodic pension cost recorded for the Company’s defined benefit pension plans (in thousands): Three Months Ended March 29, 2024 March 31, 2023 Service cost (1) $ 325 $ 249 Interest cost (2) 84 87 Expected return on plan assets (2) ( 132 ) ( 87 ) Prior service credit (2),(3) ( 45 ) ( 45 ) Actuarial loss recognized in current period (2),(3) 28 ( 7 ) Net periodic pension cost $ 260 $ 197 (1) Recognized in selling general and administrative expenses on the Condensed Consolidated Statements of Income. (2) Recognized in other expense, net on the Condensed Consolidated Statements of Income. (3) Amounts reclassified from accumulated other comprehensive income (loss). The Company currently is not required to and does not make contributions to its Japan pension plan. The Company’s contributions to its Swiss pension plan are as follows (in thousands): Three Months Ended March 29, 2024 March 31, 2023 Employer contribution $ 267 $ 217 |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 29, 2024 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Note 10 — 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, restricted stock units (“RSUs”) and performance stock units (“PSUs”) and other stock- and cash-based awards, including awards that are subject to service-based and performance-based vesting conditions. As of March 29, 2024, the Company had outstanding grants of stock options, restricted stock awards, RSUs and PSUs. Stock option 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 of Directors, 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, stockholders approved a proposal to increase the number of shares under the plan by 2,170,000 shares, for a total of 20,205,000 shares. As of March 29, 2024, there were 962,029 shares available for grant under the Equity Plan. Stock-Based Compensation The cost that has been charged against income for stock-based compensation is set forth below (in thousands): Three Months Ended March 29, 2024 March 31, 2023 Employee stock options $ 3,173 $ 2,977 Restricted stock 28 67 RSUs 2,312 1,601 PSUs 685 1,106 Nonemployee stock options 141 314 Total stock-based compensation expense $ 6,339 $ 6,065 The Company recorded stock-based compensation costs in the following categories (in thousands): Three Months Ended March 29, 2024 March 31, 2023 Cost of sales $ 298 $ 149 General and administrative 3,075 3,363 Selling and marketing 1,210 857 Research and development 1,756 1,696 Total stock-based compensation expense, net 6,339 6,065 Amounts capitalized as part of inventory 337 369 Total stock-based compensation expense, gross $ 6,676 $ 6,434 As of March 29, 2024, total unrecognized compensation cost related to non-vested stock-based compensation arrangements were as follows (in thousands): March 29, 2024 Stock options $ 28,392 Restricted stock, RSUs and PSUs 43,614 Total unrecognized stock-based compensation cost $ 72,006 The cost is expected to be recognized over a weighted-average period of approximately two years . Note 10 — Stockholders’ Equity (Continued) 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 8 % 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. Three Months Ended March 29, 2024 March 31, 2023 Expected dividend yield 0 % 0 % Expected volatility 59 % 60 % Risk-free interest rate 4.16 % 3.96 % Expected term (in years) 5.29 5.05 Stock Options A summary of stock option activity under the Equity Plan for three months ended March 29, 2024 is presented below: Stock Weighted- Weighted- Aggregate Outstanding at December 29, 2023 2,630 $ 46.38 Granted 523 37.21 Exercised ( 187 ) 28.50 Forfeited or expired ( 83 ) 76.05 Outstanding at March 29, 2024 2,883 $ 45.01 6.98 $ 16,386 Exercisable at March 29, 2024 1,668 $ 42.93 5.41 $ 15,090 Restricted Stock, Restricted Stock Units and Performance Stock Units A summary of restricted stock, RSU and PSU activity under the Equity Plan for the three months ended March 29, 2024 is presented below (shares in thousands): Restricted RSUs PSUs Unvested at December 29, 2023 14 401 56 Granted — 415 390 Vested — ( 110 ) ( 24 ) Forfeited or expired ( 4 ) ( 1 ) ( 4 ) Unvested at March 29, 2024 10 705 418 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 29, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 11 - Commitments and Contingencies 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. The Company 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. |
Basic and Diluted Net Income (L
Basic and Diluted Net Income (Loss) Per Share | 3 Months Ended |
Mar. 29, 2024 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Net Income (Loss) Per Share | Note 12 — Basic and Diluted Net Income (Loss) Per Share The following table sets forth the computation of basic and diluted net income per share (in thousands except per share amounts): Three Months Ended March 29, 2024 March 31, 2023 Numerator: Net income (loss) $ ( 3,339 ) $ 2,710 Denominator: Weighted average common shares: Common shares outstanding 48,907 48,251 Less: Unvested restricted stock — ( 4 ) Denominator for basic calculation 48,907 48,247 Weighted average effects of potentially diluted common stock: Stock options — 1,116 Unvested restricted stock — 3 RSUs — 81 PSUs — 53 Denominator for diluted calculation 48,907 49,500 Net income (loss) per share: Basic $ ( 0.07 ) $ 0.06 Diluted $ ( 0.07 ) $ 0.05 Because the Company had a net loss for the three months ended March 29, 2024, the number of diluted shares is equal to the number of basic shares. 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. Three Months Ended March 29, 2024 March 31, 2023 Stock options 4,316 1,392 Restricted stock, RSUs and PSUs 495 15 Total 4,811 1,407 |
Disaggregation of Sales, Geogra
Disaggregation of Sales, Geographic Sales and Product Sales | 3 Months Ended |
Mar. 29, 2024 | |
Segment Reporting [Abstract] | |
Disaggregation of Sales, Geographic Sales and Product Sales | Note 13 — Disaggregation of Sales, Geographic Sales and Product Sales In the following tables, sales are disaggregated by category, sales by geographic market and sales by product data. The following breaks down sales into the following categories (in thousands): Three Months Ended March 29, 2024 March 31, 2023 Non-consignment sales $ 71,764 $ 67,163 Consignment sales 5,592 6,365 Total net sales $ 77,356 $ 73,528 The Company markets and sells its products in over 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 exceed 10 % of worldwide 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): Three Months Ended March 29, 2024 March 31, 2023 Domestic $ 4,935 $ 4,551 Foreign: China 38,549 35,090 Japan 10,456 10,936 Other (1) 23,416 22,951 Total foreign sales 72,421 68,977 Total net sales $ 77,356 $ 73,528 (1) No other location individually exceeds 10 % of the total sales. 100 % of the Company’s sales are generated from the ophthalmic surgical product segment and the chief operating decision maker makes operating decisions and allocates resources based upon the consolidated operating results, and therefore the Company operates as one operating segment for financial reporting purposes. The Company’s principal products are implantable Collamer lenses (“ICLs”) used in refractive surgery. Historically the Company marketed and sold cataract intraocular lenses (“IOLs”) and related injectors and injector parts. The Company phased out sales of such products in fiscal 2023, and 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): Three Months Ended March 29, 2024 March 31, 2023 ICLs $ 77,151 $ 70,625 Other product sales: Cataract IOLs — 1,476 Other surgical products (1) 205 1,427 Total other product sales 205 2,903 Total net sales $ 77,356 $ 73,528 (1) Other surgical products include delivery systems and normal recurring sales adjustments such as sales return allowances. The Company’s China distributors accounted for 49 % and 48 % of net sales for the three months ended March 29, 2024 and March 31, 2023, respectively. As of March 29, 2024 and December 29, 2023 , the Company’s China distributors accounted for 54 % and 70 %, respectively, of consolidated trade receivables. |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 29, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The accompanying Condensed Consolidated Financial Statements present the financial position, results of operations, and cash flows of STAAR Surgical Company and its wholly owned subsidiaries (the “Company”). All significant intercompany accounts and transactions have been eliminated. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Commission. In accordance with those rules and regulations certain information and footnote disclosures normally included in the Comprehensive Financial Statements have been condensed or omitted pursuant to such rules and regulations. The Consolidated Balance Sheet as of December 29, 2023 was derived from the audited financial statements at that date, but does not include all the information and footnotes required by GAAP. These financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 29, 2023. The Condensed Consolidated Financial Statements for the three months ended March 29, 2024 and March 31, 2023, in the opinion of management, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Company’s financial condition and results of operations. The results of operations for the three months ended March 29, 2024 and March 31, 2023, are not necessarily indicative of the results to be expected for any other interim period or for the entire year. Each of the Company’s fiscal reporting periods ends on the Friday nearest to the quarter ending date and generally consists of 13 weeks. Unless the context indicates otherwise “we,” “us,” the “Company,” and “STAAR” refer to STAAR Surgical Company and its consolidated subsidiaries. |
Cloud-Based Software Implementation Costs | Cloud-Based Software As of March 29, 2024 and December 29, 2023 , the Company recognized $ 4,947,000 and $ 2,406,000 , respectively, of net capitalized cloud-based software implementation costs recorded within Other assets on the Condensed Consolidated Balance Sheets. As of March 29, 2024 , these assets are not currently placed into service. No amortization of capitalized cloud-based software implementation costs were recognized during the three months ended March 29, 2024 and March 31, 2023. Vendor Concentration There was one vendor that accounted for over 12 % of the Company’s consolidated accounts payable as of March 29, 2024 . |
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 Condensed 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 Condensed Consolidated Financial Statements. |
Investments Available for Sale
Investments Available for Sale (Tables) | 3 Months Ended |
Mar. 29, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Investments Available for Sale and Related Fair Value Measurement | Investments available for sale (“AFS”) and the related fair value measurement consisted of the following (dollars in thousands): March 29, 2024 Fair Value Measurements Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Level 1 Level 2 Commercial paper $ 4,522 $ 3 $ ( 1 ) $ 4,524 $ — $ 4,524 Certificates of deposit 2,017 2 — 2,019 — 2,019 U.S. Treasury securities 15,432 — ( 78 ) 15,354 15,354 — U.S. agency securities 1,732 — ( 3 ) 1,729 — 1,729 Corporate debt securities 4,462 4 ( 4 ) 4,462 — 4,462 Total investments AFS $ 28,165 $ 9 $ ( 86 ) $ 28,088 $ 15,354 $ 12,734 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 |
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 March 29, 2024 Within one year After one year through five years Total Commercial paper $ 4,524 $ — $ 4,524 Certificates of deposit 2,019 — 2,019 U.S. Treasury securities 9,816 5,538 15,354 U.S. agency securities 1,729 — 1,729 Corporate debt securities 3,037 1,425 4,462 Total investments AFS $ 21,125 $ 6,963 $ 28,088 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 29, 2024 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | Inventories, net are stated at the lower of cost and net realizable value, determined on a first-in, first-out basis and consisted of the following (in thousands): March 29, 2024 December 29, 2023 Raw materials and purchased parts $ 9,591 $ 9,766 Work in process 6,097 5,722 Finished goods 25,642 23,150 Total inventories, gross 41,330 38,638 Less inventory reserves ( 2,749 ) ( 3,508 ) Total inventories, net $ 38,581 $ 35,130 |
Prepayments, Deposits, and Ot_2
Prepayments, Deposits, and Other Current Assets (Tables) | 3 Months Ended |
Mar. 29, 2024 | |
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): March 29, 2024 December 29, 2023 Prepayments and deposits $ 7,817 $ 6,216 Prepaid insurance 1,968 2,314 Prepaid marketing costs 2,647 2,141 Consumption tax receivable 766 820 Value added tax (VAT) receivable 2,323 2,456 BVG (Swiss Pension) prepayment 1,416 23 Other (1) 444 739 Total prepayments, deposits and other current assets $ 17,381 $ 14,709 (1) No individual category in “other current assets” exceeds 5 % of the total prepayments, deposits and other current assets. |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 3 Months Ended |
Mar. 29, 2024 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Net | Property, plant and equipment, net consisted of the following (in thousands): March 29, 2024 December 29, 2023 Machinery and equipment $ 32,547 $ 30,874 Computer equipment and software 8,511 8,495 Furniture and fixtures 4,703 4,122 Leasehold improvements 11,736 10,780 Construction in process 45,149 40,364 Total property, plant and equipment, gross 102,646 94,635 Less accumulated depreciation ( 30,309 ) ( 27,800 ) Total property, plant and equipment, net $ 72,337 $ 66,835 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 3 Months Ended |
Mar. 29, 2024 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Current Liabilities | Other current liabilities consisted of the following (in thousands): March 29, 2024 December 29, 2023 Accrued salaries and wages $ 10,440 $ 12,519 Accrued bonuses 2,325 3,456 Accrued insurance 1,460 2,315 Income taxes payable 9,708 10,848 Marketing obligations 2,097 1,874 Other (1) 9,231 9,926 Total other current liabilities $ 35,261 $ 40,938 (1) No individual category in “Other” exceeds 5 % of the other current liabilities. |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 29, 2024 | |
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): March 29, 2024 December 29, 2023 Computer equipment and software $ 6 $ 6 Furniture and fixtures 475 475 Finance lease right-of-use assets, gross 481 481 Less accumulated depreciation ( 335 ) ( 298 ) Finance lease right-of-use assets, net $ 146 $ 183 Current finance lease obligations $ 166 $ 165 Long-term finance lease obligations — 42 Total finance lease liability $ 166 $ 207 Weighted-average remaining lease term (in years) 1.0 1.3 Weighted-average discount rate 4.25 % 4.24 % |
Supplemental Cash Flow Information Related to Finance Leases | Supplemental cash flow information related to finance leases consisted of the following (dollars in thousands): Three Months Ended March 29, 2024 March 31, 2023 Amortization of finance lease right-of-use asset $ 37 $ 39 Interest on finance lease liabilities 2 4 Cash paid for amounts included in the measurement of finance lease liabilities: Operating cash flows 2 4 Financing cash flows 40 42 Note 7 – Leases (Continued) |
Supplemental Balance Sheet Information Related to Operating Leases | Supplemental balance sheet information related to operating leases consisted of the following (dollars in thousands): March 29, 2024 December 29, 2023 Machinery and equipment $ 701 $ 735 Computer equipment and software 445 446 Real property 42,291 40,869 Operating lease right-of-use assets, gross 43,437 42,050 Less accumulated depreciation ( 8,837 ) ( 7,663 ) Operating lease right-of-use assets, net $ 34,600 $ 34,387 Current operating lease obligations $ 4,403 $ 4,202 Long-term operating lease obligations 31,126 31,425 Total operating lease liability $ 35,529 $ 35,627 Weighted-average remaining lease term (in years) 7.2 7.3 Weighted-average discount rate 5.51 % 5.48 % |
Supplemental Cash Flow Information Related to Operating Leases | Supplemental cash flow information related to operating leases was as follows (dollars in thousands): Three Months Ended March 29, 2024 March 31, 2023 Operating lease cost $ 2,223 $ 1,107 Cash paid for amounts included in the measurement of operating lease liabilities: Operating cash flows 1,384 1,173 Right-of-use assets obtained in exchange for new operating lease liabilities 1,495 1,909 |
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 as of March 29, 2024 is as follows (in thousands): . As of March 29, 2024 Operating Leases Finance Leases March 2025 $ 6,433 $ 170 March 2026 5,379 — March 2027 5,508 — March 2028 5,633 — March 2029 5,743 — Thereafter 16,733 — Total future minimum lease payments $ 45,429 $ 170 Less amounts representing interest ( 9,900 ) ( 4 ) Total lease liability $ 35,529 $ 166 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 29, 2024 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Provision | The Company recorded an income tax provision as follows (in thousands): Three Months Ended March 29, 2024 March 31, 2023 Provision for income taxes $ 1,128 $ 2,009 |
Defined Benefit Pension Plans (
Defined Benefit Pension Plans (Tables) | 3 Months Ended |
Mar. 29, 2024 | |
Retirement Benefits [Abstract] | |
Schedule of Net Benefit Costs | The Company has defined benefit plans covering employees of its Switzerland and Japan operations. The following table summarizes the components of net periodic pension cost recorded for the Company’s defined benefit pension plans (in thousands): Three Months Ended March 29, 2024 March 31, 2023 Service cost (1) $ 325 $ 249 Interest cost (2) 84 87 Expected return on plan assets (2) ( 132 ) ( 87 ) Prior service credit (2),(3) ( 45 ) ( 45 ) Actuarial loss recognized in current period (2),(3) 28 ( 7 ) Net periodic pension cost $ 260 $ 197 (1) Recognized in selling general and administrative expenses on the Condensed Consolidated Statements of Income. (2) Recognized in other expense, net on the Condensed Consolidated Statements of Income. (3) Amounts reclassified from accumulated other comprehensive income (loss). |
Schedule of Defined Benefit Plans Disclosures | The Company currently is not required to and does not make contributions to its Japan pension plan. The Company’s contributions to its Swiss pension plan are as follows (in thousands): Three Months Ended March 29, 2024 March 31, 2023 Employer contribution $ 267 $ 217 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 29, 2024 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Compensation Cost | The cost that has been charged against income for stock-based compensation is set forth below (in thousands): Three Months Ended March 29, 2024 March 31, 2023 Employee stock options $ 3,173 $ 2,977 Restricted stock 28 67 RSUs 2,312 1,601 PSUs 685 1,106 Nonemployee stock options 141 314 Total stock-based compensation expense $ 6,339 $ 6,065 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | The Company recorded stock-based compensation costs in the following categories (in thousands): Three Months Ended March 29, 2024 March 31, 2023 Cost of sales $ 298 $ 149 General and administrative 3,075 3,363 Selling and marketing 1,210 857 Research and development 1,756 1,696 Total stock-based compensation expense, net 6,339 6,065 Amounts capitalized as part of inventory 337 369 Total stock-based compensation expense, gross $ 6,676 $ 6,434 |
Schedule of Unrecognized Compensation Cost, Non-Vested Stock-Based Compensation Arrangements | As of March 29, 2024, total unrecognized compensation cost related to non-vested stock-based compensation arrangements were as follows (in thousands): March 29, 2024 Stock options $ 28,392 Restricted stock, RSUs and PSUs 43,614 Total unrecognized stock-based compensation cost $ 72,006 |
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. Three Months Ended March 29, 2024 March 31, 2023 Expected dividend yield 0 % 0 % Expected volatility 59 % 60 % Risk-free interest rate 4.16 % 3.96 % Expected term (in years) 5.29 5.05 |
Schedule of Share-based Compensation, Stock Options, Activity | A summary of stock option activity under the Equity Plan for three months ended March 29, 2024 is presented below: Stock Weighted- Weighted- Aggregate Outstanding at December 29, 2023 2,630 $ 46.38 Granted 523 37.21 Exercised ( 187 ) 28.50 Forfeited or expired ( 83 ) 76.05 Outstanding at March 29, 2024 2,883 $ 45.01 6.98 $ 16,386 Exercisable at March 29, 2024 1,668 $ 42.93 5.41 $ 15,090 |
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 three months ended March 29, 2024 is presented below (shares in thousands): Restricted RSUs PSUs Unvested at December 29, 2023 14 401 56 Granted — 415 390 Vested — ( 110 ) ( 24 ) Forfeited or expired ( 4 ) ( 1 ) ( 4 ) Unvested at March 29, 2024 10 705 418 |
Basic and Diluted Net Income _2
Basic and Diluted Net Income (Loss) Per Share (Tables) | 3 Months Ended |
Mar. 29, 2024 | |
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): Three Months Ended March 29, 2024 March 31, 2023 Numerator: Net income (loss) $ ( 3,339 ) $ 2,710 Denominator: Weighted average common shares: Common shares outstanding 48,907 48,251 Less: Unvested restricted stock — ( 4 ) Denominator for basic calculation 48,907 48,247 Weighted average effects of potentially diluted common stock: Stock options — 1,116 Unvested restricted stock — 3 RSUs — 81 PSUs — 53 Denominator for diluted calculation 48,907 49,500 Net income (loss) per share: Basic $ ( 0.07 ) $ 0.06 Diluted $ ( 0.07 ) $ 0.05 |
Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share | Three Months Ended March 29, 2024 March 31, 2023 Stock options 4,316 1,392 Restricted stock, RSUs and PSUs 495 15 Total 4,811 1,407 |
Disaggregation of Sales, Geog_2
Disaggregation of Sales, Geographic Sales and Product Sales (Tables) | 3 Months Ended |
Mar. 29, 2024 | |
Segment Reporting [Abstract] | |
Disaggregation of Sales | In the following tables, sales are disaggregated by category, sales by geographic market and sales by product data. The following breaks down sales into the following categories (in thousands): Three Months Ended March 29, 2024 March 31, 2023 Non-consignment sales $ 71,764 $ 67,163 Consignment sales 5,592 6,365 Total net sales $ 77,356 $ 73,528 |
Net Sales by Geographic Areas | The composition of the Company’s net sales to unaffiliated customers was as follows (in thousands): Three Months Ended March 29, 2024 March 31, 2023 Domestic $ 4,935 $ 4,551 Foreign: China 38,549 35,090 Japan 10,456 10,936 Other (1) 23,416 22,951 Total foreign sales 72,421 68,977 Total net sales $ 77,356 $ 73,528 (1) No other location individually exceeds 10 % of the total sales. |
Net Sales by Products and Services | The composition of the Company’s net sales by product line was as follows (in thousands): Three Months Ended March 29, 2024 March 31, 2023 ICLs $ 77,151 $ 70,625 Other product sales: Cataract IOLs — 1,476 Other surgical products (1) 205 1,427 Total other product sales 205 2,903 Total net sales $ 77,356 $ 73,528 (1) Other surgical products include delivery systems and normal recurring sales adjustments such as sales return allowances. |
Basis of Presentation and Sig_3
Basis of Presentation and Significant Accounting Policies - Additional Information (Details) - USD ($) | 3 Months Ended | ||
Mar. 29, 2024 | Mar. 31, 2023 | Dec. 29, 2023 | |
Organization And Description Of Business And Accounting Policies [Line Items] | |||
Capitalized cloud-based software implementation costs | $ 4,947,000 | $ 2,406,000 | |
Capitalized Computer Software, Amortization | $ 0 | $ 0 | |
Maximum | Consolidated Accounts Payable | Vendor Concentration Risk | |||
Organization And Description Of Business And Accounting Policies [Line Items] | |||
Concentration risk, percentage | 12% |
Investments Available for Sal_2
Investments Available for Sale - Summary of Investments Available for Sale and Related Fair Value Measurement (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 29, 2024 | Dec. 29, 2023 | |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 28,165 | $ 49,433 |
Unrealized Gains | 9 | 28 |
Unrealized Losses | (86) | (70) |
Estimated Fair Value | 28,088 | 49,391 |
Fair Value, Inputs, Level 1 | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Fair Value Measurements | 15,354 | 22,983 |
Fair Value, Inputs, Level 2 | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Fair Value Measurements | 12,734 | 26,408 |
Commercial Paper | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 4,522 | 7,720 |
Unrealized Gains | 3 | 9 |
Unrealized Losses | (1) | |
Estimated Fair Value | 4,524 | 7,729 |
Commercial Paper | Fair Value, Inputs, Level 2 | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Fair Value Measurements | 4,524 | 7,729 |
Certificates of Deposit | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 2,017 | 3,716 |
Unrealized Gains | 2 | 4 |
Estimated Fair Value | 2,019 | 3,720 |
Certificates of Deposit | Fair Value, Inputs, Level 2 | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Fair Value Measurements | 2,019 | 3,720 |
U.S. Treasury Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 15,432 | 23,036 |
Unrealized Gains | 3 | |
Unrealized Losses | (78) | (56) |
Estimated Fair Value | 15,354 | 22,983 |
U.S. Treasury Securities | Fair Value, Inputs, Level 1 | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Fair Value Measurements | 15,354 | 22,983 |
U.S. Agency Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 1,732 | 3,423 |
Unrealized Losses | (3) | (4) |
Estimated Fair Value | 1,729 | 3,419 |
U.S. Agency Securities | Fair Value, Inputs, Level 2 | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Fair Value Measurements | 1,729 | 3,419 |
Corporate Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 4,462 | 11,538 |
Unrealized Gains | 4 | 12 |
Unrealized Losses | (4) | (10) |
Estimated Fair Value | 4,462 | 11,540 |
Corporate Debt Securities | Fair Value, Inputs, Level 2 | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Fair Value Measurements | $ 4,462 | $ 11,540 |
Investments Available for Sal_3
Investments Available for Sale - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 29, 2024 | Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | ||
Impairment recognized | $ 0 | |
Sale of securities | $ 600,000 | |
Realized gain on debt securities available for sale | $ 2,000 |
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 | Mar. 29, 2024 | Dec. 29, 2023 |
Schedule Of Available For Sale Securities [Line Items] | ||
Within one year | $ 21,125 | |
After one year through five years | 6,963 | |
Total | 28,088 | $ 49,391 |
Commercial Paper | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Within one year | 4,524 | |
Total | 4,524 | 7,729 |
Certificates of Deposit | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Within one year | 2,019 | |
Total | 2,019 | 3,720 |
U.S. Treasury Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Within one year | 9,816 | |
After one year through five years | 5,538 | |
Total | 15,354 | 22,983 |
U.S. Agency Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Within one year | 1,729 | |
Total | 1,729 | 3,419 |
Corporate Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Within one year | 3,037 | |
After one year through five years | 1,425 | |
Total | $ 4,462 | $ 11,540 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventory, Current (Details) - USD ($) $ in Thousands | Mar. 29, 2024 | Dec. 29, 2023 |
Inventory Disclosure [Abstract] | ||
Raw materials and purchased parts | $ 9,591 | $ 9,766 |
Work in process | 6,097 | 5,722 |
Finished goods | 25,642 | 23,150 |
Total inventories, gross | 41,330 | 38,638 |
Less inventory reserves | (2,749) | (3,508) |
Total inventories, net | $ 38,581 | $ 35,130 |
Prepayments, Deposits, and Ot_3
Prepayments, Deposits, and Other Current Assets - Schedule Of Prepayments, Deposits, and Other Current Assets (Details) - USD ($) $ in Thousands | Mar. 29, 2024 | Dec. 29, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Prepayments and deposits | $ 7,817 | $ 6,216 | |
Prepaid insurance | 1,968 | 2,314 | |
Prepaid marketing costs | 2,647 | 2,141 | |
Consumption tax receivable | 766 | 820 | |
Value added tax (VAT) receivable | 2,323 | 2,456 | |
BVG (Swiss Pension) prepayment | 1,416 | 23 | |
Other | [1] | 444 | 739 |
Total prepayments, deposits and other current assets | $ 17,381 | $ 14,709 | |
[1] No individual category in “other current assets” exceeds 5 % of the total prepayments, deposits and other current assets. |
Prepayments, Deposits, and Ot_4
Prepayments, Deposits, and Other Current Assets - Schedule Of Prepayments, Deposits, and Other Current Assets (Parenthetical) (Details) | Mar. 29, 2024 | Dec. 29, 2023 |
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 -
Property, Plant and Equipment - Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands | Mar. 29, 2024 | Dec. 29, 2023 |
Property, Plant and Equipment [Abstract] | ||
Machinery and equipment | $ 32,547 | $ 30,874 |
Computer equipment and software | 8,511 | 8,495 |
Furniture and fixtures | 4,703 | 4,122 |
Leasehold improvements | 11,736 | 10,780 |
Construction in process | 45,149 | 40,364 |
Total property, plant and equipment, gross | 102,646 | 94,635 |
Less accumulated depreciation | (30,309) | (27,800) |
Total property, plant and equipment, net | $ 72,337 | $ 66,835 |
Other Current Liabilities - Sch
Other Current Liabilities - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands | Mar. 29, 2024 | Dec. 29, 2023 | |
Other Liabilities Disclosure [Abstract] | |||
Accrued salaries and wages | $ 10,440 | $ 12,519 | |
Accrued bonuses | 2,325 | 3,456 | |
Accrued insurance | 1,460 | 2,315 | |
Income taxes payable | 9,708 | 10,848 | |
Marketing obligations | 2,097 | 1,874 | |
Other | [1] | 9,231 | 9,926 |
Total other current liabilities | $ 35,261 | $ 40,938 | |
[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) | Mar. 29, 2024 | Dec. 29, 2023 |
Other Liabilities Disclosure [Abstract] | ||
Percent of Other Current Liabilities Included in Other | 5% | 5% |
Leases - Additional Information
Leases - Additional Information (Details) | Mar. 29, 2024 |
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 | Mar. 29, 2024 | Dec. 29, 2023 |
Lessee Lease Description [Line Items] | ||
Finance lease right-of-use assets, gross | $ 481 | $ 481 |
Less accumulated depreciation | (335) | (298) |
Finance lease right-of-use assets, net | 146 | 183 |
Current finance lease obligations | 166 | 165 |
Long-term finance lease obligations | 42 | |
Total finance lease liability | $ 166 | $ 207 |
Weighted-average remaining lease term (in years) | 1 year | 1 year 3 months 18 days |
Weighted-average discount rate | 4.25% | 4.24% |
Computer Equipment and Software | ||
Lessee Lease Description [Line Items] | ||
Finance lease right-of-use assets, gross | $ 6 | $ 6 |
Furniture and Fixtures | ||
Lessee Lease Description [Line Items] | ||
Finance lease right-of-use assets, gross | $ 475 | $ 475 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information Related to Finance Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 29, 2024 | Mar. 31, 2023 | |
Leases [Abstract] | ||
Amortization of finance lease right-of-use asset | $ 37 | $ 39 |
Interest on finance lease liabilities | 2 | 4 |
Cash paid for amounts included in the measurement of finance lease liabilities: | ||
Operating cash flows | 2 | 4 |
Financing cash flows | $ 40 | $ 42 |
Leases - Supplemental Balance_2
Leases - Supplemental Balance Sheet Information Related to Operating Leases (Details) - USD ($) $ in Thousands | Mar. 29, 2024 | Dec. 29, 2023 |
Lessee Lease Description [Line Items] | ||
Operating lease right-of-use assets, gross | $ 43,437 | $ 42,050 |
Less accumulated depreciation | (8,837) | (7,663) |
Operating lease right-of-use assets, net | 34,600 | 34,387 |
Current operating lease obligations | 4,403 | 4,202 |
Long-term operating lease obligations | 31,126 | 31,425 |
Total operating lease liability | $ 35,529 | $ 35,627 |
Weighted-average remaining lease term (in years) | 7 years 2 months 12 days | 7 years 3 months 18 days |
Weighted-average discount rate | 5.51% | 5.48% |
Machinery and Equipment | ||
Lessee Lease Description [Line Items] | ||
Operating lease right-of-use assets, gross | $ 701 | $ 735 |
Computer Equipment and Software | ||
Lessee Lease Description [Line Items] | ||
Operating lease right-of-use assets, gross | 445 | 446 |
Real Property | ||
Lessee Lease Description [Line Items] | ||
Operating lease right-of-use assets, gross | $ 42,291 | $ 40,869 |
Leases - Supplemental Cash Fl_2
Leases - Supplemental Cash Flow Information Related to Operating Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 29, 2024 | Mar. 31, 2023 | |
Leases [Abstract] | ||
Operating lease cost | $ 2,223 | $ 1,107 |
Cash paid for amounts included in the measurement of operating lease liabilities: | ||
Operating cash flows | 1,384 | 1,173 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 1,495 | $ 1,909 |
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 | Mar. 29, 2024 | Dec. 29, 2023 |
Operating Lease Liabilities, Payments, Due, Rolling Maturity [Abstract] | ||
March 2025 | $ 6,433 | |
March 2026 | 5,379 | |
March 2027 | 5,508 | |
March 2028 | 5,633 | |
March 2029 | 5,743 | |
Thereafter | 16,733 | |
Total future minimum lease payments | 45,429 | |
Less amounts representing interest | (9,900) | |
Total lease liability | 35,529 | $ 35,627 |
Finance Lease Liabilities, Payments, Rolling Maturity [Abstract] | ||
March 2025 | 170 | |
Total future minimum lease payments | 170 | |
Less amounts representing interest | (4) | |
Total lease liability | $ 166 | $ 207 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Provision (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 29, 2024 | Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | ||
Provision for income taxes | $ 1,128 | $ 2,009 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) | 3 Months Ended | |
Mar. 29, 2024 | Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | ||
Effective tax rate | (51.00%) | 42.60% |
Effective tax rates differ from U.S. federal statutory rate | 21% | 21% |
Defined Benefit Pension Plans -
Defined Benefit Pension Plans - Schedule of Net Benefit Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 29, 2024 | Mar. 31, 2023 | ||
Retirement Benefits [Abstract] | |||
Service cost | [1] | $ 325 | $ 249 |
Interest cost | [2] | 84 | 87 |
Expected return on plan assets | [2] | (132) | (87) |
Prior service credit | [2],[3] | (45) | (45) |
Actuarial loss recognized in current period | [2],[3] | 28 | (7) |
Net periodic pension cost | $ 260 | $ 197 | |
[1] Recognized in selling general and administrative expenses on the Condensed Consolidated Statements of Income. Recognized in other expense, net on the Condensed Consolidated Statements of Income. Amounts reclassified from accumulated other comprehensive income (loss). |
Defined Benefit Pension Plans_2
Defined Benefit Pension Plans - Schedule of Defined Benefit Plans Disclosures (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 29, 2024 | Mar. 31, 2023 | |
Swiss pension plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Employer contribution | $ 267 | $ 217 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - shares | 3 Months Ended | |
Jun. 15, 2023 | Mar. 29, 2024 | |
Stockholders Equity Note [Line Items] | ||
Weighted-average period of cost expected to recognize | 2 years | |
Estimated forfeiture rate | 8% | |
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 | 962,029 | |
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 Compensation Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 29, 2024 | Mar. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Share-Based Payment Arrangement, Expense | $ 6,339 | $ 6,065 |
Employee Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Share-Based Payment Arrangement, Expense | 3,173 | 2,977 |
Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Share-Based Payment Arrangement, Expense | 28 | 67 |
RSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Share-Based Payment Arrangement, Expense | 2,312 | 1,601 |
PSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Share-Based Payment Arrangement, Expense | 685 | 1,106 |
Non Employee Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Share-Based Payment Arrangement, Expense | $ 141 | $ 314 |
Stockholders' Equity - Schedu_2
Stockholders' Equity - Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 29, 2024 | Mar. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense, net | $ 6,339 | $ 6,065 |
Amounts capitalized as part of inventory | 337 | 369 |
Total stock-based compensation expense, gross | 6,676 | 6,434 |
Cost of Sales | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense, net | 298 | 149 |
General and Administrative | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense, net | 3,075 | 3,363 |
Selling and Marketing | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense, net | 1,210 | 857 |
Research and Development Expense | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense, net | $ 1,756 | $ 1,696 |
Stockholders' Equity - Schedu_3
Stockholders' Equity - Schedule of Unrecognized Compensation Cost Related to Non-Vested Stock-Based Compensation Arrangements (Details) $ in Thousands | Mar. 29, 2024 USD ($) |
Share-Based Payment Arrangement [Abstract] | |
Stock options | $ 28,392 |
Restricted stock, RSUs and PSUs | 43,614 |
Total unrecognized stock-based compensation cost | $ 72,006 |
Stockholders' Equity - Schedu_4
Stockholders' Equity - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details) | 3 Months Ended | |
Mar. 29, 2024 | Mar. 31, 2023 | |
Stockholders' Equity Note [Abstract] | ||
Expected dividend yield | 0% | 0% |
Expected volatility | 59% | 60% |
Risk-free interest rate | 4.16% | 3.96% |
Expected term (in years) | 5 years 3 months 14 days | 5 years 18 days |
Stockholders' Equity - Schedu_5
Stockholders' Equity - Schedule of Share-based Compensation, Stock Options, Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended |
Mar. 29, 2024 USD ($) $ / shares shares | |
Stockholders' Equity Note [Abstract] | |
Options, Outstanding at December 29, 2023 | shares | 2,630 |
Options, Granted, Shares | shares | 523 |
Options, Exercised, Shares | shares | (187) |
Options, Forfeited or expired, Shares | shares | (83) |
Options, Outstanding at March 29, 2024 | shares | 2,883 |
Options, Exercisable at March 29, 2024 | shares | 1,668 |
Weighted Average Exercise Price, Options Outstanding at December 29, 2023 | $ / shares | $ 46.38 |
Weighted Average Exercise Price, Options, Granted | $ / shares | 37.21 |
Weighted Average Exercise Price,Options, Exercised | $ / shares | 28.5 |
Weighted Average Exercise Price, Options, Forfeited or Expired | $ / shares | 76.05 |
Weighted Average Exercise Price, Options Outstanding at March 29, 2024 | $ / shares | 45.01 |
Weighted Average Exercise Price, Options Exercisable at March 29, 2024 | $ / shares | $ 42.93 |
Weighted Average Remaining Contractual Term, Options, Outstanding at March 29, 2024 | 6 years 11 months 23 days |
Weighted Average Remaining Contractual Term, Options, Exercisable at March 29, 2024 | 5 years 4 months 28 days |
Aggregate Intrinsic Value, Options, Outstanding at March 29, 2024 | $ | $ 16,386 |
Aggregate Intrinsic Value, Options, Outstanding at March 29, 2024 | $ | $ 15,090 |
Stockholders' Equity - Schedu_6
Stockholders' Equity - Schedule of Share-based Compensation, Restricted Stock, RSU and PSU Activity (Details) shares in Thousands | 3 Months Ended |
Mar. 29, 2024 shares | |
Restricted Stock | |
Schedule of Restricted Stock Restricted Stock Units and Performance Stock Units [Line Items] | |
Unvested at December 29, 2023 | 14 |
Forfeited or expired | (4) |
Unvested at March 29, 2024 | 10 |
RSUs | |
Schedule of Restricted Stock Restricted Stock Units and Performance Stock Units [Line Items] | |
Unvested at December 29, 2023 | 401 |
Granted | 415 |
Vested | (110) |
Forfeited or expired | (1) |
Unvested at March 29, 2024 | 705 |
PSUs | |
Schedule of Restricted Stock Restricted Stock Units and Performance Stock Units [Line Items] | |
Unvested at December 29, 2023 | 56 |
Granted | 390 |
Vested | (24) |
Forfeited or expired | (4) |
Unvested at March 29, 2024 | 418 |
Basic and Diluted Net Income _3
Basic and Diluted Net Income (Loss) Per Share - Summary of Computation of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 29, 2024 | Mar. 31, 2023 | |
Numerator: | ||
Net income (loss) | $ (3,339) | $ 2,710 |
Weighted average common shares: | ||
Common shares outstanding | 48,907 | 48,251 |
Less: Unvested restricted stock | (4) | |
Denominator for basic calculation | 48,907 | 48,247 |
Weighted average effects of potentially diluted common stock: | ||
Diluted | 48,907 | 49,500 |
Net income (loss) per share: | ||
Basic | $ (0.07) | $ 0.06 |
Diluted | $ (0.07) | $ 0.05 |
Employee Stock Options | ||
Weighted average effects of potentially diluted common stock: | ||
Diluted | 1,116 | |
Unvested Restricted Stock | ||
Weighted average effects of potentially diluted common stock: | ||
Diluted | 3 | |
RSUs | ||
Weighted average effects of potentially diluted common stock: | ||
Diluted | 81 | |
PSUs | ||
Weighted average effects of potentially diluted common stock: | ||
Diluted | 53 |
Basic and Diluted Net Income _4
Basic and Diluted Net Income (Loss) Per Share - Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 29, 2024 | Mar. 31, 2023 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from computation of earnings per share, Amount | 4,811 | 1,407 |
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 | 4,316 | 1,392 |
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 | 495 | 15 |
Disaggregation of Sales, Geog_3
Disaggregation of Sales, Geographic Sales and Product Sales - Disaggregation of Sales (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 29, 2024 | Mar. 31, 2023 | |
Total net sales | $ 77,356 | $ 73,528 |
Non Consignment Sales [Member] | ||
Total net sales | 71,764 | 67,163 |
Consignment Sales [Member] | ||
Total net sales | $ 5,592 | $ 6,365 |
Disaggregation of Sales, Geog_4
Disaggregation of Sales, Geographic Sales and Product Sales - Additional Information (Details) | 3 Months Ended | 12 Months Ended | |
Mar. 29, 2024 Segment Country | Mar. 31, 2023 | Dec. 29, 2023 | |
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 | Geographic Concentration Risk [Member] | China [Member] | |||
Geographic and Product Data [Line Items] | |||
Concentration risk, percentage | 49% | 48% | |
Sales Revenue, Net | Product Concentration Risk [Member] | Ophthalmic Surgical Product [Member] | |||
Geographic and Product Data [Line Items] | |||
Concentration risk, percentage | 100% | ||
Accounts Receivable [Member] | Geographic Concentration Risk [Member] | China [Member] | |||
Geographic and Product Data [Line Items] | |||
Concentration risk, percentage | 54% | 70% |
Disaggregation of Sales, Geog_5
Disaggregation of Sales, Geographic Sales and Product Sales - Net Sales by Geographic Areas (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 29, 2024 | Mar. 31, 2023 | ||
Geographic And Sales [Line Items] | |||
Total net sales | $ 77,356 | $ 73,528 | |
Geographic Distribution, Domestic [Member] | |||
Geographic And Sales [Line Items] | |||
Total net sales | 4,935 | 4,551 | |
Geographic Distribution, Foreign [Member] | |||
Geographic And Sales [Line Items] | |||
Total net sales | 72,421 | 68,977 | |
Geographic Distribution, Foreign [Member] | China [Member] | |||
Geographic And Sales [Line Items] | |||
Total net sales | 38,549 | 35,090 | |
Geographic Distribution, Foreign [Member] | JAPAN | |||
Geographic And Sales [Line Items] | |||
Total net sales | 10,456 | 10,936 | |
Geographic Distribution, Foreign [Member] | Other [Member] | |||
Geographic And Sales [Line Items] | |||
Total net sales | [1] | $ 23,416 | $ 22,951 |
[1] No other location individually exceeds 10 % of the total sales. |
Disaggregation of Sales, Geog_6
Disaggregation of Sales, Geographic Sales and Product Sales - Net Sales by Products and Services (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 29, 2024 | Mar. 31, 2023 | ||
Product Information [Line Items] | |||
Total other product sales | $ 205 | $ 2,903 | |
Total net sales | 77,356 | 73,528 | |
ICLs [Member] | |||
Product Information [Line Items] | |||
Revenue from contract with customer, excluding assessed tax | 77,151 | 70,625 | |
Cataract IOLs [Member] | |||
Product Information [Line Items] | |||
Total other product sales | 1,476 | ||
Other surgical products [Member] | |||
Product Information [Line Items] | |||
Total other product sales | [1] | $ 205 | $ 1,427 |
[1] Other surgical products include delivery systems and normal recurring sales adjustments such as sales return allowances. |