Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jul. 01, 2016 | Jul. 29, 2016 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jul. 1, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | STAAR SURGICAL CO | |
Entity Central Index Key | 718,937 | |
Current Fiscal Year End Date | --12-30 | |
Entity Filer Category | Accelerated Filer | |
Trading Symbol | STAA | |
Entity Common Stock, Shares Outstanding | 40,431,411 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jul. 01, 2016 | Jan. 01, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 12,688 | $ 13,402 |
Accounts receivable trade, net of allowance for doubtful accounts of $2,023 and $1,877, respectively | 16,112 | 15,675 |
Inventories, net | 15,692 | 15,921 |
Prepayments, deposits and other current assets | 3,938 | 3,636 |
Deferred income taxes | 510 | 439 |
Total current assets | 48,940 | 49,073 |
Property, plant and equipment, net | 11,424 | 10,095 |
Intangible assets, net | 659 | 666 |
Goodwill | 1,786 | 1,786 |
Deferred income taxes | 1,664 | 717 |
Other assets | 828 | 617 |
Total assets | 65,301 | 62,954 |
Current liabilities: | ||
Line of credit | 4,866 | 4,159 |
Accounts payable | 8,725 | 6,691 |
Deferred income taxes | 370 | 370 |
Obligations under capital leases | 346 | 362 |
Other current liabilities | 6,078 | 6,305 |
Total current liabilities | 20,385 | 17,887 |
Obligations under capital leases | 1,384 | 204 |
Deferred income taxes | 1,006 | 1,888 |
Asset retirement obligations | 222 | 156 |
Deferred rent | 77 | 87 |
Pension liability | 4,240 | 3,886 |
Total liabilities | 27,314 | 24,108 |
Commitments and contingencies (Note 12) | ||
Stockholders' equity: | ||
Common stock, $0.01 par value; 60,000 shares authorized; 40,433 and 39,887 shares issued and outstanding at July 1, 2016 and January 1, 2016, respectively | 404 | 399 |
Additional paid-in capital | 195,073 | 187,007 |
Accumulated other comprehensive loss | (326) | (1,580) |
Accumulated deficit | (157,164) | (146,980) |
Total stockholders’ equity | 37,987 | 38,846 |
Total liabilities and stockholders’ equity | $ 65,301 | $ 62,954 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Jul. 01, 2016 | Jan. 01, 2016 |
Allowance for Doubtful Accounts Receivable, Current | $ 2,023 | $ 1,877 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 60,000 | 60,000 |
Common stock, shares issued | 40,433 | 39,887 |
Common stock, shares outstanding | 40,433 | 39,887 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2016 | Jul. 03, 2015 | Jul. 01, 2016 | Jul. 03, 2015 | |
Net sales | $ 20,974 | $ 18,657 | $ 40,243 | $ 37,514 |
Cost of sales | 6,348 | 6,296 | 12,624 | 12,254 |
Gross profit | 14,626 | 12,361 | 27,619 | 25,260 |
General and administrative | 4,928 | 4,736 | 13,393 | 9,896 |
Marketing and selling | 7,181 | 5,832 | 14,856 | 11,500 |
Research and development | 4,659 | 3,536 | 11,565 | 7,116 |
Total selling, general and administrative expenses | 16,768 | 14,104 | 39,814 | 28,512 |
Operating loss | (2,142) | (1,743) | (12,195) | (3,252) |
Other income (expense): | ||||
Interest income | 0 | 49 | 0 | 49 |
Interest expense | (29) | (33) | (57) | (68) |
Gain (loss) on foreign currency transactions | (416) | 180 | 42 | (711) |
Royalty income | 351 | 106 | 373 | 151 |
Other income, net | (38) | (5) | (82) | 19 |
Other income (expense), net | (132) | 297 | 276 | (560) |
Loss before provision for income taxes | (2,274) | (1,446) | (11,919) | (3,812) |
Provision (benefit) for income taxes | (131) | 153 | (1,735) | 126 |
Net loss | $ (2,143) | $ (1,599) | $ (10,184) | $ (3,938) |
Net loss per share - basic and diluted (in dollars per share) | $ (0.05) | $ (0.04) | $ (0.25) | $ (0.1) |
Weighted average shares outstanding - basic and diluted (in shares) | 40,210 | 39,066 | 40,097 | 38,769 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2016 | Jul. 03, 2015 | Jul. 01, 2016 | Jul. 03, 2015 | |
Net loss | $ (2,143) | $ (1,599) | $ (10,184) | $ (3,938) |
Defined benefit pension plans: | ||||
Net change in plan assets | (12) | (9) | (23) | (18) |
Reclassification into earnings | 26 | 15 | 53 | 30 |
Foreign currency translation gain (loss) | 1,036 | (302) | 1,768 | (234) |
Tax effect | (316) | 107 | (544) | 81 |
Other comprehensive income (loss), net of tax | 734 | (189) | 1,254 | (141) |
Comprehensive loss | $ (1,409) | $ (1,788) | $ (8,930) | $ (4,079) |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 01, 2016 | Jul. 03, 2015 | |
Cash flows from operating activities: | ||
Net loss | $ (10,184) | $ (3,938) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation of property, plant and equipment | 1,237 | 996 |
Amortization of intangibles | 111 | 103 |
Deferred income taxes | (1,802) | (35) |
Change in net pension liability | 220 | 95 |
Stock-based compensation expense | 7,758 | 1,823 |
Provision for sales returns and bad debts | 89 | 243 |
Changes in working capital: | ||
Accounts receivable trade | (65) | (1,732) |
Inventories, net | 1,613 | 1,669 |
Prepayments, deposits and other current assets | (418) | 606 |
Accounts payable | 1,280 | (1,994) |
Other current liabilities | (324) | 759 |
Net cash used in operating activities | (485) | (1,405) |
Cash flows from investing activities: | ||
Acquisition of property, plant and equipment | (1,991) | (701) |
Cash proceeds from sale of property, plant and equipment | 17 | 2 |
Net cash used in investing activities | (1,974) | (699) |
Cash flows from financing activities: | ||
Repayment of capital lease obligations | (184) | (210) |
Proceeds from sale leaseback transactions | 1,154 | 0 |
Taxes paid related to net share settlement of equity awards | (611) | 0 |
Proceeds from exercise of stock options | 737 | 1,896 |
Proceeds from exercise of warrants | 0 | 2,800 |
Net cash provided by financing activities | 1,096 | 4,486 |
Effect of exchange rate changes on cash and cash equivalents | 649 | (60) |
Increase (decrease) in cash and cash equivalents | (714) | 2,322 |
Cash and cash equivalents, at beginning of the period | 13,402 | 13,013 |
Cash and cash equivalents, at end of the period | $ 12,688 | $ 15,335 |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 6 Months Ended |
Jul. 01, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | The accompanying interim condensed consolidated financial statements, 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 condensed consolidated results of operations 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. In May 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-12, “ In April 2016, the FASB issued ASU 2016-10, “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing.” The amendments clarify two aspects of Topic 606: (a) identifying performance obligations; and (b) the licensing implementation guidance. The update is effective for annual periods beginning after December 15, 2017 including interim reporting periods therein. The Company is currently evaluating the impact the adoption of ASU 2016-10 will have on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, “CompensationStock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting”, which simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, forfeitures, classification of awards as either equity or liabilities, and classification of awards on the statement of cash flows. The update is effective for fiscal years beginning after December 15, 2016. The Company is currently evaluating the impact of the adoption of ASU 2016-09 will have on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)”, which requires lessees to recognize assets and liabilities for leases with lease terms greater than twelve months in the statement of financial position. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. ASU 2016-02 also requires improved disclosures to help users of financial statements better understand the amount, timing and uncertainty of cash flows arising from leases. The update is effective for fiscal years beginning after December 15, 2018, including interim reporting periods within that reporting period. Early adoption is permitted. The Company is currently evaluating the impact the adoption of ASU 2016-02 will have on its consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, “ In November 2015, the FASB issued ASU 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes”, which changes how deferred taxes are classified on company’s balance sheets. The ASU eliminates the current requirement to present deferred tax liabilities and assets as current and noncurrent on the balance sheet. Instead, companies will be required to classify all deferred tax assets and liabilities as noncurrent. The amendments are effective for annual financial statements beginning after December 15, 2016, and interim periods within those annual periods. The Company is currently evaluating the impact the adoption of ASU 2015-17 will have on its consolidated financial statements. In August 2014, the FASB issued ASU No. 2014-15, "Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern". ASU No. 2014-15 defines management's responsibility to assess an entity's ability to continue as a going concern, and to provide related footnote disclosures in certain circumstances. It is effective for annual reporting periods ending after December 15, 2016, and for annual and interim reporting periods thereafter. Early adoption is permitted. The Company has not elected to early adopt, and will apply the provisions of ASU No. 2014-15 when assessing going concern upon adoption. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)”, which supersedes nearly all existing revenue recognition guidance under GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five-step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing GAAP. The revised revenue standard is effective for public entities for annual periods beginning after December 15, 2017, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients; or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). The Company is currently evaluating the impact of the Company’s pending adoption of ASU 2014-09 on the Company’s financial statements and has not yet determined the method by which it will adopt the standard in fiscal 2018. For the three-month and six-month periods ended July 3, 2015, the Company reclassified $ 106,000 151,000 |
Inventories
Inventories | 6 Months Ended |
Jul. 01, 2016 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | Note 2 Inventories July 1, January 1, 2016 2016 Raw materials and purchased parts $ 2,344 $ 2,317 Work-in-process 1,971 1,995 Finished goods 15,614 15,058 19,929 19,370 Less: inventory reserves 4,237 3,449 $ 15,692 $ 15,921 |
Prepayments, Deposits, and Othe
Prepayments, Deposits, and Other Current Assets | 6 Months Ended |
Jul. 01, 2016 | |
Prepaid Expenses Deposits and Other Current Assets Disclosure [Abstract] | |
Prepayments, Deposits, and Other Current Assets Disclosure [Text Block] | Note 3 Prepayments, Deposits, and Other Current Assets July 1, January 1, 2016 2016 Prepayments and deposits $ 1,493 $ 1,386 Income tax receivable 651 597 Value added tax (VAT) receivable 538 724 Royalties receivable 129 65 Deferred charges for foreign profits 182 182 Other current assets 945 682 $ 3,938 $ 3,636 |
Property, Plant and Equipment
Property, Plant and Equipment | 6 Months Ended |
Jul. 01, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | Note 4 Property, Plant and Equipment Property, plant and equipment, net consisted of the following (in thousands): July 1, January 1, 2016 2016 Machinery and equipment $ 17,832 $ 17,094 Furniture and fixtures 8,387 6,980 Leasehold improvements 9,208 8,611 35,427 32,685 Less: accumulated depreciation 24,003 22,590 $ 11,424 $ 10,095 |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jul. 01, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets Disclosure [Text Block] | Note 5 Intangible Assets Intangible assets, net consisted of the following (in thousands): July 1, 2016 January 1, 2016 Gross Accumulated Net Gross Accumulated Net Long-lived intangible assets: Patents and licenses $ 9,303 $ (8,951) $ 352 $ 9,207 $ (8,891) $ 316 Customer relationships 1,526 (1,297) 229 1,305 (1,044) 261 Developed technology 970 (892) 78 829 (740) 89 Total $ 11,799 $ (11,140) $ 659 $ 11,341 $ (10,675) $ 666 |
Other Current Liabilities
Other Current Liabilities | 6 Months Ended |
Jul. 01, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities Disclosure [Text Block] | Note 6 Other Current Liabilities July 1, January 1, Accrued salaries and wages $ 2,092 $ 1,909 Accrued bonuses 1,395 2,114 Accrued severance 136 133 Accrued insurance 426 540 Customer credit balances 292 203 Accrued income taxes 83 217 Accrued audit fees 295 314 Other (1) 1,359 875 $ 6,078 $ 6,305 (1) No individual item in “Other” above exceeds 5 |
Defined Benefit Pension Plans
Defined Benefit Pension Plans | 6 Months Ended |
Jul. 01, 2016 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | Note 7 Defined Benefit Pension Plans The Company has defined benefit plans covering employees of its Switzerland and Japan operations. Three Months Ended Six Months Ended July 1, July 3, July 1, July 3, Service cost $ 155 $ 107 $ 309 $ 214 Interest cost 18 19 36 38 Expected return on plan assets (23) (21) (45) (42) Net amortization of transitional obligation (a) 3 3 6 5 Actuarial loss recognized in current period (a) 23 12 47 25 Total $ 176 $ 120 $ 353 $ 240 (a) Amounts reclassified from accumulated other comprehensive loss. During the six months ended July 1, 2016 and July 3, 2015, the Company made cash contributions of approximately $ 419,000 400,000 |
Basic and Diluted Loss Per Shar
Basic and Diluted Loss Per Share | 6 Months Ended |
Jul. 01, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Note 8 Basic and Diluted Loss Per Share Three Months Ended Six Months Ended July 1, July 3, July 1, July 3, Numerator: Net loss $ (2,143) $ (1,599) $ (10,184) $ (3,938) Denominator: Weighted average common shares and denominator for basic and diluted calculation: Weighted average common shares outstanding 40,225 39,173 40,112 38,876 Less: Unvested restricted stock 15 107 15 107 Denominator for basic and diluted calculation 40,210 39,066 40,097 38,769 Net loss per share basic and diluted $ (0.05) $ (0.04) $ (0.25) $ (0.10) Three Months Ended Six Months Ended July 1, July 3, July 1, July 3, Options 3,199 1,561 2,994 1,396 Restricted stock and units 258 137 188 211 Warrants 385 345 Total 3,457 2,083 3,182 1,952 |
Geographic and Product Data
Geographic and Product Data | 6 Months Ended |
Jul. 01, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | Note 9 Geographic and Product Data 60 5 worldwide consolidated sales. Three Months Ended Six Months Ended July 1, July 3, July 1, July 3, 2016 2015 2016 2015 Japan $ 3,989 $ 3,980 $ 8,229 $ 8,267 China 4,417 3,327 7,495 5,698 United States 2,420 2,723 4,936 5,589 Korea 1,665 1,269 3,687 3,612 Spain 1,528 1,486 2,980 2,964 France 1,103 888 2,230 2,039 Germany 1,153 694 2,120 1,190 Other 4,699 4,290 8,566 8,155 Total $ 20,974 $ 18,657 $ 40,243 $ 37,514 100 Three Months Ended Six Months Ended July 1, July 3, July 1, July 3, 2016 2015 2016 2015 ICLs $ 15,408 $ 12,236 $ 28,588 $ 24,490 IOLs 5,068 5,204 10,134 10,562 Core products 20,476 17,440 38,722 35,052 Other surgical products 498 1,217 1,521 2,462 Total $ 20,974 $ 18,657 $ 40,243 $ 37,514 One customer, our distributor in China, accounted for 21 19 16 14 23 10 24 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jul. 01, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 10 Stock-Based Compensation Three Months Ended Six Months Ended July 1, July 3, July 1, July 3, Employee stock options $ 153 $ 555 $ 5,049 $ 1,193 Restricted stock 2 63 227 307 Restricted stock units 145 154 2,423 274 Nonemployee stock options -- 57 59 49 Total $ 300 $ 829 $ 7,758 $ 1,823 Three Months Ended Six Months Ended July 1, July 3, July 1, July 3, Cost of sales $ -- $ 6 $ 560 $ 23 General and administrative 167 548 3,688 1,124 Marketing and selling 68 104 1,471 355 Research and development 65 171 2,039 321 Total stock compensation expense 300 829 7,758 1,823 Amounts capitalized as part of inventory 36 129 188 251 Total $ 336 $ 958 $ 7,946 $ 2,074 Stock Option Plan Our Amended and Restated 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, restricted stock units (“RSUs”), 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 our Board of Directors, and expire over periods not exceeding 10 3,785,537 0.95 17.62 15,379 260,425 2,223,858 Immediate Vesting of All Unvested Equity Awards On February 11, 2016, one of our shareholders increased its beneficial ownership of the Company’s common stock to approximately 26 6.9 4.6 2.3 2.9 1.5 1.9 0.6 3.7 Assumptions The fair value of each 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 options granted is derived from the historical exercises and post-vesting cancellations and represents the period of time that options granted are expected to be outstanding. The Company has calculated a 9 Three Months Ended Six Months Ended July 1, July 3, July 1, July 3, Expected dividend yield 0 % 0 % 0 % 0 % Expected volatility 45 % 57 % 53 % 57 % Risk-free interest rate 1.01 % 1.42 % 1.27 % 1.61 % Expected term (in years) 4.40 5.54 5.19 5.61 Options Outstanding at January 1, 2016 3,623 Granted 725 Exercised (265) Forfeited or expired (298) Outstanding at July 1, 2016 3,785 Exercisable at July 1, 2016 3,176 Restricted RSUs Outstanding at January 1, 2016 124 339 Granted 15 307 Vested (124) (379) Forfeited -- (6) Outstanding at July1, 2016 15 261 |
Income Taxes
Income Taxes | 6 Months Ended |
Jul. 01, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Note 11 Income Taxes The Company’s quarterly provision for income taxes is determined by estimating an annual effective tax rate. This estimate may fluctuate throughout the year as new information becomes available affecting its underlying assumptions. The tax effect of unusual or infrequent transactions that occurred during the reporting period is calculated separately and added to the amount of tax estimated using the annual effective tax rate discussed above. All earnings from the Company’s subsidiaries are not considered to be permanently reinvested. Accordingly, the Company provides withholding and U.S. taxes on all unremitted foreign earnings. The $ 1.7 126,000 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jul. 01, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Note 12 - Commitments and Contingencies Lines of Credit and Guarantee The Company’s wholly owned Japanese subsidiary, STAAR Japan, has an agreement, as amended on December 28, 2012, with Mizuho Bank, which provides for borrowings of up to 500,000,000 4.9 1.475 September 30, 2016 500,000,000 4.9 4.2 In August 2010, the Company’s wholly-owned Swiss subsidiary, STAAR Surgical AG, entered into a credit agreement with Credit Suisse (the “Bank”). The credit agreement provides for borrowing of up to 1,000,000 1.0 0.25 On May 1, 2015, STAAR Surgical AG entered into a guarantee agreement with Bankinter. The agreement, as amended, provides Bankinter with a guarantee of up to EUR 200,000 222,000 783,000 803,000 Covenant Compliance The Company is in compliance with the covenants of its credit facilities as of the date of this report. Litigation and Claims From time to time the Company may be subject to various claims and legal proceedings arising out of the normal course of our business. These claims and legal proceedings may relate to contractual rights and obligations, employment matters, and claims of product liability. The most significant of these actions, proceedings and investigations are described below. STAAR maintains insurance coverage for product liability and certain securities matters. Legal proceedings can extend for several years, and the matters described below concerning the Company are at early stages of the legal and administrative process. As a result, these matters have not yet progressed sufficiently through discovery and/or development of important factual information and legal issues to enable the Company to determine whether the proceedings are material to the Company or to estimate a range of possible loss, if any. Unless otherwise disclosed, the Company is unable to estimate the possible loss or range of loss for the legal proceedings described below. While it is not possible to accurately predict or determine outcomes of these items, an adverse determination in one or more of these items currently pending could have a material adverse effect on the Company’s consolidated results of operations, financial position or cash flows. Todd v. STAAR On July 8, 2014, a putative securities class action lawsuit was filed by Edward Todd against STAAR and three officers in the U.S. District Court for the Central District of California. Stockholder Derivative Litigation: Forestal Action On June 22, 2016, Kevin Forestal filed a stockholder derivative complaint against our then-current Board of Directors, which included Caren Mason, Mark B. Logan, Stephen C. Farrell, Richard A. Meier, John C. Moore, J. Steven Roush, Louis E. Silverman, and William P. Wall, and STAAR as well as Barry G. Caldwell and John S. Santos in the U.S. District Court for the Central District of California. The plaintiff alleges breaches of fiduciary duties by, among other things, allowing STAAR to disseminate misleading statements to investors regarding the condition of the Company’s Quality System, failing to properly oversee the Company, and unjust enrichment. The complaint seeks damages, restitution and governance reforms, attorneys’ fees and costs. Although the ultimate outcome of this action cannot be determined with certainty, the Company believes that the allegations in the Complaint are without merit. The Company has not recorded any loss or accrual in the accompanying condensed consolidated financial statements at July 1, 2016 for this matter as the likelihood and amount of loss, if any, has not been determined and is not currently estimable. Employment Agreements The Company’s Chief Executive Officer and certain officers have as provisions of their agreements certain rights, including continuance of cash compensation and benefits, upon a “change in control,” which may include an acquisition of substantially all of its assets, or termination “without cause or for good reason” as defined in the employment agreements. |
Sale Leaseback Transactions
Sale Leaseback Transactions | 6 Months Ended |
Jul. 01, 2016 | |
Leases [Abstract] | |
Sale Leaseback Transaction Disclosure [Text Block] | Note 13. Sale Leaseback Transactions On June 7, 2016, the Company new schedule of an existing master agreement with Farnam Street Financial, Inc. of $1.3 million of which $1.2 million was a 1.2 2.0 24 3.94 4.75 0.7 |
Basis of Presentation and Sig20
Basis of Presentation and Significant Accounting Policies (Policies) | 6 Months Ended |
Jul. 01, 2016 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | The condensed 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 1, 2016 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 January 1, 2016. The accompanying interim condensed consolidated financial statements, 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 condensed consolidated results of operations 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. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In May 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-12, “ In April 2016, the FASB issued ASU 2016-10, “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing.” The amendments clarify two aspects of Topic 606: (a) identifying performance obligations; and (b) the licensing implementation guidance. The update is effective for annual periods beginning after December 15, 2017 including interim reporting periods therein. The Company is currently evaluating the impact the adoption of ASU 2016-10 will have on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, “CompensationStock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting”, which simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, forfeitures, classification of awards as either equity or liabilities, and classification of awards on the statement of cash flows. The update is effective for fiscal years beginning after December 15, 2016. The Company is currently evaluating the impact of the adoption of ASU 2016-09 will have on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)”, which requires lessees to recognize assets and liabilities for leases with lease terms greater than twelve months in the statement of financial position. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. ASU 2016-02 also requires improved disclosures to help users of financial statements better understand the amount, timing and uncertainty of cash flows arising from leases. The update is effective for fiscal years beginning after December 15, 2018, including interim reporting periods within that reporting period. Early adoption is permitted. The Company is currently evaluating the impact the adoption of ASU 2016-02 will have on its consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, “ In November 2015, the FASB issued ASU 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes”, which changes how deferred taxes are classified on company’s balance sheets. The ASU eliminates the current requirement to present deferred tax liabilities and assets as current and noncurrent on the balance sheet. Instead, companies will be required to classify all deferred tax assets and liabilities as noncurrent. The amendments are effective for annual financial statements beginning after December 15, 2016, and interim periods within those annual periods. The Company is currently evaluating the impact the adoption of ASU 2015-17 will have on its consolidated financial statements. In August 2014, the FASB issued ASU No. 2014-15, "Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern". ASU No. 2014-15 defines management's responsibility to assess an entity's ability to continue as a going concern, and to provide related footnote disclosures in certain circumstances. It is effective for annual reporting periods ending after December 15, 2016, and for annual and interim reporting periods thereafter. Early adoption is permitted. The Company has not elected to early adopt, and will apply the provisions of ASU No. 2014-15 when assessing going concern upon adoption. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)”, which supersedes nearly all existing revenue recognition guidance under GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five-step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing GAAP. The revised revenue standard is effective for public entities for annual periods beginning after December 15, 2017, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients; or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). The Company is currently evaluating the impact of the Company’s pending adoption of ASU 2014-09 on the Company’s financial statements and has not yet determined the method by which it will adopt the standard in fiscal 2018. |
Reclassification, Policy [Policy Text Block] | Prior Year Reclassifications For the three-month and six-month periods ended July 3, 2015, the Company reclassified $ 106,000 151,000 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jul. 01, 2016 | |
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 value and consisted of the following (in thousands): July 1, January 1, 2016 2016 Raw materials and purchased parts $ 2,344 $ 2,317 Work-in-process 1,971 1,995 Finished goods 15,614 15,058 19,929 19,370 Less: inventory reserves 4,237 3,449 $ 15,692 $ 15,921 |
Prepayments, Deposits, and Ot22
Prepayments, Deposits, and Other Current Assets (Tables) | 6 Months Ended |
Jul. 01, 2016 | |
Prepaid Expenses and Other Current Assets Disclosure [Abstract] | |
Schedule Of Prepayments, Deposits, and Other Current Assets Disclosure [Table Text Block] | Prepayments, deposits, and other current assets consisted of the following (in thousands): July 1, January 1, 2016 2016 Prepayments and deposits $ 1,493 $ 1,386 Income tax receivable 651 597 Value added tax (VAT) receivable 538 724 Royalties receivable 129 65 Deferred charges for foreign profits 182 182 Other current assets 945 682 $ 3,938 $ 3,636 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 6 Months Ended |
Jul. 01, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment, net consisted of the following (in thousands): July 1, January 1, 2016 2016 Machinery and equipment $ 17,832 $ 17,094 Furniture and fixtures 8,387 6,980 Leasehold improvements 9,208 8,611 35,427 32,685 Less: accumulated depreciation 24,003 22,590 $ 11,424 $ 10,095 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jul. 01, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Intangible assets, net consisted of the following (in thousands): July 1, 2016 January 1, 2016 Gross Accumulated Net Gross Accumulated Net Long-lived intangible assets: Patents and licenses $ 9,303 $ (8,951) $ 352 $ 9,207 $ (8,891) $ 316 Customer relationships 1,526 (1,297) 229 1,305 (1,044) 261 Developed technology 970 (892) 78 829 (740) 89 Total $ 11,799 $ (11,140) $ 659 $ 11,341 $ (10,675) $ 666 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 6 Months Ended |
Jul. 01, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | July 1, January 1, Accrued salaries and wages $ 2,092 $ 1,909 Accrued bonuses 1,395 2,114 Accrued severance 136 133 Accrued insurance 426 540 Customer credit balances 292 203 Accrued income taxes 83 217 Accrued audit fees 295 314 Other (1) 1,359 875 $ 6,078 $ 6,305 (1) No individual item in “Other” above exceeds 5 |
Defined Benefit Pension Plans (
Defined Benefit Pension Plans (Tables) | 6 Months Ended |
Jul. 01, 2016 | |
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 Six Months Ended July 1, July 3, July 1, July 3, Service cost $ 155 $ 107 $ 309 $ 214 Interest cost 18 19 36 38 Expected return on plan assets (23) (21) (45) (42) Net amortization of transitional obligation (a) 3 3 6 5 Actuarial loss recognized in current period (a) 23 12 47 25 Total $ 176 $ 120 $ 353 $ 240 (a) Amounts reclassified from accumulated other comprehensive loss. |
Basic and Diluted Loss Per Sh27
Basic and Diluted Loss Per Share (Tables) | 6 Months Ended |
Jul. 01, 2016 | |
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 loss per share (in thousands except per share amounts): Three Months Ended Six Months Ended July 1, July 3, July 1, July 3, Numerator: Net loss $ (2,143) $ (1,599) $ (10,184) $ (3,938) Denominator: Weighted average common shares and denominator for basic and diluted calculation: Weighted average common shares outstanding 40,225 39,173 40,112 38,876 Less: Unvested restricted stock 15 107 15 107 Denominator for basic and diluted calculation 40,210 39,066 40,097 38,769 Net loss per share basic and diluted $ (0.05) $ (0.04) $ (0.25) $ (0.10) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | The following table sets forth the weighted average number of options and warrants to purchase shares of common stock and restricted stock and units, which were not included in the calculation of diluted per share amounts because the effects would be anti-dilutive (in thousands). Three Months Ended Six Months Ended July 1, July 3, July 1, July 3, Options 3,199 1,561 2,994 1,396 Restricted stock and units 258 137 188 211 Warrants 385 345 Total 3,457 2,083 3,182 1,952 |
Geographic and Product Data (Ta
Geographic and Product Data (Tables) | 6 Months Ended |
Jul. 01, 2016 | |
Segment Reporting [Abstract] | |
Revenue from External Customers by Geographic Areas [Table Text Block] | The composition of the Company’s net sales to unaffiliated customers is set forth below (in thousands): Three Months Ended Six Months Ended July 1, July 3, July 1, July 3, 2016 2015 2016 2015 Japan $ 3,989 $ 3,980 $ 8,229 $ 8,267 China 4,417 3,327 7,495 5,698 United States 2,420 2,723 4,936 5,589 Korea 1,665 1,269 3,687 3,612 Spain 1,528 1,486 2,980 2,964 France 1,103 888 2,230 2,039 Germany 1,153 694 2,120 1,190 Other 4,699 4,290 8,566 8,155 Total $ 20,974 $ 18,657 $ 40,243 $ 37,514 |
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 Six Months Ended July 1, July 3, July 1, July 3, 2016 2015 2016 2015 ICLs $ 15,408 $ 12,236 $ 28,588 $ 24,490 IOLs 5,068 5,204 10,134 10,562 Core products 20,476 17,440 38,722 35,052 Other surgical products 498 1,217 1,521 2,462 Total $ 20,974 $ 18,657 $ 40,243 $ 37,514 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jul. 01, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule Of Compensation Cost [Table Text Block] | The cost that has been charged against income for stock-based compensation is set forth below (in thousands): Three Months Ended Six Months Ended July 1, July 3, July 1, July 3, Employee stock options $ 153 $ 555 $ 5,049 $ 1,193 Restricted stock 2 63 227 307 Restricted stock units 145 154 2,423 274 Nonemployee stock options -- 57 59 49 Total $ 300 $ 829 $ 7,758 $ 1,823 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | The Company recorded stock-based compensation costs in the following categories on the accompanying condensed consolidated statements of operations (in thousands): Three Months Ended Six Months Ended July 1, July 3, July 1, July 3, Cost of sales $ -- $ 6 $ 560 $ 23 General and administrative 167 548 3,688 1,124 Marketing and selling 68 104 1,471 355 Research and development 65 171 2,039 321 Total stock compensation expense 300 829 7,758 1,823 Amounts capitalized as part of inventory 36 129 188 251 Total $ 336 $ 958 $ 7,946 $ 2,074 |
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 Six Months Ended July 1, July 3, July 1, July 3, Expected dividend yield 0 % 0 % 0 % 0 % Expected volatility 45 % 57 % 53 % 57 % Risk-free interest rate 1.01 % 1.42 % 1.27 % 1.61 % Expected term (in years) 4.40 5.54 5.19 5.61 |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | A summary of option activity under the Plan for the six-month period ended July 1, 2016 is presented below: Options Outstanding at January 1, 2016 3,623 Granted 725 Exercised (265) Forfeited or expired (298) Outstanding at July 1, 2016 3,785 Exercisable at July 1, 2016 3,176 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | A summary of restricted stock and RSU activity under the Plan for the six-month period ended July 1, 2016 is presented below: Restricted RSUs Outstanding at January 1, 2016 124 339 Granted 15 307 Vested (124) (379) Forfeited -- (6) Outstanding at July1, 2016 15 261 |
Basis of Presentation and Sig30
Basis of Presentation and Significant Accounting Policies (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended |
Jul. 03, 2015 | Jul. 03, 2015 | |
Royalty Income [Member] | ||
Prior Period Reclassification Adjustment | $ 106,000 | $ 151,000 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Jul. 01, 2016 | Jan. 01, 2016 |
Inventory [Line Items] | ||
Raw materials and purchased parts | $ 2,344 | $ 2,317 |
Work-in-process | 1,971 | 1,995 |
Finished goods | 15,614 | 15,058 |
Inventory, Gross | 19,929 | 19,370 |
Less: inventory reserves | 4,237 | 3,449 |
Inventory, Net | $ 15,692 | $ 15,921 |
Prepayments, Deposits, and Ot32
Prepayments, Deposits, and Other Current Assets (Details) - USD ($) $ in Thousands | Jul. 01, 2016 | Jan. 01, 2016 |
Prepayments, Deposits, and Other Current Assets [Line Items] | ||
Prepayments and deposits | $ 1,493 | $ 1,386 |
Income tax receivable | 651 | 597 |
Value added tax (VAT) receivable | 538 | 724 |
Royalties receivable | 129 | 65 |
Deferred charges for foreign profits | 182 | 182 |
Other current assets | 945 | 682 |
Prepayments, deposits, and other current assets | $ 3,938 | $ 3,636 |
Property, Plant and Equipment33
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Jul. 01, 2016 | Jan. 01, 2016 |
Property, Plant and Equipment [Line Items] | ||
Machinery and equipment | $ 17,832 | $ 17,094 |
Furniture and fixtures | 8,387 | 6,980 |
Leasehold improvements | 9,208 | 8,611 |
Property, Plant and Equipment, Gross | 35,427 | 32,685 |
Less: accumulated depreciation | 24,003 | 22,590 |
Property, plant and equipment, net | $ 11,424 | $ 10,095 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Thousands | Jul. 01, 2016 | Jan. 01, 2016 |
Long-lived intangible assets: | ||
Long-lived intangible assets, Gross Carrying Amount | $ 11,799 | $ 11,341 |
Long-lived intangible assets, Accumulated Amortization | (11,140) | (10,675) |
Long-lived intangible assets, Net | 659 | 666 |
Patents and Licenses [Member] | ||
Long-lived intangible assets: | ||
Long-lived intangible assets, Gross Carrying Amount | 9,303 | 9,207 |
Long-lived intangible assets, Accumulated Amortization | (8,951) | (8,891) |
Long-lived intangible assets, Net | 352 | 316 |
Customer relationships [Member] | ||
Long-lived intangible assets: | ||
Long-lived intangible assets, Gross Carrying Amount | 1,526 | 1,305 |
Long-lived intangible assets, Accumulated Amortization | (1,297) | (1,044) |
Long-lived intangible assets, Net | 229 | 261 |
Developed technology [Member] | ||
Long-lived intangible assets: | ||
Long-lived intangible assets, Gross Carrying Amount | 970 | 829 |
Long-lived intangible assets, Accumulated Amortization | (892) | (740) |
Long-lived intangible assets, Net | $ 78 | $ 89 |
Other Current Liabilities (Deta
Other Current Liabilities (Details) - USD ($) $ in Thousands | Jul. 01, 2016 | Jan. 01, 2016 | |
Other Liabilities, Current [Line Items] | |||
Accrued salaries and wages | $ 2,092 | $ 1,909 | |
Accrued bonuses | 1,395 | 2,114 | |
Accrued severance | 136 | 133 | |
Accrued insurance | 426 | 540 | |
Customer credit balances | 292 | 203 | |
Accrued income taxes | 83 | 217 | |
Accrued audit fees | 295 | 314 | |
Other | [1] | 1,359 | 875 |
Other current liabilities | $ 6,078 | $ 6,305 | |
[1] | No individual item in “Other” above exceeds 5% of the total other current liabilities |
Other Current Liabilities (De36
Other Current Liabilities (Details Textual) | 6 Months Ended |
Jul. 01, 2016 | |
Other Liabilities, Current [Line Items] | |
Percentage Of Other Current Liabilities | 5.00% |
Defined Benefit Pension Plans37
Defined Benefit Pension Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 01, 2016 | Jul. 03, 2015 | Jul. 01, 2016 | Jul. 03, 2015 | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Service cost | $ 155 | $ 107 | $ 309 | $ 214 | |
Interest cost | 18 | 19 | 36 | 38 | |
Expected return on plan assets | (23) | (21) | (45) | (42) | |
Net amortization of transitional obligation | [1] | 3 | 3 | 6 | 5 |
Actuarial loss recognized in current period | [1] | 23 | 12 | 47 | 25 |
Total | $ 176 | $ 120 | $ 353 | $ 240 | |
[1] | Amounts reclassified from accumulated other comprehensive loss. |
Defined Benefit Pension Plans38
Defined Benefit Pension Plans (Details Textual) - USD ($) | 6 Months Ended | |
Jul. 01, 2016 | Jul. 03, 2015 | |
Swiss Pension Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Contributions By Employer | $ 419,000 | $ 400,000 |
Basic and Diluted Loss Per Sh39
Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2016 | Jul. 03, 2015 | Jul. 01, 2016 | Jul. 03, 2015 | |
Numerator: | ||||
Net loss | $ (2,143) | $ (1,599) | $ (10,184) | $ (3,938) |
Weighted average common shares and denominator for basic and diluted calculation: | ||||
Weighted average common shares outstanding | 40,225 | 39,173 | 40,112 | 38,876 |
Less: Unvested restricted stock | 15 | 107 | 15 | 107 |
Denominator for basic and diluted calculation | 40,210 | 39,066 | 40,097 | 38,769 |
Net loss per share - basic and diluted (in dollars per share) | $ (0.05) | $ (0.04) | $ (0.25) | $ (0.1) |
Basic and Diluted Loss Per Sh40
Basic and Diluted Loss Per Share (Details 1) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2016 | Jul. 03, 2015 | Jul. 01, 2016 | Jul. 03, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3,457 | 2,083 | 3,182 | 1,952 |
Options [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3,199 | 1,561 | 2,994 | 1,396 |
Restricted Stock Units (RSUs) [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 258 | 137 | 188 | 211 |
Warrants [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 385 | 0 | 345 |
Geographic and Product Data (De
Geographic and Product Data (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2016 | Jul. 03, 2015 | Jul. 01, 2016 | Jul. 03, 2015 | |
Geographic And Sales [Line Items] | ||||
Net sales | $ 20,974 | $ 18,657 | $ 40,243 | $ 37,514 |
Japan [Member] | ||||
Geographic And Sales [Line Items] | ||||
Net sales | 3,989 | 3,980 | 8,229 | 8,267 |
China [Member] | ||||
Geographic And Sales [Line Items] | ||||
Net sales | 4,417 | 3,327 | 7,495 | 5,698 |
United States [Member] | ||||
Geographic And Sales [Line Items] | ||||
Net sales | 2,420 | 2,723 | 4,936 | 5,589 |
Korea [Member] | ||||
Geographic And Sales [Line Items] | ||||
Net sales | 1,665 | 1,269 | 3,687 | 3,612 |
Spain [Member] | ||||
Geographic And Sales [Line Items] | ||||
Net sales | 1,528 | 1,486 | 2,980 | 2,964 |
France [Member] | ||||
Geographic And Sales [Line Items] | ||||
Net sales | 1,103 | 888 | 2,230 | 2,039 |
Germany [Member] | ||||
Geographic And Sales [Line Items] | ||||
Net sales | 1,153 | 694 | 2,120 | 1,190 |
Other [Member] | ||||
Geographic And Sales [Line Items] | ||||
Net sales | $ 4,699 | $ 4,290 | $ 8,566 | $ 8,155 |
Geographic and Product Data (42
Geographic and Product Data (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2016 | Jul. 03, 2015 | Jul. 01, 2016 | Jul. 03, 2015 | |
Product Information [Line Items] | ||||
Net sales | $ 20,974 | $ 18,657 | $ 40,243 | $ 37,514 |
ICLs [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 15,408 | 12,236 | 28,588 | 24,490 |
IOLs [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 5,068 | 5,204 | 10,134 | 10,562 |
Core products [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 20,476 | 17,440 | 38,722 | 35,052 |
Other surgical products [Member] | ||||
Product Information [Line Items] | ||||
Net sales | $ 498 | $ 1,217 | $ 1,521 | $ 2,462 |
Geographic and Product Data (43
Geographic and Product Data (Details Textual) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jul. 01, 2016 | Jul. 03, 2015 | Jul. 01, 2016 | Jul. 03, 2015 | Jan. 01, 2016 | |
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. Other than Japan, China, the United States, Korea, Spain, France and Germany, the Company does not conduct business in any country in which its sales exceed 5% of worldwide consolidated sales. | ||||
Segment Sales To Consolidated Sales Percentage | 100.00% | 100.00% | |||
Number of Countries in which Entity Operates | 60 | 60 | |||
Sales Exceed Percentage | 5.00% | ||||
Customer One [Member] | Accounts Receivable [Member] | |||||
Geographic and Product Data [Line Items] | |||||
Concentration Risk, Percentage | 24.00% | ||||
Customer One [Member] | Sales Revenue, Net [Member] | |||||
Geographic and Product Data [Line Items] | |||||
Concentration Risk, Percentage | 21.00% | 16.00% | 19.00% | 14.00% | |
Customer Two [Member] | Accounts Receivable [Member] | CHINA | |||||
Geographic and Product Data [Line Items] | |||||
Concentration Risk, Percentage | 23.00% | ||||
Customer Two [Member] | Accounts Receivable [Member] | KOREA, REPUBLIC OF | |||||
Geographic and Product Data [Line Items] | |||||
Concentration Risk, Percentage | 10.00% |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2016 | Jul. 03, 2015 | Jul. 01, 2016 | Jul. 03, 2015 | |
Schedule of Employee Service Share-based Compensation [Line Items] | ||||
Share-based Compensation | $ 300 | $ 829 | $ 7,758 | $ 1,823 |
Employee stock options [Member] | ||||
Schedule of Employee Service Share-based Compensation [Line Items] | ||||
Share-based Compensation | 153 | 555 | 5,049 | 1,193 |
Restricted stock [Member] | ||||
Schedule of Employee Service Share-based Compensation [Line Items] | ||||
Share-based Compensation | 2 | 63 | 227 | 307 |
Restricted stock units [Member] | ||||
Schedule of Employee Service Share-based Compensation [Line Items] | ||||
Share-based Compensation | 145 | 154 | 2,423 | 274 |
Nonemployee stock options [Member] | ||||
Schedule of Employee Service Share-based Compensation [Line Items] | ||||
Share-based Compensation | $ 0 | $ 57 | $ 59 | $ 49 |
Stock-Based Compensation (Det45
Stock-Based Compensation (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2016 | Jul. 03, 2015 | Jul. 01, 2016 | Jul. 03, 2015 | |
Schedule of Employee Service Share-based Compensation [Line Items] | ||||
Allocated Share-based Compensation Expense | $ 300 | $ 829 | $ 7,758 | $ 1,823 |
Amounts capitalized as part of inventory | 36 | 129 | 188 | 251 |
Total | 336 | 958 | 7,946 | 2,074 |
Cost of Sales [Member] | ||||
Schedule of Employee Service Share-based Compensation [Line Items] | ||||
Allocated Share-based Compensation Expense | 0 | 6 | 560 | 23 |
General and administrative [Member] | ||||
Schedule of Employee Service Share-based Compensation [Line Items] | ||||
Allocated Share-based Compensation Expense | 167 | 548 | 3,688 | 1,124 |
Marketing and selling [Member] | ||||
Schedule of Employee Service Share-based Compensation [Line Items] | ||||
Allocated Share-based Compensation Expense | 68 | 104 | 1,471 | 355 |
Research and development [Member] | ||||
Schedule of Employee Service Share-based Compensation [Line Items] | ||||
Allocated Share-based Compensation Expense | $ 65 | $ 171 | $ 2,039 | $ 321 |
Stock-Based Compensation (Det46
Stock-Based Compensation (Details 2) | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2016 | Jul. 03, 2015 | Jul. 01, 2016 | Jul. 03, 2015 | |
Schedule of Employee Service Share-based Compensation [Line Items] | ||||
Expected dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Expected volatility | 45.00% | 57.00% | 53.00% | 57.00% |
Risk-free interest rate | 1.01% | 1.42% | 1.27% | 1.61% |
Expected term (in years) | 4 years 4 months 24 days | 5 years 6 months 14 days | 5 years 2 months 8 days | 5 years 7 months 10 days |
Stock-Based Compensation (Det47
Stock-Based Compensation (Details 3) shares in Thousands | 6 Months Ended |
Jul. 01, 2016shares | |
Schedule of Employee Service Share-based Compensation [Line Items] | |
Options,Outstanding at January 1, 2016 | 3,623 |
Options, Granted, Shares | 725 |
Options, Exercised, Shares | (265) |
Options, Forfeited or expired, Shares | (298) |
Options,Outstanding at July 1, 2016 | 3,785 |
Options,Exercisable at July 1, 2016 | 3,176 |
Stock-Based Compensation (Det48
Stock-Based Compensation (Details 4) shares in Thousands | 6 Months Ended |
Jul. 01, 2016shares | |
Restricted Stock [Member] | |
Outstanding at January 1, 2016 | 124 |
Granted | 15 |
Vested | (124) |
Forfeited | 0 |
Outstanding at July1, 2016 | 15 |
Restricted Stock Units (RSUs) [Member] | |
Outstanding at January 1, 2016 | 339 |
Granted | 307 |
Vested | (379) |
Forfeited | (6) |
Outstanding at July1, 2016 | 261 |
Stock-Based Compensation (Det49
Stock-Based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jul. 01, 2016 | Jul. 03, 2015 | Jul. 01, 2016 | Jul. 03, 2015 | Feb. 11, 2016 | Jan. 01, 2016 | |
Schedule of Employee Service Share-based Compensation [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding | 3,785,000 | 3,785,000 | 3,623,000 | |||
Estimated Forfeiture Rate | 9.00% | |||||
Allocated Share-based Compensation Expense | $ 300 | $ 829 | $ 7,758 | $ 1,823 | ||
Beneficial Ownership Percentage of Investor | 26.00% | |||||
General and Administrative Expense [Member] | ||||||
Schedule of Employee Service Share-based Compensation [Line Items] | ||||||
Allocated Share-based Compensation Expense | 167 | 548 | 3,688 | 1,124 | ||
Selling and Marketing Expense [Member] | ||||||
Schedule of Employee Service Share-based Compensation [Line Items] | ||||||
Allocated Share-based Compensation Expense | 68 | 104 | 1,471 | 355 | ||
Research and Development Expense [Member] | ||||||
Schedule of Employee Service Share-based Compensation [Line Items] | ||||||
Allocated Share-based Compensation Expense | 65 | 171 | 2,039 | 321 | ||
Cost of Sales [Member] | ||||||
Schedule of Employee Service Share-based Compensation [Line Items] | ||||||
Allocated Share-based Compensation Expense | $ 0 | $ 6 | $ 560 | $ 23 | ||
Maximum [Member] | ||||||
Schedule of Employee Service Share-based Compensation [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Beginning Balance | $ 17.62 | $ 17.62 | ||||
Minimum [Member] | ||||||
Schedule of Employee Service Share-based Compensation [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Beginning Balance | $ 0.95 | $ 0.95 | ||||
Restricted Stock [Member] | ||||||
Schedule of Employee Service Share-based Compensation [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding | 15,379 | 15,379 | ||||
Restricted Stock Units (RSUs) [Member] | ||||||
Schedule of Employee Service Share-based Compensation [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding | 260,425 | 260,425 | ||||
Omnibus Plan [Member] | ||||||
Schedule of Employee Service Share-based Compensation [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||
Omnibus Plan [Member] | Restricted Stock [Member] | ||||||
Schedule of Employee Service Share-based Compensation [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 2,223,858 | 2,223,858 | ||||
Omnibus Equity Incentive Plan 2003 [Member] | ||||||
Schedule of Employee Service Share-based Compensation [Line Items] | ||||||
Allocated Share-based Compensation Expense | $ 6,900 | |||||
Share-based Compensation Arrangement by Share-based Payment Award Accelerated Compensation Cost | 3,700 | |||||
Omnibus Equity Incentive Plan 2003 [Member] | General and Administrative Expense [Member] | ||||||
Schedule of Employee Service Share-based Compensation [Line Items] | ||||||
Allocated Share-based Compensation Expense | 2,900 | |||||
Omnibus Equity Incentive Plan 2003 [Member] | Selling and Marketing Expense [Member] | ||||||
Schedule of Employee Service Share-based Compensation [Line Items] | ||||||
Allocated Share-based Compensation Expense | 1,500 | |||||
Omnibus Equity Incentive Plan 2003 [Member] | Research and Development Expense [Member] | ||||||
Schedule of Employee Service Share-based Compensation [Line Items] | ||||||
Allocated Share-based Compensation Expense | 1,900 | |||||
Omnibus Equity Incentive Plan 2003 [Member] | Cost of Sales [Member] | ||||||
Schedule of Employee Service Share-based Compensation [Line Items] | ||||||
Allocated Share-based Compensation Expense | 600 | |||||
Omnibus Equity Incentive Plan 2003 [Member] | Employee Stock Option [Member] | ||||||
Schedule of Employee Service Share-based Compensation [Line Items] | ||||||
Allocated Share-based Compensation Expense | 4,600 | |||||
Omnibus Equity Incentive Plan 2003 [Member] | Restricted Stock And Restricted Stock Units [Member] | ||||||
Schedule of Employee Service Share-based Compensation [Line Items] | ||||||
Allocated Share-based Compensation Expense | $ 2,300 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2016 | Jul. 03, 2015 | Jul. 01, 2016 | Jul. 03, 2015 | |
Income Taxes [Line Items] | ||||
Income Tax Expense (Benefit) | $ (131) | $ 153 | $ (1,735) | $ 126 |
Commitments and Contingencies (
Commitments and Contingencies (Details Textual) | 3 Months Ended | 6 Months Ended | ||||||
Jul. 01, 2016USD ($) | Jul. 01, 2016USD ($) | Jul. 01, 2016JPY (¥) | Jan. 01, 2016USD ($) | May 01, 2015CHF (SFr) | May 01, 2015EUR (€) | Dec. 28, 2012JPY (¥) | Aug. 31, 2010CHF (SFr) | |
Loss Contingencies [Line Items] | ||||||||
Line Of Credit, Current | $ 4,866,000 | $ 4,866,000 | $ 4,159,000 | |||||
Bankinter [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 222,000 | 222,000 | € 200,000 | |||||
Line of Credit Facility, Current Borrowing Capacity | $ 803,000 | 803,000 | SFr 783,000 | |||||
Debt Instrument, Maturity Date | May 1, 2017 | |||||||
Mizuho Bank [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 4,900,000 | 4,900,000 | ¥ 500,000,000 | |||||
Line Of Credit, Current | $ 4,900,000 | $ 4,900,000 | ¥ 500,000,000 | $ 4,200,000 | ||||
Line of Credit Facility, Expiration Date | Sep. 30, 2016 | |||||||
Mizuho Bank [Member] | Prime Rate [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Line of Credit Facility, Interest Rate at Period End | 1.475% | 1.475% | 1.475% | |||||
Credit Suisse [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000,000 | $ 1,000,000 | SFr 1,000,000 | |||||
Commission On Outstanding Borrowings, Percentage | 0.25% |
Sale Leaseback Transactions (De
Sale Leaseback Transactions (Details Textual) - USD ($) $ in Thousands | Jun. 07, 2016 | Jul. 01, 2016 | Jul. 01, 2016 | Jul. 03, 2015 |
Sale Leaseback Transactions [Line Items] | ||||
Sale Leaseback Transaction, Net Proceeds, Financing Activities | $ 1,154 | $ 0 | ||
Sale Leaseback Agreement [Member] | ||||
Sale Leaseback Transactions [Line Items] | ||||
Sale Leaseback Transaction, Net Proceeds, Financing Activities | $ 1,200 | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,000 | 2,000 | ||
Sale Leaseback Transaction Net Proceeds Expiration Term | 24 months | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 700 | $ 700 | ||
Sale Leaseback Transaction, Net Book Value | $ 1,300 | |||
Sale Leaseback Agreement [Member] | Hardware Equipment [Member] | ||||
Sale Leaseback Transactions [Line Items] | ||||
Sale Leaseback Transaction, Imputed Interest Rate | 3.94% | |||
Sale Leaseback Agreement [Member] | Non Hardware Equipment [Member] | ||||
Sale Leaseback Transactions [Line Items] | ||||
Sale Leaseback Transaction, Imputed Interest Rate | 4.75% |