Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 29, 2017 | Feb. 20, 2018 | Jun. 30, 2017 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 29, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | STAAR SURGICAL CO | ||
Entity Central Index Key | 718,937 | ||
Current Fiscal Year End Date | --12-29 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 443,974,781 | ||
Trading Symbol | STAA | ||
Entity Common Stock, Shares Outstanding | 41,417,937 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS $ in Thousands | Dec. 29, 2017USD ($) | Dec. 30, 2016USD ($) |
Current assets: | ||
Cash and cash equivalents | $ 18,520 | $ 13,999 |
Accounts receivable trade, net | 17,853 | 16,344 |
Inventories, net | 13,310 | 14,825 |
Prepayments, deposits, and other current assets | 4,207 | 4,349 |
Total current assets | 53,890 | 49,517 |
Property, plant and equipment, net | 9,776 | 11,790 |
Intangible assets, net | 271 | 473 |
Goodwill | 1,786 | 1,786 |
Deferred income taxes | 1,242 | 1,139 |
Other assets | 967 | 772 |
Total assets | 67,932 | 65,477 |
Current liabilities: | ||
Line of credit | 4,438 | 4,283 |
Accounts payable | 6,033 | 8,311 |
Obligations under capital leases | 1,278 | 1,198 |
Other current liabilities | 7,339 | 7,275 |
Total current liabilities | 19,088 | 21,067 |
Obligations under capital leases | 531 | 1,339 |
Deferred income taxes | 350 | 915 |
Asset retirement obligations | 202 | 195 |
Deferred rent | 172 | 59 |
Pension liability | 4,653 | 3,997 |
Total liabilities | 24,996 | 27,572 |
Commitments and contingencies (Note 12) | ||
Stockholders’ equity: | ||
Common stock, $0.01 par value; 60,000 shares authorized: 41,383 and 40,732 shares issued and outstanding at December 29, 2017 and December 30, 2016, respectively | 414 | 407 |
Additional paid-in capital | 204,920 | 197,657 |
Accumulated other comprehensive loss | (1,150) | (1,050) |
Accumulated deficit | (161,248) | (159,109) |
Total stockholders’ equity | 42,936 | 37,905 |
Total liabilities and stockholders’ equity | $ 67,932 | $ 65,477 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 29, 2017 | Dec. 30, 2016 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 60,000 | 60,000 |
Common stock, shares issued | 41,383 | 40,732 |
Common stock, shares outstanding | 41,383 | 40,732 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 29, 2017 | Dec. 30, 2016 | Jan. 01, 2016 | |
Net sales | $ 90,611 | $ 82,432 | $ 77,123 |
Cost of sales | 26,331 | 24,063 | 24,400 |
Gross profit | 64,280 | 58,369 | 52,723 |
Selling, general and administrative expenses: | |||
General and administrative | 20,665 | 22,252 | 19,604 |
Marketing and selling | 28,130 | 28,478 | 23,695 |
Research and development | 19,116 | 20,294 | 14,761 |
Operating loss | (3,631) | (12,655) | (5,337) |
Other income (expense), net: | |||
Interest expense, net | (112) | (112) | (78) |
Gain (loss) on foreign currency transactions | 819 | (147) | (949) |
Royalty income | 581 | 618 | 740 |
Other income (expense), net | 47 | (148) | 19 |
Other income (expense), net | 1,335 | 211 | (268) |
Loss before provision (benefit) for income taxes | (2,296) | (12,444) | (5,605) |
Provision (benefit) for income taxes | (157) | (315) | 928 |
Net loss | $ (2,139) | $ (12,129) | $ (6,533) |
Net loss per share - basic and diluted | $ (0.05) | $ (0.30) | $ (0.17) |
Weighted average shares outstanding - basic and diluted | 41,004 | 40,329 | 39,260 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2017 | Dec. 30, 2016 | Jan. 01, 2016 | |
Net loss | $ (2,139) | $ (12,129) | $ (6,533) |
Defined benefit plans: | |||
Net change in plan assets | (483) | 317 | (673) |
Reclassification into selling, general and administrative expenses | 71 | 100 | 59 |
Foreign currency translation gain | 387 | 224 | 52 |
Tax effect | (75) | (111) | 52 |
Other comprehensive income (loss), net of tax | (100) | 530 | (510) |
Comprehensive loss | $ (2,239) | $ (11,599) | $ (7,043) |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] |
Balance at Jan. 02, 2015 | $ 37,099 | $ 384 | $ 178,232 | $ (1,070) | $ (140,447) |
Balance (in shares) at Jan. 02, 2015 | 38,429 | ||||
Net loss | (6,533) | $ 0 | 0 | 0 | (6,533) |
Other comprehensive loss | (510) | 0 | 0 | (510) | 0 |
Common stock issued upon exercise of warrants | 2,800 | $ 7 | 2,793 | 0 | 0 |
Common stock issued upon exercise of warrants (in shares) | 700 | ||||
Common stock issued upon exercise of options | 2,168 | $ 5 | 2,163 | 0 | 0 |
Common stock issued upon exercise of options (in shares) | 476 | ||||
Stock-based compensation | 3,820 | $ 0 | 3,820 | 0 | 0 |
Stock-based compensation (in shares) | 0 | ||||
Unvested restricted stock | 0 | $ 1 | (1) | 0 | 0 |
Unvested restricted stock (in shares) | 124 | ||||
Vested restricted stock | 2 | $ 2 | 0 | 0 | 0 |
Vested restricted stock (in shares) | 158 | ||||
Balance at Jan. 01, 2016 | 38,846 | $ 399 | 187,007 | (1,580) | (146,980) |
Balance (in shares) at Jan. 01, 2016 | 39,887 | ||||
Net loss | (12,129) | $ 0 | 0 | 0 | (12,129) |
Other comprehensive loss | 530 | 0 | 0 | 530 | 0 |
Common stock issued upon exercise of options | 2,438 | $ 5 | 2,433 | 0 | 0 |
Common stock issued upon exercise of options (in shares) | 541 | ||||
Stock-based compensation | 8,827 | $ 0 | 8,827 | 0 | 0 |
Stock-based compensation (in shares) | 0 | ||||
Repurchase of employee common stock for taxes withheld | (611) | $ 0 | (611) | 0 | 0 |
Repurchase of employee common stock for taxes withheld (in shares) | (98) | ||||
Unvested restricted stock | 0 | $ 0 | 0 | 0 | 0 |
Unvested restricted stock (in shares) | 23 | ||||
Vested restricted stock | 4 | $ 3 | 1 | 0 | 0 |
Vested restricted stock (in shares) | 379 | ||||
Balance at Dec. 30, 2016 | 37,905 | $ 407 | 197,657 | (1,050) | (159,109) |
Balance (in shares) at Dec. 30, 2016 | 40,732 | ||||
Net loss | (2,139) | $ 0 | 0 | 0 | (2,139) |
Other comprehensive loss | (100) | 0 | 0 | (100) | 0 |
Common stock issued upon exercise of options | $ 3,970 | $ 6 | 3,964 | 0 | 0 |
Common stock issued upon exercise of options (in shares) | 557 | 557 | |||
Stock-based compensation | $ 3,533 | $ 0 | 3,533 | 0 | 0 |
Stock-based compensation (in shares) | 0 | ||||
Repurchase of employee common stock for taxes withheld | (234) | $ 0 | (234) | 0 | 0 |
Repurchase of employee common stock for taxes withheld (in shares) | (24) | ||||
Unvested restricted stock | 0 | $ 0 | 0 | 0 | 0 |
Unvested restricted stock (in shares) | 21 | ||||
Vested restricted stock | 1 | $ 1 | 0 | 0 | 0 |
Vested restricted stock (in shares) | 97 | ||||
Balance at Dec. 29, 2017 | $ 42,936 | $ 414 | $ 204,920 | $ (1,150) | $ (161,248) |
Balance (in shares) at Dec. 29, 2017 | 41,383 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2017 | Dec. 30, 2016 | Jan. 01, 2016 | |
Cash flows from operating activities: | |||
Net loss | $ (2,139) | $ (12,129) | $ (6,533) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
Depreciation of property, plant, and equipment | 3,133 | 2,664 | 2,196 |
Amortization of intangibles | 221 | 228 | 205 |
Deferred income taxes | (547) | (1,364) | 473 |
Change in net pension liability | 186 | 491 | 190 |
Loss on disposal of property and equipment | 623 | 222 | 0 |
Stock-based compensation expense | 3,161 | 8,558 | 3,304 |
Provision for sales returns and bad debts | 463 | 205 | 345 |
Inventory provision | 1,739 | 1,610 | 1,799 |
Changes in working capital: | |||
Accounts receivable | (1,857) | (771) | (4,952) |
Inventories | 312 | 213 | (1,472) |
Prepayments, deposits, and other current assets | (64) | (851) | 856 |
Accounts payable | (2,501) | 1,007 | 14 |
Other current liabilities | 123 | 966 | 1,413 |
Net cash provided by (used in) operating activities | 2,853 | 1,049 | (2,162) |
Cash flows from investing activities: | |||
Acquisition of property and equipment | (1,046) | (3,205) | (2,045) |
Sale of property and equipment | 0 | 0 | 2 |
Net cash used in investing activities | (1,046) | (3,205) | (2,043) |
Cash flows from financing activities: | |||
Repayment of capital lease obligations | (1,300) | (424) | (391) |
Proceeds from sale-leaseback transactions | 0 | 1,546 | 0 |
Repurchase of employee common stock for taxes withheld | (234) | (611) | 0 |
Proceeds from vested restricted stock and exercise of stock options | 3,970 | 2,438 | 2,168 |
Proceeds from vested restricted stock | 1 | 4 | 2 |
Proceeds from the exercise of warrants | 0 | 0 | 2,800 |
Net cash provided by financing activities | 2,437 | 2,953 | 4,579 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 279 | (200) | 15 |
Increase in cash, cash equivalents and restricted cash | 4,523 | 597 | 389 |
Cash, cash equivalents and restricted cash, at beginning of year | 14,118 | 13,521 | 13,132 |
Cash, cash equivalents and restricted cash, at end of year | $ 18,641 | $ 14,118 | $ 13,521 |
Organization and Description of
Organization and Description of Business and Accounting Policies | 12 Months Ended |
Dec. 29, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | STAAR Surgical Company and subsidiaries (the “Company”), a Delaware corporation, was first incorporated in 1982 for the purpose of developing, producing, and marketing implantable lenses for the eye and delivery systems used to deliver the lenses into the eye. Principal products are implantable Collamer lenses (“ICLs”) and intraocular lenses (“IOLs”). ICLs, consisting of the Company’s ICL family of products, including the Toric implantable Collamer lenses (“TICL”) and EVO+ Visian ICL, are intraocular lenses used to correct refractive conditions such as myopia (near-sightedness), hyperopia (far-sightedness) and astigmatism. IOLs are prosthetic intraocular lenses used to restore vision that has been adversely affected by cataracts, and include the Company’s lines of silicone and Collamer IOLs and the Preloaded Injector (a silicone or acrylic IOL preloaded into a single-use disposable injector). As of December 29, 2017, the Company’s significant subsidiaries consisted of: · STAAR Surgical AG, a wholly owned subsidiary formed in Switzerland that markets and distributes ICLs and Preloaded IOLs. · STAAR Japan, a wholly owned subsidiary that markets and distributes Preloaded IOLs and ICLs. The Company operates as one operating segment, the ophthalmic surgical market, for financial reporting purposes (see Note 16). The accompanying consolidated financial statements include the accounts of STAAR Surgical Company and its wholly-owned subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All significant intercompany balances and transactions have been eliminated. Certain reclassifications have been made to financial statements of prior years to conform to the current year presentation (see Note 18). The Company’s fiscal year ends on the Friday nearest December 31 and each of the Company’s quarterly reporting periods generally consists of 13 weeks. Fiscal years 2017, 2016 and 2015 are based on a 52-week period. The functional currency of the Company’s Japanese subsidiary, STAAR Japan, Inc., is the Japanese yen. The functional currency of the Company’s Swiss subsidiary, STAAR Surgical AG, is the U.S. dollar. Assets and liabilities of the Company’s Japanese subsidiary are translated at rates of exchange in effect at the close of the period. Sales and expenses are translated at the weighted average of exchange rates in effect during the period. The resulting translation gains and losses are deferred and are shown as a separate component in the Consolidated Statements of Comprehensive Loss. During 2017, 2016 and 2015, the net foreign translation gains were $ 387 224 52 819 The Company recognizes revenue when realized or realizable and earned, which is when the following criteria are met: persuasive evidence of an arrangement exists; delivery has occurred; the sale price is fixed or determinable; and collectability is reasonably assured. The Company records revenue from non-consignment product sales when title and risk of ownership have been transferred, which is typically at shipping point, except for certain customers and for the STAAR Japan subsidiary, which is typically recognized when the customer receives the product. The Company does not have significant deferred revenues as of December 29, 2017, as delivery to the customer is generally made within the same or the next day of shipment. The Company presents sales tax it collects from its customers on a net basis (excluded from revenues). The Company’s products are marketed to ophthalmic surgeons, hospitals, ambulatory surgery centers or vision centers, and distributors. IOLs and ICLs may be offered to surgeons and hospitals on a consignment basis. The Company maintains title and risk of loss of consigned inventory and recognizes revenue for consignment inventory when the Company is notified that the lenses have has been implanted. ICLs are sold only to certified surgeons who have completed requisite training or for use in scheduled training surgeries. As a result, STAAR partially mitigates the risk that the revenue it recognizes on shipment of ICLs would need to be reversed because of a surgeon’s failure to qualify for its use. Beginning in 2016, the Company entered into certain strategic cooperation agreements with customers in which, as consideration for minimum purchase commitments the customers make, the Company agrees to pay for marketing and support of the Company’s products. The Company accounts for these arrangements in accordance with ASC 605-50, “ Revenue Recognition Customer Payments and Incentives For payments the Company makes to the customer for which no distinct service is provided, the Company records these payments as a reduction of revenues as incurred. For payments the Company makes to another party, or reimburses the customer, for distinct marketing and support services, the Company recognizes these payments as a sales and marketing expense as incurred. Since the payments for distinct or non-distinct services occur within the quarter corresponding with the purchases made by the customer and the shipments made by the Company to that customer, there is no remaining performance obligation by the Company to the customer. Accordingly, there are no deferred revenues associated with these types of arrangements as of December 29, 2017 and December 30, 2016. In conjunction with sales to certain customers, the Company provides free products upon attaining certain levels of purchases by the customer. The Company accounts for these free products in accordance with ASC 605-50 “Revenue Recognition Customer Payments and Incentives” The Company sells certain injector parts to an unrelated customer and supplier (collectively referred to as “supplier”) whereby these injector part sales are either made as a final sale to the supplier or, are sold to be reprocessed by the supplier into finished goods inventory (a preloaded acrylic IOL). These finished goods are then sold back to the Company at an agreed upon, contractual price. The Company makes a profit margin on either type of sale with the supplier and each type of sale is made under separate purchase and sales orders between the two parties resulting in cash settlement for the orders sold or repurchased. For parts that are sold as a final sale, the Company recognizes a sale consistent with its routine revenue recognition policies as disclosed above and those sales are included as part of other sales in total net sales. For the injector parts that are sold to be reprocessed into finished goods, the Company does not recognize revenue on these sales in accordance with ASC 845-10, “ Purchases and Sales of Inventory with the Same Counterparty.” For all sales, the Company is considered the principal in the transaction as the Company, among other factors, is the primary obligor in the arrangement, bears general inventory risk, credit risk, has latitude in establishing the sales price, is responsible for authorized and general sales returns risk and therefore, sales and cost of sales are reported separately in the consolidated statement of operations instead of a single, net amount. Cost of sales includes cost of production, freight and distribution, royalties, and inventory provisions, net of any purchase discounts. The Company generally permits returns of product if the product is returned within the time allowed by its return policies and records an allowance for estimated returns at the time revenue is recognized. The Company’s allowance for estimated returns considers historical trends and experience, the impact of new product launches, the entry of a competitor, availability of timely and pertinent information and the various terms and arrangements offered, including sales with extended credit terms. Sales are reported net of estimated returns. The Company performs ongoing credit evaluations of its customers and adjusts credit limits based on customer payment history and credit worthiness, as determined by the Company’s review of its customers’ current credit information. The Company continuously monitors collections and payments from customers and maintains a provision for estimated credit losses and uncollectible accounts based upon its historical experience and any specific customer collection issues that have been identified. Amounts determined to be uncollectible are written off against the allowance for doubtful accounts. The consolidated financial statements have been prepared in conformity with GAAP and, as such, include amounts based on significant estimates and judgments of management with consideration given to materiality. Significant estimates used include determining valuation allowances for uncollectible trade receivables, sales returns reserves, obsolete and excess inventory reserves, deferred income taxes, and tax reserves, including valuation allowances for deferred tax assets, pension liabilities, evaluation of asset impairment, in determining the useful life of depreciable and definite-lived intangible assets, and in the variables and assumptions used to calculate and record stock-based compensation. Actual results could differ materially from those estimates. The Company considers all highly liquid investments purchased with a maturity of three months or less to be cash equivalents. The Company maintains cash deposits with major banks which from time to time may exceed federally insured limits. The Company periodically assesses the financial condition of the institutions and believes that the risk of any loss is minimal. Financial instruments that potentially subject the Company to credit risk principally consist of trade receivables. This risk is limited due to the large number of customers comprising the Company’s customer base, and their geographic dispersion. As of December 29, 2017, there was one customer who accounted for 24 22 11 There was one customer who accounted for 26 19 15 10 Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs to valuation methodologies used to measure fair value (ASC 820-10-50): · Level 1 Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. · Level 2 Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments. · Level 3 Inputs to the valuation methodology are unobservable; that reflect management’s own assumptions about the assumptions market participants would make and significant to the fair value. The carrying values reflected in the consolidated balance sheets for cash and cash equivalents, trade accounts receivable, prepayments and other current assets, accounts payable, other current liabilities and line of credit approximate their fair values because of the short maturity of these instruments. Inventories, net are valued at the lower of cost, determined on a first-in, first-out basis, or net realizable value. Inventories include the costs of raw material, labor, and manufacturing overhead, work in process and finished goods. Inventories also include deferred margins for certain injector parts described under the revenue recognition policy. The Company provides estimated inventory allowances for excess, expiring, slow moving and obsolete inventory as well as inventory whose carrying value is in excess of net realizable value to properly reflect inventory at the lower of cost or market. Property, plant, and equipment are recorded at cost. Depreciation on property, plant, and equipment is computed using the straight-line method over the estimated useful lives of the assets as noted below. Leasehold improvements are amortized over the lesser of the estimated useful lives of the assets or the related lease term. Major improvements are capitalized and minor replacements, maintenance and repairs are charged to expense as incurred. Machinery and equipment 5 10 Furniture and equipment 3 7 Computers, software, and peripherals 2 5 Leasehold improvements (a) (a) The estimated useful life of leasehold improvements is the shorter of the useful life of the asset or the term of the associated leases. Goodwill, which has an indefinite life, is not amortized but instead is tested for impairment on an annual basis or between annual tests if an event occurs or circumstances change that would indicate the carrying amount may be impaired. Impairment testing for goodwill is done at the reporting unit level. Reporting units can be one level below the operating segment level, and can be combined when reporting units within the same operating segment have similar economic characteristics. The Company has determined that its reporting units have similar economic characteristics, and therefore, can be combined into one reporting unit for the purposes of goodwill impairment testing. The Company performed its annual impairment test and determined that its goodwill was not impaired. As of December 29, 2017 and December 30, 2016, the carrying value of goodwill was $ 1,786,000 The Company reviews property, plant, and equipment and intangible assets, excluding goodwill, for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. The Company measures recoverability of these assets by comparing the carrying value of such assets to the estimated undiscounted future cash flows the assets are expected to generate. When the estimated undiscounted future cash flows are less than their carrying amount, an impairment loss is recognized equal to the difference between the assets’ fair value and their carrying value. A review of long lived assets was conducted as of December 29, 2017 and December 30, 2016 and no impairment was identified. Amortization is computed on the straight-line basis, which is the Company’s best estimate of the economic benefits realized over the estimated useful lives of the assets which range from 3 20 10 3 10 Expenditures for research activities relating to product development and improvement are charged to expense as incurred. Advertising costs, which are included in marketing and selling expenses, are expensed as incurred. Advertising costs were $ 6,102,000 6,160,000 3,917,000 The Company recognizes deferred tax assets and liabilities for temporary differences between the financial reporting basis and the tax basis of the Company’s assets and liabilities, net operating loss and credit carryforwards, and uncertainty in income taxes, on a jurisdiction-by-jurisdiction basis. Valuation allowances, or reductions to deferred tax assets, are recognized if, based on the weight of available evidence, it is more likely than not that some portion or all the deferred tax asset may not be realized or realizable in the jurisdiction in which they arise. The impact on deferred taxes of changes in tax rates and laws, if any, are applied to the years during which temporary differences are expected to be settled and reflected in the financial statements in the period of enactment. The Company recognizes the income tax benefit from an uncertain tax position when it is more likely than not that, based on technical merits, the position will be sustained upon examination, including resolutions of any related appeals or litigation processes. The amount of tax benefit recorded, if any, is limited to the amount that is greater than 50 percent likely to be realized upon settlement with the taxing authority (that has full knowledge of all relevant information). Accrued interest, if any, related to uncertain tax positions is included as a component of income tax expense, and penalties, if incurred, are recognized as a component of operating income or loss. The Company does not have any uncertain tax positions as of any of the periods presented. The Company did not incur significant interest and penalties for any period presented. On December 22, 2017, the SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”) to address the accounting implications of the Public Law No. 115-97, or commonly referred to as the 2017 Tax Cuts and Jobs Act (“2017 Tax Act”). The effects of the 2017 Tax Act are recognized upon enactment, however, SAB 118 permits a company to recognize provisional amounts when it does not have the necessary information available, prepared or analyzed (including computations) in reasonable detail to complete its accounting for the change in tax law. The measurement period to finalize the Company’s calculations cannot extend beyond one year of the enactment date. Key provisions that have a significant impact on the Company’s Consolidated Financial Statements and where the Company has recognized estimated amounts include the recognition of liabilities for taxes on repatriation of accumulated foreign earnings and the remeasurement of certain net deferred and other tax liabilities. The Company has only one class of common stock and no participating securities which would require the two-class method of calculating basic earnings per share. Basic per share information is calculated by dividing net income (loss) by the weighted average number of shares outstanding, net of unvested restricted stock and unvested restricted stock units, during the period. Diluted per share information is calculated by dividing net income (loss) by the weighted average number of shares outstanding, adjusted for the effects of potentially dilutive common stock, which are comprised of outstanding warrants, stock options, unvested restricted stock, and restricted stock units, during the period, using the treasury-stock method (See Note 15). The Company maintains a passive pension plan (the “Swiss Plan”) covering employees of its Swiss subsidiary. The Swiss Plan conforms to the features of a defined benefit plan. The Company also maintains a noncontributory defined benefit pension plan which covers substantially all the employees of STAAR Japan. The Company recognizes the funded status, or difference between the fair value of plan assets and the projected benefit obligations of the pension plan on the consolidated statements of financial position, with a corresponding adjustment to accumulated other comprehensive income (loss). If the projected benefit obligation exceeds the fair value of plan assets, then that difference or unfunded status represents the pension liability. The Company records a net periodic pension cost in the consolidated statements of operations. The liabilities and annual income or expense of both plans are determined using methodologies that involve several actuarial assumptions, the most significant of which are the discount rate and the expected long-term rate of asset return (asset returns and fair-value of plan assets are applicable for the Swiss Plan only). The fair values of plan assets are determined based on prevailing market prices (see Note 10). Stock-Based Compensation Stock-based compensation expense for all stock-based compensation awards granted is based on the grant-date fair value. The Company recognizes these compensation costs on a straight-line basis over the requisite service period of the award, which is generally the option vesting term of three to four years for executive officers and employees, and one year for members of its Board of Directors (the “Board”) (see Note 11). The Company also, at times, issues restricted stock to its executive officers, employees and the Board, which are restricted and unvested common shares issued at fair market value on the date of grant. For the restricted shares issued to the Board, the restricted stock vests over a one-year service period, for executive officers and employees, it is typically a three-year service period, and are subject to forfeiture (or acceleration, depending upon the circumstances) until vested or the service period is completed. Restricted stock compensation expense is recognized on a straight-line basis over the requisite service period of one to three years, based on the grant-date fair value of the stock. Restricted stock is considered legally issued and outstanding on the grant date (see Notes 11 and 15). The Company issues restricted stock units (“RSUs”) (see Note 11), which can have only a service condition or a performance contingent restricted stock award based upon the Company meeting certain internally established performance conditions that vest only if those conditions are met or exceeded and the grantee is still employed with the Company. Restricted stock unit compensation expense is recognized on a straight-line basis over the requisite service period. The Company recognizes compensation cost for the performance condition RSUs when the Company concludes that it is probable that the performance condition will be achieved, net of an estimate of pre-vesting forfeitures, over the requisite service period based on the grant-date fair value of the stock. The Company reassesses the probability of vesting at each reporting period and adjusts compensation cost based on its probability assessment. Once the RSUs are vested, equivalent common shares will be issued or issuable to the grantee and therefore the RSUs are not included in total common shares issued and outstanding until vested (see Notes 11 and 15). The Company accounts for options granted to persons other than employees and directors under ASC 505-50, Equity Based Payments to Non-Employees The Company presents comprehensive income (loss) in the Consolidated Balance Sheets and the Consolidated Statements of Comprehensive Loss. Total comprehensive income (loss) includes, in addition to the net loss, changes in equity that are excluded from the Consolidated Statements of Operations and are recorded directly into a separate section of stockholders’ equity on the Consolidated Balance Sheets. Defined Defined Accumulated Foreign Benefit Benefit Other Currency Pension Plan- Pension Plan- Comprehensive Translation Japan Switzerland Income (Loss) Balance at January 2, 2015 $ (176) $ 121 $ (1,015) $ (1,070) Other comprehensive income (loss) 52 (38) (576) (562) Tax effect (21) 12 61 52 Balance at January 1, 2016 (145) 95 (1,530) (1,580) Other comprehensive income (loss) 224 (9) 426 641 Tax effect (68) 2 (45) (111) Balance at December 30, 2016 11 88 (1,149) (1,050) Other comprehensive income (loss) 387 (6) (406) (25) Tax effect (120) 6 39 (75) Balance at December 29, 2017 $ 278 $ 88 $ (1,516) $ (1,150) During the year ended December 29, 2017, the Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2015-11, “Simplifying the Measurement of Inventory”. ASU 2015-11 requires a company to measure inventory at the lower of cost and net realizable value. Net realizable value is defined as the “estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation”. The Company adopted this standard as of December 31, 2016 (beginning of FY 2017). The adoption of ASU 2015-11 did not have a material effect on the Consolidated Financial Statements. During the year ended December 29, 2017, the Company adopted ASU 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes”, on a retrospective basis, which changes how deferred taxes are classified on the Company’s balance sheets. Accordingly, the Company adjusted the December 30, 2016 balance sheet for current and noncurrent deferred tax assets to conform to the presentation for the current year due to the adoption of ASU 2015-17. The ASU eliminates the requirement to present deferred tax liabilities and assets as current and noncurrent on the balance sheet. Instead, companies are required to classify all deferred tax assets and liabilities as noncurrent. The Company adopted this standard as of December 31, 2016 (beginning of FY 2017). The adoption of ASU 2015-17 did not have a material effect on the Consolidated Financial Statements. During the year ended December 29, 2017, the Company adopted ASU 2016-09, “CompensationStock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting”, which simplified 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 Company adopted this standard as of December 31, 2016 (beginning of FY 2017). The adoption of ASU 2016-09 did not have a material effect on the Consolidated Financial Statements and prior periods were not restated. During the year ended December 29, 2017, the Company adopted ASU 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash”, that requires that the statement of cash flows explain the change during the period in the total of cash, cash equivalents, and restricted cash and that restricted cash be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the Consolidated Statements of Cash Flows. The Company early adopted this standard as of December 31, 2016 (beginning of FY 2017). The adoption of ASU 2016-18 did not have a material effect on the Consolidated Financial Statements, however, prior period restricted cash was added to beginning and ending cash and cash equivalents in the Consolidated Statements of Cash Flows to conform to the current presentation. 2017 2016 2015 2014 Cash and cash equivalents $ 18,520 $ 13,999 $ 13,402 $ 13,013 Restricted cash included in other long-term assets 121 119 119 119 Total cash, cash equivalents and restricted cash as shown in the Consolidated Statements of Cash Flows $ 18,641 $ 14,118 $ 13,521 $ 13,132 The Company has restricted cash of approximately $ 121,000 During the year ended December 29, 2017, the Company adopted ASU 2017-04, “IntangiblesGoodwill and Other (Topic 350)”, which simplifies the test for goodwill impairment. ASU 2017-04 is effective for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. The Company early adopted this standard as of December 31, 2016 (beginning of FY2017). The adoption of ASU 2017-04 did not have a material effect on the Consolidated Financial Statements. On December 22, 2017, the United States enacted major tax reform legislation, the 2017 Tax Act, which enacted a broad range of changes to the federal tax code. The 2017 Tax Act, among other things, includes lowering the U.S. federal tax rates (21 percent flat tax rate), imposes additional limitations on the deductibility of interest and net operating losses, allows for the expensing of capital expenditures, and puts into effect a number of changes impacting operations outside of the United States including, but not limited to, the imposition of a one-time tax “deemed repatriation” on accumulated offshore earnings not previously subject to tax, and shifts the U.S. taxation of multinational corporations from a worldwide system of taxation to a territorial system. SAB 118 allows corporations to record provisional amounts during a measurement period not to extend beyond one year of the enactment date. The Company is currently analyzing the 2017 Tax Act, and in certain areas, have made reasonable estimates of the effects on its Consolidated Financial Statements and tax disclosures, including the amount of the repatriation tax and changes to its existing deferred tax balances. Recent Accounting Pronouncements Not Yet Adopted In May 2017, the FASB issued ASU 2017-09, “Compensation Stock Compensation (Topic 718): Scope of Modification Accounting,” which amends the scope of modification accounting for share-based payment arrangements, provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting under ASC 718. For all entities, the ASU is effective for annual reporting periods, including interim periods within those annual reporting periods, beginning after December 15, 2017. Early adoption is permitted, including adoption in any interim period. The Company will adopt this standard as of December 30, 2017 (beginning of FY 2018) and does not expect the adoption of the standard will have a material impact on its Consolidated Financial Statements. In March 2017, the FASB issued ASU 2017-07, “Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.” The standard requires that an employer report the service cost component in the same line items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside of operating profit. The standard is effective for public companies for annual periods beginning after December 15, 2017, including interim periods within those annual periods. Prior periods are required to be recast. The Company will adopt this standard as of December 30, 2017 (beginning of FY 2018) and does not expect the adoption of the standard will have a material impact on its Consolidated Financial Statements. In October 2016, the FASB issued ASU 2016-16, “Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory”, which removes the prohibition in ASC 740 against the immediate recognition of the current and deferred income tax effects of intra-entity transfers of assets other than inventory. The ASU is effective for public companies for fiscal years beginning after December 15, 2017, and interim periods within those annual periods. The ASU should be applied on a modified retrospective basis, recognizing the effects in retained earnings as of the beginning of the year of adoption. The Company will adopt this standard as of December 30, 2017 (beginning of FY 2018) and does not expect the adoption of the standard will have a material impact on its Consolidated Financial Statements. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments” (“ASU 2016-15”), which clarifies how companies present and classify certain cash receipts and cash payments in the statement of cash flows. ASU 2016-15 is effective for fiscal years beginning after December 15, 2017 (beginning of FY 2018) and the Company does not expect the adoption of the standard will have a material impact 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 gathering data to evaluate the impact the adoption of ASU 2016-02 may have on its Consolidated Financial Statements and expects to complete the evaluation by the third quarter of 2018. 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 fol |
Accounts Receivable Trade, Net
Accounts Receivable Trade, Net | 12 Months Ended |
Dec. 29, 2017 | |
Accounts Receivable Additional Disclosures [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 2 Accounts Receivable Trade, Net 2017 2016 Domestic $ 804 $ 1,018 Foreign 19,580 17,382 20,384 18,400 Less allowance for doubtful accounts and sales returns 2,531 2,056 Total $ 17,853 $ 16,344 |
Inventories, Net
Inventories, Net | 12 Months Ended |
Dec. 29, 2017 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | Note 3 Inventories, Net Inventories, net consisted of the following at December 29, 2017 and December 30, 2016 (in thousands): 2017 2016 Raw materials and purchased parts $ 2,506 $ 2,264 Work in process 1,996 1,924 Finished goods 11,169 14,268 15,671 18,456 Less inventory reserves 2,361 3,631 Total $ 13,310 $ 14,825 |
Prepayments, Deposits, and Othe
Prepayments, Deposits, and Other Current Assets | 12 Months Ended |
Dec. 29, 2017 | |
Prepaid Expenses Deposits and Other Current Assets Disclosure [Abstract] | |
Prepayments, Deposits, and Other Current Assets Disclosure [Text Block] | Note 4 Prepayments, Deposits, and Other Current Assets Prepayments, deposits, and other current assets consisted of the following at December 29, 2017 and December 30, 2016 (in thousands): 2017 2016 Prepayments and deposits $ 1,435 $ 1,003 Prepaid insurance 943 935 Income tax receivable 181 686 Consumption tax receivable 541 573 Value added tax (VAT) receivable 910 668 Other current assets* 197 484 Total $ 4,207 $ 4,349 * No individual item in “other current assets” exceeds 5% of the total prepayments, deposits and other current assets. |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 29, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | Note 5 Property, Plant and Equipment, Net 2017 2016 Machinery and equipment $ 16,562 $ 19,807 Furniture and fixtures 9,201 8,025 Leasehold improvements 9,631 9,179 35,394 37,011 Less accumulated depreciation 25,618 25,221 Total $ 9,776 $ 11,790 Depreciation expense for the years ended December 29, 2017, December 30, 2016 and January 1, 2016, was approximately $ 3,133 2,664 2,196 623,000 222,000 599,000 |
Intangible Assets, Net
Intangible Assets, Net | 12 Months Ended |
Dec. 29, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets Disclosure [Text Block] | Note 6 Intangible Assets, Net December 29, 2017 December 30, 2016 Gross Accumulated Net Gross Accumulated Net Amortized intangible assets: Patents and licenses $ 9,244 $ (8,973) $ 271 $ 9,224 $ (8,930) $ 294 Customer relationships 1,392 (1,392) 1,343 (1,209) 134 Developed technology 885 (885) 854 (809) 45 Total $ 11,521 $ (11,250) $ 271 $ 11,421 $ (10,948) $ 473 Aggregate amortization expense for intangible assets was $ 221,000 228,000 205,000 Fiscal Year Amount 2018 $ 33 2019 33 2020 33 2021 33 2022 33 Thereafter 106 Total $ 271 |
Other Current Liabilities
Other Current Liabilities | 12 Months Ended |
Dec. 29, 2017 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities Disclosure [Text Block] | Note 7 Other Current Liabilities 2017 2016 Accrued salaries and wages $ 2,375 $ 2,334 Accrued insurance 565 501 Accrued consumption tax 446 424 Accrued income taxes 210 1,095 Accrued bonuses 2,058 1,414 Other* 1,685 1,507 Total $ 7,339 $ 7,275 * No individual item in “Other” exceeds 5 |
Liabilities
Liabilities | 12 Months Ended |
Dec. 29, 2017 | |
Liabilities [Abstract] | |
Liabilities [Text Block] | Note 8 Liabilities Lines of Credit Since 1998, the Company’s wholly owned Japanese subsidiary, STAAR Japan, has had an agreement with Mizuho Bank which provides for borrowings of up to 500,000,000 (approximately 0.06% as of December 29, 2017) plus a 0.50% spread, and may be renewed quarterly (the current line expires on February 21, 2018). 500,000,000 4,438,000 4,283,000 14 In September 2013, the Company’s wholly owned Swiss subsidiary, STAAR Surgical AG, entered into a framework agreement for loans (“framework agreement”) with Credit Suisse (the “Bank”). The framework agreement provides for borrowings of up to 1,000,000 1,000,000 0.25 On January 31, 2017, the Company entered into lease schedule 010 with Farnam Street Financial, Inc. (“Farnam”). The line of credit provides for borrowings of up to $ 2,000,000 1,600,000 On January 31, 2017, the Company entered into lease schedule 009R with Farnam. Under 009R, equipment with a cost of $ 1,957,000 1,067,000 On June 12, 2014, the Company entered into lease schedule 008R with Farnam. Under the agreement, equipment with a cost of $ 964,612 Covenant Compliance The Company is in compliance with covenants of its credit facilities and lines of credit as of December 29, 2017. Asset Retirement Obligation The Company recorded certain Asset Retirement Obligations (“ARO”), in accordance with ASC 410-20 in connection with the Company’s obligation to return its Japan facility to its “original condition”, as defined in the lease agreement. The Company has recorded approximately $ 202 195 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 29, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Note 9 Income Taxes 2017 2016 2015 Current tax provision: U.S. federal $ $ $ State 12 18 12 Foreign 378 1,031 443 Total current provision 390 1,049 455 Deferred tax provision (benefit): U.S. federal and state (546) Foreign provision (1) (1,364) 473 Total deferred provision (benefit) (547) (1,364) 473 Provision (benefit) for income taxes $ (157) $ (315) $ 928 As of December 29, 2017, the Company had federal net operating loss carryforwards of $ 132,506,000 expire in varying amounts between 2020 and 2037. 23,807,000 The California net operating loss carryforwards expire in varying amounts between 2028 and 2037. The Company had accrued net income taxes payable of $ 29,000 409,000 2017 2016 2015 Computed provision (benefit) for taxes based on income at statutory rate 34.0 % $ (781) 34.0 % $ (4,231) 34.0 % $ (1,905) Increase (decrease) in taxes resulting from: Permanent differences (0.9) 21 (3.0) 373 (0.6) 33 Change in the future federal tax rate (832.9) 19,125 State minimum taxes, net of federal income tax benefit (0.4) 8 (0.1) 12 (0.1) 8 State tax benefit 8.3 (190) 6.2 (767) (6.6) 370 Tax rate difference due to foreign statutory rate (1.2) 29 (8.9) 1,109 1.6 (90) Expiration of state net operating tax loss carryforwards (36.5) 836 (7.2) 892 (47.3) 2,650 Foreign earnings not permanently reinvested, net of the participation exemption 108.1 (2,482) 6.5 (809) (9.8) 547 Foreign dividend withholding (0.3) 7 3.8 (478) (3.8) 211 Expiration of charitable contribution carryover (0.1) 12 (0.3) 15 Other (2.6) 59 1.2 (151) 2.5 (140) Valuation allowance 731.2 (16,789) (29.9) 3,723 13.8 (771) Effective tax provision (benefit) rate 6.8 % $ (157) 2.5 % $ (315) (16.6) % $ 928 The Company recorded an income tax benefit of $ 157 315 928 Included in the state tax provision is a decrease to the state deferred tax asset and corresponding decrease to the valuation allowance of $ 646,000 125,000 3,020,000 Included in the foreign deferred tax benefit is a decrease in foreign deferred liabilities of $ 47,000 617,000 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. During 2016 and 2015 there were no withholding taxes paid to foreign jurisdictions and there were no earnings repatriated from foreign subsidiaries. For 2017, based on the newly enacted 2017 Tax Act, the Company was deemed to repatriate and include in its federal taxable income, $ 5,658 Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. For 2017, the federal portion of the deferred tax assets and liabilities were revalued from 34 21 2017 2016 Deferred tax assets: Allowance for doubtful accounts and sales returns $ 230 $ 244 Inventories 381 662 Accrued vacation 322 437 Accrued other expenses 559 596 Stock-based compensation 1,444 2,154 Pensions 720 625 Depreciation and amortization 959 1,060 Net operating loss carryforwards 33,770 53,232 Business, foreign, AMT and R&;D credit carryforwards 3,706 1,665 Prepaid Expenses 188 Capitalized R&;D 941 920 Other 92 94 Valuation allowance (40,656) (57,446) Total deferred tax assets $ 2,656 $ 4,243 Deferred tax liabilities: Foreign tax withholding $ (881) $ (881) Amortization of R&;D (723) (670) Net Foreign earnings not permanently reinvested (160) (2,468) Total deferred tax liabilities (1,764) (4,019) Total net non-current deferred tax assets $ 892 $ 224 As of December 29, 2017, the Company had net deferred tax liabilities in Switzerland of $ 377,000 881,000 722,000 473,000 881,000 698,000 Valuation allowance ASC 740 requires that a valuation allowance be established when it is more likely than not that all or a portion of a deferred tax asset may not be realizable. The Company is subject to income taxes in the U.S. and numerous foreign jurisdictions. In evaluating the Company’s ability to recover the deferred tax assets within a jurisdiction from which they arise, management considers all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax-planning strategies, and results of recent operations. In projecting future taxable income, the Company begins with historical results and incorporates assumptions including overall current and projected business and industry conditions, the amount of future federal, state, and foreign pretax operating income, the reversal of temporary differences and the successful implementation of feasible and prudent tax-planning strategies. These assumptions require significant judgment about the forecasts of future taxable income and are consistent with the plans and estimates the Company uses to manage the underlying businesses. In evaluating the objective evidence that historical results provide, the Company considers three years of cumulative operating results. Valuation allowances, or reductions to deferred tax assets, are recognized if, based on the weight of all the available evidence, it is more likely than not that some portion or all the deferred tax asset may not be realized. U.S. Jurisdiction Due to the Company’s history of losses in the U.S., the valuation allowance fully offsets the value of U.S. deferred tax assets on the Company’s balance sheet as of December 29, 2017, with the exception of the $ 546,000 Foreign Jurisdictions STAAR Surgical AG Due to STAAR Surgical AG’s history of profits, the deferred tax assets are considered fully realizable. The Company had net deferred tax assets in Switzerland of $ 505,000 407,000 STAAR Japan, Inc. Since 2012, STAAR Japan functions as a limited-risk distributor with a guaranteed return from STAAR AG and accordingly, STAAR Japan’s deferred tax assets are considered fully realizable. The Company had net deferred tax assets of $722,000 and $698,000 as of December 29, 2017 and December 30, 2016, respectively. U.S. Federal Income Tax Reform As discussed in Note 1, on December 22, 2017, the United States enacted major tax reform legislation, the 2017 Tax Act, which enacted a broad range of changes to the federal tax code. On December 22, 2017, the SEC staff issued SAB 118 that allows corporations to record provisional amounts during a measurement period not to extend beyond one year of the enactment date. The Company is currently analyzing the 2017 Tax Act, and in certain areas, has made reasonable estimates of the effects on their Consolidated Financial Statements and tax disclosures, including the amount of the repatriation tax and changes to its existing deferred tax balances. Most of the changes from the new law are effective for years beginning after December 31, 2017, with the noted exception of the deemed repatriation of the offshore earnings. As a result, the Company included $5,658,000 in foreign earnings in federal income for the current year. The federal taxable income was offset by the Company’s net operating loss carryforwards resulting in no federal tax due. In addition, the Company remeasured certain net deferred tax assets and liabilities based on the tax rates at which they are expected to reverse in the future. The estimated amount recorded related to the remeasurement of these balances was a reduction to the Company’s net deferred asset of $ 19,125,000 Also under the 2017 Tax Act, corporations are no longer subject to the alternative minimum tax (“AMT”), effective for taxable years beginning after December 31, 2017. As the Company has an AMT credit from a prior year, the Company can carry the credit forward to offset regular tax. To the extent the Company does not have a federal tax liability, a portion of the credit is now refundable each year starting in 2018, with any remaining balance fully refundable in 2021. As the Company will ultimately receive a full refund for the credit, the valuation allowance attributable to the AMT credit carryforward was released, creating a deferred tax benefit of $ 546,000 Other Income Tax Disclosures Significant Jurisdictions Open Years U.S. Federal 2014 2016 California 2013 2016 Switzerland 2016 Japan 2015 2016 2017 2016 2015 Domestic $ (3,318) $ (10,399) $ (7,678) Foreign 1,022 (2,045) 2,073 $ (2,296) $ (12,444) $ (5,605) |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 29, 2017 | |
Defined Benefit Plan [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | Note 10 Employee Benefit Plans The Company maintains a passive pension plan (the “Swiss Plan”) covering employees of its Swiss subsidiary, which is accounted for as a defined benefit plan. Defined Benefit Plan-Switzerland In Switzerland employers are required to provide a minimum pension plan for their staff. Contributions of both the employees and employer finance the Swiss Plan. The amount of the contributions is defined by the plan regulations and cannot be decreased without amending the plan regulations. It is required that the employer contribute an amount equal to or greater than the employee contribution. 2017 2016 Change in Projected Benefit Obligation: Projected benefit obligation, beginning of period $ 6,363 $ 6,349 Service cost 381 469 Interest cost 53 65 Participant contributions 260 230 Benefits deposited (paid) (185) (340) Actuarial loss (gain) 721 (410) Prior service credit (148) Projected benefit obligation, end of period $ 7,445 $ 6,363 Change in Plan Assets: Plan assets at fair value, beginning of period $ 3,606 $ 3,498 Actual return on plan assets (including foreign currency impact) 203 (12) Employer contributions 260 230 Participant contributions 260 230 Benefits deposited (paid) (185) (340) Plan assets at fair value, end of period $ 4,144 $ 3,606 Funded status pension liability, end of year $ (3,301) $ (2,757) Amount Recognized in Accumulated Other Comprehensive Loss, net of tax: Actuarial loss on plan assets $ (932) $ (816) Actuarial loss on benefit obligation (1,902) (1,393) Actuarial gain recognized in current year 527 454 Prior service credit 184 (6) Effect of curtailments 609 606 Accumulated other comprehensive loss $ (1,514) $ (1,155) Accumulated benefit obligation at end of year $ (6,932) $ (5,980) The underfunded balance of $ 3,301,000 2,757,000 2017 2016 2015 Service cost $ 381 $ 469 $ 316 Interest cost 53 65 74 Expected return on plan assets (94) (89) (93) Actuarial loss recognized in current year 72 111 64 Prior service credit (7) (7) Net periodic pension cost $ 405 $ 549 $ 361 2017 2016 2015 Current year actuarial gain (loss) on plan assets $ 97 $ (8) $ 61 Current year actuarial loss on benefit obligation (645) (269) (699) Actuarial gain (loss) recorded in current year 65 (98) 57 Prior service credit 126 (6) 64 Effect of curtailments 3 Change in other comprehensive loss $ (354) $ (381) $ (517) The amount in accumulated other comprehensive loss as of December 29, 2017 that is expected to be recognized as a component of the net periodic pension costs during fiscal year 2018 is $ 114 2017 2016 Discount rate 0.7 % 0.8 % Salary increases 2.0 % 2.0 % Expected return on plan assets 2.5 % 2.5 % Expected average remaining working lives in years 10.2 10.0 The discount rates are based on an assumed duration of the pension obligations and estimated using the rates of returns for AAA and AA-rated Swiss and foreign CHF-denominated corporate bonds listed on the SIX Swiss Exchange. The salary increase rate was based on the Company’s best estimate of future increases over time. The expected long-term rate of return on plan assets is based on the expected asset allocation and assumptions concerning long-term interest rates, inflation rates, and risk premiums for equities above the risk-free rates of return. These assumptions take into consideration historical long-term rates of return for relevant asset categories Under Swiss law, pension funds are legally independent from the employer and all the contributions are invested with regulated entities. The Company has a contract with Allianz Suisse Life Insurance Company’s BVG Collective Foundation (the “Foundation”) to manage its Swiss pension fund. Multiple employers contract with the Foundation to manage the employers’ respective pension plans. The Foundation manages the pension plans of its contracted employers as a collective entity. The investment strategy is determined by the Foundation and applies to all members of the collective Foundation. There are no separate financial statements for each employer contract. The pension plan assets of all the employers that contract with the Foundation are comingled. They are considered multiple-employer plans under ASC 715-30-35-70 and therefore accounted for as single-employer plans. As there are no separate financial statements for each employer contract, there are no individual investments that can be directly attributed to the Company’s pension plan assets. However, the funds contributed by an employer are specifically earmarked for its employees and the total assets of the plan allocable to Company’s employees are separately tracked by the Foundation. The lack of visibility into the specific investments of the plan assets and how they are valued is a significant unobservable input, therefore, the Company considers the plan assets collectively to be Level 3 assets under the fair value hierarchy (see Note 1). Insurance (Level 3) Beginning balance at January 1, 2016 $ 3,498 Actual return on plan assets (12) Purchases, sales, and settlement 120 Ending balance at December 30, 2016 3,606 Actual return on plan assets 203 Purchases, sales, and settlement 335 Ending balance at December 29, 2017 $ 4,144 During fiscal 2018, the Company expects to make cash contributions totaling approximately $ 282,000 Fiscal Year Amount 2018 $ 48 2019 53 2020 58 2021 64 2022 71 Thereafter 458 Total $ 752 Defined Benefit Plan-Japan STAAR Japan maintains a noncontributory defined benefit pension plan (“Japan Plan”) substantially covering all the employees of STAAR Japan. Benefits under the Japan Plan are earned, vested, and accumulated based on a point-system, primarily based on the combination of years of service, actual and expected future grades (management or non-management) and actual and future zone (performance) levels of the employees. Each point earned is worth a fixed monetary value, 1,000 Yen per point, regardless of the level grade or zone of the employee. Gross benefits are calculated based on the cumulative number of points earned over the service period multiplied by 1,000 Yen. The mandatory retirement age limit is 60 years old. STAAR Japan administers the pension plan and funds the obligations of the Japan Plan from STAAR Japan’s operating cash flows. STAAR Japan is not required, and does not intend, to provide contributions to the Plan to meet benefit obligations and therefore does not have any plan assets. Benefit payments are made to beneficiaries as they become due. 2017 2016 Change in Projected Benefit Obligation: Projected benefit obligation, beginning of period $ 1,240 $ 1,035 Service cost 147 148 Interest cost 4 6 Actuarial gain 32 49 Benefits paid (116) (17) Foreign exchange adjustment 45 19 Projected benefit obligation, end of period $ 1,352 $ 1,240 Changes in Plan Assets: Plan assets at fair value, beginning of period $ $ Actual return on plan assets Employer contributions Benefits paid Distribution of plan assets Foreign exchange adjustment Plan assets at fair value, end of period $ $ Funded status (pension liability), end of period $ (1,352) $ (1,240) Amount Recognized in Accumulated Other Comprehensive Income, Net of Tax: Transition obligation $ (7) $ (14) Actuarial gain (loss) (35) (31) Prior service cost 8 8 Net gain (loss) 122 125 Accumulated other comprehensive income $ 88 $ 88 Accumulated benefit obligation at end of year $ (1,158) $ (1,078) The underfunded balance of $ 1,352,000 1,240,000 2017 2016 2015 Service cost $ 147 $ 148 $ 121 Interest cost 4 6 6 Net amortization of transition obligation 11 12 11 Actuarial loss (1) (13) (15) Prior service credit (3) (1) (2) Net periodic pension cost $ 158 $ 152 $ 121 Changes in other comprehensive income (loss), net of tax, associated with the Japan Plan for the years ended December 29, 2017, December 30, 2016 and January 1, 2016 include the following components (in thousands): 2017 2016 2015 Amortization of net transition obligation $ 7 $ 8 $ 7 Amortization of actuarial gain (loss) (1) 25 (21) Actuarial income (loss) recorded in current year (19) (40) (10) Change in other comprehensive income (loss) $ (13) $ (7) $ (24) The amount in accumulated other comprehensive loss as of December 29, 2017 that is expected to be recognized as a component of the net periodic pension cost in fiscal 2018 is approximately $ 9,000 2017 2016 Discount rate 0.3 % 0.3 % Salary increases 6.2 % 6.0 % Expected return on plan assets N/A N/A Expected average remaining working lives in years 9.08 8.84 The discount rates are based on the yield curve of corporate bonds rated AA or higher. The salary increase average rate was based on the Company’s best estimate of future increases over time. Fiscal Year Amount 2018 $ 46 2019 51 2020 56 2021 101 2022 62 Thereafter 729 Total $ 1,045 Defined Contribution Plan The Company has a 401(k) profit sharing plan (“401(k) Plan”) for the benefit of qualified employees in the U.S. During the fiscal year ended December 29, 2017, employees who participate may elect to make salary deferral contributions to the 401(k) Plan up to the $ 18,000 6,000 764 703 625 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 29, 2017 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Note 11 Stockholders’ Equity Immediate Vesting of All Unvested Equity Awards On February 11, 2016, a shareholder increased its beneficial ownership of the Company’s common stock to approximately 26 6,857,000 4,569,000 2,280,000 2,931,000 1,527,000 1,838,000 561,000 3,338,000 6,857,000 There was no net income tax benefit recognized in the consolidated statements of operations for stock-based compensation expense for non-qualified stock options, as the Company fully offsets net deferred tax assets with a valuation allowance (see Note 9). The Company does not recognize deferred income taxes for incentive stock option compensation expense, and records a tax deduction only when a disqualified disposition has occurred (see Note 9). Fair Value Stock Options $ 4,985 Restricted Stock Units 3,586 Restricted Stock 200 Total $ 8,771 Fiscal Year Ended December 29, December 30, January 1, Employee stock options $ 1,731 $ 5,485 $ 2,306 Restricted stock 186 298 485 Restricted stock units 1,226 2,717 452 Consultant compensation 18 58 61 Total $ 3,161 $ 8,558 $ 3,304 Fiscal Year Ended December 29, December 30, January 1, Cost of Sales $ 8 $ 612 $ 52 General and administrative 1,487 3,809 2,090 Marketing and selling 805 1,961 696 Research and development 861 2,176 466 Total stock-based compensation expense 3,161 8,558 3,304 Amounts capitalized as part of inventory 372 269 516 Total stock-based compensation $ 3,533 $ 8,827 $ 3,820 As of December 29, 2017, there was $ 8,151,000 4,616,000 3,535,000 Incentive Plan 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 restricted stock units (“RSUs”). Options under the plan are granted at fair market value on the date of grant, become exercisable generally over a three-year period, or as determined by the Board of Directors, and expire over periods not exceeding 10 1,900,000 13,150,000 1,098,758 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 an 11 Fiscal Year Ended December 29, December 30, January 1, 2017 2016 2016 Expected dividend yield 0 % 0 % 0 % Expected volatility 57 % 57 % 57 % Risk-free interest rate 1.96 % 1.34 % 1.59 % Expected term (in years) 5.67 5.57 5.57 Options Shares Weighted- Weighted- Aggregate Outstanding at December 30, 2016 3,502 $ 8.28 Granted 956 10.19 Exercised (557) 7.12 Forfeited or expired (176) 11.62 Outstanding at December 29, 2017 3,725 $ 8.78 6.96 $ 25,069 Exercisable at December 29, 2017 2,577 $ 8.38 6.00 $ 18,395 Weighted- Average Shares Grant-Date Options (000’s) Fair Value Unvested at December 30, 2016 662 $ 3.84 Granted during the year 956 5.42 Forfeited or expired during the year (176) 5.53 Vested during the year (294) 5.14 Unvested at December 29, 2017 1,148 $ 4.96 The weighted-average grant-date fair value of options granted during the fiscal years ended December 29, 2017, December 30, 2016 and January 1, 2016 were $ 5.42 3.77 4.14 3,065,000 1,737,000 2,048,000 Restricted stock A summary of restricted stock activity for the year ended December 29, 2017 is presented below: Weighted Average Grant-Date Shares Fair Value Restricted Stock (000’s) per Share Outstanding at December 30, 2016 23 $ 6.47 Granted 21 9.60 Vested (23) 6.47 Outstanding at December 29. 2017 21 $ 9.60 Restricted Stock Units Units Weighted Outstanding at December 30, 2016 274 $ 7.60 Granted 345 10.39 Vested (96) 7.76 Forfeited or expired (35) 8.81 Outstanding at December 29, 2017 488 $ 9.45 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 29, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Note 12 Commitments and Contingencies Lease Obligations The Company leases certain property, plant and equipment under non-cancellable capital and operating lease agreements. These leases vary in duration and contain renewal options and/or escalation clauses. Current and long-term obligations under capital leases are included in the Company’s consolidated balance sheets. Fiscal Year Operating Capital 2018 $ 1,956 $ 1,309 2019 1,611 307 2020 1,409 124 2021 548 104 2022 463 4 Thereafter 463 Total minimum lease payments $ 6,450 $ 1,848 Less amounts representing interest 39 $ 6,450 $ 1,809 Rent expense was approximately $ 2,436,000 2,243,000 1,198,000 2017 2016 Machinery and equipment $ 4,311 $ 5,650 Furniture and fixtures 2,285 704 Leasehold improvements 155 124 6,751 6,478 Less accumulated depreciation 4,239 3,359 $ 2,512 $ 3,119 Depreciation expense for assets under capital lease for each of the years ended December 29, 2017, December 30, 2016 and January 1, 2016, was approximately $ 388,000 195,000 176,000 As of December 29, 2017, there were open purchase orders of $ 3,308,000 41,000 Indemnification Agreements The Company has entered into indemnification agreements with its directors and officers that may require the Company: (a) to indemnify them against liabilities that may arise by reason of their status or service as directors or officers, except as prohibited by applicable law; (b) to advance their expenses incurred as a result of any proceeding against them as to which they could be indemnified; and (c) to make a good faith determination whether or not it is practicable for the Company to obtain directors’ and officers’ insurance. The Company currently has directors’ and officers’ liability insurance through a third-party carrier. Also, in connection with the sale of products and entering into business relationships in the ordinary course of business, the Company may make representations affirming, among other things, that its products do not infringe on the intellectual property rights of others and agrees to indemnify customers against third-party claims for such infringement as well as its negligence. The Company has not been required to make material payments under such provisions. Tax Filings The Company’s tax filings are subject to audit by taxing authorities in jurisdictions where it conducts business. These audits may result in assessments of additional taxes that are subsequently resolved with the authorities or potentially through the courts. Management believes the Company has adequately provided for taxes; however, final assessments, if any, could be significantly different than the amounts recorded in the consolidated financial statements. Employment Agreements The Company’s Chief Executive Officer entered into an employment agreement with the Company, effective March 1, 2015. She and certain officers have as provisions of their agreements certain rights, including continuance of cash compensation and benefits, upon a “change in control,” which may include an acquisition of substantially all its assets, or termination “without cause or for good reason” as defined in the employment agreements. Litigation and Claims From time to time the Company 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 claims. Legal proceedings can extend for several years, and most of the matters 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 Statements of Operations, Balance Sheets, or Statements of Cash Flows. Stockholder Securities Litigation: Todd Action 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. The plaintiff claims that STAAR made misleading statements to and omitted material information from our investors between February 27, 2013 and September 29, 2014 about alleged regulatory violations at STAAR’s Monrovia manufacturing facility. On October 20, 2014, plaintiff amended its complaint, dismissed two Company officers, added one other officer, reduced the alleged Class Period to November 1, 2013 through September 29, 2014, and demanded compensatory damages and attorneys’ fees. On January 5, 2017, the court granted plaintiff’s Motion for Class Certification. On June 20, 2017, plaintiff sought preliminary approval of a proposed class action settlement in the amount of $ 7,000,000 7,000,000 7,000,000 Stockholder Derivative Litigation: Forestal Action On June 21, 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. On January 31, 2017, the court granted the Company’s Motion to Dismiss. On February 6, 2017, plaintiff filed a Notice of Appeal and on July 17, 2017 plaintiff filed his appellate brief. On September 14, 2017, the Company filed its appellate answering brief. 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 Consolidated Financial Statements at December 29, 2017 for this matter as the likelihood and amount of loss, if any, has not been determined and is not currently estimable. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 29, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Note 13 Related Party Transactions The Company has made various advances to certain non-executive employees. Amounts due from employees included in prepayments, deposits, and other current assets at December 29, 2017 and December 30, 2016 were $12,000 and $37,000, respectively. |
Supplemental Disclosure of Cash
Supplemental Disclosure of Cash Flow Information | 12 Months Ended |
Dec. 29, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
Cash Flow, Supplemental Disclosures [Text Block] | Note 14 Supplemental Disclosure of Cash Flow Information The Company’s non-cash operating activities, non-cash investing and financing activities, and cash paid were as follows (in thousands) 2017 2016 2015 Non-cash operating activities: Insurance receivable $ 7,000 $ $ Settlement liability $ 7,000 $ $ Non-cash investing and financing activities: Assets obtained by capital lease $ 563 $ 2,383 $ 91 Purchase of property and equipment included in accounts payable $ 121 $ 485 $ 51 Cash paid: Interest $ 90 $ 112 $ 121 Taxes $ 881 $ 699 $ 589 |
Basic and Diluted Net Income (L
Basic and Diluted Net Income (Loss) Per Share | 12 Months Ended |
Dec. 29, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Note 15 Basic and Diluted Net Income (Loss) Per Share 2017 2016 2015 Numerator: Net loss $ (2,139) $ (12,129) $ (6,533) Denominator: Weighted average common shares and denominator for basic calculation: Weighted average common shares outstanding 41,025 40,352 39,384 Less: Unvested restricted stock (21) (23) (124) Denominator for basic calculation 41,004 40,329 39,260 Weighted average effects of potentially dilutive common stock: Denominator for diluted calculation 41,004 40,329 39,260 Net loss per share basic and diluted $ (0.05) $ (0.30) $ (0.17) Because the Company had a net loss for the years ended December 29, 2017, December 30, 2016 and January 1, 2016, the number of diluted shares is equal to the number of basic shares. Outstanding options and warrants to purchase common stock, restricted stock and restricted stock units would have had an anti-dilutive effect on diluted per share amounts. The following table sets forth (in thousands) the weighted average number of options and warrants to purchase shares of common stock, restricted stock, and restricted stock units with either exercise prices or unrecognized compensation cost per share greater than the average market price per share of the Company’s common stock, which were not included in the calculation of diluted per share amounts because the effects would be anti-dilutive. 2017 2016 2015 Options 2,237 4,069 2,506 Warrants 345 Restricted stock and restricted stock units 203 76 190 Total 2,440 4,145 3,041 |
Geographic and Product Data
Geographic and Product Data | 12 Months Ended |
Dec. 29, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | Note 16 Geographic and Product Data The Company markets and sells its products in more than 75 10 Net sales to unaffiliated customers 2017 2016 2015 Japan $ 17,424 $ 17,329 $ 16,982 China 23,881 16,019 12,571 United States 7,894 9,859 10,904 Korea 5,543 7,455 8,061 Others* 35,869 31,770 28,605 Total $ 90,611 $ 82,432 $ 77,123 *No other location individually exceeds 10% of total sales. 100 Net sales by product line 2017 2016 2015 ICLs $ 68,325 $ 59,111 $ 51,543 IOLs 17,258 19,706 19,857 Other surgical products 5,028 3,615 5,723 Total $ 90,611 $ 82,432 $ 77,123 Long-lived assets 2017 2016 U.S. $ 8,523 $ 10,704 Switzerland 912 737 Japan 612 822 Total $ 10,047 $ 12,263 The Company sells its products internationally, which subjects the Company to several potential risks, including fluctuating exchange rates (to the extent the Company’s transactions are not in U.S. dollars), regulation of fund transfers by foreign governments, United States and foreign export and import duties and tariffs, and political instability. |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 29, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | Note 17 Quarterly Financial Data (Unaudited) Summary unaudited quarterly financial data from continuing operations for fiscal 2017 and 2016 is as follows (in thousands except per share data). The Company has derived this data from the unaudited consolidated interim financial statements that, in the Company’s opinion, have been prepared on substantially the same basis as the audited financial statements contained elsewhere in this report and include all normal recurring adjustments necessary for a fair presentation of the financial information for the periods presented. These unaudited quarterly results should be read in conjunction with the financial statements and notes thereto included elsewhere in this report. The operating results in any quarter are not necessarily indicative of the results that may be expected for any future period. December 29, 2017 1st Qtr. 2nd Qtr. 3rd Qtr. 4th Qtr. Net sales $ 20,350 $ 21,936 $ 23,473 $ 24,852 Gross profit 14,577 15,474 16,849 17,380 Net (loss) income (2,203) (971) 1,173 (138) Net (loss) income per share basic and diluted (0.05) (0.02) 0.03 (0.00) December 30, 2016 1st Qtr. 2nd Qtr. 3rd Qtr. 4th Qtr. Net sales $ 19,269 $ 20,974 $ 20,052 $ 22,137 Gross profit 12,993 14,626 14,872 15,878 Net loss (8,041) (2,143) (1,778) (167) Net loss per share basic and diluted (0.20) (0.05) (0.04) (0.00) Quarterly and year-to-date computations of net income (loss) per share amounts are made independently. Therefore, the sum of the per share amounts for the quarters may not agree with the per share amounts for the year. |
Reclassifications
Reclassifications | 12 Months Ended |
Dec. 29, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Reclassifications [Text Block] | Note 18 Reclassifications In accordance with the adoption of ASU 2015-17, the Company reclassified current deferred tax and long-term deferred income tax liability to long-term deferred tax asset on the Consolidated Balance Sheet for the year ended 2016 and updated classifications of items within deferred tax assets and deferred tax liabilities in Note 9. The Company made several reclassifications in the disclosure in the Consolidated Statements of Comprehensive Loss for the years ended 2016 and 2015. The Company separately stated the tax effect and expanded adjustments in pension liability into the reclassification related to the change in plan assets and the reclassification related to selling, general and administrative expenses. The Company reclassified inventory reserves from Changes in Working Capital Inventory in the Statements of Cash Flows to the non-cash section of the Statements of Cash Flows for the years ended 2016 and 2015. |
SCHEDULE II - VALUATION AND QUA
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES | 12 Months Ended |
Dec. 29, 2017 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS AND RESERVES Column A Column B Column C Column D Column E Balance at Balance at Beginning End of Description of Year Additions Deductions Year (In thousands) 2017 Allowance for doubtful accounts and sales returns deducted from accounts receivable in the balance sheet $ 2,056 $ 483 $ 8 $ 2,531 Deferred tax asset valuation allowance 57,446 2,253 19,043 40,656 $ 59,502 $ 2,736 $ 19,051 $ 43,187 2016 Allowance for doubtful accounts and sales returns deducted from accounts receivable in the balance sheet $ 1,877 $ 206 $ 27 $ 2,056 Deferred tax asset valuation allowance 53,333 4,513 400 57,446 $ 55,210 $ 4,719 $ 427 $ 59,502 2015 Allowance for doubtful accounts and sales returns deducted from accounts receivable in the balance sheet $ 1,589 $ 345 $ 57 $ 1,877 Deferred tax asset valuation allowance 54,104 2,249 3,020 53,333 $ 55,693 $ 2,594 $ 3,077 $ 55,210 |
Organization and Description 27
Organization and Description of Business and Accounting Policies (Policies) | 12 Months Ended |
Dec. 29, 2017 | |
Accounting Policies [Abstract] | |
Organization and Description of Business [Policy Text Block] | Organization and Description of Business STAAR Surgical Company and subsidiaries (the “Company”), a Delaware corporation, was first incorporated in 1982 for the purpose of developing, producing, and marketing implantable lenses for the eye and delivery systems used to deliver the lenses into the eye. Principal products are implantable Collamer lenses (“ICLs”) and intraocular lenses (“IOLs”). ICLs, consisting of the Company’s ICL family of products, including the Toric implantable Collamer lenses (“TICL”) and EVO+ Visian ICL, are intraocular lenses used to correct refractive conditions such as myopia (near-sightedness), hyperopia (far-sightedness) and astigmatism. IOLs are prosthetic intraocular lenses used to restore vision that has been adversely affected by cataracts, and include the Company’s lines of silicone and Collamer IOLs and the Preloaded Injector (a silicone or acrylic IOL preloaded into a single-use disposable injector). As of December 29, 2017, the Company’s significant subsidiaries consisted of: · STAAR Surgical AG, a wholly owned subsidiary formed in Switzerland that markets and distributes ICLs and Preloaded IOLs. · STAAR Japan, a wholly owned subsidiary that markets and distributes Preloaded IOLs and ICLs. The Company operates as one operating segment, the ophthalmic surgical market, for financial reporting purposes (see Note 16). |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The accompanying consolidated financial statements include the accounts of STAAR Surgical Company and its wholly-owned subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All significant intercompany balances and transactions have been eliminated. Certain reclassifications have been made to financial statements of prior years to conform to the current year presentation (see Note 18). |
Fiscal Period, Policy [Policy Text Block] | Fiscal Year and Interim Reporting Periods The Company’s fiscal year ends on the Friday nearest December 31 and each of the Company’s quarterly reporting periods generally consists of 13 weeks. Fiscal years 2017, 2016 and 2015 are based on a 52-week period. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency The functional currency of the Company’s Japanese subsidiary, STAAR Japan, Inc., is the Japanese yen. The functional currency of the Company’s Swiss subsidiary, STAAR Surgical AG, is the U.S. dollar. Assets and liabilities of the Company’s Japanese subsidiary are translated at rates of exchange in effect at the close of the period. Sales and expenses are translated at the weighted average of exchange rates in effect during the period. The resulting translation gains and losses are deferred and are shown as a separate component in the Consolidated Statements of Comprehensive Loss. During 2017, 2016 and 2015, the net foreign translation gains were $ 387 224 52 819 |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition The Company recognizes revenue when realized or realizable and earned, which is when the following criteria are met: persuasive evidence of an arrangement exists; delivery has occurred; the sale price is fixed or determinable; and collectability is reasonably assured. The Company records revenue from non-consignment product sales when title and risk of ownership have been transferred, which is typically at shipping point, except for certain customers and for the STAAR Japan subsidiary, which is typically recognized when the customer receives the product. The Company does not have significant deferred revenues as of December 29, 2017, as delivery to the customer is generally made within the same or the next day of shipment. The Company presents sales tax it collects from its customers on a net basis (excluded from revenues). The Company’s products are marketed to ophthalmic surgeons, hospitals, ambulatory surgery centers or vision centers, and distributors. IOLs and ICLs may be offered to surgeons and hospitals on a consignment basis. The Company maintains title and risk of loss of consigned inventory and recognizes revenue for consignment inventory when the Company is notified that the lenses have has been implanted. ICLs are sold only to certified surgeons who have completed requisite training or for use in scheduled training surgeries. As a result, STAAR partially mitigates the risk that the revenue it recognizes on shipment of ICLs would need to be reversed because of a surgeon’s failure to qualify for its use. Beginning in 2016, the Company entered into certain strategic cooperation agreements with customers in which, as consideration for minimum purchase commitments the customers make, the Company agrees to pay for marketing and support of the Company’s products. The Company accounts for these arrangements in accordance with ASC 605-50, “ Revenue Recognition Customer Payments and Incentives For payments the Company makes to the customer for which no distinct service is provided, the Company records these payments as a reduction of revenues as incurred. For payments the Company makes to another party, or reimburses the customer, for distinct marketing and support services, the Company recognizes these payments as a sales and marketing expense as incurred. Since the payments for distinct or non-distinct services occur within the quarter corresponding with the purchases made by the customer and the shipments made by the Company to that customer, there is no remaining performance obligation by the Company to the customer. Accordingly, there are no deferred revenues associated with these types of arrangements as of December 29, 2017 and December 30, 2016. In conjunction with sales to certain customers, the Company provides free products upon attaining certain levels of purchases by the customer. The Company accounts for these free products in accordance with ASC 605-50 “Revenue Recognition Customer Payments and Incentives” The Company sells certain injector parts to an unrelated customer and supplier (collectively referred to as “supplier”) whereby these injector part sales are either made as a final sale to the supplier or, are sold to be reprocessed by the supplier into finished goods inventory (a preloaded acrylic IOL). These finished goods are then sold back to the Company at an agreed upon, contractual price. The Company makes a profit margin on either type of sale with the supplier and each type of sale is made under separate purchase and sales orders between the two parties resulting in cash settlement for the orders sold or repurchased. For parts that are sold as a final sale, the Company recognizes a sale consistent with its routine revenue recognition policies as disclosed above and those sales are included as part of other sales in total net sales. For the injector parts that are sold to be reprocessed into finished goods, the Company does not recognize revenue on these sales in accordance with ASC 845-10, “ Purchases and Sales of Inventory with the Same Counterparty.” For all sales, the Company is considered the principal in the transaction as the Company, among other factors, is the primary obligor in the arrangement, bears general inventory risk, credit risk, has latitude in establishing the sales price, is responsible for authorized and general sales returns risk and therefore, sales and cost of sales are reported separately in the consolidated statement of operations instead of a single, net amount. Cost of sales includes cost of production, freight and distribution, royalties, and inventory provisions, net of any purchase discounts. The Company generally permits returns of product if the product is returned within the time allowed by its return policies and records an allowance for estimated returns at the time revenue is recognized. The Company’s allowance for estimated returns considers historical trends and experience, the impact of new product launches, the entry of a competitor, availability of timely and pertinent information and the various terms and arrangements offered, including sales with extended credit terms. Sales are reported net of estimated returns. The Company performs ongoing credit evaluations of its customers and adjusts credit limits based on customer payment history and credit worthiness, as determined by the Company’s review of its customers’ current credit information. The Company continuously monitors collections and payments from customers and maintains a provision for estimated credit losses and uncollectible accounts based upon its historical experience and any specific customer collection issues that have been identified. Amounts determined to be uncollectible are written off against the allowance for doubtful accounts. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The consolidated financial statements have been prepared in conformity with GAAP and, as such, include amounts based on significant estimates and judgments of management with consideration given to materiality. Significant estimates used include determining valuation allowances for uncollectible trade receivables, sales returns reserves, obsolete and excess inventory reserves, deferred income taxes, and tax reserves, including valuation allowances for deferred tax assets, pension liabilities, evaluation of asset impairment, in determining the useful life of depreciable and definite-lived intangible assets, and in the variables and assumptions used to calculate and record stock-based compensation. Actual results could differ materially from those estimates. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents The Company considers all highly liquid investments purchased with a maturity of three months or less to be cash equivalents. The Company maintains cash deposits with major banks which from time to time may exceed federally insured limits. The Company periodically assesses the financial condition of the institutions and believes that the risk of any loss is minimal. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk and Revenues Financial instruments that potentially subject the Company to credit risk principally consist of trade receivables. This risk is limited due to the large number of customers comprising the Company’s customer base, and their geographic dispersion. As of December 29, 2017, there was one customer who accounted for 24 22 11 There was one customer who accounted for 26 19 15 10 |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs to valuation methodologies used to measure fair value (ASC 820-10-50): · Level 1 Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. · Level 2 Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments. · Level 3 Inputs to the valuation methodology are unobservable; that reflect management’s own assumptions about the assumptions market participants would make and significant to the fair value. The carrying values reflected in the consolidated balance sheets for cash and cash equivalents, trade accounts receivable, prepayments and other current assets, accounts payable, other current liabilities and line of credit approximate their fair values because of the short maturity of these instruments. |
Inventory, Policy [Policy Text Block] | Inventories, Net Inventories, net are valued at the lower of cost, determined on a first-in, first-out basis, or net realizable value. Inventories include the costs of raw material, labor, and manufacturing overhead, work in process and finished goods. Inventories also include deferred margins for certain injector parts described under the revenue recognition policy. The Company provides estimated inventory allowances for excess, expiring, slow moving and obsolete inventory as well as inventory whose carrying value is in excess of net realizable value to properly reflect inventory at the lower of cost or market. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant, and Equipment Property, plant, and equipment are recorded at cost. Depreciation on property, plant, and equipment is computed using the straight-line method over the estimated useful lives of the assets as noted below. Leasehold improvements are amortized over the lesser of the estimated useful lives of the assets or the related lease term. Major improvements are capitalized and minor replacements, maintenance and repairs are charged to expense as incurred. Machinery and equipment 5 10 Furniture and equipment 3 7 Computers, software, and peripherals 2 5 Leasehold improvements (a) (a) The estimated useful life of leasehold improvements is the shorter of the useful life of the asset or the term of the associated leases. |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill Goodwill, which has an indefinite life, is not amortized but instead is tested for impairment on an annual basis or between annual tests if an event occurs or circumstances change that would indicate the carrying amount may be impaired. Impairment testing for goodwill is done at the reporting unit level. Reporting units can be one level below the operating segment level, and can be combined when reporting units within the same operating segment have similar economic characteristics. The Company has determined that its reporting units have similar economic characteristics, and therefore, can be combined into one reporting unit for the purposes of goodwill impairment testing. The Company performed its annual impairment test and determined that its goodwill was not impaired. As of December 29, 2017 and December 30, 2016, the carrying value of goodwill was $ 1,786,000 |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Long-Lived Assets The Company reviews property, plant, and equipment and intangible assets, excluding goodwill, for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. The Company measures recoverability of these assets by comparing the carrying value of such assets to the estimated undiscounted future cash flows the assets are expected to generate. When the estimated undiscounted future cash flows are less than their carrying amount, an impairment loss is recognized equal to the difference between the assets’ fair value and their carrying value. A review of long lived assets was conducted as of December 29, 2017 and December 30, 2016 and no impairment was identified. Amortization is computed on the straight-line basis, which is the Company’s best estimate of the economic benefits realized over the estimated useful lives of the assets which range from 3 20 10 3 10 |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Costs Expenditures for research activities relating to product development and improvement are charged to expense as incurred. |
Advertising Cost, Policy, Expensed Advertising Cost [Policy Text Block] | Advertising Costs Advertising costs, which are included in marketing and selling expenses, are expensed as incurred. Advertising costs were $ 6,102,000 6,160,000 3,917,000 |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company recognizes deferred tax assets and liabilities for temporary differences between the financial reporting basis and the tax basis of the Company’s assets and liabilities, net operating loss and credit carryforwards, and uncertainty in income taxes, on a jurisdiction-by-jurisdiction basis. Valuation allowances, or reductions to deferred tax assets, are recognized if, based on the weight of available evidence, it is more likely than not that some portion or all the deferred tax asset may not be realized or realizable in the jurisdiction in which they arise. The impact on deferred taxes of changes in tax rates and laws, if any, are applied to the years during which temporary differences are expected to be settled and reflected in the financial statements in the period of enactment. The Company recognizes the income tax benefit from an uncertain tax position when it is more likely than not that, based on technical merits, the position will be sustained upon examination, including resolutions of any related appeals or litigation processes. The amount of tax benefit recorded, if any, is limited to the amount that is greater than 50 percent likely to be realized upon settlement with the taxing authority (that has full knowledge of all relevant information). Accrued interest, if any, related to uncertain tax positions is included as a component of income tax expense, and penalties, if incurred, are recognized as a component of operating income or loss. The Company does not have any uncertain tax positions as of any of the periods presented. The Company did not incur significant interest and penalties for any period presented. On December 22, 2017, the SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”) to address the accounting implications of the Public Law No. 115-97, or commonly referred to as the 2017 Tax Cuts and Jobs Act (“2017 Tax Act”). The effects of the 2017 Tax Act are recognized upon enactment, however, SAB 118 permits a company to recognize provisional amounts when it does not have the necessary information available, prepared or analyzed (including computations) in reasonable detail to complete its accounting for the change in tax law. The measurement period to finalize the Company’s calculations cannot extend beyond one year of the enactment date. Key provisions that have a significant impact on the Company’s Consolidated Financial Statements and where the Company has recognized estimated amounts include the recognition of liabilities for taxes on repatriation of accumulated foreign earnings and the remeasurement of certain net deferred and other tax liabilities. |
Earnings Per Share, Policy [Policy Text Block] | Basic and Diluted Net Income (Loss) Per Share The Company has only one class of common stock and no participating securities which would require the two-class method of calculating basic earnings per share. Basic per share information is calculated by dividing net income (loss) by the weighted average number of shares outstanding, net of unvested restricted stock and unvested restricted stock units, during the period. Diluted per share information is calculated by dividing net income (loss) by the weighted average number of shares outstanding, adjusted for the effects of potentially dilutive common stock, which are comprised of outstanding warrants, stock options, unvested restricted stock, and restricted stock units, during the period, using the treasury-stock method (See Note 15). |
Postemployment Benefit Plans, Policy [Policy Text Block] | Employee Defined Benefit Plans The Company maintains a passive pension plan (the “Swiss Plan”) covering employees of its Swiss subsidiary. The Swiss Plan conforms to the features of a defined benefit plan. The Company also maintains a noncontributory defined benefit pension plan which covers substantially all the employees of STAAR Japan. The Company recognizes the funded status, or difference between the fair value of plan assets and the projected benefit obligations of the pension plan on the consolidated statements of financial position, with a corresponding adjustment to accumulated other comprehensive income (loss). If the projected benefit obligation exceeds the fair value of plan assets, then that difference or unfunded status represents the pension liability. The Company records a net periodic pension cost in the consolidated statements of operations. The liabilities and annual income or expense of both plans are determined using methodologies that involve several actuarial assumptions, the most significant of which are the discount rate and the expected long-term rate of asset return (asset returns and fair-value of plan assets are applicable for the Swiss Plan only). The fair values of plan assets are determined based on prevailing market prices (see Note 10). |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-based compensation expense for all stock-based compensation awards granted is based on the grant-date fair value. The Company recognizes these compensation costs on a straight-line basis over the requisite service period of the award, which is generally the option vesting term of three to four years for executive officers and employees, and one year for members of its Board of Directors (the “Board”) (see Note 11). The Company also, at times, issues restricted stock to its executive officers, employees and the Board, which are restricted and unvested common shares issued at fair market value on the date of grant. For the restricted shares issued to the Board, the restricted stock vests over a one-year service period, for executive officers and employees, it is typically a three-year service period, and are subject to forfeiture (or acceleration, depending upon the circumstances) until vested or the service period is completed. Restricted stock compensation expense is recognized on a straight-line basis over the requisite service period of one to three years, based on the grant-date fair value of the stock. Restricted stock is considered legally issued and outstanding on the grant date (see Notes 11 and 15). The Company issues restricted stock units (“RSUs”) (see Note 11), which can have only a service condition or a performance contingent restricted stock award based upon the Company meeting certain internally established performance conditions that vest only if those conditions are met or exceeded and the grantee is still employed with the Company. Restricted stock unit compensation expense is recognized on a straight-line basis over the requisite service period. The Company recognizes compensation cost for the performance condition RSUs when the Company concludes that it is probable that the performance condition will be achieved, net of an estimate of pre-vesting forfeitures, over the requisite service period based on the grant-date fair value of the stock. The Company reassesses the probability of vesting at each reporting period and adjusts compensation cost based on its probability assessment. Once the RSUs are vested, equivalent common shares will be issued or issuable to the grantee and therefore the RSUs are not included in total common shares issued and outstanding until vested (see Notes 11 and 15). The Company accounts for options granted to persons other than employees and directors under ASC 505-50, Equity Based Payments to Non-Employees |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income (Loss) The Company presents comprehensive income (loss) in the Consolidated Balance Sheets and the Consolidated Statements of Comprehensive Loss. Total comprehensive income (loss) includes, in addition to the net loss, changes in equity that are excluded from the Consolidated Statements of Operations and are recorded directly into a separate section of stockholders’ equity on the Consolidated Balance Sheets. Defined Defined Accumulated Foreign Benefit Benefit Other Currency Pension Plan- Pension Plan- Comprehensive Translation Japan Switzerland Income (Loss) Balance at January 2, 2015 $ (176) $ 121 $ (1,015) $ (1,070) Other comprehensive income (loss) 52 (38) (576) (562) Tax effect (21) 12 61 52 Balance at January 1, 2016 (145) 95 (1,530) (1,580) Other comprehensive income (loss) 224 (9) 426 641 Tax effect (68) 2 (45) (111) Balance at December 30, 2016 11 88 (1,149) (1,050) Other comprehensive income (loss) 387 (6) (406) (25) Tax effect (120) 6 39 (75) Balance at December 29, 2017 $ 278 $ 88 $ (1,516) $ (1,150) |
New Accounting Pronouncements, Policy [Policy Text Block] | During the year ended December 29, 2017, the Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2015-11, “Simplifying the Measurement of Inventory”. ASU 2015-11 requires a company to measure inventory at the lower of cost and net realizable value. Net realizable value is defined as the “estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation”. The Company adopted this standard as of December 31, 2016 (beginning of FY 2017). The adoption of ASU 2015-11 did not have a material effect on the Consolidated Financial Statements. During the year ended December 29, 2017, the Company adopted ASU 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes”, on a retrospective basis, which changes how deferred taxes are classified on the Company’s balance sheets. Accordingly, the Company adjusted the December 30, 2016 balance sheet for current and noncurrent deferred tax assets to conform to the presentation for the current year due to the adoption of ASU 2015-17. The ASU eliminates the requirement to present deferred tax liabilities and assets as current and noncurrent on the balance sheet. Instead, companies are required to classify all deferred tax assets and liabilities as noncurrent. The Company adopted this standard as of December 31, 2016 (beginning of FY 2017). The adoption of ASU 2015-17 did not have a material effect on the Consolidated Financial Statements. During the year ended December 29, 2017, the Company adopted ASU 2016-09, “CompensationStock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting”, which simplified 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 Company adopted this standard as of December 31, 2016 (beginning of FY 2017). The adoption of ASU 2016-09 did not have a material effect on the Consolidated Financial Statements and prior periods were not restated. During the year ended December 29, 2017, the Company adopted ASU 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash”, that requires that the statement of cash flows explain the change during the period in the total of cash, cash equivalents, and restricted cash and that restricted cash be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the Consolidated Statements of Cash Flows. The Company early adopted this standard as of December 31, 2016 (beginning of FY 2017). The adoption of ASU 2016-18 did not have a material effect on the Consolidated Financial Statements, however, prior period restricted cash was added to beginning and ending cash and cash equivalents in the Consolidated Statements of Cash Flows to conform to the current presentation. 2017 2016 2015 2014 Cash and cash equivalents $ 18,520 $ 13,999 $ 13,402 $ 13,013 Restricted cash included in other long-term assets 121 119 119 119 Total cash, cash equivalents and restricted cash as shown in the Consolidated Statements of Cash Flows $ 18,641 $ 14,118 $ 13,521 $ 13,132 The Company has restricted cash of approximately $ 121,000 During the year ended December 29, 2017, the Company adopted ASU 2017-04, “IntangiblesGoodwill and Other (Topic 350)”, which simplifies the test for goodwill impairment. ASU 2017-04 is effective for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. The Company early adopted this standard as of December 31, 2016 (beginning of FY2017). The adoption of ASU 2017-04 did not have a material effect on the Consolidated Financial Statements. On December 22, 2017, the United States enacted major tax reform legislation, the 2017 Tax Act, which enacted a broad range of changes to the federal tax code. The 2017 Tax Act, among other things, includes lowering the U.S. federal tax rates (21 percent flat tax rate), imposes additional limitations on the deductibility of interest and net operating losses, allows for the expensing of capital expenditures, and puts into effect a number of changes impacting operations outside of the United States including, but not limited to, the imposition of a one-time tax “deemed repatriation” on accumulated offshore earnings not previously subject to tax, and shifts the U.S. taxation of multinational corporations from a worldwide system of taxation to a territorial system. SAB 118 allows corporations to record provisional amounts during a measurement period not to extend beyond one year of the enactment date. The Company is currently analyzing the 2017 Tax Act, and in certain areas, have made reasonable estimates of the effects on its Consolidated Financial Statements and tax disclosures, including the amount of the repatriation tax and changes to its existing deferred tax balances. Recent Accounting Pronouncements Not Yet Adopted In May 2017, the FASB issued ASU 2017-09, “Compensation Stock Compensation (Topic 718): Scope of Modification Accounting,” which amends the scope of modification accounting for share-based payment arrangements, provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting under ASC 718. For all entities, the ASU is effective for annual reporting periods, including interim periods within those annual reporting periods, beginning after December 15, 2017. Early adoption is permitted, including adoption in any interim period. The Company will adopt this standard as of December 30, 2017 (beginning of FY 2018) and does not expect the adoption of the standard will have a material impact on its Consolidated Financial Statements. In March 2017, the FASB issued ASU 2017-07, “Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.” The standard requires that an employer report the service cost component in the same line items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside of operating profit. The standard is effective for public companies for annual periods beginning after December 15, 2017, including interim periods within those annual periods. Prior periods are required to be recast. The Company will adopt this standard as of December 30, 2017 (beginning of FY 2018) and does not expect the adoption of the standard will have a material impact on its Consolidated Financial Statements. In October 2016, the FASB issued ASU 2016-16, “Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory”, which removes the prohibition in ASC 740 against the immediate recognition of the current and deferred income tax effects of intra-entity transfers of assets other than inventory. The ASU is effective for public companies for fiscal years beginning after December 15, 2017, and interim periods within those annual periods. The ASU should be applied on a modified retrospective basis, recognizing the effects in retained earnings as of the beginning of the year of adoption. The Company will adopt this standard as of December 30, 2017 (beginning of FY 2018) and does not expect the adoption of the standard will have a material impact on its Consolidated Financial Statements. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments” (“ASU 2016-15”), which clarifies how companies present and classify certain cash receipts and cash payments in the statement of cash flows. ASU 2016-15 is effective for fiscal years beginning after December 15, 2017 (beginning of FY 2018) and the Company does not expect the adoption of the standard will have a material impact 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 gathering data to evaluate the impact the adoption of ASU 2016-02 may have on its Consolidated Financial Statements and expects to complete the evaluation by the third quarter of 2018. 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). In August 2015, ASU 2014-09 was amended by ASU No. 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date”, which defers the effective date of ASU 2014-09 by one year for all entities and permits early adoption on a limited basis. ASU 2014-09 was subsequently amended by four additional pronouncements: (i) ASU No. 2016-10, “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing;” (ii) ASU No. 2016-11, “Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting”; (iii) ASU No. 2016-12, “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients”; and (iv) ASU No. 2016-20, “Revenue from Contracts with Customers (Topic 606): Technical Corrections and Improvements to Topic 606”. The Company completed its assessment and of the new standard, including a detailed review of its revenue streams and contracts. The majority of the Company’s revenue relates to the sale of implantable lenses (ICLs and IOLs) for which revenue is recognized at a point in time (i.e., typically at shipping point, except for certain customers and for our STAAR Japan subsidiary, which is typically recognized when the customer receives the product), which is the point that control transfers to the customer. The Company has determined that the adoption of the new standard will not materially impact the revenue recognition for these transactions. The Company has also determined that it will make accounting policy elections to 1) treat shipping and handling activities that occur after the customer obtains control of the goods as fulfillment costs, and 2) exclude sales and other similar taxes from the measurement of the transaction price. The Company has determined that the adoption of the new standard will not have a material impact on its Consolidated Financial Statements. The Company is still evaluating the effect the standard will have on its financial statement disclosures. The Company expects to apply the modified retrospective method to adopt the standard on December 30, 2017 (beginning of FY 2018) and has determined that there will be no cumulative effect adjustment on its Consolidated Financial Statements. |
Organization and Description 28
Organization and Description of Business and Accounting Policies (Tables) | 12 Months Ended |
Dec. 29, 2017 | |
Accounting Policies [Abstract] | |
Schedule of Useful Life of Property Plant and Equipment [Table Text Block] | The estimated useful lives of assets are as follows: Machinery and equipment 5 10 Furniture and equipment 3 7 Computers, software, and peripherals 2 5 Leasehold improvements (a) (a) The estimated useful life of leasehold improvements is the shorter of the useful life of the asset or the term of the associated leases. |
Comprehensive Income (Loss) [Table Text Block] | The following table summarizes the changes in the accumulated balances for each component of accumulated other comprehensive income (loss) attributable to the Company for the years ended December 29, 2017, December 30, 2016 and January 1, 2016 (in thousands): Defined Defined Accumulated Foreign Benefit Benefit Other Currency Pension Plan- Pension Plan- Comprehensive Translation Japan Switzerland Income (Loss) Balance at January 2, 2015 $ (176) $ 121 $ (1,015) $ (1,070) Other comprehensive income (loss) 52 (38) (576) (562) Tax effect (21) 12 61 52 Balance at January 1, 2016 (145) 95 (1,530) (1,580) Other comprehensive income (loss) 224 (9) 426 641 Tax effect (68) 2 (45) (111) Balance at December 30, 2016 11 88 (1,149) (1,050) Other comprehensive income (loss) 387 (6) (406) (25) Tax effect (120) 6 39 (75) Balance at December 29, 2017 $ 278 $ 88 $ (1,516) $ (1,150) |
Schedule Of Cash And Cash Equivalents and Restricted Cash Equivalents [Table Text Block] | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Consolidated Statements of Cash Flows (in 000’s): 2017 2016 2015 2014 Cash and cash equivalents $ 18,520 $ 13,999 $ 13,402 $ 13,013 Restricted cash included in other long-term assets 121 119 119 119 Total cash, cash equivalents and restricted cash as shown in the Consolidated Statements of Cash Flows $ 18,641 $ 14,118 $ 13,521 $ 13,132 |
Accounts Receivable Trade, Net
Accounts Receivable Trade, Net (Tables) | 12 Months Ended |
Dec. 29, 2017 | |
Accounts Receivable Additional Disclosures [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Accounts receivable trade, net consisted of the following at December 29, 2017 and December 30, 2016 (in thousands): 2017 2016 Domestic $ 804 $ 1,018 Foreign 19,580 17,382 20,384 18,400 Less allowance for doubtful accounts and sales returns 2,531 2,056 Total $ 17,853 $ 16,344 |
Inventories, Net (Tables)
Inventories, Net (Tables) | 12 Months Ended |
Dec. 29, 2017 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Inventories, net consisted of the following at December 29, 2017 and December 30, 2016 (in thousands): 2017 2016 Raw materials and purchased parts $ 2,506 $ 2,264 Work in process 1,996 1,924 Finished goods 11,169 14,268 15,671 18,456 Less inventory reserves 2,361 3,631 Total $ 13,310 $ 14,825 |
Prepayments, Deposits, and Ot31
Prepayments, Deposits, and Other Current Assets (Tables) | 12 Months Ended |
Dec. 29, 2017 | |
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 at December 29, 2017 and December 30, 2016 (in thousands): 2017 2016 Prepayments and deposits $ 1,435 $ 1,003 Prepaid insurance 943 935 Income tax receivable 181 686 Consumption tax receivable 541 573 Value added tax (VAT) receivable 910 668 Other current assets* 197 484 Total $ 4,207 $ 4,349 * No individual item in “other current assets” exceeds 5% of the total prepayments, deposits and other current assets. |
Property, Plant and Equipment32
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 29, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment, net consisted of the following at December 29, 2017 and December 30, 2016 (in thousands): 2017 2016 Machinery and equipment $ 16,562 $ 19,807 Furniture and fixtures 9,201 8,025 Leasehold improvements 9,631 9,179 35,394 37,011 Less accumulated depreciation 25,618 25,221 Total $ 9,776 $ 11,790 |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 29, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Intangible assets, net, consisted of the following (in thousands): December 29, 2017 December 30, 2016 Gross Accumulated Net Gross Accumulated Net Amortized intangible assets: Patents and licenses $ 9,244 $ (8,973) $ 271 $ 9,224 $ (8,930) $ 294 Customer relationships 1,392 (1,392) 1,343 (1,209) 134 Developed technology 885 (885) 854 (809) 45 Total $ 11,521 $ (11,250) $ 271 $ 11,421 $ (10,948) $ 473 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Future amortization of intangible assets is as follows (in thousands): Fiscal Year Amount 2018 $ 33 2019 33 2020 33 2021 33 2022 33 Thereafter 106 Total $ 271 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 29, 2017 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | Other current liabilities consisted of the following at December 29, 2017 and December 30, 2016 (in thousands): 2017 2016 Accrued salaries and wages $ 2,375 $ 2,334 Accrued insurance 565 501 Accrued consumption tax 446 424 Accrued income taxes 210 1,095 Accrued bonuses 2,058 1,414 Other* 1,685 1,507 Total $ 7,339 $ 7,275 * No individual item in “Other” exceeds 5 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 29, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The provision (benefit) for income taxes consists of the following (in thousands): 2017 2016 2015 Current tax provision: U.S. federal $ $ $ State 12 18 12 Foreign 378 1,031 443 Total current provision 390 1,049 455 Deferred tax provision (benefit): U.S. federal and state (546) Foreign provision (1) (1,364) 473 Total deferred provision (benefit) (547) (1,364) 473 Provision (benefit) for income taxes $ (157) $ (315) $ 928 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The provision (benefit) for income before taxes differs from the amount computed by applying the statutory federal income tax rate to income before taxes as follows (in thousands): 2017 2016 2015 Computed provision (benefit) for taxes based on income at statutory rate 34.0 % $ (781) 34.0 % $ (4,231) 34.0 % $ (1,905) Increase (decrease) in taxes resulting from: Permanent differences (0.9) 21 (3.0) 373 (0.6) 33 Change in the future federal tax rate (832.9) 19,125 State minimum taxes, net of federal income tax benefit (0.4) 8 (0.1) 12 (0.1) 8 State tax benefit 8.3 (190) 6.2 (767) (6.6) 370 Tax rate difference due to foreign statutory rate (1.2) 29 (8.9) 1,109 1.6 (90) Expiration of state net operating tax loss carryforwards (36.5) 836 (7.2) 892 (47.3) 2,650 Foreign earnings not permanently reinvested, net of the participation exemption 108.1 (2,482) 6.5 (809) (9.8) 547 Foreign dividend withholding (0.3) 7 3.8 (478) (3.8) 211 Expiration of charitable contribution carryover (0.1) 12 (0.3) 15 Other (2.6) 59 1.2 (151) 2.5 (140) Valuation allowance 731.2 (16,789) (29.9) 3,723 13.8 (771) Effective tax provision (benefit) rate 6.8 % $ (157) 2.5 % $ (315) (16.6) % $ 928 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Significant components of the Company's deferred tax assets (liabilities) as of December 29, 2017 and December 30, 2016 are as follows (in thousands): 2017 2016 Deferred tax assets: Allowance for doubtful accounts and sales returns $ 230 $ 244 Inventories 381 662 Accrued vacation 322 437 Accrued other expenses 559 596 Stock-based compensation 1,444 2,154 Pensions 720 625 Depreciation and amortization 959 1,060 Net operating loss carryforwards 33,770 53,232 Business, foreign, AMT and R&;D credit carryforwards 3,706 1,665 Prepaid Expenses 188 Capitalized R&;D 941 920 Other 92 94 Valuation allowance (40,656) (57,446) Total deferred tax assets $ 2,656 $ 4,243 Deferred tax liabilities: Foreign tax withholding $ (881) $ (881) Amortization of R&;D (723) (670) Net Foreign earnings not permanently reinvested (160) (2,468) Total deferred tax liabilities (1,764) (4,019) Total net non-current deferred tax assets $ 892 $ 224 |
Summary of Income Tax Examinations [Table Text Block] | The following tax years remain subject to examination: Significant Jurisdictions Open Years U.S. Federal 2014 2016 California 2013 2016 Switzerland 2016 Japan 2015 2016 |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Loss from continuing operations before provision (benefit) for income taxes is as follows (in thousands): 2017 2016 2015 Domestic $ (3,318) $ (10,399) $ (7,678) Foreign 1,022 (2,045) 2,073 $ (2,296) $ (12,444) $ (5,605) |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 29, 2017 | |
Swiss Plan [Member] | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | The following table shows the changes in the benefit obligation and plan assets and the Swiss Plan’s funded status as of December 29, 2017 and December 30, 2016 (in thousands): 2017 2016 Change in Projected Benefit Obligation: Projected benefit obligation, beginning of period $ 6,363 $ 6,349 Service cost 381 469 Interest cost 53 65 Participant contributions 260 230 Benefits deposited (paid) (185) (340) Actuarial loss (gain) 721 (410) Prior service credit (148) Projected benefit obligation, end of period $ 7,445 $ 6,363 Change in Plan Assets: Plan assets at fair value, beginning of period $ 3,606 $ 3,498 Actual return on plan assets (including foreign currency impact) 203 (12) Employer contributions 260 230 Participant contributions 260 230 Benefits deposited (paid) (185) (340) Plan assets at fair value, end of period $ 4,144 $ 3,606 Funded status pension liability, end of year $ (3,301) $ (2,757) Amount Recognized in Accumulated Other Comprehensive Loss, net of tax: Actuarial loss on plan assets $ (932) $ (816) Actuarial loss on benefit obligation (1,902) (1,393) Actuarial gain recognized in current year 527 454 Prior service credit 184 (6) Effect of curtailments 609 606 Accumulated other comprehensive loss $ (1,514) $ (1,155) Accumulated benefit obligation at end of year $ (6,932) $ (5,980) |
Schedule of Net Benefit Costs [Table Text Block] | Net periodic pension cost associated with the Swiss Plan during the years ended December 29, 2017, December 30, 2016 and January 1, 2016 include the following components (in thousands): 2017 2016 2015 Service cost $ 381 $ 469 $ 316 Interest cost 53 65 74 Expected return on plan assets (94) (89) (93) Actuarial loss recognized in current year 72 111 64 Prior service credit (7) (7) Net periodic pension cost $ 405 $ 549 $ 361 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | Changes in other comprehensive income (loss), net of tax, associated with the Swiss Plan in the year ended December 29, 2017, December 30, 2016 and January 1, 2016 include the following components (in thousands): 2017 2016 2015 Current year actuarial gain (loss) on plan assets $ 97 $ (8) $ 61 Current year actuarial loss on benefit obligation (645) (269) (699) Actuarial gain (loss) recorded in current year 65 (98) 57 Prior service credit 126 (6) 64 Effect of curtailments 3 Change in other comprehensive loss $ (354) $ (381) $ (517) |
Schedule of Assumptions Used [Table Text Block] | Net periodic pension cost and projected and accumulated pension obligation for the Company’s Swiss Plan were calculated on December 29, 2017 and December 30, 2016 using the following assumptions: 2017 2016 Discount rate 0.7 % 0.8 % Salary increases 2.0 % 2.0 % Expected return on plan assets 2.5 % 2.5 % Expected average remaining working lives in years 10.2 10.0 |
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | The table below sets forth the fair value of Plan assets at December 30, 2016 and December 29, 2017, and the related activity in fiscal years 2016 and 2017, in accordance with ASC 715-20-50-1(d) (in thousands): Insurance (Level 3) Beginning balance at January 1, 2016 $ 3,498 Actual return on plan assets (12) Purchases, sales, and settlement 120 Ending balance at December 30, 2016 3,606 Actual return on plan assets 203 Purchases, sales, and settlement 335 Ending balance at December 29, 2017 $ 4,144 |
Schedule Of Defined Benefit Plan Estimated Future Benefit Payments [Table Text Block] | The estimated future benefit payments for the Swiss Plan are as follows (in thousands): Fiscal Year Amount 2018 $ 48 2019 53 2020 58 2021 64 2022 71 Thereafter 458 Total $ 752 |
Japan Plan [Member] | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | The funded status of the benefit plan at December 29, 2017 and December 30, 2016 is as follows (in thousands): 2017 2016 Change in Projected Benefit Obligation: Projected benefit obligation, beginning of period $ 1,240 $ 1,035 Service cost 147 148 Interest cost 4 6 Actuarial gain 32 49 Benefits paid (116) (17) Foreign exchange adjustment 45 19 Projected benefit obligation, end of period $ 1,352 $ 1,240 Changes in Plan Assets: Plan assets at fair value, beginning of period $ $ Actual return on plan assets Employer contributions Benefits paid Distribution of plan assets Foreign exchange adjustment Plan assets at fair value, end of period $ $ Funded status (pension liability), end of period $ (1,352) $ (1,240) Amount Recognized in Accumulated Other Comprehensive Income, Net of Tax: Transition obligation $ (7) $ (14) Actuarial gain (loss) (35) (31) Prior service cost 8 8 Net gain (loss) 122 125 Accumulated other comprehensive income $ 88 $ 88 Accumulated benefit obligation at end of year $ (1,158) $ (1,078) |
Schedule of Net Benefit Costs [Table Text Block] | Net periodic pension cost associated with the Japan Plan for the years ended December 29, 2017, December 30, 2016 and January 1, 2016 includes the following components (in thousands): 2017 2016 2015 Service cost $ 147 $ 148 $ 121 Interest cost 4 6 6 Net amortization of transition obligation 11 12 11 Actuarial loss (1) (13) (15) Prior service credit (3) (1) (2) Net periodic pension cost $ 158 $ 152 $ 121 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | 2017 2016 2015 Amortization of net transition obligation $ 7 $ 8 $ 7 Amortization of actuarial gain (loss) (1) 25 (21) Actuarial income (loss) recorded in current year (19) (40) (10) Change in other comprehensive income (loss) $ (13) $ (7) $ (24) |
Schedule of Assumptions Used [Table Text Block] | Net periodic pension cost and projected and accumulated pension obligation for the Company’s Japan Plan were calculated on December 29, 2017 and December 30, 2016 using the following assumptions: 2017 2016 Discount rate 0.3 % 0.3 % Salary increases 6.2 % 6.0 % Expected return on plan assets N/A N/A Expected average remaining working lives in years 9.08 8.84 |
Schedule Of Defined Benefit Plan Estimated Future Benefit Payments [Table Text Block] | The estimated future benefit payments for the Japan Plan are as follows (in thousands): Fiscal Year Amount 2018 $ 46 2019 51 2020 56 2021 101 2022 62 Thereafter 729 Total $ 1,045 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 29, 2017 | |
Schedule of Share-based Compensation, Fair Value of Stock Compensation Granted [Table Text Block] | The following table represents the fair value of stock compensation granted during the year ended December 29, 2017: Fair Value Stock Options $ 4,985 Restricted Stock Units 3,586 Restricted Stock 200 Total $ 8,771 |
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): Fiscal Year Ended December 29, December 30, January 1, Employee stock options $ 1,731 $ 5,485 $ 2,306 Restricted stock 186 298 485 Restricted stock units 1,226 2,717 452 Consultant compensation 18 58 61 Total $ 3,161 $ 8,558 $ 3,304 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | The Company recorded stock-based compensation expense in the following categories on the accompanying consolidated statements of operations (in thousands): Fiscal Year Ended December 29, December 30, January 1, Cost of Sales $ 8 $ 612 $ 52 General and administrative 1,487 3,809 2,090 Marketing and selling 805 1,961 696 Research and development 861 2,176 466 Total stock-based compensation expense 3,161 8,558 3,304 Amounts capitalized as part of inventory 372 269 516 Total stock-based compensation $ 3,533 $ 8,827 $ 3,820 |
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. Fiscal Year Ended December 29, December 30, January 1, 2017 2016 2016 Expected dividend yield 0 % 0 % 0 % Expected volatility 57 % 57 % 57 % Risk-free interest rate 1.96 % 1.34 % 1.59 % Expected term (in years) 5.67 5.57 5.57 |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | A summary of option activity under the Plan for the year ended December 29, 2017 is presented below: Options Shares Weighted- Weighted- Aggregate Outstanding at December 30, 2016 3,502 $ 8.28 Granted 956 10.19 Exercised (557) 7.12 Forfeited or expired (176) 11.62 Outstanding at December 29, 2017 3,725 $ 8.78 6.96 $ 25,069 Exercisable at December 29, 2017 2,577 $ 8.38 6.00 $ 18,395 |
Share-based Compensation, Performance Shares Award Unvested Activity [Table Text Block] | A summary of unvested options activity under the Plan for the year ended December 29, 2017 is presented below: Weighted- Average Shares Grant-Date Options (000’s) Fair Value Unvested at December 30, 2016 662 $ 3.84 Granted during the year 956 5.42 Forfeited or expired during the year (176) 5.53 Vested during the year (294) 5.14 Unvested at December 29, 2017 1,148 $ 4.96 |
Restricted Stock [Member] | |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | A summary of restricted stock activity for the year ended December 29, 2017 is presented below: Weighted Average Grant-Date Shares Fair Value Restricted Stock (000’s) per Share Outstanding at December 30, 2016 23 $ 6.47 Granted 21 9.60 Vested (23) 6.47 Outstanding at December 29. 2017 21 $ 9.60 |
Restricted Stock Units (RSUs) [Member] | |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | A summary of restricted stock units’ activity for the year ended December 29, 2017 is presented below: Units Weighted Outstanding at December 30, 2016 274 $ 7.60 Granted 345 10.39 Vested (96) 7.76 Forfeited or expired (35) 8.81 Outstanding at December 29, 2017 488 $ 9.45 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 29, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule Of Future Minimum Payments For Leases [Table Text Block] | Estimated future minimum lease payments under leases having initial or remaining non-cancelable lease terms more than one year as of December 29, 2017 are as follows (in thousands): Fiscal Year Operating Capital 2018 $ 1,956 $ 1,309 2019 1,611 307 2020 1,409 124 2021 548 104 2022 463 4 Thereafter 463 Total minimum lease payments $ 6,450 $ 1,848 Less amounts representing interest 39 $ 6,450 $ 1,809 |
Schedule of Capital Leased Assets [Table Text Block] | The Company had the following assets under capital lease at December 29, 2017 and December 30, 2016 (in thousands): 2017 2016 Machinery and equipment $ 4,311 $ 5,650 Furniture and fixtures 2,285 704 Leasehold improvements 155 124 6,751 6,478 Less accumulated depreciation 4,239 3,359 $ 2,512 $ 3,119 |
Supplemental Disclosure of Ca39
Supplemental Disclosure of Cash Flow Information (Tables) | 12 Months Ended |
Dec. 29, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | The Company’s non-cash operating activities, non-cash investing and financing activities, and cash paid were as follows (in thousands) 2017 2016 2015 Non-cash operating activities: Insurance receivable $ 7,000 $ $ Settlement liability $ 7,000 $ $ Non-cash investing and financing activities: Assets obtained by capital lease $ 563 $ 2,383 $ 91 Purchase of property and equipment included in accounts payable $ 121 $ 485 $ 51 Cash paid: Interest $ 90 $ 112 $ 121 Taxes $ 881 $ 699 $ 589 |
Basic and Diluted Net Income 40
Basic and Diluted Net Income (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 29, 2017 | |
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): 2017 2016 2015 Numerator: Net loss $ (2,139) $ (12,129) $ (6,533) Denominator: Weighted average common shares and denominator for basic calculation: Weighted average common shares outstanding 41,025 40,352 39,384 Less: Unvested restricted stock (21) (23) (124) Denominator for basic calculation 41,004 40,329 39,260 Weighted average effects of potentially dilutive common stock: Denominator for diluted calculation 41,004 40,329 39,260 Net loss per share basic and diluted $ (0.05) $ (0.30) $ (0.17) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Because the Company had a net loss for the years ended December 29, 2017, December 30, 2016 and January 1, 2016, the number of diluted shares is equal to the number of basic shares. Outstanding options and warrants to purchase common stock, restricted stock and restricted stock units would have had an anti-dilutive effect on diluted per share amounts. The following table sets forth (in thousands) the weighted average number of options and warrants to purchase shares of common stock, restricted stock, and restricted stock units with either exercise prices or unrecognized compensation cost per share greater than the average market price per share of the Company’s common stock, which were not included in the calculation of diluted per share amounts because the effects would be anti-dilutive. 2017 2016 2015 Options 2,237 4,069 2,506 Warrants 345 Restricted stock and restricted stock units 203 76 190 Total 2,440 4,145 3,041 |
Geographic and Product Data (Ta
Geographic and Product Data (Tables) | 12 Months Ended |
Dec. 29, 2017 | |
Segment Reporting [Abstract] | |
Revenue from External Customers by Geographic Areas [Table Text Block] | The composition of the Company’s sales to unaffiliated customers is set forth below (in thousands): Net sales to unaffiliated customers 2017 2016 2015 Japan $ 17,424 $ 17,329 $ 16,982 China 23,881 16,019 12,571 United States 7,894 9,859 10,904 Korea 5,543 7,455 8,061 Others* 35,869 31,770 28,605 Total $ 90,611 $ 82,432 $ 77,123 *No other location individually exceeds 10% of total sales. |
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): Net sales by product line 2017 2016 2015 ICLs $ 68,325 $ 59,111 $ 51,543 IOLs 17,258 19,706 19,857 Other surgical products 5,028 3,615 5,723 Total $ 90,611 $ 82,432 $ 77,123 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | The composition of the Company’s long-lived assets, consisting of property and equipment, net, and intangible assets, net, between those in the United States, Switzerland, and Japan is set forth below (in thousands): Long-lived assets 2017 2016 U.S. $ 8,523 $ 10,704 Switzerland 912 737 Japan 612 822 Total $ 10,047 $ 12,263 |
Quarterly Financial Data (Una42
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 29, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | Summary unaudited quarterly financial data from continuing operations for fiscal 2017 and 2016 is as follows (in thousands except per share data). The Company has derived this data from the unaudited consolidated interim financial statements that, in the Company’s opinion, have been prepared on substantially the same basis as the audited financial statements contained elsewhere in this report and include all normal recurring adjustments necessary for a fair presentation of the financial information for the periods presented. These unaudited quarterly results should be read in conjunction with the financial statements and notes thereto included elsewhere in this report. The operating results in any quarter are not necessarily indicative of the results that may be expected for any future period. December 29, 2017 1st Qtr. 2nd Qtr. 3rd Qtr. 4th Qtr. Net sales $ 20,350 $ 21,936 $ 23,473 $ 24,852 Gross profit 14,577 15,474 16,849 17,380 Net (loss) income (2,203) (971) 1,173 (138) Net (loss) income per share basic and diluted (0.05) (0.02) 0.03 (0.00) December 30, 2016 1st Qtr. 2nd Qtr. 3rd Qtr. 4th Qtr. Net sales $ 19,269 $ 20,974 $ 20,052 $ 22,137 Gross profit 12,993 14,626 14,872 15,878 Net loss (8,041) (2,143) (1,778) (167) Net loss per share basic and diluted (0.20) (0.05) (0.04) (0.00) |
Organization and Description 43
Organization and Description of Business and Accounting Policies (Details) | 12 Months Ended |
Dec. 29, 2017 | |
Organization And Description Of Business And Accounting Policies [Line Items] | |
Lease hold Improvements Description | The estimated useful life of leasehold improvements is the shorter of the useful life of the asset or the term of the associated leases. |
Maximum [Member] | Machinery and Equipment [Member] | |
Organization And Description Of Business And Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Maximum [Member] | Furniture and equipment [Member] | |
Organization And Description Of Business And Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 7 years |
Maximum [Member] | Computers, software, and peripherals [Member] | |
Organization And Description Of Business And Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Minimum [Member] | Machinery and Equipment [Member] | |
Organization And Description Of Business And Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Minimum [Member] | Furniture and equipment [Member] | |
Organization And Description Of Business And Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Minimum [Member] | Computers, software, and peripherals [Member] | |
Organization And Description Of Business And Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 2 years |
Organization and Description 44
Organization and Description of Business and Accounting Policies (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2017 | Dec. 30, 2016 | Jan. 01, 2016 | |
Organization And Description Of Business And Accounting Policies [Line Items] | |||
Balance | $ (1,050) | $ (1,580) | $ (1,070) |
Other comprehensive income (loss) | (25) | 641 | (562) |
Tax effect | (75) | (111) | 52 |
Balance | (1,150) | (1,050) | (1,580) |
Accumulated Translation Adjustment [Member] | |||
Organization And Description Of Business And Accounting Policies [Line Items] | |||
Balance | 11 | (145) | (176) |
Other comprehensive income (loss) | 387 | 224 | 52 |
Tax effect | (120) | (68) | (21) |
Balance | 278 | 11 | (145) |
Accumulated Defined Benefit Plans Adjustment [Member] | JAPAN | |||
Organization And Description Of Business And Accounting Policies [Line Items] | |||
Balance | 88 | 95 | 121 |
Other comprehensive income (loss) | (6) | (9) | (38) |
Tax effect | 6 | 2 | 12 |
Balance | 88 | 88 | 95 |
Accumulated Defined Benefit Plans Adjustment [Member] | SWITZERLAND | |||
Organization And Description Of Business And Accounting Policies [Line Items] | |||
Balance | (1,149) | (1,530) | (1,015) |
Other comprehensive income (loss) | (406) | 426 | (576) |
Tax effect | 39 | (45) | 61 |
Balance | $ (1,516) | $ (1,149) | $ (1,530) |
Organization and Description 45
Organization and Description of Business and Accounting Policies (Details 2) - USD ($) $ in Thousands | Dec. 29, 2017 | Dec. 30, 2016 | Jan. 01, 2016 | Jan. 02, 2015 |
Cash and cash equivalents | $ 18,520 | $ 13,999 | $ 13,402 | $ 13,013 |
Restricted cash included in other long-term assets | 121 | 119 | 119 | 119 |
Total cash, cash equivalents and restricted cash as shown in the Consolidated Statements of Cash Flows | $ 18,641 | $ 14,118 | $ 13,521 | $ 13,132 |
Organization and Description 46
Organization and Description of Business and Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | |||
Dec. 29, 2017 | Dec. 30, 2016 | Jan. 01, 2016 | Jan. 02, 2015 | |
Organization And Description Of Business And Accounting Policies [Line Items] | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Total | $ 387,000 | $ 224,000 | $ 52,000 | |
Foreign Currency Transaction Gain (Loss), before Tax | 819,000 | (147,000) | (949,000) | |
Goodwill | 1,786,000 | 1,786,000 | ||
Advertising Expense | 6,102,000 | 6,160,000 | 3,917,000 | |
Restricted Cash and Cash Equivalents, Current | $ 121,000 | $ 119,000 | $ 119,000 | $ 119,000 |
One Customer [Member] | Accounts Receivable [Member] | ||||
Organization And Description Of Business And Accounting Policies [Line Items] | ||||
Concentration Risk, Percentage | 24.00% | 22.00% | ||
One Customer [Member] | Sales Revenue, Net [Member] | ||||
Organization And Description Of Business And Accounting Policies [Line Items] | ||||
Concentration Risk, Percentage | 26.00% | |||
Two Customer [Member] | Accounts Receivable [Member] | ||||
Organization And Description Of Business And Accounting Policies [Line Items] | ||||
Concentration Risk, Percentage | 11.00% | |||
Two Customer [Member] | Sales Revenue, Net [Member] | ||||
Organization And Description Of Business And Accounting Policies [Line Items] | ||||
Concentration Risk, Percentage | 19.00% | |||
Customer Three [Member] | Sales Revenue, Net [Member] | ||||
Organization And Description Of Business And Accounting Policies [Line Items] | ||||
Concentration Risk, Percentage | 15.00% | |||
Customer Four [Member] | Sales Revenue, Net [Member] | ||||
Organization And Description Of Business And Accounting Policies [Line Items] | ||||
Concentration Risk, Percentage | 10.00% | |||
Customer Relationships [Member] | ||||
Organization And Description Of Business And Accounting Policies [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 10 years | |||
Developed technology [Member] | Minimum [Member] | ||||
Organization And Description Of Business And Accounting Policies [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 3 years | |||
Developed technology [Member] | Maximum [Member] | ||||
Organization And Description Of Business And Accounting Policies [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 10 years | |||
Patents And Licences [Member] | Minimum [Member] | ||||
Organization And Description Of Business And Accounting Policies [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 3 years | |||
Patents And Licences [Member] | Maximum [Member] | ||||
Organization And Description Of Business And Accounting Policies [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 20 years |
Accounts Receivable Trade, Ne47
Accounts Receivable Trade, Net (Details) - USD ($) $ in Thousands | Dec. 29, 2017 | Dec. 30, 2016 |
Accounts Receivable [Line Items] | ||
Accounts Receivable, Gross | $ 20,384 | $ 18,400 |
Less allowance for doubtful accounts and sales returns | 2,531 | 2,056 |
Total | 17,853 | 16,344 |
Domestic [Member] | ||
Accounts Receivable [Line Items] | ||
Accounts Receivable, Gross | 804 | 1,018 |
Foreign [Member] | ||
Accounts Receivable [Line Items] | ||
Accounts Receivable, Gross | $ 19,580 | $ 17,382 |
Inventories, Net (Details)
Inventories, Net (Details) - USD ($) $ in Thousands | Dec. 29, 2017 | Dec. 30, 2016 |
Inventory [Line Items] | ||
Raw materials and purchased parts | $ 2,506 | $ 2,264 |
Work in process | 1,996 | 1,924 |
Finished goods | 11,169 | 14,268 |
Inventory, Gross | 15,671 | 18,456 |
Less inventory reserves | 2,361 | 3,631 |
Total | $ 13,310 | $ 14,825 |
Prepayments, Deposits, and Ot49
Prepayments, Deposits, and Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 29, 2017 | Dec. 30, 2016 | |
Prepayments, Deposits, and Other Current Assets [Line Items] | |||
Prepayments and deposits | $ 1,435 | $ 1,003 | |
Prepaid insurance | 943 | 935 | |
Income tax receivable | 181 | 686 | |
Consumption tax receivable | 541 | 573 | |
Value added tax (VAT) receivable | 910 | 668 | |
Other current assets | [1] | 197 | 484 |
Total | $ 4,207 | $ 4,349 | |
[1] | No individual item in “other current assets” exceeds 5% of the total prepayments, deposits and other current assets. |
Property, Plant and Equipment50
Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 29, 2017 | Dec. 30, 2016 |
Property, Plant and Equipment [Line Items] | ||
Machinery and equipment | $ 16,562 | $ 19,807 |
Furniture and fixtures | 9,201 | 8,025 |
Leasehold improvements | 9,631 | 9,179 |
Property, Plant and Equipment, Gross | 35,394 | 37,011 |
Less accumulated depreciation | 25,618 | 25,221 |
Total | $ 9,776 | $ 11,790 |
Property, Plant and Equipment51
Property, Plant and Equipment, Net (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 29, 2017 | Dec. 30, 2016 | Jan. 01, 2016 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation, Total | $ 3,133,000 | $ 2,664,000 | $ 2,196,000 |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | (623,000) | $ (222,000) | $ 0 |
Gain (Loss) on Sale of Assets and Asset Impairment Charges | $ 599,000 |
Intangible Assets, Net (Details
Intangible Assets, Net (Details) - USD ($) $ in Thousands | Dec. 29, 2017 | Dec. 30, 2016 |
Amortized intangible assets: | ||
Amortized intangible assets, Gross Carrying Amount | $ 11,521 | $ 11,421 |
Amortized intangible assets, Accumulated Amortization | (11,250) | (10,948) |
Amortized intangible assets, Net | 271 | 473 |
Patents and Licenses [Member] | ||
Amortized intangible assets: | ||
Amortized intangible assets, Gross Carrying Amount | 9,244 | 9,224 |
Amortized intangible assets, Accumulated Amortization | (8,973) | (8,930) |
Amortized intangible assets, Net | 271 | 294 |
Customer relationships [Member] | ||
Amortized intangible assets: | ||
Amortized intangible assets, Gross Carrying Amount | 1,392 | 1,343 |
Amortized intangible assets, Accumulated Amortization | (1,392) | (1,209) |
Amortized intangible assets, Net | 0 | 134 |
Developed technology [Member] | ||
Amortized intangible assets: | ||
Amortized intangible assets, Gross Carrying Amount | 885 | 854 |
Amortized intangible assets, Accumulated Amortization | (885) | (809) |
Amortized intangible assets, Net | $ 0 | $ 45 |
Intangible Assets, Net (Detai53
Intangible Assets, Net (Details 1) $ in Thousands | Dec. 29, 2017USD ($) |
2,018 | $ 33 |
2,019 | 33 |
2,020 | 33 |
2,021 | 33 |
2,022 | 33 |
Thereafter | 106 |
Total | $ 271 |
Intangible Assets, Net (Detai54
Intangible Assets, Net (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2017 | Dec. 30, 2016 | Jan. 01, 2016 | |
Amortization Of Intangible Assets | $ 221 | $ 228 | $ 205 |
Other Current Liabilities (Deta
Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 29, 2017 | Dec. 30, 2016 | |
Other Liabilities, Current [Line Items] | |||
Accrued salaries and wages | $ 2,375 | $ 2,334 | |
Accrued insurance | 565 | 501 | |
Accrued consumption tax | 446 | 424 | |
Accrued income taxes | 210 | 1,095 | |
Accrued bonuses | 2,058 | 1,414 | |
Other | [1] | 1,685 | 1,507 |
Total | $ 7,339 | $ 7,275 | |
[1] | No individual item in “Other” exceeds 5% of the other current liabilities. |
Liabilities (Details Textual)
Liabilities (Details Textual) | Jun. 12, 2014USD ($) | Mar. 31, 2018USD ($) | Jan. 31, 2017USD ($) | Dec. 29, 2017USD ($) | Dec. 29, 2017JPY (¥) | Dec. 30, 2016USD ($) | Dec. 30, 2016JPY (¥) | Sep. 30, 2013CHF (SFr) |
Line of Credit Facility, Maximum Borrowing Capacity | ¥ | ¥ 500,000,000 | |||||||
Line of Credit, Current | $ 4,438,000 | ¥ 500,000,000 | $ 4,283,000 | ¥ 500,000,000 | ||||
Line of Credit Facility, Current Borrowing Capacity | $ 1,000,000 | 1,000,000 | SFr 1,000,000 | |||||
Interest Rate Increase In Case Of Default | 14.00% | |||||||
Asset Retirement Obligations, Noncurrent | $ 202,000 | 195,000 | ||||||
Percentage Of Commission On Outstanding Notes Payable | 0.25% | |||||||
Lease Line Of Credit [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,000,000 | |||||||
Non Hardware Equipment [Member] | Lease Line Of Credit [Member] | ||||||||
Sale Leaseback Transaction, Imputed Interest Rate Term | 4.75% per $1 | |||||||
Sale Leaseback Transaction, Amount Due under Financing Arrangement | $ 1,067,000 | |||||||
HardwareEquipment [Member] | Lease Line Of Credit [Member] | ||||||||
Sale Leaseback Transaction, Imputed Interest Rate Term | 3.94% per $1 | |||||||
Lease Schedule 010 [Member] | Scenario, Forecast [Member] | ||||||||
Payments to Acquire Equipment on Lease | $ 1,600,000 | |||||||
lease schedule 008R [Member] | ||||||||
Payments to Acquire Equipment on Lease | $ 964,612 | |||||||
Sale Leaseback Transaction Net Proceeds Expiration Term | 36 months | |||||||
lease schedule 008R [Member] | Non Hardware Equipment [Member] | ||||||||
Sale Leaseback Transaction, Imputed Interest Rate Term | 3.12% per $1 | |||||||
lease schedule 008R [Member] | HardwareEquipment [Member] | ||||||||
Sale Leaseback Transaction, Imputed Interest Rate Term | 2.81% per $1 | |||||||
lease schedule 009R [Member] | ||||||||
Payments to Acquire Equipment on Lease | $ 1,957,000 | |||||||
Sale Leaseback Transaction Net Proceeds Expiration Term | 24 months | |||||||
lease schedule 009R [Member] | Non Hardware Equipment [Member] | ||||||||
Sale Leaseback Transaction, Imputed Interest Rate Term | 4.75% per $1 | |||||||
lease schedule 009R [Member] | HardwareEquipment [Member] | ||||||||
Sale Leaseback Transaction, Imputed Interest Rate Term | 3.94% per $1 | |||||||
MizuhoBank [Member] | ||||||||
Line of Credit Facility, Interest Rate Description | (approximately 0.06% as of December 29, 2017) plus a 0.50% spread, and may be renewed quarterly (the current line expires on February 21, 2018). | |||||||
Foreign Exchange [Member] | ||||||||
Line of Credit, Current | $ 4,438,000 | $ 4,283,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2017 | Dec. 30, 2016 | Jan. 01, 2016 | |
Current tax provision: | |||
U.S. federal | $ 0 | $ 0 | $ 0 |
State | 12 | 18 | 12 |
Foreign | 378 | 1,031 | 443 |
Total current provision | 390 | 1,049 | 455 |
Deferred tax provision (benefit): | |||
U.S. federal and state | (546) | 0 | 0 |
Foreign provision | (1) | (1,364) | 473 |
Total deferred provision (benefit) | (547) | (1,364) | 473 |
Provision (benefit) for income taxes | $ (157) | $ (315) | $ 928 |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2017 | Dec. 30, 2016 | Jan. 01, 2016 | |
Increase (decrease) in taxes resulting from: | |||
Computed provision (benefit) for taxes based on income at statutory rate percentage | 34.00% | 34.00% | 34.00% |
Permanent differences percentage | (0.90%) | (3.00%) | (0.60%) |
Change in the future federal tax rate percentage | (832.90%) | 0.00% | 0.00% |
State minimum taxes, net of federal income tax benefit percentage | (0.40%) | (0.10%) | (0.10%) |
State tax benefit percentage | 8.30% | 6.20% | (6.60%) |
Tax rate difference due to foreign statutory rate percentage | (1.20%) | (8.90%) | 1.60% |
Expiration of state net operating tax loss carryforwards percentage | (36.50%) | (7.20%) | (47.30%) |
Foreign earnings not permanently reinvested, net of the participation exemption percentage | 108.10% | 6.50% | (9.80%) |
Foreign dividend withholding percentage | (0.30%) | 3.80% | (3.80%) |
Expiration of charitable contribution carryover percentage | 0.00% | (0.10%) | (0.30%) |
Other percentage | (2.60%) | 1.20% | 2.50% |
Valuation allowance percentage | 731.20% | (29.90%) | 13.80% |
Effective tax provision (benefit) rate percentage | 6.80% | 2.50% | (16.60%) |
Increase (decrease) in taxes resulting from: | |||
Computed provision (benefit) for taxes based on income at statutory rate | $ (781) | $ (4,231) | $ (1,905) |
Permanent differences | 21 | 373 | 33 |
Change in the future federal tax rate | 19,125 | 0 | 0 |
State minimum taxes, net of federal income tax benefit | 8 | 12 | 8 |
State tax benefit | (190) | (767) | 370 |
Tax rate difference due to foreign statutory rate | 29 | 1,109 | (90) |
Expiration of state net operating tax loss carryforwards | 836 | 892 | 2,650 |
Foreign earnings not permanently reinvested, net of the participation exemption | (2,482) | (809) | 547 |
Foreign dividend withholding | 7 | (478) | 211 |
Expiration of charitable contribution carryover | 0 | 12 | 15 |
Other | 59 | (151) | (140) |
Valuation allowance | (16,789) | 3,723 | (771) |
Effective tax provision (benefit) rate | $ (157) | $ (315) | $ 928 |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) $ in Thousands | Dec. 29, 2017 | Dec. 30, 2016 |
Deferred tax assets: | ||
Allowance for doubtful accounts and sales returns | $ 230 | $ 244 |
Inventories | 381 | 662 |
Accrued vacation | 322 | 437 |
Accrued other expenses | 559 | 596 |
Stock-based compensation | 1,444 | 2,154 |
Pensions | 720 | 625 |
Depreciation and amortization | 959 | 1,060 |
Net operating loss carryforwards | 33,770 | 53,232 |
Business, foreign, AMT and R and D credit carryforwards | 3,706 | 1,665 |
Prepaid Expenses | 188 | 0 |
Capitalized R&D | 941 | 920 |
Other | 92 | 94 |
Valuation allowance | (40,656) | (57,446) |
Total deferred tax assets | 2,656 | 4,243 |
Deferred tax liabilities: | ||
Foreign tax withholding | (881) | (881) |
Amortization of R&D | (723) | (670) |
Net Foreign earnings not permanently reinvested | (160) | (2,468) |
Total deferred tax liabilities | (1,764) | (4,019) |
Total net non-current deferred tax assets | $ 892 | $ 224 |
Income Taxes (Details 3)
Income Taxes (Details 3) | 12 Months Ended |
Dec. 29, 2017 | |
Switzerland [Member] | |
Income Tax Examination, Year under Examination | 2,016 |
Maximum [Member] | US Federal [Member] | |
Income Tax Examination, Year under Examination | 2,016 |
Maximum [Member] | California [Member] | |
Income Tax Examination, Year under Examination | 2,016 |
Maximum [Member] | Japan [Member] | |
Income Tax Examination, Year under Examination | 2,016 |
Minimum [Member] | US Federal [Member] | |
Income Tax Examination, Year under Examination | 2,014 |
Minimum [Member] | California [Member] | |
Income Tax Examination, Year under Examination | 2,013 |
Minimum [Member] | Switzerland [Member] | |
Income Tax Examination, Year under Examination | 2,015 |
Income Taxes (Details 4)
Income Taxes (Details 4) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2017 | Dec. 30, 2016 | Jan. 01, 2016 | |
Domestic | $ (3,318) | $ (10,399) | $ (7,678) |
Foreign | 1,022 | (2,045) | 2,073 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest, Total | $ (2,296) | $ (12,444) | $ (5,605) |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |||
Dec. 28, 2018 | Dec. 29, 2017 | Dec. 30, 2016 | Jan. 01, 2016 | |
Income Taxes [Line Items] | ||||
Income Tax Expense (Benefit) | $ (157,000) | $ (315,000) | $ 928,000 | |
Operating Loss Carryforwards | 132,506,000 | |||
Taxes Payable | 29,000 | 409,000 | ||
Operating Loss Carryforwards, Valuation Allowance | 646,000 | 125,000 | 3,020,000 | |
Deferred Tax Assets, Net | $ 892,000 | 224,000 | ||
Operating Loss Carryforwards, Limitations on Use | The California net operating loss carryforwards expire in varying amounts between 2028 and 2037. | |||
Operating Loss Carry Forwards Expiration Term | expire in varying amounts between 2020 and 2037. | |||
Increase (Decrease) In Foreign Deferred Tax Liabilities | $ 47,000 | 617,000 | (172,000) | |
Deferred Federal, State and Local, Tax Expense (Benefit) | 546,000 | |||
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | $ (2,482,000) | $ (809,000) | $ 547,000 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | 34.00% | 34.00% | |
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | $ 546,000 | |||
Scenario, Plan [Member] | ||||
Income Taxes [Line Items] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | |||
STAAR Surgical AG [Member] | ||||
Income Taxes [Line Items] | ||||
Deferred Tax Assets, Net | 505,000 | $ 407,000 | ||
Japan [Member] | ||||
Income Taxes [Line Items] | ||||
Deferred Tax Assets, Net | 722,000 | 698,000 | ||
California [Member] | ||||
Income Taxes [Line Items] | ||||
Operating Loss Carryforwards | 23,807,000 | |||
UNITED STATES | ||||
Income Taxes [Line Items] | ||||
Deferred Tax Assets, Net | 19,125,000 | |||
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | 5,658,000 | |||
Swiss [Member] | ||||
Income Taxes [Line Items] | ||||
Deferred Tax Liabilities, Net | 377,000 | 473,000 | ||
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability, Undistributed Earnings of Foreign Subsidiaries | $ 881,000 | $ 881,000 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) | 12 Months Ended | ||
Dec. 29, 2017 | Dec. 30, 2016 | Jan. 01, 2016 | |
Change in Plan Assets: | |||
Employer contributions | $ 764,000 | $ 703,000 | $ 625,000 |
Funded status pension liability, end of year | (3,301,000) | (2,757,000) | |
Swiss Plan [Member] | |||
Change in Projected Benefit Obligation: | |||
Projected benefit obligation, beginning of period | 6,363,000 | 6,349,000 | |
Service cost | 381,000 | 469,000 | |
Interest cost | 53,000 | 65,000 | |
Participant contributions | 260,000 | 230,000 | |
Benefits deposited (paid) | (185,000) | (340,000) | |
Actuarial loss (gain) | 721,000 | (410,000) | |
Prior service credit | (148,000) | 0 | |
Projected benefit obligation, end of period | 7,445,000 | 6,363,000 | 6,349,000 |
Change in Plan Assets: | |||
Plan assets at fair value, beginning of period | 3,606,000 | 3,498,000 | |
Actual return on plan assets | 203,000 | (12,000) | |
Employer contributions | 260,000 | 230,000 | |
Participant contributions | 260,000 | 230,000 | |
Benefits deposited (paid) | (185,000) | (340,000) | |
Plan assets at fair value, end of period | 4,144,000 | 3,606,000 | 3,498,000 |
Funded status pension liability, end of year | (3,301,000) | (2,757,000) | |
Amount Recognized in Accumulated Other Comprehensive Income (Loss), net of tax: | |||
Actuarial loss on plan assets | (932,000) | (816,000) | |
Actuarial loss on benefit obligation | (1,902,000) | (1,393,000) | |
Actuarial gain (loss) recognized in current year | 527,000 | 454,000 | |
Prior service credit | 184,000 | (6,000) | |
Effect of curtailments | 609,000 | 606,000 | |
Accumulated other comprehensive income (loss) | (1,514,000) | (1,155,000) | |
Accumulated benefit obligation at end of year | (6,932,000) | (5,980,000) | |
Japan Plan [Member] | |||
Change in Projected Benefit Obligation: | |||
Projected benefit obligation, beginning of period | 1,240,000 | 1,035,000 | |
Service cost | 147,000 | 148,000 | |
Interest cost | 4,000 | 6,000 | |
Benefits deposited (paid) | (116,000) | (17,000) | |
Foreign exchange adjustment | 45,000 | 19,000 | |
Actuarial loss (gain) | 32,000 | 49,000 | |
Projected benefit obligation, end of period | 1,352,000 | 1,240,000 | 1,035,000 |
Change in Plan Assets: | |||
Plan assets at fair value, beginning of period | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contributions | 0 | 0 | |
Benefits deposited (paid) | 0 | 0 | |
Distribution of plan assets | 0 | 0 | |
Foreign exchange adjustment | 0 | 0 | |
Plan assets at fair value, end of period | 0 | 0 | $ 0 |
Funded status pension liability, end of year | (1,352,000) | (1,240,000) | |
Amount Recognized in Accumulated Other Comprehensive Income (Loss), net of tax: | |||
Transition obligation | (7,000) | (14,000) | |
Actuarial gain (loss) recognized in current year | (35,000) | (31,000) | |
Prior service credit | 8,000 | 8,000 | |
Net gain (loss) | 122,000 | 125,000 | |
Accumulated other comprehensive income (loss) | 88,000 | 88,000 | |
Accumulated benefit obligation at end of year | $ (1,158,000) | $ (1,078,000) |
Employee Benefit Plans (Detai64
Employee Benefit Plans (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2017 | Dec. 30, 2016 | Jan. 01, 2016 | |
Swiss Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | $ 381 | $ 469 | $ 316 |
Interest cost | 53 | 65 | 74 |
Expected return on plan assets | (94) | (89) | (93) |
Actuarial loss recognized in current year | 72 | 111 | 64 |
Prior service credit | (7) | (7) | 0 |
Net periodic pension cost | 405 | 549 | 361 |
Japan Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | 147 | 148 | 121 |
Interest cost | 4 | 6 | 6 |
Net amortization of transition obligation | 11 | 12 | 11 |
Actuarial loss recognized in current year | (1) | (13) | (15) |
Prior service credit | (3) | (1) | (2) |
Net periodic pension cost | $ 158 | $ 152 | $ 121 |
Employee Benefit Plans (Detai65
Employee Benefit Plans (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2017 | Dec. 30, 2016 | Jan. 01, 2016 | |
Swiss Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Current year actuarial gain (loss) on plan assets | $ 97 | $ (8) | $ 61 |
Current year actuarial loss on benefit obligation | (645) | (269) | (699) |
Actuarial income (loss) recorded in current year | 65 | (98) | 57 |
Prior service credit | 126 | (6) | 64 |
Effect of curtailments | 3 | 0 | 0 |
Change in other comprehensive income (loss) | (354) | (381) | (517) |
Japan Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Amortization of net transition obligation | 7 | 8 | 7 |
Amortization of actuarial gain (loss) | (1) | 25 | (21) |
Actuarial income (loss) recorded in current year | (19) | (40) | (10) |
Change in other comprehensive income (loss) | $ (13) | $ (7) | $ (24) |
Employee Benefit Plans (Detai66
Employee Benefit Plans (Details 3) | 12 Months Ended | |
Dec. 29, 2017 | Dec. 30, 2016 | |
Swiss Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate | 0.70% | 0.80% |
Salary increases | 2.00% | 2.00% |
Expected return on plan assets | 2.50% | 2.50% |
Expected average remaining working lives in years | 10 years 2 months 12 days | 10 years |
Japan Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate | 0.30% | 0.30% |
Salary increases | 6.20% | 6.00% |
Expected return on plan assets | 0.00% | 0.00% |
Expected average remaining working lives in years | 9 years 29 days | 8 years 10 months 2 days |
Employee Benefit Plans (Detai67
Employee Benefit Plans (Details 4) - Swiss Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 29, 2017 | Dec. 30, 2016 | |
Plan assets at fair value, beginning of period | $ 3,606 | $ 3,498 |
Actual return on plan assets | (203) | 12 |
Plan assets at fair value, end of period | 4,144 | 3,606 |
Insurance Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Plan assets at fair value, beginning of period | 3,606 | 3,498 |
Actual return on plan assets | 203 | (12) |
Purchases, sales and settlement | 335 | 120 |
Plan assets at fair value, end of period | $ 4,144 | $ 3,606 |
Employee Benefit Plans (Detai68
Employee Benefit Plans (Details 5) $ in Thousands | Dec. 29, 2017USD ($) |
Swiss Plan [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2,018 | $ 48 |
2,019 | 53 |
2,020 | 58 |
2,021 | 64 |
2,022 | 71 |
Thereafter | 458 |
Total | 752 |
Japan Plan [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2,018 | 46 |
2,019 | 51 |
2,020 | 56 |
2,021 | 101 |
2,022 | 62 |
Thereafter | 729 |
Total | $ 1,045 |
Employee Benefit Plans (Detai69
Employee Benefit Plans (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 29, 2017 | Dec. 30, 2016 | Jan. 01, 2016 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Pension and Other Postretirement Defined Benefit Plans, Liabilities | $ 1,352,000 | $ 1,240,000 | |
Description Related To Benefit Based Under Point System | Each point earned is worth a fixed monetary value, 1,000 Yen per point, regardless of the level grade or zone of the employee.  Gross benefits are calculated based on the cumulative number of points earned over the service period multiplied by 1,000 Yen.  The mandatory retirement age limit is 60 years old. | ||
Defined Contribution Plan Employees Eligible Payroll | $ 18,000 | ||
Defined Benefit Plan, Contributions by Employer | 764,000 | 703,000 | $ 625,000 |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (3,301,000) | (2,757,000) | |
Pension Costs [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Expected Amortization of Prior Service Cost (Credit), Next Fiscal Year | 9,000 | ||
Fifty Years Old [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Contribution Plan Employees Eligible Payroll | 6,000 | ||
Swiss Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Future Estimated Cash Contribution To Swiz Plan | 282,000 | ||
Defined Benefit Plan, Contributions by Employer | 260,000 | 230,000 | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (3,301,000) | $ (2,757,000) | |
Swiss Plan [Member] | Pension Costs [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Expected Amortization of Prior Service Cost (Credit), Next Fiscal Year | $ 114,000 |
Stockholders_ Equity (Details)
Stockholders’ Equity (Details) $ in Thousands | 12 Months Ended |
Dec. 29, 2017USD ($) | |
Schedule of Employee Service Share-based Compensation [Line Items] | |
Share-based Compensation, Granted | $ 8,771 |
Stock Options [Member] | |
Schedule of Employee Service Share-based Compensation [Line Items] | |
Share-based Compensation, Granted | 4,985 |
Restricted Stock Units (RSUs) [Member] | |
Schedule of Employee Service Share-based Compensation [Line Items] | |
Share-based Compensation, Granted | 3,586 |
Restricted Stock [Member] | |
Schedule of Employee Service Share-based Compensation [Line Items] | |
Share-based Compensation, Granted | $ 200 |
Stockholders' Equity (Details 1
Stockholders' Equity (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2017 | Dec. 30, 2016 | Jan. 01, 2016 | |
Schedule of Employee Service Share-based Compensation [Line Items] | |||
Stock-based compensation expense | $ 3,161 | $ 8,558 | $ 3,304 |
Employee Stock Option [Member] | |||
Schedule of Employee Service Share-based Compensation [Line Items] | |||
Stock-based compensation expense | 1,731 | 5,485 | 2,306 |
Restricted Stock [Member] | |||
Schedule of Employee Service Share-based Compensation [Line Items] | |||
Stock-based compensation expense | 186 | 298 | 485 |
Restricted Stock Units (RSUs) [Member] | |||
Schedule of Employee Service Share-based Compensation [Line Items] | |||
Stock-based compensation expense | 1,226 | 2,717 | 452 |
Consultant Compensation [Member] | |||
Schedule of Employee Service Share-based Compensation [Line Items] | |||
Stock-based compensation expense | $ 18 | $ 58 | $ 61 |
Stockholders' Equity (Details 2
Stockholders' Equity (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2017 | Dec. 30, 2016 | Jan. 01, 2016 | |
Schedule Of Employee Service Share based Compensations [Line Items] | |||
Total stock-based compensation expense | $ 3,161 | $ 8,558 | $ 3,304 |
Amounts capitalized as part of inventory | 372 | 269 | 516 |
Total stock-based compensation | 3,533 | 8,827 | 3,820 |
Cost of Sales [Member] | |||
Schedule Of Employee Service Share based Compensations [Line Items] | |||
Total stock-based compensation expense | 8 | 612 | 52 |
General and Administrative Expense [Member] | |||
Schedule Of Employee Service Share based Compensations [Line Items] | |||
Total stock-based compensation expense | 1,487 | 3,809 | 2,090 |
Marketing and selling [Member] | |||
Schedule Of Employee Service Share based Compensations [Line Items] | |||
Total stock-based compensation expense | 805 | 1,961 | 696 |
Research and Development Expense [Member] | |||
Schedule Of Employee Service Share based Compensations [Line Items] | |||
Total stock-based compensation expense | $ 861 | $ 2,176 | $ 466 |
Stockholders' Equity (Details 3
Stockholders' Equity (Details 3) | 12 Months Ended | ||
Dec. 29, 2017 | Dec. 30, 2016 | Jan. 01, 2016 | |
Schedule of Employee Service Share-based Compensation [Line Items] | |||
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Expected volatility | 57.00% | 57.00% | 57.00% |
Risk-free interest rate | 1.96% | 1.34% | 1.59% |
Expected term (in years) | 5 years 8 months 1 day | 5 years 6 months 25 days | 5 years 6 months 25 days |
Stockholders_ Equity (Details 4
Stockholders’ Equity (Details 4) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Dec. 29, 2017USD ($)$ / sharesshares | |
Schedule of Employee Service Share-based Compensation [Line Items] | |
Options, Outstanding at December 30, 2016 | shares | 3,502 |
Options, Granted, Shares | shares | 956 |
Options, Exercised, Shares | shares | (557) |
Options, Forfeited or expired, Shares | shares | (176) |
Options,Outstanding at December 29, 2017 | shares | 3,725 |
Options, Exercisable at December 29, 2017 | shares | 2,577 |
Weighted Average Exercise Price, Options Outstanding at December 30, 2016 | $ / shares | $ 8.28 |
Weighted Average Exercise Price, Options, Granted | $ / shares | 10.19 |
Weighted Average Exercise Price,Options, Exercised | $ / shares | 7.12 |
Weighted Average Exercise Price, Options, Forfeited and Expired | $ / shares | 11.62 |
Weighted Average Exercise Price, Options Outstanding at December 29, 2017 | $ / shares | 8.78 |
Weighted Average Exercise Price, Options Exercisable at December 29, 2017 | $ / shares | $ 8.38 |
Weighted Average Remaining Contractual Term, Options, Outstanding at December 29, 2017 | 6 years 11 months 16 days |
Weighted Average Remaining Contractual Term, Options, Exercisable at December 29, 2017 | 6 years |
Aggregate Intrinsic Value, Options, Outstanding at December 29, 2017 | $ | $ 25,069 |
Aggregate Intrinsic Value, Options, Outstanding at December 29, 2017 | $ | $ 18,395 |
Stockholders_ Equity (Details 5
Stockholders’ Equity (Details 5) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 29, 2017 | Dec. 30, 2016 | Jan. 01, 2016 | |
Schedule of Nonvested Options Activity [Line Items] | |||
Options, Granted during the year | 956 | ||
Granted, Weighted Average Grant Date Fair Value | $ 5.42 | $ 3.77 | $ 4.14 |
Nonvested Stock Options [Member] | |||
Schedule of Nonvested Options Activity [Line Items] | |||
Options, Unvested at December 30, 2016 | 662 | ||
Options, Granted during the year | 956 | ||
Options, Forfeited or expired during the year | (176) | ||
Options, Vested during the year | (294) | ||
Options, Unvested at December 29, 2017 | 1,148 | 662 | |
Unvested at December 30, 2016, Weighted-Average Grant-Date Fair Value | $ 3.84 | ||
Granted, Weighted Average Grant Date Fair Value | 5.42 | ||
Forfeited or expired during the year, Weighted Average Grant Date Fair Value | 5.53 | ||
Vested during the year, Weighted Average Grant Date Fair Value | 5.14 | ||
Unvested at December 29, 2017, Weighted Average Grant Date Fair Value | $ 4.96 | $ 3.84 |
Stockholders_ Equity (Details 6
Stockholders’ Equity (Details 6) shares in Thousands | 12 Months Ended |
Dec. 29, 2017$ / sharesshares | |
Restricted Stock [Member] | |
Outstanding at December 30, 2016 | shares | 23 |
Granted, (In Shares) | shares | 21 |
Vested (In shares) | shares | (23) |
Outstanding at December 29, 2017 | shares | 21 |
Outstanding at December 30, 2016, Weighted Average Grant-Date Fair Value per Share | $ / shares | $ 6.47 |
Granted, Weighted Average Grant-Date Fair Value per Share | $ / shares | 9.60 |
Vested, Weighted Average Grant-Date Fair Value per Share | $ / shares | 6.47 |
Outstanding at December 29, 2017, Weighted Average Grant-Date Fair Value per Share | $ / shares | $ 9.60 |
Restricted Stock Units (RSUs) [Member] | |
Outstanding at December 30, 2016 | shares | 274 |
Granted, (In Shares) | shares | 345 |
Vested (In shares) | shares | (96) |
Forfeited or expired (In shares) | shares | (35) |
Outstanding at December 29, 2017 | shares | 488 |
Outstanding at December 30, 2016, Weighted Average Grant-Date Fair Value per Share | $ / shares | $ 7.60 |
Granted, Weighted Average Grant-Date Fair Value per Share | $ / shares | 10.39 |
Vested, Weighted Average Grant-Date Fair Value per Share | $ / shares | 7.76 |
Forfeited, Weighted Average Grant-Date Fair Value per Share | $ / shares | 8.81 |
Outstanding at December 29, 2017, Weighted Average Grant-Date Fair Value per Share | $ / shares | $ 9.45 |
Stockholders_ Equity (Details T
Stockholders’ Equity (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Jun. 24, 2016 | Dec. 29, 2017 | Dec. 30, 2016 | Jan. 01, 2016 | Feb. 11, 2016 | |
Schedule of Employee Service Share-based Compensation [Line Items] | |||||
Estimated Forfeiture Rate | 11.00% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 5.42 | $ 3.77 | $ 4.14 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 3,065,000 | $ 1,737,000 | $ 2,048,000 | ||
Unrecognised Stock Based Compensation Expense | 8,151,000 | ||||
Allocated Share-based Compensation Expense | 3,533,000 | 8,827,000 | $ 3,820,000 | ||
Beneficial Ownership Percentage of Investor | 26.00% | ||||
Employee Stock Option [Member] | |||||
Schedule of Employee Service Share-based Compensation [Line Items] | |||||
Unrecognised Stock Based Compensation Expense | 4,616,000 | ||||
Restricted Stock [Member] | |||||
Schedule of Employee Service Share-based Compensation [Line Items] | |||||
Unrecognised Stock Based Compensation Expense | $ 3,535,000 | ||||
2003 Stock Option Plan [Member] | |||||
Schedule of Employee Service Share-based Compensation [Line Items] | |||||
Allocated Share-based Compensation Expense | 6,857,000 | ||||
Omnibus Plan [Member] | |||||
Schedule of Employee Service Share-based Compensation [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 13,150,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 1,900,000,000,000 | ||||
Omnibus Plan [Member] | Employee Stock Option [Member] | |||||
Schedule of Employee Service Share-based Compensation [Line Items] | |||||
Allocated Share-based Compensation Expense | 4,569,000 | ||||
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 | 1,098,758 | ||||
Omnibus Equity Incentive Plan 2003 [Member] | |||||
Schedule of Employee Service Share-based Compensation [Line Items] | |||||
Allocated Share-based Compensation Expense | 6,857,000 | ||||
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 | 2,931,000 | ||||
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 | 1,527,000 | ||||
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 | 1,838,000 | ||||
Omnibus Equity Incentive Plan 2003 [Member] | Cost of Sales [Member] | |||||
Schedule of Employee Service Share-based Compensation [Line Items] | |||||
Allocated Share-based Compensation Expense | 561,000 | ||||
Omnibus Equity Incentive Plan 2003 [Member] | Accelerated Charges [Member] | |||||
Schedule of Employee Service Share-based Compensation [Line Items] | |||||
Allocated Share-based Compensation Expense | 3,338,000 | ||||
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 | $ 2,280,000 |
Commitments and Contingencies78
Commitments and Contingencies (Details) $ in Thousands | Dec. 29, 2017USD ($) |
Loss Contingencies [Line Items] | |
2018, Operating Leases | $ 1,956 |
2019, Operating Leases | 1,611 |
2020, Operating Leases | 1,409 |
2021, Operating Leases | 548 |
2022, Operating Leases | 463 |
Thereafter, Operating Leases | 463 |
Total minimum lease payments, Operating Leases | 6,450 |
2018, Capital Leases | 1,309 |
2019, Capital Leases | 307 |
2020, Capital Leases | 124 |
2021, Capital Leases | 104 |
2022, Capital Leases | 4 |
Thereafter, Capital Leases | 0 |
Total minimum lease payments, Capital Leases | 1,848 |
Less amounts representing Interest, Capital Leases | 39 |
Capital Leases, Future Minimum Payments, Present Value of Net Minimum Payments, Total | $ 1,809 |
Commitments and Contingencies79
Commitments and Contingencies (Details 1) - USD ($) $ in Thousands | Dec. 29, 2017 | Dec. 30, 2016 |
Loss Contingencies [Line Items] | ||
Capital Leased Assets, Gross | $ 6,751 | $ 6,478 |
Less accumulated depreciation | 4,239 | 3,359 |
Capital Leases, Balance Sheet, Assets by Major Class, Net, Total | 2,512 | 3,119 |
Machinery and Equipment [Member] | ||
Loss Contingencies [Line Items] | ||
Capital Leased Assets, Gross | 4,311 | 5,650 |
Furniture and Fixtures [Member] | ||
Loss Contingencies [Line Items] | ||
Capital Leased Assets, Gross | 2,285 | 704 |
Leasehold Improvements [Member] | ||
Loss Contingencies [Line Items] | ||
Capital Leased Assets, Gross | $ 155 | $ 124 |
Commitments and Contingencies80
Commitments and Contingencies (Details Textual) - USD ($) | 12 Months Ended | ||||
Dec. 29, 2017 | Dec. 30, 2016 | Jan. 01, 2016 | Oct. 23, 2017 | Jun. 30, 2017 | |
Loss Contingency, Accrual, Current | $ 7,000,000 | $ 7,000,000 | |||
Loss Contingency, Receivable, Current | $ 7,000,000 | ||||
Payments for Rent | 2,436,000 | $ 2,243,000 | $ 1,198,000 | ||
Depreciation For Assets Held Under Capital Lease | 388,000 | $ 195,000 | $ 176,000 | ||
Due to Employees | 41,000 | ||||
Purchase Commitment, Remaining Minimum Amount Committed | $ 3,308,000 |
Related Party Transactions (Det
Related Party Transactions (Details Textual) - USD ($) | Dec. 29, 2017 | Dec. 30, 2016 |
Related Party Transaction [Line Items] | ||
Due from Related Parties, Current | $ 12,000 | $ 37,000 |
Supplemental Disclosure of Ca82
Supplemental Disclosure of Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2017 | Dec. 30, 2016 | Jan. 01, 2016 | |
Non-cash operating activities: | |||
Insurance receivable | $ 7,000 | $ 0 | $ 0 |
Settlement liability | 7,000 | 0 | 0 |
Non-cash investing and financing activities: | |||
Assets obtained by capital lease | 563 | 2,383 | 91 |
Purchase of property and equipment included in accounts payable | 121 | 485 | 51 |
Cash paid: | |||
Interest | 90 | 112 | 121 |
Taxes | $ 881 | $ 699 | $ 589 |
Basic and Diluted Net Income 83
Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 29, 2017 | Sep. 29, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 30, 2016 | Sep. 30, 2016 | Jul. 01, 2016 | Apr. 01, 2016 | Dec. 29, 2017 | Dec. 30, 2016 | Jan. 01, 2016 | |
Numerator: | |||||||||||
Net loss | $ (138) | $ 1,173 | $ (971) | $ (2,203) | $ (167) | $ (1,778) | $ (2,143) | $ (8,041) | $ (2,139) | $ (12,129) | $ (6,533) |
Weighted average common shares and denominator for basic calculation: | |||||||||||
Weighted average common shares outstanding | 41,025 | 40,352 | 39,384 | ||||||||
Less: Unvested restricted stock | (21) | (23) | (124) | ||||||||
Denominator for basic calculation | 41,004 | 40,329 | 39,260 | ||||||||
Weighted average effects of potentially dilutive common stock: | |||||||||||
Denominator for diluted calculation | 41,004 | 40,329 | 39,260 | ||||||||
Net loss per share - basic and diluted | $ 0 | $ 0.03 | $ (0.02) | $ (0.05) | $ 0 | $ (0.04) | $ (0.05) | $ (0.20) | $ (0.05) | $ (0.30) | $ (0.17) |
Basic and Diluted Net Income 84
Basic and Diluted Net Income (Loss) Per Share (Details 1) - shares shares in Thousands | 12 Months Ended | ||
Dec. 29, 2017 | Dec. 30, 2016 | Jan. 01, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,440 | 4,145 | 3,041 |
Options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,237 | 4,069 | 2,506 |
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 | 203 | 76 | 190 |
Warrants [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | 345 |
Geographic and Product Data (De
Geographic and Product Data (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 29, 2017 | Dec. 30, 2016 | Jan. 01, 2016 | ||
Geographic And Sales [Line Items] | ||||
Net sales | $ 90,611 | $ 82,432 | $ 77,123 | |
Japan [Member] | ||||
Geographic And Sales [Line Items] | ||||
Net sales | 17,424 | 17,329 | 16,982 | |
China [Member] | ||||
Geographic And Sales [Line Items] | ||||
Net sales | 23,881 | 16,019 | 12,571 | |
United States [Member] | ||||
Geographic And Sales [Line Items] | ||||
Net sales | 7,894 | 9,859 | 10,904 | |
Korea [Member] | ||||
Geographic And Sales [Line Items] | ||||
Net sales | 5,543 | 7,455 | 8,061 | |
Other [Member] | ||||
Geographic And Sales [Line Items] | ||||
Net sales | [1] | $ 35,869 | $ 31,770 | $ 28,605 |
[1] | No other location individually exceeds 10% of total sales. |
Geographic and Product Data (86
Geographic and Product Data (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2017 | Dec. 30, 2016 | Jan. 01, 2016 | |
Product Information [Line Items] | |||
Net sales | $ 90,611 | $ 82,432 | $ 77,123 |
ICLs [Member] | |||
Product Information [Line Items] | |||
Net sales | 68,325 | 59,111 | 51,543 |
IOLs [Member] | |||
Product Information [Line Items] | |||
Net sales | 17,258 | 19,706 | 19,857 |
Other surgical products [Member] | |||
Product Information [Line Items] | |||
Net sales | $ 5,028 | $ 3,615 | $ 5,723 |
Geographic and Product Data (87
Geographic and Product Data (Details 2) - USD ($) $ in Thousands | Dec. 29, 2017 | Dec. 30, 2016 |
Geographic and Product Data [Line Items] | ||
Property, Plant and Equipment, Net | $ 9,776 | $ 11,790 |
Property, Plant and Equipment [Member] | ||
Geographic and Product Data [Line Items] | ||
Property, Plant and Equipment, Net | 10,047 | 12,263 |
Property, Plant and Equipment [Member] | United States [Member] | ||
Geographic and Product Data [Line Items] | ||
Property, Plant and Equipment, Net | 8,523 | 10,704 |
Property, Plant and Equipment [Member] | Switzerland [Member] | ||
Geographic and Product Data [Line Items] | ||
Property, Plant and Equipment, Net | 912 | 737 |
Property, Plant and Equipment [Member] | Japan [Member] | ||
Geographic and Product Data [Line Items] | ||
Property, Plant and Equipment, Net | $ 612 | $ 822 |
Geographic and Product Data (88
Geographic and Product Data (Details Textual) | 12 Months Ended |
Dec. 29, 2017 | |
Geographic and Product Data [Line Items] | |
Disclosure on Geographic Areas, Description of Revenue from External Customers | The Company markets and sells its products in more than 75 countries and conducts its manufacturing in the United States. Other than the Japan, China, the United States, and Korea, the Company does not conduct business in any country in which its sales in that country exceed 10% of consolidated net sales. Sales are attributed to countries based on location of customers. |
Segment Sales To Consolidated Sales Percentage | 100.00% |
Number of Countries in which Entity Operates | 75 |
Sales Exceed Percentage | 10.00% |
Quarterly Financial Data (Una89
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 29, 2017 | Sep. 29, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 30, 2016 | Sep. 30, 2016 | Jul. 01, 2016 | Apr. 01, 2016 | Dec. 29, 2017 | Dec. 30, 2016 | Jan. 01, 2016 | |
Interim Period, Costs Not Allocable [Line Items] | |||||||||||
Net sales | $ 24,852 | $ 23,473 | $ 21,936 | $ 20,350 | $ 22,137 | $ 20,052 | $ 20,974 | $ 19,269 | |||
Gross profit | 17,380 | 16,849 | 15,474 | 14,577 | 15,878 | 14,872 | 14,626 | 12,993 | $ 64,280 | $ 58,369 | $ 52,723 |
Net (loss) income | $ (138) | $ 1,173 | $ (971) | $ (2,203) | $ (167) | $ (1,778) | $ (2,143) | $ (8,041) | $ (2,139) | $ (12,129) | $ (6,533) |
Net (loss) income per share - basic and diluted | $ 0 | $ 0.03 | $ (0.02) | $ (0.05) | $ 0 | $ (0.04) | $ (0.05) | $ (0.20) | $ (0.05) | $ (0.30) | $ (0.17) |
SCHEDULE II - VALUATION AND Q90
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2017 | Dec. 30, 2016 | Jan. 01, 2016 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | $ 59,502 | $ 55,210 | $ 55,693 |
Additions | 2,736 | 4,719 | 2,594 |
Deductions | 19,051 | 427 | 3,077 |
Balance at End of Year | 43,187 | 59,502 | 55,210 |
Allowance For Doubtful Accounts And Sales Returns [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | 2,056 | 1,877 | 1,589 |
Additions | 483 | 206 | 345 |
Deductions | 8 | 27 | 57 |
Balance at End of Year | 2,531 | 2,056 | 1,877 |
Valuation Allowance of Deferred Tax Assets [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | 57,446 | 53,333 | 54,104 |
Additions | 2,253 | 4,513 | 2,249 |
Deductions | 19,043 | 400 | 3,020 |
Balance at End of Year | $ 40,656 | $ 57,446 | $ 53,333 |