Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 30, 2018 | Apr. 27, 2018 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | STAAR SURGICAL CO | |
Entity Central Index Key | 718,937 | |
Current Fiscal Year End Date | --12-29 | |
Entity Filer Category | Accelerated Filer | |
Trading Symbol | STAA | |
Entity Common Stock, Shares Outstanding | 41,620,416 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands | Mar. 30, 2018USD ($) | Dec. 29, 2017USD ($) |
Current assets: | ||
Cash and cash equivalents | $ 20,771 | $ 18,520 |
Accounts receivable trade, net of allowance for doubtful accounts of $395 and $350, respectively | 22,960 | 20,035 |
Inventories, net | 13,444 | 13,674 |
Prepayments, deposits, and other current assets | 4,936 | 4,207 |
Total current assets | 62,111 | 56,436 |
Property, plant and equipment, net | 11,856 | 9,776 |
Intangible assets, net | 278 | 271 |
Goodwill | 1,786 | 1,786 |
Deferred income taxes | 1,265 | 1,242 |
Other assets | 996 | 967 |
Total assets | 78,292 | 70,478 |
Current liabilities: | ||
Line of credit | 4,706 | 4,438 |
Accounts payable | 8,239 | 6,033 |
Obligations under capital leases | 1,896 | 1,278 |
Allowance for sales returns | 2,685 | 2,546 |
Other current liabilities | 8,070 | 7,339 |
Total current liabilities | 25,596 | 21,634 |
Obligations under capital leases | 1,153 | 531 |
Deferred income taxes | 414 | 350 |
Asset retirement obligations | 215 | 202 |
Deferred rent | 185 | 172 |
Pension liability | 4,812 | 4,653 |
Total liabilities | 32,375 | 27,542 |
Commitments and contingencies (Note 12) | ||
Stockholders' equity: | ||
Common stock, $0.01 par value; 60,000 shares authorized: 41,592 and 41,383 shares issued and outstanding at March 30, 2018 and December 29, 2017, respectively | 416 | 414 |
Additional paid-in capital | 206,795 | 204,920 |
Accumulated other comprehensive loss | (629) | (1,150) |
Accumulated deficit | (160,665) | (161,248) |
Total stockholders’ equity | 45,917 | 42,936 |
Total liabilities and stockholders’ equity | $ 78,292 | $ 70,478 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 30, 2018 | Dec. 29, 2017 |
Allowance for Doubtful Accounts Receivable, Current | $ 395 | $ 350 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 60,000 | 60,000 |
Common stock, shares issued | 41,592 | 41,383 |
Common stock, shares outstanding | 41,592 | 41,383 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 30, 2018 | Mar. 31, 2017 | ||
Net sales | $ 27,093 | $ 20,350 | |
Cost of sales | 7,662 | 5,773 | |
Gross profit | 19,431 | 14,577 | |
Selling, general and administrative expenses: | |||
General and administrative | 6,209 | 5,348 | |
Marketing and selling | 7,380 | 6,530 | |
Research and development | 5,043 | 4,783 | |
Total selling, general and administrative expenses | 18,632 | 16,661 | |
Operating income (loss) | 799 | (2,084) | |
Other income (expense): | |||
Interest expense, net | (12) | (28) | |
Loss on foreign currency transactions | (77) | (86) | |
Royalty income | [1] | 157 | 131 |
Other income, net | 17 | 5 | |
Other income, net | 85 | 22 | |
Income (loss) before provision for income taxes | 884 | (2,062) | |
Provision for income taxes | 301 | 141 | |
Net income (loss) | $ 583 | $ (2,203) | |
Net income (loss) per share - basic (in dollars per share) | $ 0.01 | $ (0.05) | |
Net income (loss) per share - diluted (in dollars per share) | $ 0.01 | $ (0.05) | |
Weighted average shares outstanding - basic (in shares) | 41,410 | 40,749 | |
Weighted average shares outstanding - diluted (in shares) | 43,087 | 40,749 | |
[1] | Shown as a separate line item in other income, net on the Condensed Consolidated Statements of Operations. |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 30, 2018 | Mar. 31, 2017 | |
Net income (loss) | $ 583 | $ (2,203) |
Defined benefit plans: | ||
Net change in plan assets | (9) | (14) |
Reclassification into other income, net | 25 | 18 |
Foreign currency translation gains | 728 | 448 |
Tax effect | (223) | (133) |
Other comprehensive income, net of tax | 521 | 319 |
Comprehensive income (loss) | $ 1,104 | $ (1,884) |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 30, 2018 | Mar. 31, 2017 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 583 | $ (2,203) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Depreciation of property, plant, and equipment | 549 | 756 |
Amortization of intangibles | 9 | 54 |
Deferred income taxes | 92 | (7) |
Change in net pension liability | 87 | 66 |
Loss on disposal of property and equipment | 6 | 0 |
Stock-based compensation expense | 1,301 | 510 |
Provision for sales returns and bad debts | 514 | 232 |
Inventory provision | 506 | 301 |
Changes in working capital: | ||
Accounts receivable | (2,755) | 624 |
Inventories | (396) | 101 |
Prepayments, deposits, and other current assets | (730) | (1,083) |
Accounts payable | 2,038 | (1,157) |
Other current liabilities | 726 | 1,114 |
Net cash provided by (used in) operating activities | 2,530 | (692) |
Cash flows from investing activities: | ||
Acquisition of property and equipment | (965) | (246) |
Net cash used in investing activities | (965) | (246) |
Cash flows from financing activities: | ||
Repayment of capital lease obligations | (380) | (301) |
Repurchase of employee common stock for taxes withheld | 0 | (217) |
Proceeds from vested restricted stock and exercise of stock options | 454 | 597 |
Net cash provided by financing activities | 74 | 79 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 612 | 360 |
Increase (decrease) in cash, cash equivalents and restricted cash | 2,251 | (499) |
Cash, cash equivalents and restricted cash, at beginning of year | 18,641 | 14,118 |
Cash, cash equivalents and restricted cash, at end of year | $ 20,892 | $ 13,619 |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 3 Months Ended |
Mar. 30, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | Note 1 Basis of Presentation and Significant Accounting Policies The Condensed Consolidated Financial Statements for the three months ended March 30, 2018 and March 31, 2017, in the opinion of management, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Company’s financial condition and results of operations. The results of operations for the three months ended March 30, 2018 and March 31, 2017, are not necessarily indicative of the results to be expected for any other interim period or for the entire year. Each of the Company’s fiscal reporting periods ends on the Friday nearest to the quarter ending date and generally consists of 13 weeks. Unless the context indicates otherwise “we,” “us,” the “Company,” and “STAAR” refer to STAAR Surgical Company and its consolidated subsidiaries. March 30, 2018 December 29, 2017 March 31, 2017 Cash and cash equivalents $ 20,771 $ 18,520 $ 13,500 Restricted cash included in other long-term assets 121 121 119 Total cash, cash equivalents and restricted cash as shown in the Consolidated Statements of Cash Flows $ 20,892 $ 18,641 $ 13,619 The Company has restricted cash of approximately $ 121 The Company recognizes revenue when its contractual performance obligations with customers are satisfied. The Company’s performance obligations are generally limited to single sales orders with product shipping to the customer within a month of receipt of the sales order. Substantially all of the Company’s revenues are recognized at a point-in-time when control of its products transfers to the customer, which is typically upon shipment (as discussed below). The Company presents sales tax and similar taxes it collects from its customers on a net basis (excluded from revenues). 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 combined with an acrylic IOL 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 and those sales are classified as other product sales in total net sales. For the injector parts that are sold to be combined with an acrylic IOL into finished goods, the Company records the transaction at its carrying value deferring any profit margin as contra-inventory, until the finished goods inventory is sold to an end-customer (not the supplier) at which point the Company recognizes revenues. For all sales, the Company is considered the principal in the transaction as the Company is the party providing specified goods it has control over prior to when control is transferred to the customer. Cost of sales includes cost of production, freight and distribution, royalties, and inventory provisions, net of any purchase discounts. Shipping and handling activities that occur after the customer obtains control of the goods are recognized as fulfillment costs. The Company 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. For estimated returns, sales are reported net of estimated returns and cost of sales are reported net of estimated returns that can be resold. March 30, 2018 December 29, 2017 Estimated returns - inventory (1) $ 631 $ 534 Allowance for sales returns 2,685 2,546 (1) Recognized in inventories, net on the Condensed Consolidated Balance Sheets 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 Company disaggregates its revenue into the following categories: non-consignment sales, consignment sales and royalty income. Non-consignment Sales The Company recognizes revenue from non-consignment product sales at a point-in-time when control has been transferred, which is typically at shipping point, except for certain customers and for the STAAR Japan subsidiary, which is typically recognized when the customer receives the product. The Company does not have significant deferred revenues as of March 30, 2018 or March 31, 2017, as delivery to the customer is generally made within the same or the next day of shipment. The Company also enters into certain strategic cooperation agreements with customers in which, as consideration for minimum purchase commitments the customers make, the Company agrees, among other things, to pay for marketing, educational training and general support of the Company’s products. The provisions in these arrangements allow for these payments to be made directly to the customer in lieu of marketing and support or, payments can be made for distinct marketing, educational training and general support services provided by the customer or another party. For payments the Company makes to another party, or reimburses the customer, for distinct marketing and support services, the Company recognizes these payments as sales and marketing expense as incurred. These agreements are generally for periods of 12 months with quarterly minimum purchase commitments. The Company recognizes sales and marketing expenses in the period in which it expects the customer will achieve its minimum purchase commitment, generally quarterly, and any unpaid amounts are recorded in Other Current Liabilities in “Other” on the Condensed Consolidated Statements of Operations, see Note 6. Reimbursements made directly to the customer for general marketing incentives are treated as a reduction in revenues. The Company’s performance obligations generally occur in the same quarter as the shipment of product. 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 March 30, 2018 and March 31, 2017. Consignment Sales 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 at a point-in-time when the Company is notified that the lenses have been implanted, and so the performance obligation occurs at a point in time. Royalty Income From time to time, the Company licenses its patents to third parties in connection with the manufacture of product. One type of licensing contract requires that the licensee pay the Company a quarterly royalty based on a percentage of the licensee’s quarterly sales. The Company recognizes the revenue at a point-in-time, typically quarterly based on various factors including information from the licensee, historical performance and contract minimums. Another type of licensing contract requires that the licensee pay the Company a lump sum royalty once certain milestones are achieved, such as upon the first commercial sale of a product incorporating a licensed patent or technology (performance obligation occurs over a period of time); no such income was recognized for the three months ended March 30, 2018 and March 31, 2017. See Note 9 for additional information on disaggregation of revenues, geographic sales information and product sales. As Reported Adjustments Balances without the adoption of Accounts receivable trade, net $ 22,960 $ (2,685) $ 20,275 Total current assets 62,111 (2,685) 59,426 Total assets 78,292 (2,685) 75,607 Allowance for sales returns 2,685 (2,685) Total current liabilities 25,596 (2,685) 22,911 Total liabilities 32,375 (2,685) 29,690 Total liabilities and stockholders’ equity 78,292 (2,685) 75,607 Recently Adopted Accounting Pronouncements On December 30, 2017 (beginning of FY 2018), the Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“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. The adoption of ASU 2017-09 did not have a material impact on the Condensed Consolidated Financial Statements. On December 30, 2017 (beginning of FY 2018), the Company adopted 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 adoption of ASU 2017-09 did not have a material impact on the Condensed Consolidated Financial Statements, however the Company reclassified the non-service component of net periodic pension costs from selling, general and administrative expense to other income, net, for the three months ended March 31, 2017 to confirm with current presentation. On December 30, 2017 (beginning of FY 2018), the Company adopted 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, using the modified retrospective method, and determined that there was no cumulative effect adjustment on the Consolidated Financial Statements. The adoption of ASU 2016-16 did not have a material impact on the Condensed Consolidated Financial Statements. On December 30, 2017 (beginning of FY 2018), the Company adopted 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. The adoption of ASU 2016-15 did not have a material impact on the Condensed Consolidated Financial Statements. Recent Accounting Pronouncements Not Yet Adopted 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 Condensed Consolidated Financial Statements and expects to complete the evaluation by the third quarter of 2018. In February 2018, the FASB issued ASU 2018-02, “Income Statement Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income,” provides an option to reclassify stranded tax effects within Accumulated Other Comprehensive Income to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recorded. This is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. The Company will adopt this standard as of December 29, 2018 (beginning of Fiscal Year 2019) and is currently evaluating the impact on ASU 2018-02 will have on its Condensed Consolidated Financial Statements. |
Inventories
Inventories | 3 Months Ended |
Mar. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | Note 2 Inventories March 30, December 29, Raw materials and purchased parts $ 2,485 $ 2,506 Work in process 2,451 1,996 Finished goods 10,566 11,533 15,502 16,035 Less inventory reserves 2,058 2,361 Total $ 13,444 $ 13,674 |
Prepayments, Deposits, and Othe
Prepayments, Deposits, and Other Current Assets | 3 Months Ended |
Mar. 30, 2018 | |
Prepaid Expenses Deposits and Other Current Assets Disclosure [Abstract] | |
Prepayments, Deposits, and Other Current Assets Disclosure [Text Block] | Note 3 Prepayments, Deposits, and Other Current Assets March, 30, December 29, Prepayments and deposits $ 2,121 $ 1,435 Prepaid insurance 743 943 Income tax receivable 108 181 Consumption tax receivable 253 541 Value added tax (VAT) receivable 723 910 BVG Prepayment 634 10 Other current assets (1) 354 187 Total $ 4,936 $ 4,207 (1) |
Property, Plant and Equipment
Property, Plant and Equipment | 3 Months Ended |
Mar. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | Note 4 Property, Plant and Equipment Property, plant and equipment, net consisted of the following (in thousands): March 30, December 29, Machinery and equipment $ 18,490 $ 16,562 Furniture and fixtures 9,453 9,201 Leasehold improvements 9,678 9,631 37,621 35,394 Less accumulated depreciation 25,765 25,618 Total $ 11,856 $ 9,776 |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets Disclosure [Text Block] | Note 5 Intangible Assets Intangible assets, net consisted of the following (in thousands): March 30, 2018 December 29, 2017 Gross Accumulated Net Gross Accumulated Net Long-lived amortized intangible assets: Patents and licenses $ 9,281 $ (9,003) $ 278 $ 9,244 $ (8,973) $ 271 Customer relationships 1,476 (1,476) 1,392 (1,392) Developed technology 938 (938) 885 (885) Total $ 11,695 $ (11,417) $ 278 $ 11,521 $ (11,250) $ 271 |
Other Current Liabilities
Other Current Liabilities | 3 Months Ended |
Mar. 30, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities Disclosure [Text Block] | Note 6 Other Current Liabilities March 30, December 29, Accrued salaries and wages $ 4,410 $ 2,407 Accrued insurance 384 565 Accrued consumption tax 321 446 Accrued income taxes 184 210 Accrued bonuses 1,328 2,026 Other (1) 1,443 1,685 Total $ 8,070 $ 7,339 (1) |
Defined Benefit Pension Plans
Defined Benefit Pension Plans | 3 Months Ended |
Mar. 30, 2018 | |
Defined Benefit Plan [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | Note 7 Defined Benefit Pension Plans Three Months Ended March 30, March 31, Service cost (1) $ 138 $ 129 Interest cost (2) 14 14 Expected return on plan assets (2) (26) (23) Net amortization of transitional obligation (2),(3) 3 3 Prior service credit (2),(3) (6) (2) Actuarial loss recognized in current period (2),(3) 28 17 Net periodic pension cost $ 151 $ 138 (1) (2) (3) During the three months ended March 30, 2018 and March 31, 2017, the Company contributions were $ 66,000 64,000 |
Basic and Diluted Net Income (L
Basic and Diluted Net Income (Loss) Per Share | 3 Months Ended |
Mar. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Note 8 Basic and Diluted Net Income (Loss) Per Share Three Months Ended March 30, March 31, Numerator: Net income (loss) $ 583 $ (2,203) Denominator: Weighted average common shares and denominator for basic calculation: Weighted average common shares outstanding 41,431 40,772 Less: Unvested restricted stock (21) (23) Denominator for basic calculation 41,410 40,749 Weighted average effects of potentially dilutive common stock: Stock options 1,396 Unvested restricted stock 264 Restricted stock units 17 Warrants Denominator for diluted calculation 43,087 40,749 Net income (loss) per share basic $ 0.01 $ (0.05) Net income (loss) per share diluted $ 0.01 $ (0.05) Because the Company had a net loss for the quarter ended March 31, 2017, 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. Three Months Ended March 30, March 31, Options $ 385 $ 2,567 Restricted stock and restricted stock units 4 146 Total $ 389 $ 2,713 |
Disaggregation of Revenues, Geo
Disaggregation of Revenues, Geographic Sales and Product Sales | 3 Months Ended |
Mar. 30, 2018 | |
Segment Reporting [Abstract] | |
Disaggregation of Revenues, Geographic Sales and Product Sales Disclosure [Text Block] | Note 9 Disaggregation of Revenues, Geographic Sales and Product Sales In the following tables, revenues are disaggregated by category, sales by geographic market and sales by product data. Three Months Ended March 30, March 31, Non-consignment sales $ 22,181 $ 15,756 Consignment sales 4,912 4,594 Total net sales 27,093 20,350 Royalty income (1) 157 131 Total revenues $ 27,250 $ 20,481 (1) Shown as a separate line item in other income, net on the Condensed Consolidated Statements of Operations. The Company markets and sells its products in over 75 10 Three Months Ended March 30, March 31, China $ 7,910 $ 4,626 Japan 5,083 3,799 Korea 2,195 1,426 United States 1,756 1,958 Other (1) 10,149 8,541 Total net sales $ 27,093 $ 20,350 (1) 100% of the Company’s sales are generated from the ophthalmic surgical product segment and the chief operating decision maker makes operating decisions and allocates resources based upon the consolidated operating results, and therefore the Company operates as one operating segment for financial reporting purposes. The Company’s principal products are implantable Collamer lenses (“ICLs”) used in refractive surgery and intraocular lenses (“IOLs”) used in cataract surgery. Three Months Ended March 30, March 31, ICls $ 21,158 $ 15,271 Other product sales IOLs 4,058 4,606 Other surgical products 1,877 473 Total other product sales 5,935 5,079 Total net sales $ 27,093 $ 20,350 One customer, our distributor in China, accounted for 29 23 31 24 |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 10 Stock-Based Compensation Three Months Ended March 30, March 31, Employee stock options $ 619 $ 268 Restricted stock 51 40 Restricted stock units 598 202 Nonemployee stock options 33 Total $ 1,301 $ 510 Three Months Ended March 30, March 31, Cost of sales $ 3 $ 2 General and administrative 519 264 Marketing and selling 460 116 Research and development 319 128 Total stock-based compensation expense 1,301 510 Amounts capitalized as part of inventory 122 52 Total stock-based compensation $ 1,423 $ 562 Stock Option Plan Our Amended and Restated 2013 Omnibus Equity Incentive Plan (“the Plan”) provides for various forms of stock-based incentives. To date, of the available forms of awards under the Plan, the Company has granted only stock options, restricted stock, unrestricted share grants, restricted stock units (“RSUs”), and performance contingent stock units. Options under the plan are granted at fair market value on the date of grant, become exercisable over a three-year period, or as determined by our Board of Directors, and expire over periods not exceeding 10 0.95 17.62 653,076 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 11 estimated forfeiture rate based on historical forfeiture experience. Three Months Ended March 30, March 31, Expected dividend yield 0 % 0 % Expected volatility 53 % 57 % Risk-free interest rate 2.61 % 1.96 % Expected term (in years) 5.72 5.67 Option Outstanding at December 29, 2017 3,725 Granted 412 Exercised (56) Forfeited or expired (11) Outstanding at March 30, 2018 4,070 Exercisable at March 30, 2018 2,793 Restricted Restricted Outstanding at December 29, 2017 21 488 Granted 47 Vested (152) Forfeited or expired (3) Outstanding at March 30, 2018 21 380 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Note 11 Income Taxes The Company’s quarterly provision for income taxes is determined by estimating an annual effective tax rate. This estimate may fluctuate throughout the year as new information becomes available affecting its underlying assumptions. The Company recorded an income tax provision of $ 301,000 141,000 For the fiscal year-ended December 29, 2017 and prior years, the Company provided withholding and U.S. taxes on all unremitted foreign earnings, as the earnings from the Company’s foreign subsidiaries were not considered to be permanently reinvested. Effective for the current year, the Company no longer provides U.S. taxes on foreign earnings (see discussion below). Although foreign earnings are no longer subject to U.S. taxation, the Company continues to provide withholding taxes related to such unremitted earnings. U.S. Federal Income Tax Reform On December 22, 2017, the United States enacted major tax reform legislation. Most of the changes from the new law are effective for years beginning after December 31, 2017 with the noted exemption of the deemed repatriation of offshore earnings. Public Law No. 115-97, commonly referred to as the 2017 Tax Cuts and Jobs Act (“2017 Tax Act”) put into effect a number of changes impacting operations outside 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 U.S. tax, and shifts the U.S taxation of multinational corporations from a worldwide system of taxation to a territorial system. As such, the 2017 Tax Act provides an exemption against U.S. taxation on foreign earnings generated after December 31, 2017 and repatriated back to the U.S. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Note 12 - Commitments and Contingencies 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 March 30, 2018) plus a 0.50% spread, and may be renewed quarterly (the current line expires on May 21, 2018). 4,706 4,438 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 Covenant Compliance The Company is in compliance with the covenants of its credit facilities as of the date of this filing. Lease Line of Credit (Capital Leases) On March 8, 2018, the Company entered into lease schedule 011 with Farnam Street Financial, Inc. (“Farnam”). The line of credit provides for borrowings of up to $ 500,000 500,000 On March 8, 2018, the Company entered into lease schedule 010R with Farnam. Under 010R, equipment with a cost of $ 1,560,000 24 On January 31, 2017, the Company entered into lease schedule 009R with Farnam. Under 009R, equipment with a cost of $ 1,957,000 24 822,000 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 Condensed Consolidated Statements of Operations, Balance Sheets, or Statements of Cash Flows. 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. The hearing before the Ninth Circuit Court of Appeals is scheduled for June 8, 2018. Although the ultimate outcome of this action cannot be determined with certainty, the Company believes that the allegations in the Complaint are without merit. The Company has not recorded any loss or accrual in the accompanying Condensed Consolidated Financial Statements at March 30, 2018 and December 29, 2017 for this matter as the likelihood and amount of loss, if any, has not been determined and is not currently estimable. Employment Agreements The Company’s Chief Executive Officer and certain officers have as provisions of their agreements certain rights, including continuance of cash compensation and benefits, upon a “change in control,” which may include an acquisition of substantially all of its assets, or termination “without cause or for good reason” as defined in the employment agreements. |
Reclassifications
Reclassifications | 3 Months Ended |
Mar. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Reclassifications [Text Block] | Note 13 Reclassifications In accordance with ASU 2014-09, in order to disclose contract assets and contract liabilities, the Company reclassified the estimated amount of inventory expected to be returned from the allowance for sales returns to inventories, net on the Condensed Consolidated Balance Sheets. In addition, the Company reclassified the allowance for sales returns from accounts receivable, net to a separate line item in current liabilities on the Condensed Consolidated Balance Sheets. The Company reclassified inventory reserves from Changes in Working Capital Inventory in the Condensed Consolidated Statements of Cash Flows to the non-cash section of the Statement for the three months ended March 31, 2017. In accordance with ASU 2017-7, the Company reclassified the non-service cost component of net periodic pension costs from General and Administrative Expenses to Other Income, net on the Condensed Consolidated Statements of Operations. |
Basis of Presentation and Sig20
Basis of Presentation and Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 30, 2018 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | The Condensed Consolidated Financial Statements of the Company present the financial position, results of operations, and cash flows of STAAR Surgical Company and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Commission. In accordance with those rules and regulations certain information and footnote disclosures normally included in Comprehensive Financial Statements have been condensed or omitted pursuant to such rules and regulations. The Consolidated Balance Sheet as of December 29, 2017 was derived from the audited financial statements at that date, but does not include all the information and footnotes required by GAAP. These financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 29, 2017. The Condensed Consolidated Financial Statements for the three months ended March 30, 2018 and March 31, 2017, in the opinion of management, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Company’s financial condition and results of operations. The results of operations for the three months ended March 30, 2018 and March 31, 2017, are not necessarily indicative of the results to be expected for any other interim period or for the entire year. Each of the Company’s fiscal reporting periods ends on the Friday nearest to the quarter ending date and generally consists of 13 weeks. Unless the context indicates otherwise “we,” “us,” the “Company,” and “STAAR” refer to STAAR Surgical Company and its consolidated subsidiaries. |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Cash, Cash Equivalents and Restricted Cash March 30, 2018 December 29, 2017 March 31, 2017 Cash and cash equivalents $ 20,771 $ 18,520 $ 13,500 Restricted cash included in other long-term assets 121 121 119 Total cash, cash equivalents and restricted cash as shown in the Consolidated Statements of Cash Flows $ 20,892 $ 18,641 $ 13,619 The Company has restricted cash of approximately $ 121 |
Revenue Recognition, Policy [Policy Text Block] | Revenue The Company recognizes revenue when its contractual performance obligations with customers are satisfied. The Company’s performance obligations are generally limited to single sales orders with product shipping to the customer within a month of receipt of the sales order. Substantially all of the Company’s revenues are recognized at a point-in-time when control of its products transfers to the customer, which is typically upon shipment (as discussed below). The Company presents sales tax and similar taxes it collects from its customers on a net basis (excluded from revenues). 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 combined with an acrylic IOL 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 and those sales are classified as other product sales in total net sales. For the injector parts that are sold to be combined with an acrylic IOL into finished goods, the Company records the transaction at its carrying value deferring any profit margin as contra-inventory, until the finished goods inventory is sold to an end-customer (not the supplier) at which point the Company recognizes revenues. For all sales, the Company is considered the principal in the transaction as the Company is the party providing specified goods it has control over prior to when control is transferred to the customer. Cost of sales includes cost of production, freight and distribution, royalties, and inventory provisions, net of any purchase discounts. Shipping and handling activities that occur after the customer obtains control of the goods are recognized as fulfillment costs. The Company 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. For estimated returns, sales are reported net of estimated returns and cost of sales are reported net of estimated returns that can be resold. March 30, 2018 December 29, 2017 Estimated returns - inventory (1) $ 631 $ 534 Allowance for sales returns 2,685 2,546 (1) Recognized in inventories, net on the Condensed Consolidated Balance Sheets 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 Company disaggregates its revenue into the following categories: non-consignment sales, consignment sales and royalty income. Non-consignment Sales The Company recognizes revenue from non-consignment product sales at a point-in-time when control has been transferred, which is typically at shipping point, except for certain customers and for the STAAR Japan subsidiary, which is typically recognized when the customer receives the product. The Company does not have significant deferred revenues as of March 30, 2018 or March 31, 2017, as delivery to the customer is generally made within the same or the next day of shipment. The Company also enters into certain strategic cooperation agreements with customers in which, as consideration for minimum purchase commitments the customers make, the Company agrees, among other things, to pay for marketing, educational training and general support of the Company’s products. The provisions in these arrangements allow for these payments to be made directly to the customer in lieu of marketing and support or, payments can be made for distinct marketing, educational training and general support services provided by the customer or another party. For payments the Company makes to another party, or reimburses the customer, for distinct marketing and support services, the Company recognizes these payments as sales and marketing expense as incurred. These agreements are generally for periods of 12 months with quarterly minimum purchase commitments. The Company recognizes sales and marketing expenses in the period in which it expects the customer will achieve its minimum purchase commitment, generally quarterly, and any unpaid amounts are recorded in Other Current Liabilities in “Other” on the Condensed Consolidated Statements of Operations, see Note 6. Reimbursements made directly to the customer for general marketing incentives are treated as a reduction in revenues. The Company’s performance obligations generally occur in the same quarter as the shipment of product. 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 March 30, 2018 and March 31, 2017. Consignment Sales 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 at a point-in-time when the Company is notified that the lenses have been implanted, and so the performance obligation occurs at a point in time. Royalty Income From time to time, the Company licenses its patents to third parties in connection with the manufacture of product. One type of licensing contract requires that the licensee pay the Company a quarterly royalty based on a percentage of the licensee’s quarterly sales. The Company recognizes the revenue at a point-in-time, typically quarterly based on various factors including information from the licensee, historical performance and contract minimums. Another type of licensing contract requires that the licensee pay the Company a lump sum royalty once certain milestones are achieved, such as upon the first commercial sale of a product incorporating a licensed patent or technology (performance obligation occurs over a period of time); no such income was recognized for the three months ended March 30, 2018 and March 31, 2017. See Note 9 for additional information on disaggregation of revenues, geographic sales information and product sales. As Reported Adjustments Balances without the adoption of Accounts receivable trade, net $ 22,960 $ (2,685) $ 20,275 Total current assets 62,111 (2,685) 59,426 Total assets 78,292 (2,685) 75,607 Allowance for sales returns 2,685 (2,685) Total current liabilities 25,596 (2,685) 22,911 Total liabilities 32,375 (2,685) 29,690 Total liabilities and stockholders’ equity 78,292 (2,685) 75,607 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements On December 30, 2017 (beginning of FY 2018), the Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“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. The adoption of ASU 2017-09 did not have a material impact on the Condensed Consolidated Financial Statements. On December 30, 2017 (beginning of FY 2018), the Company adopted 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 adoption of ASU 2017-09 did not have a material impact on the Condensed Consolidated Financial Statements, however the Company reclassified the non-service component of net periodic pension costs from selling, general and administrative expense to other income, net, for the three months ended March 31, 2017 to confirm with current presentation. On December 30, 2017 (beginning of FY 2018), the Company adopted 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, using the modified retrospective method, and determined that there was no cumulative effect adjustment on the Consolidated Financial Statements. The adoption of ASU 2016-16 did not have a material impact on the Condensed Consolidated Financial Statements. On December 30, 2017 (beginning of FY 2018), the Company adopted 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. The adoption of ASU 2016-15 did not have a material impact on the Condensed Consolidated Financial Statements. Recent Accounting Pronouncements Not Yet Adopted 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 Condensed Consolidated Financial Statements and expects to complete the evaluation by the third quarter of 2018. In February 2018, the FASB issued ASU 2018-02, “Income Statement Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income,” provides an option to reclassify stranded tax effects within Accumulated Other Comprehensive Income to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recorded. This is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. The Company will adopt this standard as of December 29, 2018 (beginning of Fiscal Year 2019) and is currently evaluating the impact on ASU 2018-02 will have on its Condensed Consolidated Financial Statements. |
Basis of Presentation and Sig21
Basis of Presentation and Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 30, 2018 | |
Accounting Policies [Abstract] | |
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 condensed Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Condensed Consolidated Statements of Cash Flows (in 000’s): March 30, 2018 December 29, 2017 March 31, 2017 Cash and cash equivalents $ 20,771 $ 18,520 $ 13,500 Restricted cash included in other long-term assets 121 121 119 Total cash, cash equivalents and restricted cash as shown in the Consolidated Statements of Cash Flows $ 20,892 $ 18,641 $ 13,619 |
Estimated Sales Return [Table Text Block] | On the Condensed Consolidated Balance Sheets, the balances associated for estimated sales returns are as follows: March 30, 2018 December 29, 2017 Estimated returns - inventory (1) $ 631 $ 534 Allowance for sales returns 2,685 2,546 (1) Recognized in inventories, net on the Condensed Consolidated Balance Sheets |
Condensed Financial Statements [Table Text Block] | The following table summarizes the impact of adopting Topic 606 on the Company’s Condensed Consolidated Financial Statements for March 30, 2018: As Reported Adjustments Balances without the adoption of Accounts receivable trade, net $ 22,960 $ (2,685) $ 20,275 Total current assets 62,111 (2,685) 59,426 Total assets 78,292 (2,685) 75,607 Allowance for sales returns 2,685 (2,685) Total current liabilities 25,596 (2,685) 22,911 Total liabilities 32,375 (2,685) 29,690 Total liabilities and stockholders’ equity 78,292 (2,685) 75,607 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Inventories, net are stated at the lower of cost and net realizable value, determined on a first-in, first-out basis and consisted of the following (in thousands): March 30, December 29, Raw materials and purchased parts $ 2,485 $ 2,506 Work in process 2,451 1,996 Finished goods 10,566 11,533 15,502 16,035 Less inventory reserves 2,058 2,361 Total $ 13,444 $ 13,674 |
Prepayments, Deposits, and Ot23
Prepayments, Deposits, and Other Current Assets (Tables) | 3 Months Ended |
Mar. 30, 2018 | |
Prepaid Expenses and Other Current Assets Disclosure [Abstract] | |
Schedule Of Prepayments, Deposits, and Other Current Assets Disclosure [Table Text Block] | Prepayments, deposits, and other current assets consisted of the following (in thousands): March, 30, December 29, Prepayments and deposits $ 2,121 $ 1,435 Prepaid insurance 743 943 Income tax receivable 108 181 Consumption tax receivable 253 541 Value added tax (VAT) receivable 723 910 BVG Prepayment 634 10 Other current assets (1) 354 187 Total $ 4,936 $ 4,207 (1) |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 3 Months Ended |
Mar. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment, net consisted of the following (in thousands): March 30, December 29, Machinery and equipment $ 18,490 $ 16,562 Furniture and fixtures 9,453 9,201 Leasehold improvements 9,678 9,631 37,621 35,394 Less accumulated depreciation 25,765 25,618 Total $ 11,856 $ 9,776 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Intangible assets, net consisted of the following (in thousands): March 30, 2018 December 29, 2017 Gross Accumulated Net Gross Accumulated Net Long-lived amortized intangible assets: Patents and licenses $ 9,281 $ (9,003) $ 278 $ 9,244 $ (8,973) $ 271 Customer relationships 1,476 (1,476) 1,392 (1,392) Developed technology 938 (938) 885 (885) Total $ 11,695 $ (11,417) $ 278 $ 11,521 $ (11,250) $ 271 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 3 Months Ended |
Mar. 30, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | Other current liabilities consisted of the following (in thousands): March 30, December 29, Accrued salaries and wages $ 4,410 $ 2,407 Accrued insurance 384 565 Accrued consumption tax 321 446 Accrued income taxes 184 210 Accrued bonuses 1,328 2,026 Other (1) 1,443 1,685 Total $ 8,070 $ 7,339 (1) |
Defined Benefit Pension Plans (
Defined Benefit Pension Plans (Tables) | 3 Months Ended |
Mar. 30, 2018 | |
Defined Benefit Plan [Abstract] | |
Schedule of Net Benefit Costs [Table Text Block] | The Company has defined benefit plans covering employees of its Switzerland and Japan operations. The following table summarizes the components of net periodic pension cost recorded for the Company’s defined benefit pension plans (in thousands): Three Months Ended March 30, March 31, Service cost (1) $ 138 $ 129 Interest cost (2) 14 14 Expected return on plan assets (2) (26) (23) Net amortization of transitional obligation (2),(3) 3 3 Prior service credit (2),(3) (6) (2) Actuarial loss recognized in current period (2),(3) 28 17 Net periodic pension cost $ 151 $ 138 (1) (2) (3) |
Basic and Diluted Net Income 28
Basic and Diluted Net Income (Loss) Per Share (Tables) | 3 Months Ended |
Mar. 30, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table sets forth the computation of basic and diluted net income (loss) per share (in thousands except per share amounts): Three Months Ended March 30, March 31, Numerator: Net income (loss) $ 583 $ (2,203) Denominator: Weighted average common shares and denominator for basic calculation: Weighted average common shares outstanding 41,431 40,772 Less: Unvested restricted stock (21) (23) Denominator for basic calculation 41,410 40,749 Weighted average effects of potentially dilutive common stock: Stock options 1,396 Unvested restricted stock 264 Restricted stock units 17 Warrants Denominator for diluted calculation 43,087 40,749 Net income (loss) per share basic $ 0.01 $ (0.05) Net income (loss) per share diluted $ 0.01 $ (0.05) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | 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. Three Months Ended March 30, March 31, Options $ 385 $ 2,567 Restricted stock and restricted stock units 4 146 Total $ 389 $ 2,713 |
Disaggregation of Revenues, G29
Disaggregation of Revenues, Geographic Sales and Product Sales (Tables) | 3 Months Ended |
Mar. 30, 2018 | |
Segment Reporting [Abstract] | |
Disaggregation of Revenue [Table Text Block] | The following breaks down revenues into the following categories (in thousands): Three Months Ended March 30, March 31, Non-consignment sales $ 22,181 $ 15,756 Consignment sales 4,912 4,594 Total net sales 27,093 20,350 Royalty income (1) 157 131 Total revenues $ 27,250 $ 20,481 (1) Shown as a separate line item in other income, net on the Condensed Consolidated Statements of Operations. |
Revenue from External Customers by Geographic Areas [Table Text Block] | The composition of the Company’s net sales to unaffiliated customers is set forth below (in thousands): Three Months Ended March 30, March 31, China $ 7,910 $ 4,626 Japan 5,083 3,799 Korea 2,195 1,426 United States 1,756 1,958 Other (1) 10,149 8,541 Total net sales $ 27,093 $ 20,350 |
Revenue from External Customers by Products and Services [Table Text Block] | The composition of the Company’s net sales by product line is as follows (in thousands): Three Months Ended March 30, March 31, ICls $ 21,158 $ 15,271 Other product sales IOLs 4,058 4,606 Other surgical products 1,877 473 Total other product sales 5,935 5,079 Total net sales $ 27,093 $ 20,350 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule Of Compensation Cost [Table Text Block] | The cost that has been charged against income for stock-based compensation is set forth below (in thousands): Three Months Ended March 30, March 31, Employee stock options $ 619 $ 268 Restricted stock 51 40 Restricted stock units 598 202 Nonemployee stock options 33 Total $ 1,301 $ 510 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | The Company recorded stock-based compensation costs in the following categories on the accompanying Condensed Consolidated Statements of Operations (in thousands): Three Months Ended March 30, March 31, Cost of sales $ 3 $ 2 General and administrative 519 264 Marketing and selling 460 116 Research and development 319 128 Total stock-based compensation expense 1,301 510 Amounts capitalized as part of inventory 122 52 Total stock-based compensation $ 1,423 $ 562 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The risk-free rate is based on the U.S. Treasury yield curve corresponding to the expected term at the time of the grant. Three Months Ended March 30, March 31, Expected dividend yield 0 % 0 % Expected volatility 53 % 57 % Risk-free interest rate 2.61 % 1.96 % Expected term (in years) 5.72 5.67 |
Share-based Compensation, Stock Options, Activity [Table Text Block] | A summary of option activity under the Plan for the quarter ended March 30, 2018 is presented below: Option Outstanding at December 29, 2017 3,725 Granted 412 Exercised (56) Forfeited or expired (11) Outstanding at March 30, 2018 4,070 Exercisable at March 30, 2018 2,793 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | A summary of restricted stock and RSU activity under the Plan for the quarter ended March 30, 2018 is presented below: Restricted Restricted Outstanding at December 29, 2017 21 488 Granted 47 Vested (152) Forfeited or expired (3) Outstanding at March 30, 2018 21 380 |
Basis of Presentation and Sig31
Basis of Presentation and Significant Accounting Policies (Details) - USD ($) $ in Thousands | Mar. 30, 2018 | Dec. 29, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Cash and cash equivalents | $ 20,771 | $ 18,520 | $ 13,500 | |
Restricted cash included in other long-term assets | 121 | 121 | 119 | |
Total cash, cash equivalents and restricted cash as shown in the Consolidated Statements of Cash Flows | $ 20,892 | $ 18,641 | $ 13,619 | $ 14,118 |
Basis of Presentation and Sig32
Basis of Presentation and Significant Accounting Policies (Details 1) - USD ($) $ in Thousands | Mar. 30, 2018 | Dec. 29, 2017 | |
Estimated returns - inventory | [1] | $ 631 | $ 534 |
Allowance for sales returns | $ 2,685 | $ 2,546 | |
[1] | Recognized in inventories, net on the Condensed Consolidated Balance Sheets |
Basis of Presentation and Sig33
Basis of Presentation and Significant Accounting Policies (Details 2) - USD ($) $ in Thousands | Mar. 30, 2018 | Dec. 29, 2017 |
Accounts receivable trade, net | $ 22,960 | $ 20,035 |
Total current assets | 62,111 | 56,436 |
Total assets | 78,292 | 70,478 |
Allowance for sales returns | 2,685 | 2,546 |
Total current liabilities | 25,596 | 21,634 |
Total liabilities | 32,375 | 27,542 |
Total liabilities and stockholders’ equity | 78,292 | $ 70,478 |
Scenario, Adjustment [Member] | ||
Accounts receivable trade, net | (2,685) | |
Total current assets | (2,685) | |
Total assets | (2,685) | |
Allowance for sales returns | (2,685) | |
Total current liabilities | (2,685) | |
Total liabilities | (2,685) | |
Total liabilities and stockholders’ equity | (2,685) | |
Balances without the adoption of 606 [Member] | ||
Accounts receivable trade, net | 20,275 | |
Total current assets | 59,426 | |
Total assets | 75,607 | |
Allowance for sales returns | 0 | |
Total current liabilities | 22,911 | |
Total liabilities | 29,690 | |
Total liabilities and stockholders’ equity | $ 75,607 |
Basis of Presentation and Sig34
Basis of Presentation and Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | Mar. 30, 2018 | Dec. 29, 2017 | Mar. 31, 2017 |
Organization And Description Of Business And Accounting Policies [Line Items] | |||
Restricted Cash and Cash Equivalents, Current | $ 121 | $ 121 | $ 119 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Mar. 30, 2018 | Dec. 29, 2017 |
Inventory [Line Items] | ||
Raw materials and purchased parts | $ 2,485 | $ 2,506 |
Work in process | 2,451 | 1,996 |
Finished goods | 10,566 | 11,533 |
Inventory, Gross | 15,502 | 16,035 |
Less inventory reserves | 2,058 | 2,361 |
Total | $ 13,444 | $ 13,674 |
Prepayments, Deposits, and Ot36
Prepayments, Deposits, and Other Current Assets (Details) - USD ($) $ in Thousands | Mar. 30, 2018 | Dec. 29, 2017 | |
Prepayments, Deposits, and Other Current Assets [Line Items] | |||
Prepayments and deposits | $ 2,121 | $ 1,435 | |
Prepaid insurance | 743 | 943 | |
Income tax receivable | 108 | 181 | |
Consumption tax receivable | 253 | 541 | |
Value added tax (VAT) receivable | 723 | 910 | |
BVG Prepayment | 634 | 10 | |
Other current assets | [1] | 354 | 187 |
Total | $ 4,936 | $ 4,207 | |
[1] | No individual item in "other current assets" exceeds 5% of the total prepayments, deposits and other current assets. |
Property, Plant and Equipment37
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Mar. 30, 2018 | Dec. 29, 2017 |
Property, Plant and Equipment [Line Items] | ||
Machinery and equipment | $ 18,490 | $ 16,562 |
Furniture and fixtures | 9,453 | 9,201 |
Leasehold improvements | 9,678 | 9,631 |
Property, Plant and Equipment, Gross | 37,621 | 35,394 |
Less accumulated depreciation | 25,765 | 25,618 |
Total | $ 11,856 | $ 9,776 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 30, 2018 | Dec. 29, 2017 |
Long-lived intangible assets: | ||
Long-lived intangible assets, Gross Carrying Amount | $ 11,695 | $ 11,521 |
Long-lived intangible assets, Accumulated Amortization | (11,417) | (11,250) |
Long-lived intangible assets, Net | 278 | 271 |
Patents and licenses [Member] | ||
Long-lived intangible assets: | ||
Long-lived intangible assets, Gross Carrying Amount | 9,281 | 9,244 |
Long-lived intangible assets, Accumulated Amortization | (9,003) | (8,973) |
Long-lived intangible assets, Net | 278 | 271 |
Customer relationships [Member] | ||
Long-lived intangible assets: | ||
Long-lived intangible assets, Gross Carrying Amount | 1,476 | 1,392 |
Long-lived intangible assets, Accumulated Amortization | (1,476) | (1,392) |
Long-lived intangible assets, Net | 0 | 0 |
Developed technology [Member] | ||
Long-lived intangible assets: | ||
Long-lived intangible assets, Gross Carrying Amount | 938 | 885 |
Long-lived intangible assets, Accumulated Amortization | (938) | (885) |
Long-lived intangible assets, Net | $ 0 | $ 0 |
Other Current Liabilities (Deta
Other Current Liabilities (Details) - USD ($) $ in Thousands | Mar. 30, 2018 | Dec. 29, 2017 | |
Other Liabilities, Current [Line Items] | |||
Accrued salaries and wages | $ 4,410 | $ 2,407 | |
Accrued insurance | 384 | 565 | |
Accrued consumption tax | 321 | 446 | |
Accrued income taxes | 184 | 210 | |
Accrued bonuses | 1,328 | 2,026 | |
Other | [1] | 1,443 | 1,685 |
Total | $ 8,070 | $ 7,339 | |
[1] | No individual item in "Other" exceeds 5% of the other current liabilities. |
Defined Benefit Pension Plans40
Defined Benefit Pension Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 30, 2018 | Mar. 31, 2017 | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | [1] | $ 138 | $ 129 |
Interest cost | [2] | 14 | 14 |
Expected return on plan assets | [2] | (26) | (23) |
Net amortization of transitional obligation | [2],[3] | 3 | 3 |
Prior service credit | [2],[3] | (6) | (2) |
Actuarial loss recognized in current period | [2],[3] | 28 | 17 |
Net periodic pension cost | $ 151 | $ 138 | |
[1] | Recognized in selling general and administrative expenses on the Condensed Consolidated Statements of Operations. | ||
[2] | Recognized in other income, net on the Condensed Consolidated Statements of Operations. | ||
[3] | Amounts reclassified from accumulated other comprehensive loss. |
Defined Benefit Pension Plans41
Defined Benefit Pension Plans (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 30, 2018 | Mar. 31, 2017 | |
Swiss Pension Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Contributions By Employer | $ 66,000 | $ 64,000 |
Basic and Diluted Net Income 42
Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 30, 2018 | Mar. 31, 2017 | |
Numerator: | ||
Net income (loss) | $ 583 | $ (2,203) |
Weighted average common shares and denominator for basic calculation: | ||
Weighted average common shares outstanding | 41,431 | 40,772 |
Less: Unvested restricted stock | (21) | (23) |
Denominator for basic calculation | 41,410 | 40,749 |
Weighted average effects of potentially dilutive common stock: | ||
Weighted Average Number Diluted Shares Outstanding Adjustment | 43,087 | 40,749 |
Net income (loss) per share - basic | $ 0.01 | $ (0.05) |
Net income (loss) per share - diluted | $ 0.01 | $ (0.05) |
Employee Stock Option [Member] | ||
Weighted average effects of potentially dilutive common stock: | ||
Weighted Average Number Diluted Shares Outstanding Adjustment | 1,396 | 0 |
Restricted Stock [Member] | ||
Weighted average effects of potentially dilutive common stock: | ||
Weighted Average Number Diluted Shares Outstanding Adjustment | 17 | 0 |
Unvested Restricted Stock [Member] | ||
Weighted average effects of potentially dilutive common stock: | ||
Weighted Average Number Diluted Shares Outstanding Adjustment | 264 | 0 |
Warrant [Member] | ||
Weighted average effects of potentially dilutive common stock: | ||
Weighted Average Number Diluted Shares Outstanding Adjustment | 0 | 0 |
Basic and Diluted Net Income 43
Basic and Diluted Net Income (Loss) Per Share (Details 1) - shares shares in Thousands | 3 Months Ended | |
Mar. 30, 2018 | Mar. 31, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 389 | 2,713 |
Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 385 | 2,567 |
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 | 4 | 146 |
Disaggregation of Revenues, G44
Disaggregation of Revenues, Geographic Sales and Product Sales (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 30, 2018 | Mar. 31, 2017 | ||
Revenue, Net, Total | $ 27,093 | $ 20,350 | |
Royalty income | [1] | 157 | 131 |
Total revenues | 27,250 | 20,481 | |
Non Consignment Sales [Member] | |||
Revenue, Net, Total | 22,181 | 15,756 | |
Consignment Sales [Member] | |||
Revenue, Net, Total | $ 4,912 | $ 4,594 | |
[1] | Shown as a separate line item in other income, net on the Condensed Consolidated Statements of Operations. |
Disaggregation of Revenues, G45
Disaggregation of Revenues, Geographic Sales and Product Sales (Details 1) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 30, 2018 | Mar. 31, 2017 | ||
Geographic And Sales [Line Items] | |||
Net sales | $ 27,093 | $ 20,350 | |
Japan [Member] | |||
Geographic And Sales [Line Items] | |||
Net sales | 5,083 | 3,799 | |
China [Member] | |||
Geographic And Sales [Line Items] | |||
Net sales | 7,910 | 4,626 | |
United States [Member] | |||
Geographic And Sales [Line Items] | |||
Net sales | 1,756 | 1,958 | |
Korea [Member] | |||
Geographic And Sales [Line Items] | |||
Net sales | 2,195 | 1,426 | |
Other [Member] | |||
Geographic And Sales [Line Items] | |||
Net sales | [1] | $ 10,149 | $ 8,541 |
[1] | No other location individually exceeds 10% of the total sales. |
Disaggregation of Revenues, G46
Disaggregation of Revenues, Geographic Sales and Product Sales (Details 2) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 30, 2018 | Mar. 31, 2017 | |
Product Information [Line Items] | ||
Sales Revenue, Goods, Net | $ 5,935 | $ 5,079 |
Net sales | 27,093 | 20,350 |
ICLs [Member] | ||
Product Information [Line Items] | ||
Sales Revenue, Goods, Net | 21,158 | 15,271 |
IOLs [Member] | ||
Product Information [Line Items] | ||
Sales Revenue, Goods, Net | 4,058 | 4,606 |
Other surgical products [Member] | ||
Product Information [Line Items] | ||
Sales Revenue, Goods, Net | $ 1,877 | $ 473 |
Disaggregation of Revenues, G47
Disaggregation of Revenues, Geographic Sales and Product Sales (Details Textual) | 3 Months Ended | 12 Months Ended | |
Mar. 30, 2018 | Mar. 31, 2017 | Dec. 29, 2017 | |
Geographic and Product Data [Line Items] | |||
Number of Countries in which Entity Operates | 75 | ||
Sales Exceed Percentage | 10.00% | ||
Customer One [Member] | Accounts Receivable [Member] | |||
Geographic and Product Data [Line Items] | |||
Concentration Risk, Percentage | 31.00% | 24.00% | |
Customer One [Member] | Sales Revenue, Net [Member] | |||
Geographic and Product Data [Line Items] | |||
Concentration Risk, Percentage | 29.00% | 23.00% |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 30, 2018 | Mar. 31, 2017 | |
Schedule of Employee Service Share-based Compensation [Line Items] | ||
Share-based Compensation | $ 1,301 | $ 510 |
Employee stock options [Member] | ||
Schedule of Employee Service Share-based Compensation [Line Items] | ||
Share-based Compensation | 619 | 268 |
Restricted stock [Member] | ||
Schedule of Employee Service Share-based Compensation [Line Items] | ||
Share-based Compensation | 51 | 40 |
Restricted stock units [Member] | ||
Schedule of Employee Service Share-based Compensation [Line Items] | ||
Share-based Compensation | 598 | 202 |
Nonemployee stock options [Member] | ||
Schedule of Employee Service Share-based Compensation [Line Items] | ||
Share-based Compensation | $ 33 | $ 0 |
Stock-Based Compensation (Det49
Stock-Based Compensation (Details 1) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 30, 2018 | Mar. 31, 2017 | |
Schedule of Employee Service Share-based Compensation [Line Items] | ||
Total stock-based compensation expense | $ 1,301 | $ 510 |
Amounts capitalized as part of inventory | 122 | 52 |
Total stock-based compensation | 1,423 | 562 |
Cost of Sales [Member] | ||
Schedule of Employee Service Share-based Compensation [Line Items] | ||
Total stock-based compensation expense | 3 | 2 |
General and administrative [Member] | ||
Schedule of Employee Service Share-based Compensation [Line Items] | ||
Total stock-based compensation expense | 519 | 264 |
Marketing and selling [Member] | ||
Schedule of Employee Service Share-based Compensation [Line Items] | ||
Total stock-based compensation expense | 460 | 116 |
Research and development [Member] | ||
Schedule of Employee Service Share-based Compensation [Line Items] | ||
Total stock-based compensation expense | $ 319 | $ 128 |
Stock-Based Compensation (Det50
Stock-Based Compensation (Details 2) | 3 Months Ended | |
Mar. 30, 2018 | Mar. 31, 2017 | |
Schedule of Employee Service Share-based Compensation [Line Items] | ||
Expected dividend yield | 0.00% | 0.00% |
Expected volatility | 53.00% | 57.00% |
Risk-free interest rate | 2.61% | 1.96% |
Expected term (in years) | 5 years 8 months 19 days | 5 years 8 months 1 day |
Stock-Based Compensation (Det51
Stock-Based Compensation (Details 3) - Employee Stock Option [Member] shares in Thousands | 3 Months Ended |
Mar. 30, 2018shares | |
Schedule of Employee Service Share-based Compensation [Line Items] | |
Outstanding at December 29, 2017 | 3,725 |
Options, Granted, Shares | 412 |
Options, Exercised, Shares | (56) |
Options, Forfeited or expired, Shares | (11) |
Outstanding at March 30, 2018 | 4,070 |
Exercisable at March 30, 2018 | 2,793 |
Stock-Based Compensation (Det52
Stock-Based Compensation (Details 4) shares in Thousands | 3 Months Ended |
Mar. 30, 2018shares | |
Restricted Stock [Member] | |
Outstanding at December 30, 2016 | 21 |
Granted, (In Shares) | 0 |
Vested (In shares) | 0 |
Forfeited or expired (In shares) | 0 |
Outstanding at September 29, 2017 | 21 |
Restricted Stock Units (RSUs) [Member] | |
Outstanding at December 30, 2016 | 488 |
Granted, (In Shares) | 47 |
Vested (In shares) | (152) |
Forfeited or expired (In shares) | (3) |
Outstanding at September 29, 2017 | 380 |
Stock-Based Compensation (Det53
Stock-Based Compensation (Details Textual) | 3 Months Ended |
Mar. 30, 2018$ / sharesshares | |
Schedule of Employee Service Share-based Compensation [Line Items] | |
Estimated Forfeiture Rate | 11.00% |
Omnibus Plan [Member] | |
Schedule of Employee Service Share-based Compensation [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding | 4,070,281 |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years |
Omnibus Plan [Member] | Maximum [Member] | |
Schedule of Employee Service Share-based Compensation [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Beginning Balance | $ / shares | $ 17.62 |
Omnibus Plan [Member] | Minimum [Member] | |
Schedule of Employee Service Share-based Compensation [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Beginning Balance | $ / shares | $ 0.95 |
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 | 653,076 |
Omnibus Plan [Member] | Restricted Stock And Restricted Stock Units [Member] | |
Schedule of Employee Service Share-based Compensation [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested | 379,901 |
Commitments and Contingencies (
Commitments and Contingencies (Details Textual) | Mar. 08, 2018USD ($) | Jan. 31, 2017USD ($) | Mar. 30, 2018USD ($) | Mar. 30, 2018JPY (¥) | Mar. 30, 2018CHF (SFr) | Dec. 29, 2017USD ($) | Dec. 29, 2017JPY (¥) |
Line of Credit Facility, Maximum Borrowing Capacity | ¥ | ¥ 500,000,000 | ¥ 500,000,000 | |||||
Line of Credit, Current | $ 4,706,000 | ¥ 500,000,000 | $ 4,438,000 | ||||
Line of Credit Facility, Current Borrowing Capacity | $ 1,000,000 | SFr 1,000,000 | 1,000,000 | ||||
Interest Rate Increase In Case Of Default | 14.00% | ||||||
Percentage Of Commission On Outstanding Notes Payable | 0.25% | ||||||
Capital Lease Obligations, Current | $ 1,896,000 | $ 1,278,000 | |||||
lease schedule 009R [Member] | |||||||
Sale Leaseback Transaction Net Proceeds Expiration Term | 24 months | ||||||
Capital Lease Obligations, Current | 822,000 | ||||||
Lease Schedule 010R [Member] | |||||||
Sale Leaseback Transaction Net Proceeds Expiration Term | 24 months | ||||||
Capital Lease Obligations, Current | 1,067,000 | ||||||
Lease Schedule 011 [Member] | |||||||
Line of Credit Facility, Current Borrowing Capacity | $ 500,000 | ||||||
Lease Line Of Credit [Member] | lease schedule 009R [Member] | |||||||
Line of Credit Facility, Current Borrowing Capacity | $ 1,957,000 | ||||||
Lease Line Of Credit [Member] | Lease Schedule 010R [Member] | |||||||
Line of Credit Facility, Current Borrowing Capacity | $ 1,560,000 | ||||||
Lease Line Of Credit [Member] | Lease Schedule 011 [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 500,000 | ||||||
Hardware Equipment [Member] | lease schedule 009R [Member] | |||||||
Sale Leaseback Transaction, Imputed Interest Rate Term | 3.94% per $1 | ||||||
Hardware Equipment [Member] | Lease Schedule 010R [Member] | |||||||
Sale Leaseback Transaction, Imputed Interest Rate Term | 3.94% per $1 | ||||||
Hardware Equipment [Member] | Lease Schedule 011 [Member] | |||||||
Sale Leaseback Transaction, Imputed Interest Rate Term | 3.94% per $1 | ||||||
Non-Hardware Equipment [Member] | lease schedule 009R [Member] | |||||||
Sale Leaseback Transaction, Imputed Interest Rate Term | 4.75% per $1 | ||||||
Non-Hardware Equipment [Member] | Lease Schedule 010R [Member] | |||||||
Sale Leaseback Transaction, Imputed Interest Rate Term | 4.75% per $1 | ||||||
Non-Hardware Equipment [Member] | Lease Schedule 011 [Member] | |||||||
Sale Leaseback Transaction, Imputed Interest Rate Term | 4.75% per $1 | ||||||
Mizuho Bank [Member] | |||||||
Line of Credit Facility, Interest Rate Description | (approximately 0.06% as of March 30, 2018) plus a 0.50% spread, and may be renewed quarterly (the current line expires on May 21, 2018). |