Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Apr. 04, 2014 | 6-May-14 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 4-Apr-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Trading Symbol | 'STAA | ' |
Entity Common Stock, Shares Outstanding | ' | 38,391,311 |
Entity Registrant Name | 'STAAR SURGICAL CO | ' |
Entity Central Index Key | '0000718937 | ' |
Current Fiscal Year End Date | '--01-03 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Apr. 04, 2014 | Jan. 03, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $21,070 | $22,954 |
Accounts receivable trade, net | 11,101 | 10,731 |
Inventories, net | 13,785 | 12,514 |
Prepaids, deposits and other current assets | 4,770 | 3,503 |
Deferred income taxes | 377 | 373 |
Total current assets | 51,103 | 50,075 |
Property, plant and equipment, net | 8,832 | 7,405 |
Intangible assets, net | 1,288 | 1,380 |
Goodwill | 1,786 | 1,786 |
Deferred income taxes | 631 | 626 |
Other assets | 668 | 659 |
Total assets | 64,308 | 61,931 |
Current liabilities: | ' | ' |
Line of credit | 4,800 | 4,750 |
Accounts payable | 6,161 | 6,263 |
Deferred income taxes | 738 | 739 |
Obligations under capital leases | 265 | 288 |
Other current liabilities | 6,379 | 6,372 |
Total current liabilities | 18,343 | 18,412 |
Obligations under capital leases | 119 | 141 |
Deferred income taxes | 1,683 | 1,654 |
Asset retirement obligations | 130 | 157 |
Pension liability | 2,775 | 2,715 |
Total liabilities | 23,050 | 23,079 |
Commitments and contingencies (Note 12) | ' | ' |
Stockholders' equity: | ' | ' |
Common stock, $0.01 par value; 60,000 shares authorized; 38,123 and 37,911 shares issued and outstanding at April 4, 2014 and January 3, 2014, respectively | 381 | 379 |
Additional paid-in capital | 174,007 | 170,246 |
Accumulated other comprehensive income | 284 | 282 |
Accumulated deficit | -133,414 | -132,055 |
Total stockholders' equity | 41,258 | 38,852 |
Total liabilities and stockholders' equity | $64,308 | $61,931 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS [Parenthetical] (USD $) | Apr. 04, 2014 | Jan. 03, 2014 |
In Thousands, except Per Share data, unless otherwise specified | ||
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 60,000 | 60,000 |
Common stock, shares issued | 38,123 | 37,911 |
Common stock, shares outstanding | 38,123 | 37,911 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Apr. 04, 2014 | Mar. 29, 2013 |
Net sales | $20,178 | $18,001 |
Cost of sales | 6,294 | 5,347 |
Gross profit | 13,884 | 12,654 |
General and administrative | 5,396 | 3,958 |
Marketing and selling | 6,138 | 5,286 |
Research and development | 3,484 | 1,366 |
Medical device tax | 40 | 59 |
Other general and administrative expenses | 168 | 901 |
Operating income (loss) | -1,342 | 1,084 |
Other income (expense): | ' | ' |
Interest income | 9 | 35 |
Interest expense | -33 | -83 |
Gain (loss) on foreign currency transactions | 66 | -341 |
Other income, net | 160 | 90 |
Total other income (expense), net | 202 | -299 |
Income (loss) before provision for income taxes | -1,140 | 785 |
Provision for income taxes | 219 | 314 |
Net income (loss) | ($1,359) | $471 |
Net income (loss) per share - basic (in dollars per share) | ($0.04) | $0.01 |
Net income (loss) per share - diluted (in dollars per share) | ($0.04) | $0.01 |
Weighted average shares outstanding - basic (in shares) | 37,794 | 36,427 |
Weighted average shares outstanding - diluted (in shares) | 37,794 | 37,418 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Apr. 04, 2014 | Mar. 29, 2013 |
Net income (loss) | ($1,359) | $471 |
Defined Benefit Pension Plans: | ' | ' |
Net change in plan assets | -11 | -11 |
Reclassification into earnings | 6 | 8 |
Foreign currency translation | 11 | -672 |
Tax effect | -4 | 0 |
Other comprehensive income (loss), net of tax | 2 | -675 |
Comprehensive loss | ($1,357) | ($204) |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Apr. 04, 2014 | Mar. 29, 2013 |
Cash flows from operating activities: | ' | ' |
Net income (loss) | ($1,359) | $471 |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ' | ' |
Depreciation of property and equipment | 453 | 369 |
Amortization of intangibles | 106 | 117 |
Deferred income taxes | 24 | 7 |
Fair value adjustment of warrant | 0 | -27 |
Gain on disposal of property and equipment | 0 | -28 |
Change in net pension liability | 45 | 58 |
Stock-based compensation expense | 1,500 | 1,034 |
Accretion of asset retirement obligation | 1 | 5 |
Provision for sales return and bad debt expense | -55 | 27 |
Changes in working capital: | ' | ' |
Accounts receivable | -295 | -322 |
Inventories | -1,137 | 288 |
Prepaids, deposits and other current assets | -1,270 | -581 |
Accounts payable | -610 | -1,328 |
Other current liabilities | 3 | -522 |
Net cash used in operating activities | -2,594 | -432 |
Cash flows from investing activities: | ' | ' |
Acquisition of property and equipment | -1,414 | -1,218 |
Net cash used in investing activities | -1,414 | -1,218 |
Cash flows from financing activities: | ' | ' |
Repayment of capital lease obligations | -46 | -242 |
Proceeds from exercise of stock options | 2,188 | 23 |
Net cash provided by (used in) financing activities | 2,142 | -219 |
Effect of exchange rate changes on cash and cash equivalents | -18 | -563 |
Decrease in cash and cash equivalents | -1,884 | -2,432 |
Cash and cash equivalents, at beginning of the period | 22,954 | 21,675 |
Cash and cash equivalents, at end of the period | $21,070 | $19,243 |
Basis_of_Presentation_and_Sign
Basis of Presentation and Significant Accounting Policies | 3 Months Ended |
Apr. 04, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation and Significant Accounting Policies [Text Block] | ' |
Note 1 — Basis of Presentation and Significant Accounting Policies | |
The consolidated financial statements of the Company present the financial position, results of operations, and cash flows of STAAR Surgical Company and its wholly owned subsidiaries. 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 comprehensive financial statements have been condensed or omitted pursuant to such rules and regulations. The consolidated balance sheet as of January 3, 2014 derives 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 January 3, 2014. | |
The condensed consolidated financial statements for the three months ended April 4, 2014 and March 29, 2013, 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 April 4, 2014 and March 29, 2013 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 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. | |
Prior Year Reclassifications | |
Certain reclassifications have been made to the prior periods’ unaudited condensed financial statements and related note disclosures to conform to current period’s presentation. | |
Inventories
Inventories | 3 Months Ended | |||||||
Apr. 04, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventory Disclosure [Text Block] | ' | |||||||
Note 2 — Inventories | ||||||||
Inventories, net are stated at the lower of cost, determined on a first-in, first-out basis, or market and consisted of the following (in thousands): | ||||||||
April 4, | January 3, | |||||||
2014 | 2014 | |||||||
Raw materials and purchased parts | $ | 1,281 | $ | 1,367 | ||||
Work-in-process | 1,032 | 913 | ||||||
Finished goods | 12,448 | 11,029 | ||||||
14,761 | 13,309 | |||||||
Less: inventory reserves | 976 | 795 | ||||||
$ | 13,785 | $ | 12,514 | |||||
Prepaids_Deposits_and_Other_Cu
Prepaids, Deposits, and Other Current Assets | 3 Months Ended | |||||||
Apr. 04, 2014 | ||||||||
Prepaid Expenses Deposits and Other Current Assets Disclosure [Abstract] | ' | |||||||
Prepaid Expenses Deposits and Other Current Assets Disclosure [Text Block] | ' | |||||||
Note 3 — Prepaids, Deposits, and Other Current Assets | ||||||||
Prepaids, deposits, and other current assets consisted of the following (in thousands): | ||||||||
April 4, | January 3, | |||||||
2014 | 2014 | |||||||
Prepaids and deposits | $ | 2,820 | $ | 2,157 | ||||
Value added tax (VAT) receivable | 681 | 618 | ||||||
Deferred charge for foreign profits | 280 | 362 | ||||||
Other current assets | 989 | 366 | ||||||
$ | 4,770 | $ | 3,503 | |||||
Property_Plant_and_Equipment
Property, Plant and Equipment | 3 Months Ended | |||||||
Apr. 04, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | |||||||
Note 4 — Property, Plant and Equipment | ||||||||
Property, plant and equipment consisted of the following (in thousands): | ||||||||
April 4, | January 3, | |||||||
2014 | 2014 | |||||||
Machinery and equipment | $ | 17,011 | $ | 16,225 | ||||
Furniture and fixtures | 4,980 | 4,837 | ||||||
Leasehold improvements | 7,516 | 6,552 | ||||||
29,507 | 27,614 | |||||||
Less: accumulated depreciation | 20,675 | 20,209 | ||||||
$ | 8,832 | $ | 7,405 | |||||
Amortizable_Intangible_Assets
Amortizable Intangible Assets | 3 Months Ended | |||||||||||||||||||
Apr. 04, 2014 | ||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||
Intangible Assets Disclosure [Text Block] | ' | |||||||||||||||||||
Note 5 – Amortizable Intangible Assets | ||||||||||||||||||||
Amortizable intangible assets consisted of the following (in thousands): | ||||||||||||||||||||
April 4, 2014 | January 3, 2014 | |||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||
Carrying | Amortization | Carrying | Amortization | |||||||||||||||||
Amount | Amount | |||||||||||||||||||
Amortized intangible assets: | ||||||||||||||||||||
Patents and licenses | $ | 10,644 | -10,114 | $ | 530 | $ | 10,637 | $ | -10,057 | $ | 580 | |||||||||
Customer relationships | 1,506 | -941 | 565 | 1,490 | -894 | 596 | ||||||||||||||
Developed technology | 957 | -764 | 193 | 947 | -743 | 204 | ||||||||||||||
Total | $ | 13,107 | $ | -11,819 | $ | 1,288 | $ | 13,074 | $ | -11,694 | $ | 1,380 | ||||||||
Other_Current_Liabilities
Other Current Liabilities | 3 Months Ended | |||||||
Apr. 04, 2014 | ||||||||
Other Liabilities Disclosure [Abstract] | ' | |||||||
Other Liabilities Disclosure [Text Block] | ' | |||||||
Note 6 – Other Current Liabilities | ||||||||
Other current liabilities consisted of the following (in thousands): | ||||||||
April 4, | January 3, | |||||||
2014 | 2014 | |||||||
Accrued salaries and wages | $ | 2,691 | $ | 1,630 | ||||
Accrued severance | 837 | 731 | ||||||
Accrued bonuses | 583 | 935 | ||||||
Accrued insurance | 373 | 551 | ||||||
Accrued audit fees | 231 | 328 | ||||||
Accrued commission | 229 | 528 | ||||||
Accrued income taxes | 173 | 485 | ||||||
Other(1) | 1,262 | 1,184 | ||||||
$ | 6,379 | $ | 6,372 | |||||
(1)No item in “Other” above exceeds 5% of the total other current liabilities | ||||||||
Pension_Plans
Pension Plans | 3 Months Ended | |||||||
Apr. 04, 2014 | ||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | |||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' | |||||||
Note 7 – Pension Plans | ||||||||
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 | Three Months Ended | |||||||
April 4, 2014 | March 29, 2013 | |||||||
Service cost | $ | 116 | $ | 124 | ||||
Interest cost | 35 | 27 | ||||||
Expected return on plan assets | -27 | -23 | ||||||
Net amortization of transitional obligation (a) | — | 3 | ||||||
Amortization of prior service cost (a) | — | — | ||||||
Actuarial loss, recognized in current period (a) | 6 | 5 | ||||||
$ | 130 | $ | 136 | |||||
(a) Amounts reclassified from accumulated other comprehensive income. | ||||||||
During the three months ended April 4, 2014 and March 29, 2013, the Company made cash contributions totaling approximately $69,000 and $59,000 to its Swiss pension plan and expects to make additional cash contributions totaling approximately $217,000 during the remainder of 2014. The Company is not required to and does not make contributions to its Japan pension plan. | ||||||||
Basic_and_Diluted_Income_Loss_
Basic and Diluted Income (Loss) Per Share | 3 Months Ended | |||||||
Apr. 04, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Earnings Per Share [Text Block] | ' | |||||||
Note 8 — Basic and Diluted Income (Loss) Per Share | ||||||||
The following table sets forth the computation of basic and diluted net income (loss) per share (in thousands except per share amounts): | ||||||||
Three Months Ended | ||||||||
April 4, 2014 | March 29, 2013 | |||||||
Numerator: | ||||||||
Net income (loss) | $ | -1,359 | $ | 471 | ||||
Denominator: | ||||||||
Weighted average common shares and denominator for basic calculation: | ||||||||
Weighted average common shares outstanding | 38,116 | 36,660 | ||||||
Less: Unvested restricted stock | 322 | 233 | ||||||
Denominator for basic calculation | 37,794 | 36,427 | ||||||
Weighted average effects of potentially dilutive common stock: | ||||||||
Stock options | — | 522 | ||||||
Warrants | — | 400 | ||||||
Restricted stock | — | 69 | ||||||
Denominator for diluted calculation | 37,794 | 37,418 | ||||||
Net income (loss) per share – basic | $ | -0.04 | $ | 0.01 | ||||
Net income (loss) per share – diluted | $ | -0.04 | $ | 0.01 | ||||
For the three months ended April 4, 2014, stock options, warrants, restricted stock and restricted stock units totaling approximately 2,798,000 weighted-average shares of common stock were excluded from the calculation of diluted loss per share, as the effect of including them would have been anti-dilutive, as it would have reduced the loss per share. | ||||||||
For the three months ended March 29, 2013, stock options to purchase approximately 2,035,000 weighted- average common shares and 98,000 weighted-average restricted stock were not included in the computation of diluted earnings per share because the effect of including them would have been anti-dilutive. | ||||||||
Geographic_and_Product_Data
Geographic and Product Data | 3 Months Ended | |||||||
Apr. 04, 2014 | ||||||||
Segment Reporting [Abstract] | ' | |||||||
Segment Reporting Disclosure [Text Block] | ' | |||||||
Note 9 — Geographic and Product Data | ||||||||
The Company markets and sells its products in over 60 countries and has manufacturing sites in the United States and Switzerland. Other than the United States, Japan, Korea, China, and Spain the Company does not conduct business in any country in which its sales exceed 5% of consolidated sales. Sales are generally attributed to countries based on location of customers. The composition of the Company’s net sales to unaffiliated customers is set forth below (in thousands): | ||||||||
Three Months Ended | ||||||||
April 4, 2014 | March 29, 2013 | |||||||
Japan | $ | 5,008 | $ | 4,739 | ||||
United States | 2,874 | 3,240 | ||||||
China | 2,225 | 2,071 | ||||||
Korea | 2,621 | 2,035 | ||||||
Spain | 1,618 | 1,291 | ||||||
Other | 5,832 | 4,625 | ||||||
Total | $ | 20,178 | $ | 18,001 | ||||
100% of the Company’s sales are generated from the ophthalmic surgical product segment 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 and intraocular lenses (“IOLs”) used in cataract surgery. The composition of the Company’s net sales by product line is as follows (in thousands): | ||||||||
Three Months Ended | ||||||||
April 4, 2014 | March 29, 2013 | |||||||
ICLs | $ | 12,241 | $ | 10,631 | ||||
IOLs | 6,613 | 6,347 | ||||||
Core products | 18,854 | 16,978 | ||||||
Other Surgical Products | 1,324 | 1,023 | ||||||
Total | $ | 20,178 | $ | 18,001 | ||||
The Company sells its products internationally, which subjects the Company to several potential risks, including fluctuating foreign currency exchange rates (to the extent the Company’s transactions are not in U.S. dollars), regulation of fund transfers by foreign governments, United States and foreign export and import duties and tariffs, and political instability. | ||||||||
A single customer has accounted for 13% and 11% of net sales for the three months ended April 4, 2014 and March 29, 2013, respectively. | ||||||||
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | ||||||||
Apr. 04, 2014 | |||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||
Stockholders' Equity Note Disclosure [Text Block] | ' | ||||||||
Note 10 — Stock-Based Compensation | |||||||||
Stock-based compensation is set forth below (in thousands): | |||||||||
Three Months Ended | |||||||||
April 4, | March 29, | ||||||||
2014 | 2013 | ||||||||
Employee stock expense | $ | 797 | $ | 821 | |||||
Restricted stock expense | 293 | 188 | |||||||
Restricted unit expense | 388 | — | |||||||
Consultant compensation | 22 | 25 | |||||||
Total | $ | 1,500 | $ | 1,034 | |||||
Stock Option Plans | |||||||||
The Amended and Restated 2003 Omnibus Equity Incentive Plan (“the Plan”) provides for various forms of stock-based incentives. To date, of the available forms of awards under the Plan, the Company has granted only stock options, restricted stock, unrestricted share grants, and performance contingent stock units. Options under the plan are granted at fair market value on the date of grant, become exercisable 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 option and share awards provide for accelerated vesting if there is a change in control (as defined in the Plan). Pursuant to the Plan, options for 3,346,875 shares were outstanding at April 4, 2014 with exercise prices ranging between $0.95 and $16.59 per share. Restricted stock grants under the Plan generally vest over a period between one to four years. There were 252,685 shares of restricted stock and 290,500 restricted stock units (RSUs) outstanding at April 4, 2014. As of April 4, 2014, there were 694,296 shares authorized and available for grants under the Plan. | |||||||||
Assumptions | |||||||||
The fair value of each option award is estimated on the date of grant using a Black-Scholes option valuation model applying the assumptions noted in the following table. Expected volatilities are based on historical volatility of the Company’s stock. The Company uses historical data to estimate option exercise and employee termination behavior. The expected term of options granted is derived from the historical exercise activity over the past 15 years, and represents the period of time that options granted are expected to be outstanding. The Company has calculated a 6.92% 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 | |||||||||
April 4, 2014 | March 29, 2013 | ||||||||
Expected dividend yield | 0 | % | 0 | % | |||||
Expected volatility | 55.25 | % | 73.44 | % | |||||
Risk-free interest rate | 1.28 | % | 0.61 | % | |||||
Expected term (in years) | 4.12 | 4.12 | |||||||
A summary of option activity under the Plan for the period ended April 4, 2014 is presented below: | |||||||||
Options | |||||||||
Shares | |||||||||
(000’s) | |||||||||
Outstanding at January 3, 2014 | 3,299 | ||||||||
Granted | 383 | ||||||||
Exercised | -328 | ||||||||
Forfeited or expired | -7 | ||||||||
Outstanding at April 4, 2014 | 3,347 | ||||||||
Exercisable at April 4, 2014 | 2,274 | ||||||||
Warrants outstanding and exercisable for the period ended April 4, 2014 and January 3, 2014 were 700,000, respectively. | |||||||||
A summary of restricted stock and restricted stock units activity under the Plan for the period ended April 4, 2014 is presented below: | |||||||||
Restricted | Restricted | ||||||||
Shares | Units | ||||||||
(000’s) | (000’s) | ||||||||
Outstanding at January 3, 2014 | 341 | 135 | |||||||
Granted | 2 | 291 | |||||||
Vested | -90 | -135 | |||||||
Forfeited | — | — | |||||||
Outstanding at April 4, 2014 | 253 | 291 | |||||||
Income_Taxes
Income Taxes | 3 Months Ended |
Apr. 04, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Tax Disclosure [Text Block] | ' |
Note 11 — Income Taxes | |
The provision for income taxes is determined using an estimated annual effective tax rate, which is generally less than the U.S. federal statutory rate, primarily due to the Company’s net operating losses in the U.S. and certain lower- or zero-rate foreign jurisdictions where the Company operates. The effective tax rate may be subject to fluctuations during the year as new information is obtained, which may affect the assumptions used to estimate the annual effective tax rate, including factors such as the mix of pre-tax earnings in the various tax jurisdictions applicable to the Company, valuation allowances against deferred tax assets, the recognition or derecognition of tax benefits related to uncertain tax positions, if any, and changes in or the interpretation of tax laws in jurisdictions where the Company conducts business. | |
The Company recorded an income tax provision of $219,000 and $314,000 for the three months ended April 4, 2014 and March 29, 2013, respectively, partially benefiting in the current quarter from the mix of pre-tax earnings in lower-rate foreign jurisdictions. There are no unrecognized tax benefits as of any period presented. | |
Manufacturing_Consolidation_Pr
Manufacturing Consolidation Project and Tax Strategy | 3 Months Ended | ||||||||||
Apr. 04, 2014 | |||||||||||
Manufacturing Consolidation Project and Tax Strategy Disclosure [Abstract] | ' | ||||||||||
Manufacturing Consolidation Project and Tax Strategy Disclosure [Text Block] | ' | ||||||||||
Note 12 — Manufacturing Consolidation Project and Tax Strategy | |||||||||||
From fiscal 2011 through 2013, the Company has devoted significant resources to two initiatives: a project to consolidate global manufacturing, and development of a strategy to optimize its global organization for tax purposes. The goal of these initiatives is to further improve upon gross profit margin by streamlining operations, thereby reducing costs and to increase profits in the U.S., to enable the Company to utilize its approximately $122 million in net operating loss carryforwards and at the same time, reduce income taxes in foreign jurisdictions where it pays tax. STAAR currently manufactures its products in three facilities worldwide (Monrovia, Ca., Aliso Viejo, Ca., and Nidau, Switzerland). It has developed a plan to consolidate its manufacturing in a single site at its Monrovia, California location which is expected to be substantially completed by the middle of 2014. | |||||||||||
The Company has invested approximately $6.1 million since inception of these initiatives, including $168,000 incurred during the three months ended April 4, 2014 and, approximately $100,000 remaining to be incurred during the remainder of fiscal year 2014. These expenses are included in the other general and administrative expenses in the consolidated statements of operations. Expenditures to date have largely consisted of severance, employee costs, professional fees to advisors and consultants. | |||||||||||
A summary of the activity for these initiatives is presented below for the period ended April 4, 2014 (in thousands): | |||||||||||
Termination Benefits | Other Associated Costs | Total | |||||||||
Liability at January 3, 2014 | $ | 731 | $ | 28 | $ | 759 | |||||
Costs incurred and charged to expense | 106 | 62 | 168 | ||||||||
Cash payments | -16 | -62 | -78 | ||||||||
Liability at April 4, 2014 | $ | 821 | $ | 28 | $ | 849 | |||||
Basis_of_Presentation_and_Sign1
Basis of Presentation and Significant Accounting Policies (Policies) | 3 Months Ended |
Apr. 04, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Accounting, Policy [Policy Text Block] | ' |
The consolidated financial statements of the Company present the financial position, results of operations, and cash flows of STAAR Surgical Company and its wholly owned subsidiaries. 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 comprehensive financial statements have been condensed or omitted pursuant to such rules and regulations. The consolidated balance sheet as of January 3, 2014 derives 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 January 3, 2014. | |
The condensed consolidated financial statements for the three months ended April 4, 2014 and March 29, 2013, 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 April 4, 2014 and March 29, 2013 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 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. | |
Reclassification, Policy [Policy Text Block] | ' |
Prior Year Reclassifications | |
Certain reclassifications have been made to the prior periods’ unaudited condensed financial statements and related note disclosures to conform to current period’s presentation. | |
Inventories_Tables
Inventories (Tables) | 3 Months Ended | |||||||
Apr. 04, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule of Inventory, Current [Table Text Block] | ' | |||||||
Inventories, net are stated at the lower of cost, determined on a first-in, first-out basis, or market and consisted of the following (in thousands): | ||||||||
April 4, | January 3, | |||||||
2014 | 2014 | |||||||
Raw materials and purchased parts | $ | 1,281 | $ | 1,367 | ||||
Work-in-process | 1,032 | 913 | ||||||
Finished goods | 12,448 | 11,029 | ||||||
14,761 | 13,309 | |||||||
Less: inventory reserves | 976 | 795 | ||||||
$ | 13,785 | $ | 12,514 | |||||
Prepaids_Deposits_and_Other_Cu1
Prepaids, Deposits, and Other Current Assets (Tables) | 3 Months Ended | |||||||
Apr. 04, 2014 | ||||||||
Prepaid Expenses and Other Current Assets Disclosure [Abstract] | ' | |||||||
Schedule Of Prepaid Expenses [Table Text Block] | ' | |||||||
Prepaids, deposits, and other current assets consisted of the following (in thousands): | ||||||||
April 4, | January 3, | |||||||
2014 | 2014 | |||||||
Prepaids and deposits | $ | 2,820 | $ | 2,157 | ||||
Value added tax (VAT) receivable | 681 | 618 | ||||||
Deferred charge for foreign profits | 280 | 362 | ||||||
Other current assets | 989 | 366 | ||||||
$ | 4,770 | $ | 3,503 | |||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 3 Months Ended | |||||||
Apr. 04, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment [Table Text Block] | ' | |||||||
Property, plant and equipment consisted of the following (in thousands): | ||||||||
April 4, | January 3, | |||||||
2014 | 2014 | |||||||
Machinery and equipment | $ | 17,011 | $ | 16,225 | ||||
Furniture and fixtures | 4,980 | 4,837 | ||||||
Leasehold improvements | 7,516 | 6,552 | ||||||
29,507 | 27,614 | |||||||
Less: accumulated depreciation | 20,675 | 20,209 | ||||||
$ | 8,832 | $ | 7,405 | |||||
Amortizable_Intangible_Assets_
Amortizable Intangible Assets (Tables) | 3 Months Ended | |||||||||||||||||||
Apr. 04, 2014 | ||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | ' | |||||||||||||||||||
Amortizable intangible assets consisted of the following (in thousands): | ||||||||||||||||||||
April 4, 2014 | January 3, 2014 | |||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||
Carrying | Amortization | Carrying | Amortization | |||||||||||||||||
Amount | Amount | |||||||||||||||||||
Amortized intangible assets: | ||||||||||||||||||||
Patents and licenses | $ | 10,644 | -10,114 | $ | 530 | $ | 10,637 | $ | -10,057 | $ | 580 | |||||||||
Customer relationships | 1,506 | -941 | 565 | 1,490 | -894 | 596 | ||||||||||||||
Developed technology | 957 | -764 | 193 | 947 | -743 | 204 | ||||||||||||||
Total | $ | 13,107 | $ | -11,819 | $ | 1,288 | $ | 13,074 | $ | -11,694 | $ | 1,380 | ||||||||
Other_Current_Liabilities_Tabl
Other Current Liabilities (Tables) | 3 Months Ended | |||||||
Apr. 04, 2014 | ||||||||
Other Liabilities Disclosure [Abstract] | ' | |||||||
Schedule of Accrued Liabilities [Table Text Block] | ' | |||||||
Other current liabilities consisted of the following (in thousands): | ||||||||
April 4, | January 3, | |||||||
2014 | 2014 | |||||||
Accrued salaries and wages | $ | 2,691 | $ | 1,630 | ||||
Accrued severance | 837 | 731 | ||||||
Accrued bonuses | 583 | 935 | ||||||
Accrued insurance | 373 | 551 | ||||||
Accrued audit fees | 231 | 328 | ||||||
Accrued commission | 229 | 528 | ||||||
Accrued income taxes | 173 | 485 | ||||||
Other(1) | 1,262 | 1,184 | ||||||
$ | 6,379 | $ | 6,372 | |||||
(1)No item in “Other” above exceeds 5% of the total other current liabilities | ||||||||
Pension_Plans_Tables
Pension Plans (Tables) | 3 Months Ended | |||||||
Apr. 04, 2014 | ||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | |||||||
Schedule of Net Benefit Costs [Table Text Block] | ' | |||||||
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 | Three Months Ended | |||||||
April 4, 2014 | March 29, 2013 | |||||||
Service cost | $ | 116 | $ | 124 | ||||
Interest cost | 35 | 27 | ||||||
Expected return on plan assets | -27 | -23 | ||||||
Net amortization of transitional obligation (a) | — | 3 | ||||||
Amortization of prior service cost (a) | — | — | ||||||
Actuarial loss, recognized in current period (a) | 6 | 5 | ||||||
$ | 130 | $ | 136 | |||||
(a) Amounts reclassified from accumulated other comprehensive income. | ||||||||
Basic_and_Diluted_Income_Loss_1
Basic and Diluted Income (Loss) Per Share (Tables) | 3 Months Ended | |||||||
Apr. 04, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | |||||||
The following table sets forth the computation of basic and diluted net income (loss) per share (in thousands except per share amounts): | ||||||||
Three Months Ended | ||||||||
April 4, 2014 | March 29, 2013 | |||||||
Numerator: | ||||||||
Net income (loss) | $ | -1,359 | $ | 471 | ||||
Denominator: | ||||||||
Weighted average common shares and denominator for basic calculation: | ||||||||
Weighted average common shares outstanding | 38,116 | 36,660 | ||||||
Less: Unvested restricted stock | 322 | 233 | ||||||
Denominator for basic calculation | 37,794 | 36,427 | ||||||
Weighted average effects of potentially dilutive common stock: | ||||||||
Stock options | — | 522 | ||||||
Warrants | — | 400 | ||||||
Restricted stock | — | 69 | ||||||
Denominator for diluted calculation | 37,794 | 37,418 | ||||||
Net income (loss) per share – basic | $ | -0.04 | $ | 0.01 | ||||
Net income (loss) per share – diluted | $ | -0.04 | $ | 0.01 | ||||
Geographic_and_Product_Data_Ta
Geographic and Product Data (Tables) | 3 Months Ended | |||||||
Apr. 04, 2014 | ||||||||
Segment Reporting [Abstract] | ' | |||||||
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | ' | |||||||
The composition of the Company’s net sales to unaffiliated customers is set forth below (in thousands): | ||||||||
Three Months Ended | ||||||||
April 4, 2014 | March 29, 2013 | |||||||
Japan | $ | 5,008 | $ | 4,739 | ||||
United States | 2,874 | 3,240 | ||||||
China | 2,225 | 2,071 | ||||||
Korea | 2,621 | 2,035 | ||||||
Spain | 1,618 | 1,291 | ||||||
Other | 5,832 | 4,625 | ||||||
Total | $ | 20,178 | $ | 18,001 | ||||
Revenue from External Customers by Products and Services [Table Text Block] | ' | |||||||
The composition of the Company’s net sales by product line is as follows (in thousands): | ||||||||
Three Months Ended | ||||||||
April 4, 2014 | March 29, 2013 | |||||||
ICLs | $ | 12,241 | $ | 10,631 | ||||
IOLs | 6,613 | 6,347 | ||||||
Core products | 18,854 | 16,978 | ||||||
Other Surgical Products | 1,324 | 1,023 | ||||||
Total | $ | 20,178 | $ | 18,001 | ||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | ||||||||
Apr. 04, 2014 | |||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||
Schedule Of Compensation Cost [Table Text Block] | ' | ||||||||
Stock-based compensation is set forth below (in thousands): | |||||||||
Three Months Ended | |||||||||
April 4, | March 29, | ||||||||
2014 | 2013 | ||||||||
Employee stock expense | $ | 797 | $ | 821 | |||||
Restricted stock expense | 293 | 188 | |||||||
Restricted unit expense | 388 | — | |||||||
Consultant compensation | 22 | 25 | |||||||
Total | $ | 1,500 | $ | 1,034 | |||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||
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 | |||||||||
April 4, 2014 | March 29, 2013 | ||||||||
Expected dividend yield | 0 | % | 0 | % | |||||
Expected volatility | 55.25 | % | 73.44 | % | |||||
Risk-free interest rate | 1.28 | % | 0.61 | % | |||||
Expected term (in years) | 4.12 | 4.12 | |||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||
A summary of option activity under the Plan for the period ended April 4, 2014 is presented below: | |||||||||
Options | |||||||||
Shares | |||||||||
(000’s) | |||||||||
Outstanding at January 3, 2014 | 3,299 | ||||||||
Granted | 383 | ||||||||
Exercised | -328 | ||||||||
Forfeited or expired | -7 | ||||||||
Outstanding at April 4, 2014 | 3,347 | ||||||||
Exercisable at April 4, 2014 | 2,274 | ||||||||
A summary of restricted stock and restricted stock units activity under the Plan for the period ended April 4, 2014 is presented below: | |||||||||
Restricted | Restricted | ||||||||
Shares | Units | ||||||||
(000’s) | (000’s) | ||||||||
Outstanding at January 3, 2014 | 341 | 135 | |||||||
Granted | 2 | 291 | |||||||
Vested | -90 | -135 | |||||||
Forfeited | — | — | |||||||
Outstanding at April 4, 2014 | 253 | 291 | |||||||
Manufacturing_Consolidation_Pr1
Manufacturing Consolidation Project and Tax Strategy (Tables) | 3 Months Ended | ||||||||||
Apr. 04, 2014 | |||||||||||
Manufacturing Consolidation Project and Tax Strategy Disclosure [Abstract] | ' | ||||||||||
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | ' | ||||||||||
A summary of the activity for these initiatives is presented below for the period ended April 4, 2014 (in thousands): | |||||||||||
Termination Benefits | Other Associated Costs | Total | |||||||||
Liability at January 3, 2014 | $ | 731 | $ | 28 | $ | 759 | |||||
Costs incurred and charged to expense | 106 | 62 | 168 | ||||||||
Cash payments | -16 | -62 | -78 | ||||||||
Liability at April 4, 2014 | $ | 821 | $ | 28 | $ | 849 | |||||
Inventories_Details
Inventories (Details) (USD $) | Apr. 04, 2014 | Jan. 03, 2014 |
In Thousands, unless otherwise specified | ||
Public Utilities, Inventory [Line Items] | ' | ' |
Raw materials and purchased parts | $1,281 | $1,367 |
Work-in-process | 1,032 | 913 |
Finished goods | 12,448 | 11,029 |
Inventory, Gross | 14,761 | 13,309 |
Less: inventory reserves | 976 | 795 |
Inventory, Net | $13,785 | $12,514 |
Prepaids_Deposits_and_Other_Cu2
Prepaids, Deposits, and Other Current Assets (Details) (USD $) | Apr. 04, 2014 | Jan. 03, 2014 |
In Thousands, unless otherwise specified | ||
Prepaid Expense and Other Assets, Current [Line Items] | ' | ' |
Prepaids and deposits | $2,820 | $2,157 |
Value added tax (VAT) receivable | 681 | 618 |
Deferred charge for foreign profits | 280 | 362 |
Other current assets | 989 | 366 |
Prepaid Expenses Deposits and Other Assets Current | $4,770 | $3,503 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | Apr. 04, 2014 | Jan. 03, 2014 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Machinery and equipment | $17,011 | $16,225 |
Furniture and fixtures | 4,980 | 4,837 |
Leasehold improvements | 7,516 | 6,552 |
Property, Plant and Equipment, Gross | 29,507 | 27,614 |
Less: accumulated depreciation | 20,675 | 20,209 |
Property, Plant and Equipment, Net | $8,832 | $7,405 |
Amortizable_Intangible_Assets_1
Amortizable Intangible Assets (Details) (USD $) | Apr. 04, 2014 | Jan. 03, 2014 |
In Thousands, unless otherwise specified | ||
Amortized intangible assets: | ' | ' |
Amortizable intangible assets, Gross Carrying Amount | $13,107 | $13,074 |
Amortizable intangible assets, Accumulated Amortization | -11,819 | -11,694 |
Amortizable intangible assets, Net | 1,288 | 1,380 |
Patents and Licenses [Member] | ' | ' |
Amortized intangible assets: | ' | ' |
Amortizable intangible assets, Gross Carrying Amount | 10,644 | 10,637 |
Amortizable intangible assets, Accumulated Amortization | -10,114 | -10,057 |
Amortizable intangible assets, Net | 530 | 580 |
Customer relationships [Member] | ' | ' |
Amortized intangible assets: | ' | ' |
Amortizable intangible assets, Gross Carrying Amount | 1,506 | 1,490 |
Amortizable intangible assets, Accumulated Amortization | -941 | -894 |
Amortizable intangible assets, Net | 565 | 596 |
Developed technology [Member] | ' | ' |
Amortized intangible assets: | ' | ' |
Amortizable intangible assets, Gross Carrying Amount | 957 | 947 |
Amortizable intangible assets, Accumulated Amortization | -764 | -743 |
Amortizable intangible assets, Net | $193 | $204 |
Other_Current_Liabilities_Deta
Other Current Liabilities (Details) (USD $) | Apr. 04, 2014 | Jan. 03, 2014 | ||
In Thousands, unless otherwise specified | ||||
Other Liabilities, Current [Line Items] | ' | ' | ||
Accrued salaries and wages | $2,691 | $1,630 | ||
Accrued severance | 837 | 731 | ||
Accrued bonuses | 583 | 935 | ||
Accrued insurance | 373 | 551 | ||
Accrued audit fees | 231 | 328 | ||
Accrued commission | 229 | 528 | ||
Accrued income taxes | 173 | 485 | ||
Other!(1)! | 1,262 | [1] | 1,184 | [1] |
Other Liabilities, Current | $6,379 | $6,372 | ||
[1] | No item in bOtherb above exceeds 5% of the total other current liabilities |
Other_Current_Liabilities_Deta1
Other Current Liabilities (Details Textual) | 3 Months Ended |
Apr. 04, 2014 | |
Other Liabilities, Current [Line Items] | ' |
Percentage Of Other Current Liabilities | 5.00% |
Pension_Plans_Details
Pension Plans (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Apr. 04, 2014 | Mar. 29, 2013 | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ||
Service cost | $116 | $124 | ||
Interest cost | 35 | 27 | ||
Expected return on plan assets | -27 | -23 | ||
Net amortization of transitional obligation (a) | 0 | [1] | 3 | [1] |
Amortization of prior service cost (a) | 0 | [1] | 0 | [1] |
Actuarial loss, recognized in current period (a) | 6 | [1] | 5 | [1] |
Net periodic pension cost | $130 | $136 | ||
[1] | Amounts reclassified from accumulated other comprehensive income. |
Pension_Plans_Details_Textual
Pension Plans (Details Textual) (Swiss Plan [Member], USD $) | 3 Months Ended | |
Apr. 04, 2014 | Mar. 29, 2013 | |
Swiss Plan [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Defined Benefit Plan, Contributions By Employer | $69,000 | $59,000 |
Defined Benefit Plans, Estimated Future Employer Contributions in Current Fiscal Year | $217,000 | ' |
Basic_and_Diluted_Income_Loss_2
Basic and Diluted Income (Loss) Per Share (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Apr. 04, 2014 | Mar. 29, 2013 |
Numerator: | ' | ' |
Net income (loss) | ($1,359) | $471 |
Weighted average common shares and denominator for basic calculation: | ' | ' |
Weighted average common shares outstanding | 38,116 | 36,660 |
Less: Unvested restricted stock | 322 | 233 |
Denominator for basic calculation | 37,794 | 36,427 |
Weighted average effects of potentially dilutive common stock: | ' | ' |
Stock options | 0 | 522 |
Warrants | 0 | 400 |
Denominator for diluted calculation | 37,794 | 37,418 |
Net income (loss) per share - basic (in dollars per share) | ($0.04) | $0.01 |
Net income (loss) per share - diluted (in dollars per share) | ($0.04) | $0.01 |
Restricted Stock [Member] | ' | ' |
Weighted average effects of potentially dilutive common stock: | ' | ' |
Restricted stock | 0 | 69 |
Basic_and_Diluted_Income_Loss_3
Basic and Diluted Income (Loss) Per Share (Details Textual) | 3 Months Ended | ||
Apr. 04, 2014 | Mar. 29, 2013 | Mar. 29, 2013 | |
Common Stock [Member] | Restricted Stock [Member] | ||
Schedule Of Basic And Diluted Income Per Share [Line Items] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,798,000 | 2,035,000 | 98,000 |
Geographic_and_Product_Data_De
Geographic and Product Data (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Apr. 04, 2014 | Mar. 29, 2013 |
Geographic and Product Data [Line Items] | ' | ' |
Net sales | $20,178 | $18,001 |
Japan [Member] | ' | ' |
Geographic and Product Data [Line Items] | ' | ' |
Net sales | 5,008 | 4,739 |
United States [Member] | ' | ' |
Geographic and Product Data [Line Items] | ' | ' |
Net sales | 2,874 | 3,240 |
China [Member] | ' | ' |
Geographic and Product Data [Line Items] | ' | ' |
Net sales | 2,225 | 2,071 |
Korea [Member] | ' | ' |
Geographic and Product Data [Line Items] | ' | ' |
Net sales | 2,621 | 2,035 |
Spain [Member] | ' | ' |
Geographic and Product Data [Line Items] | ' | ' |
Net sales | 1,618 | 1,291 |
Other [Member] | ' | ' |
Geographic and Product Data [Line Items] | ' | ' |
Net sales | $5,832 | $4,625 |
Geographic_and_Product_Data_De1
Geographic and Product Data (Details 1) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Apr. 04, 2014 | Mar. 29, 2013 |
Product Information [Line Items] | ' | ' |
Net sales | $20,178 | $18,001 |
Implantable Collamer Lenses [Member] | ' | ' |
Product Information [Line Items] | ' | ' |
Net sales | 12,241 | 10,631 |
Intraocular Lenses [Member] | ' | ' |
Product Information [Line Items] | ' | ' |
Net sales | 6,613 | 6,347 |
Core products [Member] | ' | ' |
Product Information [Line Items] | ' | ' |
Net sales | 18,854 | 16,978 |
Other Surgical Products [Member] | ' | ' |
Product Information [Line Items] | ' | ' |
Net sales | $1,324 | $1,023 |
Geographic_and_Product_Data_De2
Geographic and Product Data (Details Textual) | 3 Months Ended | |
Apr. 04, 2014 | Mar. 29, 2013 | |
Geographic and Product Data [Line Items] | ' | ' |
Disclosure on Geographic Areas, Description of Revenue from External Customers | 'The Company markets and sells its products in over 60 countries and has manufacturing sites in the United States and Switzerland. Other than the United States, Japan, Korea, China, and Spain the Company does not conduct business in any country in which its sales exceed 5% of consolidated sales. Sales are generally attributed to countries based on location of customers.100% of the Company’s sales are generated from the ophthalmic surgical product segment and therefore the Company operates as one operating segment for financial reporting purposes. | ' |
Number of Countries in which Entity Operates | 60 | ' |
Segment Sales To Consolidated Sales Percentage | 100.00% | ' |
Single Customer [Member] | ' | ' |
Geographic and Product Data [Line Items] | ' | ' |
Concentration Risk, Percentage | 13.00% | 11.00% |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Apr. 04, 2014 | Mar. 29, 2013 |
Schedule of Employee Service Share-based Compensation [Line Items] | ' | ' |
Employee stock expense | $797 | $821 |
Restricted expense | 293 | 188 |
Consultant compensation | 22 | 25 |
Total | 1,500 | 1,034 |
Restricted Stock Units (RSUs) [Member] | ' | ' |
Schedule of Employee Service Share-based Compensation [Line Items] | ' | ' |
Restricted expense | $388 | $0 |
StockBased_Compensation_Detail1
Stock-Based Compensation (Details 1) | 3 Months Ended | |
Apr. 04, 2014 | Mar. 29, 2013 | |
Schedule of Employee Service Share-based Compensation [Line Items] | ' | ' |
Expected dividend yield | 0.00% | 0.00% |
Expected volatility | 55.25% | 73.44% |
Risk-free interest rate | 1.28% | 0.61% |
Expected term (in years) | '4 years 1 month 13 days | '4 years 1 month 13 days |
StockBased_Compensation_Detail2
Stock-Based Compensation (Details 2) | 3 Months Ended |
In Thousands, unless otherwise specified | Apr. 04, 2014 |
Employee Stock Option [Member] | ' |
Schedule of Employee Service Share-based Compensation [Line Items] | ' |
Options,Outstanding at January 3, 2014 | 3,299 |
Options, Granted, shares | 383 |
Options, Exercised, Shares | -328 |
Options, Forfeited or expired, Shares | -7 |
Options,Outstanding at April 4, 2014 | 3,347 |
Options,Exercisable at April 4, 2014 | 2,274 |
Restricted Stock [Member] | ' |
Schedule of Employee Service Share-based Compensation [Line Items] | ' |
Options,Outstanding at January 3, 2014 | 341 |
Options, Granted, shares | 2 |
Options,Vested,Shares | -90 |
Options, Forfeited or expired, Shares | 0 |
Options,Exercisable at April 4, 2014 | 253 |
Restricted Stock Units (RSUs) [Member] | ' |
Schedule of Employee Service Share-based Compensation [Line Items] | ' |
Options,Outstanding at January 3, 2014 | 135 |
Options, Granted, shares | 291 |
Options,Vested,Shares | -135 |
Options, Forfeited or expired, Shares | 0 |
Options,Exercisable at April 4, 2014 | 291 |
StockBased_Compensation_Detail3
Stock-Based Compensation (Details Textual) (USD $) | 3 Months Ended | |
Apr. 04, 2014 | Jan. 03, 2014 | |
Schedule of Employee Service Share-based Compensation [Line Items] | ' | ' |
Common stock, shares outstanding | 38,123,000 | 37,911,000 |
Estimated Forfeiture Rate | 6.92% | ' |
Share based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Term Of Options Granted | '15 years | ' |
Class of Warrant or Right, Outstanding | 700,000 | ' |
Warrants And Rights Exercisable | ' | 700,000 |
Restricted Stock [Member] | ' | ' |
Schedule of Employee Service Share-based Compensation [Line Items] | ' | ' |
Common stock, shares outstanding | 252,685 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 694,296 | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' |
Schedule of Employee Service Share-based Compensation [Line Items] | ' | ' |
Common stock, shares outstanding | 290,500 | ' |
2003 Stock Option Plan [Member] | ' | ' |
Schedule of Employee Service Share-based Compensation [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Beginning Balance | 3,347,000 | ' |
Lower Range of Exercise Prices | 0.95 | ' |
Upper Range of Exercise Prices | 16.59 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | '10 years | ' |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Apr. 04, 2014 | Mar. 29, 2013 |
Income Taxes [Line Items] | ' | ' |
Income Tax Expense (Benefit) | $219 | $314 |
Manufacturing_Consolidation_Pr2
Manufacturing Consolidation Project and Tax Strategy (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Apr. 04, 2014 |
Schedule Of Restructuring Reserve By Type Of Cost [Line Items] | ' |
Liability at January 3, 2014 | $759 |
Costs incurred and charged to expense | 168 |
Cash payments | -78 |
Liability at April 4, 2014 | 849 |
Termination Benefits [Member] | ' |
Schedule Of Restructuring Reserve By Type Of Cost [Line Items] | ' |
Liability at January 3, 2014 | 731 |
Costs incurred and charged to expense | 106 |
Cash payments | -16 |
Liability at April 4, 2014 | 821 |
Other Associated Costs [Member] | ' |
Schedule Of Restructuring Reserve By Type Of Cost [Line Items] | ' |
Liability at January 3, 2014 | 28 |
Costs incurred and charged to expense | 62 |
Cash payments | -62 |
Liability at April 4, 2014 | $28 |
Manufacturing_Consolidation_Pr3
Manufacturing Consolidation Project and Tax Strategy (Details Textual) (USD $) | 3 Months Ended |
Apr. 04, 2014 | |
Schedule Of Restructuring Reserve By Type Of Cost [Line Items] | ' |
Estimated Cost Of Project | $6,100,000 |
Cost Of Project | 168,000 |
Estimated Cost Of Project Capital | 100,000 |
Operating Loss Carryforwards | $122,000,000 |