Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 28, 2018 | Oct. 26, 2018 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 28, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | STAAR SURGICAL CO | |
Entity Central Index Key | 718,937 | |
Current Fiscal Year End Date | --12-28 | |
Entity Filer Category | Accelerated Filer | |
Trading Symbol | STAA | |
Entity Common Stock, Shares Outstanding | 44,131,509 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 28, 2018 | Dec. 29, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 102,195 | $ 18,520 |
Accounts receivable trade, net of allowance for doubtful accounts of $616 and $350, respectively | 23,732 | 20,035 |
Inventories, net | 16,180 | 13,674 |
Prepayments, deposits, and other current assets | 5,190 | 4,207 |
Total current assets | 147,297 | 56,436 |
Property, plant and equipment, net | 11,462 | 9,776 |
Intangible assets, net | 244 | 271 |
Goodwill | 1,786 | 1,786 |
Deferred income taxes | 1,201 | 1,242 |
Other assets | 998 | 967 |
Total assets | 162,988 | 70,478 |
Current liabilities: | ||
Line of credit | 4,162 | 4,438 |
Accounts payable | 8,282 | 6,033 |
Obligations under capital leases | 1,359 | 1,278 |
Allowance for sales returns | 2,802 | 2,546 |
Other current liabilities | 10,935 | 7,339 |
Total current liabilities | 27,540 | 21,634 |
Obligations under capital leases | 662 | 531 |
Deferred income taxes | 679 | 350 |
Asset retirement obligations | 201 | 202 |
Deferred rent | 203 | 172 |
Pension liability | 4,839 | 4,653 |
Total liabilities | 34,124 | 27,542 |
Commitments and contingencies (Note 12) | ||
Stockholders' equity: | ||
Common stock, $0.01 par value; 60,000 shares authorized: 44,104 and 41,383 shares issued and outstanding at September 28, 2018 and December 29, 2017, respectively | 441 | 414 |
Additional paid-in capital | 287,000 | 204,920 |
Accumulated other comprehensive loss | (1,201) | (1,150) |
Accumulated deficit | (157,376) | (161,248) |
Total stockholders' equity | 128,864 | 42,936 |
Total liabilities and stockholders' equity | $ 162,988 | $ 70,478 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Sep. 28, 2018 | Dec. 29, 2017 |
Allowance for Doubtful Accounts Receivable, Current | $ 616 | $ 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 | 44,104 | 41,383 |
Common stock, shares outstanding | 44,104 | 41,383 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 28, 2018 | Sep. 29, 2017 | ||
Net sales | $ 31,770 | $ 23,473 | $ 92,768 | $ 65,759 | |
Cost of sales | 7,910 | 6,624 | 24,250 | 18,859 | |
Gross profit | 23,860 | 16,849 | 68,518 | 46,900 | |
Selling, general and administrative expenses: | |||||
General and administrative | 6,087 | 4,716 | 18,054 | 14,380 | |
Marketing and selling | 10,620 | 6,495 | 28,733 | 20,473 | |
Research and development | 5,570 | 4,594 | 16,323 | 14,418 | |
Total selling, general and administrative expenses | 22,277 | 15,805 | 63,110 | 49,271 | |
Operating income (loss) | 1,583 | 1,044 | 5,408 | (2,371) | |
Other income (expense): | |||||
Interest expense, net | (29) | (27) | (65) | (88) | |
Gain (loss) on foreign currency transactions | 52 | 444 | (545) | 738 | |
Royalty income | [1] | 159 | 141 | 465 | 400 |
Other income (expense), net | 40 | (19) | 61 | 17 | |
Other income (expense), net | 222 | 539 | (84) | 1,067 | |
Income (loss) before income taxes | 1,805 | 1,583 | 5,324 | (1,304) | |
Income tax provision | 346 | 410 | 1,452 | 697 | |
Net income (loss) | $ 1,459 | $ 1,173 | $ 3,872 | $ (2,001) | |
Net income (loss) per share: | |||||
Basic | $ 0.03 | $ 0.03 | $ 0.09 | $ (0.05) | |
Diluted | $ 0.03 | $ 0.03 | $ 0.09 | $ (0.05) | |
Weighted average shares outstanding: | |||||
Basic | 43,054 | 41,110 | 42,065 | 40,939 | |
Diluted | 46,025 | 42,104 | 44,618 | 40,939 | |
[1] | Shown as a separate line item in other income, net on the Condensed Consolidated Statements of Operations. |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 28, 2018 | Sep. 29, 2017 | |
Net income (loss) | $ 1,459 | $ 1,173 | $ 3,872 | $ (2,001) |
Defined benefit plans: | ||||
Net change in plan assets | (21) | (17) | (51) | (54) |
Reclassification into other income (expense), net | 25 | 18 | 76 | 55 |
Foreign currency translation gains (losses) | (321) | (46) | (114) | 360 |
Tax effect | 105 | 13 | 38 | (99) |
Other comprehensive income (loss), net of tax | (212) | (32) | (51) | 262 |
Comprehensive income (loss) | $ 1,247 | $ 1,141 | $ 3,821 | $ (1,739) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 28, 2018 | Sep. 29, 2017 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 3,872 | $ (2,001) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation of property, plant, and equipment | 1,792 | 2,344 |
Amortization of intangibles | 26 | 166 |
Deferred income taxes | 363 | 164 |
Change in net pension liability | 233 | 95 |
Loss on disposal of property and equipment | 8 | 22 |
Stock-based compensation expense | 4,926 | 2,185 |
Provision for sales returns and bad debts | 892 | 186 |
Inventory provision | 1,181 | 1,267 |
Changes in working capital: | ||
Accounts receivable | (3,989) | 41 |
Inventories | (3,625) | 725 |
Prepayments, deposits, and other current assets | (1,021) | (764) |
Accounts payable | 2,121 | (2,751) |
Other current liabilities | 3,643 | 62 |
Net cash provided by operating activities | 10,422 | 1,741 |
Cash flows from investing activities: | ||
Acquisition of property and equipment | (1,721) | (969) |
Net cash used in investing activities | (1,721) | (969) |
Cash flows from financing activities: | ||
Proceeds from public offering of stock | 72,150 | 0 |
Repayment of capital lease obligations | (1,396) | (984) |
Repayment on line of credit | (251) | 0 |
Repurchase of employee common stock for taxes withheld | 0 | (234) |
Proceeds from vested restricted stock and exercise of stock options | 4,582 | 2,276 |
Net cash provided by financing activities | 75,085 | 1,058 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (111) | 305 |
Increase in cash, cash equivalents and restricted cash | 83,675 | 2,135 |
Cash, cash equivalents and restricted cash, at beginning of the period | 18,641 | 14,118 |
Cash, cash equivalents and restricted cash, at end of the period | 102,316 | 16,253 |
Supplemental disclosure of non-cash operating activities | ||
Insurance receivable | 0 | 7,000 |
Settlement liability | $ 0 | $ 7,000 |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 9 Months Ended |
Sep. 28, 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 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 and nine months ended September 28, 2018 and September 29, 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 and nine months ended September 28, 2018 and September 29, 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, Cash Equivalents and Restricted Cash 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): September 28, 2018 December 29, 2017 September 29, 2017 Cash and cash equivalents $ 102,195 $ 18,520 $ 16,133 Restricted cash included in other long-term assets 121 121 120 Total cash, cash equivalents and restricted cash as shown in the Consolidated Statements of Cash Flows $ 102,316 $ 18,641 $ 16,253 The Company has restricted cash of approximately $121,000 set aside as collateral for a standby letter of credit required by the California Department of Public Health for unforeseen future regulatory costs related to the decommissioning of certain manufacturing equipment. Revenue On December 30, 2017 (beginning of FY 2018), the Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers (Topic 606)” and its subsequent amendments: (i) ASU No. 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date”; (ii) ASU No. 2016-10, “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing;” (iii) 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”; (iv) ASU No. 2016-12, “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients”; and (v) ASU No. 2016-20, “Revenue from Contracts with Customers (Topic 606): Technical Corrections and Improvements to Topic 606”, using the modified retrospective method, and determined that there was no cumulative effect adjustment on the Consolidated Financial Statements. The Company determined that the adoption of the new standard did not materially impact the revenue recognition on its Consolidated Financial Statements. 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, 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. On the Condensed Consolidated Balance Sheets, the balances associated for estimated sales returns are as follows: September 28, 2018 December 29, 2017 Estimated returns - inventory (1) $ 678 $ 534 Allowance for sales returns 2,802 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 September 28, 2018 or September 29, 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 certain commitments made by the customer, including minimum purchase commitments, 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 or payments can be made directly to a third party for distinct marketing, educational training and general support services provided to or on behalf of the customer by the third 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 strategic cooperation agreements are generally for periods of 12 months or more 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 September 28, 2018 or September 29, 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 on consigned inventory and recognizes revenue for consignment inventory at a point-in-time when the Company is notified that the lenses have been implanted, thus completing the performance obligation. 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; royalty income was as follows (in thousands): Three Months Ended Nine Months Ended September 28, 2018 September 29, 2017 September 28, 2018 September 29, 2017 Royalty income (1) $ 159 $ 141 $ 465 $ 400 (1) 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 and nine months ended September 28, 2018 or September 29, 2017, respectively. See Note 9 for additional information on disaggregation of revenues, geographic sales information and product sales. The following table summarizes the impact of adopting Topic 606 on the Company’s Condensed Consolidated Balance Sheets for September 28, 2018 (in 000’s) (see also Note 14): As Reported Adjustments Balances without the adoption of 606 Accounts receivable trade, net $ 23,732 $ (2,802 ) $ 20,930 Total current assets 147,297 (2,802 ) 144,495 Total assets 162,988 (2,802 ) 160,186 Allowance for sales returns 2,802 (2,802 ) — Total current liabilities 27,540 (2,802 ) 24,738 Total liabilities 34,124 (2,802 ) 31,322 Total liabilities and stockholders’ equity 162,988 (2,802 ) 160,186 Recently Adopted Accounting Pronouncements On December 30, 2017 (beginning of FY 2018), the Company adopted 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, see Note 7 for additional information. 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. In July 2018, the FASB issued ASU 2018-10, “Codification Improvements to Topic 842, Leases,” which narrows aspects of the guidance issued in ASU 2016-02 including those regarding residual value guarantees, rate implicit in the lease, lessee reassessment of lease classification, lessor reassessment of lease term and purchase option, variable lease payments that depend on an index or a rate, investment tax credits, lease term and purchase option, transition guidance for amounts previously recognized in business combinations, certain transition adjustments, transition guidance for leases previously classified as capital leases under Topic 840, transition guidance for modifications to leases previously classified as direct financing or sales-type leases under Topic 840, transition guidance for sale and leaseback transactions, impairment of net investment in the lease, unguaranteed residual asset, effect of initial direct costs on rate implicit in the lease, and failed sale and leaseback transactions. Also, in July 2018, the FASB issued ASU 2018-11, “Leases (Topic 842): Targeted improvements,” which provide an additional and optional transition method to adopt the new leases standard. Under this new transition method, an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Consequently, an entity’s reporting for the comparative periods presented in the financial statements in which it adopts the new leases standard will continue to be in accordance with current GAAP (Topic 840, Leases). The Company is nearing the completion of its assessment and is performing a final review of its evaluation of the new standard. The Company elected to use the practical expedients of not assessing expired contracts, using current lease classification and not assessing any initial direct costs. The Company has also elected not to capitalize leases that have terms less than 12 months. The Company will initially apply the new standard on December 29, 2018 (beginning of Fiscal Year 2019) and recognize a cumulative-effect adjustment to the opening balance of retained earnings. The Company does not believe the adoption of the new standard will result in a material adjustment to beginning retained earnings. The Company is still evaluating the effects on its financial statement disclosures. 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. In June 2018, the FASB issued ASU 2018-07, “Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting,” aligns the accounting for share-based payments to nonemployees similar to employees. 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 2018-07 will have on its Condensed Consolidated Financial Statements. In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement,” which modifies certain disclosures requirements for reporting fair value measurements. This is effective for fiscal years ending after December 15, 2019. Early adoption is permitted. The Company will adopt this standard as of January 4, 2020 (beginning of Fiscal Year 2020) and is currently evaluating the disclosure requirements and its effect on the Condensed Consolidated Financial Statements. In August 2018, the FASB issued ASU 2018-14, “Compensation – Retirement Benefits – Defined Benefit Plans – General (Subtopic 715-20); Disclosure Framework – Changes in the Disclosure Requirement for Defined Benefit Plans,” which modifies disclosure requirements for employers that sponsor defined benefit pension or other post retirement plans. This is effective for fiscal years ending after December 15, 2020. Early adoption is permitted. The Company will adopt this standard as of January 2, 2021 (beginning of Fiscal Year 2021) and is currently evaluating the disclosure requirements and its effect on the Condensed Consolidated Financial Statements. |
Inventories
Inventories | 9 Months Ended |
Sep. 28, 2018 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | Note 2 — Inventories Inventories, net are stated at the lower of cost and net realizable value, determined on a first-in, first-out basis and consisted of the following (in thousands): September 28, 2018 December 29, 2017 Raw materials and purchased parts $ 2,586 $ 2,506 Work in process 2,755 1,996 Finished goods 12,247 11,533 17,588 16,035 Less inventory reserves 1,408 2,361 Total $ 16,180 $ 13,674 |
Prepayments, Deposits, and Othe
Prepayments, Deposits, and Other Current Assets | 9 Months Ended |
Sep. 28, 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 Prepayments, deposits, and other current assets consisted of the following (in thousands): September 28, 2018 December 29, 2017 Prepayments and deposits $ 2,039 $ 1,435 Prepaid insurance 529 943 Consumption tax receivable 764 541 Value added tax (VAT) receivable 1,198 910 Other current assets (1) 660 378 Total $ 5,190 $ 4,207 (1) |
Property, Plant and Equipment
Property, Plant and Equipment | 9 Months Ended |
Sep. 28, 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): September 28, 2018 December 29, 2017 Machinery and equipment $ 18,607 $ 16,562 Furniture and fixtures 9,853 9,201 Leasehold improvements 9,883 9,631 38,343 35,394 Less accumulated depreciation 26,881 25,618 Total $ 11,462 $ 9,776 |
Intangible Assets
Intangible Assets | 9 Months Ended |
Sep. 28, 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): September 28, 2018 December 29, 2017 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Long-lived amortized intangible assets: Patents and licenses $ 9,240 $ (8,996 ) $ 244 $ 9,244 $ (8,973 ) $ 271 Customer relationships 1,381 (1,381 ) — 1,392 (1,392 ) — Developed technology 878 (878 ) — 885 (885 ) — Total $ 11,499 $ (11,255 ) $ 244 $ 11,521 $ (11,250 ) $ 271 |
Other Current Liabilities
Other Current Liabilities | 9 Months Ended |
Sep. 28, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities Disclosure [Text Block] | Note 6 – Other Current Liabilities Other current liabilities consisted of the following (in thousands): September 28, 2018 December 29, 2017 Accrued salaries and wages $ 3,792 $ 2,407 Accrued insurance 33 565 Accrued consumption tax 820 446 Accrued income taxes 1,121 210 Accrued bonuses 3,408 2,026 Other (1) 1,761 1,685 Total $ 10,935 $ 7,339 (1) |
Defined Benefit Pension Plans
Defined Benefit Pension Plans | 9 Months Ended |
Sep. 28, 2018 | |
Defined Benefit Plan [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | Note 7 – Defined Benefit Pension Plans The Company has defined benefit plans covering employees of its Switzerland and Japan operations. 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 Nine Months Ended September 28, 2018 September 29, 2017 September 28, 2018 September 29, 2017 Service cost (1) $ 137 $ 128 $ 414 $ 386 Interest cost (2) 15 14 44 42 Expected return on plan assets (2) (28 ) (24 ) (82 ) (71 ) Net amortization of transitional obligation (2),(3) 3 3 8 9 Prior service credit (2),(3) (6 ) (2 ) (17 ) (6 ) Actuarial loss recognized in current period (2),(3) 28 17 85 52 Net periodic pension cost $ 149 $ 136 $ 452 $ 412 (1) Recognized in selling general and administrative expenses on the Condensed Consolidated Statements of Operations. (2) For 2018, recognized in other income (expense), net, and for 2017, recognized in selling, general and administrative on the Condensed Consolidated Statements of Operations. (3) Amounts reclassified from accumulated other comprehensive loss. The Company currently is not required to and does not make contributions to its Japan pension plan. The Company’s contributions to its Swiss pension plan are as follows (in thousands): Three Months Ended Nine Months Ended September 28, 2018 September 29, 2017 September 28, 2018 September 29, 2017 Employer contribution $ 80 $ 66 $ 225 $ 197 |
Basic and Diluted Net Income (L
Basic and Diluted Net Income (Loss) Per Share | 9 Months Ended |
Sep. 28, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Note 8 — Basic and Diluted Net Income (Loss) Per Share The following table sets forth the computation of basic and diluted net income (loss) per share (in thousands except per share amounts): Three Months Ended Nine Months Ended September 28, 2018 September 29, 2017 September 28, 2018 September 29, 2017 Numerator: Net income (loss) $ 1,459 $ 1,173 $ 3,872 $ (2,001 ) Denominator: Weighted average common shares: Common shares outstanding 43,065 41,131 42,076 40,960 Less: Unrestricted stock (11 ) (21 ) (11 ) (21 ) Denominator for basic calculation 43,054 41,110 42,065 40,939 Weighted average effects of potentially dilutive common stock: Stock options 2,686 837 2,245 — Unvested restricted stock 4 — 12 — Restricted stock units 281 157 296 — Warrants — — — — Denominator for diluted calculation 46,025 42,104 44,618 40,939 Net income (loss) per share: Basic $ 0.03 $ 0.03 $ 0.09 $ (0.05 ) Diluted $ 0.03 $ 0.03 $ 0.09 $ (0.05 ) Because the Company had a net loss for the nine months ended September 29, 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 Nine Months Ended September 28, 2018 September 29, 2017 September 28, 2018 September 29, 2017 Options 389 1,545 278 2,497 Restricted stock and restricted stock units — — 1 159 Total 389 1,545 279 2,656 |
Disaggregation of Revenues, Geo
Disaggregation of Revenues, Geographic Sales and Product Sales | 9 Months Ended |
Sep. 28, 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. The following breaks down revenues into the following categories (in thousands): Three Months Ended Nine Months Ended September 28, 2018 September 29, 2017 September 28, 2018 September 29, 2017 Non-consignment sales $ 27,503 $ 19,590 $ 79,345 $ 53,432 Consignment sales 4,267 3,883 13,423 12,327 Total net sales 31,770 23,473 92,768 65,759 Royalty income (1) 159 141 465 400 Total revenues $ 31,929 $ 23,614 $ 93,233 $ 66,159 (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 countries and conducts its manufacturing in the United States. Other than China and Japan, the Company does not conduct business in any country in which its sales exceed 10% of worldwide consolidated net sales. Sales are attributed to countries based on location of customers. The composition of the Company’s net sales to unaffiliated customers is set forth below (in thousands): Three Months Ended Nine Months Ended September 28, 2018 September 29, 2017 September 28, 2018 September 29, 2017 China $ 13,349 $ 7,397 $ 35,224 $ 18,069 Japan 6,006 4,633 17,781 12,849 Other (1) 12,415 11,443 39,763 34,841 Total revenues $ 31,770 $ 23,473 $ 92,768 $ 65,759 (1) In addition, domestic and foreign sales are as follows (in thousands): Three Months Ended Nine Months Ended September 28, 2018 September 29, 2017 September 28, 2018 September 29, 2017 Domestic $ 1,676 $ 1,896 $ 5,327 $ 5,946 Foreign 30,094 21,577 87,441 59,813 Total revenues $ 31,770 $ 23,473 $ 92,768 $ 65,759 100% 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. The composition of the Company’s net sales by product line is as follows (in thousands): Three Months Ended Nine Months Ended September 28, 2018 September 29, 2017 September 28, 2018 September 29, 2017 ICLs $ 26,418 $ 18,110 $ 74,868 $ 49,698 Other product sales IOLs 3,824 3,892 12,068 12,875 Other surgical products 1,528 1,471 5,832 3,186 Total other product sales 5,352 5,363 17,900 16,061 Total net sales $ 31,770 $ 23,473 $ 92,768 $ 65,759 One customer, our distributor in China, accounted for 42% and 38% of net sales for the three and nine months ended September 28, 2018, respectively, and the same customer accounted for 32% and 27% of net sales for the three and nine months ended September 29, 2017, respectively. As of September 28, 2018 and December 29, 2017, respectively, one customer, our distributor in China, accounted for 36% and 24% of consolidated trade receivables. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 28, 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 The cost that has been charged against income for stock-based compensation is set forth below (in thousands): Three Months Ended Nine Months Ended September 28, 2018 September 29, 2017 September 28, 2018 September 29, 2017 Employee stock options $ 1,197 $ 443 $ 2,713 $ 1,204 Restricted stock 82 50 192 136 Restricted stock units 501 314 1,593 845 Nonemployee stock options 247 — 428 — Total $ 2,027 $ 807 $ 4,926 $ 2,185 The Company recorded stock-based compensation costs in the following categories on the accompanying Condensed Consolidated Statements of Operations (in thousands): Three Months Ended Nine Months Ended September 28, 2018 September 29, 2017 September 28, 2018 September 29, 2017 Cost of sales $ 4 $ 2 $ 11 $ 6 General and administrative 701 377 1,875 1,035 Marketing and selling 471 214 1,297 558 Research and development 851 214 1,743 586 Total stock-based compensation expense 2,027 807 4,926 2,185 Amounts capitalized as part of inventory 182 107 449 269 Total stock-based compensation $ 2,209 $ 914 $ 5,375 $ 2,454 Stock Option Plan Our Amended and Restated Omnibus Equity Incentive Plan (“the Plan”) provides for various forms of stock-based incentives. To date, of the available forms of awards under the Plan, the Company has granted 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 years from the date of grant. Certain option and share awards provide for accelerated vesting under certain circumstances in the event of a change in control (as defined in the Plan). Restricted stock grants under the Plan generally vest over a period between one to three years. As of September 28, 2018, there were 2,488,237 shares available for grants under the Plan. Assumptions The fair value of each option award is estimated on the date of grant using a Black-Scholes option valuation model applying the 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% estimated forfeiture rate based on historical forfeiture experience. The risk-free rate is based on the U.S. Treasury yield curve corresponding to the expected term at the time of the grant. Three Months Ended Nine Months Ended September 28, 2018 September 29, 2017 September 28, 2018 September 29, 2017 Expected dividend yield 0 % 0 % 0 % 0 % Expected volatility 53 % 57 % 53 % 57 % Risk-free interest rate 2.84 % 1.83 % 2.71 % 1.95 % Expected term (in years) 5.72 5.67 5.72 5.67 A summary of option activity under the Plan for the quarter ended September 28, 2018 is presented below: Option Shares (000’s) Outstanding at December 29, 2017 3,725 Granted 805 Exercised (524 ) Forfeited or expired (27 ) Outstanding at September 28, 2018 3,979 Exercisable at September 28, 2018 2,584 As of September 28, 2018, exercise prices of outstanding stock options ranged between $0.95 and $39.90 per share. A summary of restricted stock and RSU activity under the Plan for the quarter ended September 28, 2018 is presented below: Restricted Shares (000’s) Restricted Units (000’s) Outstanding at December 29, 2017 21 488 Granted 11 49 Vested (21 ) (185 ) Forfeited or expired — (8 ) Outstanding at September 28, 2018 11 344 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 28, 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 $346,000 and $1,452,000 for the three and nine months ended September 28, 2018, respectively, and $410,000 and $697,000 for the three and nine months ended September 29, 2017, respectively, primarily due to pre-tax income generated in certain foreign jurisdictions. There are no unrecognized tax benefits related to uncertain tax positions taken by the Company. For the fiscal year-ended December 29, 2017 and prior years, the Company provided foreign withholding and U.S. income 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. income 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. federal taxation on foreign earnings generated after December 31, 2017 and repatriated back to the U.S. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 28, 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 Yen, at an interest rate equal to the uncollateralized overnight call rate (approximately 0.06% as of September 28, 2018) plus a 0.50% spread, and may be renewed quarterly (the current line expires on November 21, 2018). The credit facility is not collateralized. The Company had 472,500,000 Yen and 500,000,000 Yen outstanding on the line of credit as of September 28, 2018 and December 29, 2017, respectively (approximately $4,162,000 and $4,438,000 based on the foreign exchange rates on September 28, 2018 and December 29, 2017, respectively), which approximates fair value due to the short-term maturity and market interest rates of the line of credit. In case of default, the interest rate will be increased to 14% per annum. As of September 28, 2018 there was 27,500,000 Yen (approximately $242,000) available for borrowing and as of December 29, 2017 there were no available borrowings under the line. At maturity on November 21, 2018, the Company expects to renew this line of credit for an additional three months, with similar terms. 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 CHF (Swiss Francs) (approximately $1,000,000 at the rate of exchange on September 28, 2018 and December 29, 2017), to be used for working capital purposes. Accrued interest and 0.25% commissions on average outstanding borrowings is payable quarterly and the interest rate will be determined by the Bank based on the then prevailing market conditions at the time of borrowing. The framework agreement is automatically renewed on an annual basis based on the same terms assuming there is no default. The framework agreement may be terminated by either party at any time in accordance with its general terms and conditions. The framework agreement is not collateralized and contains certain conditions such as providing the Bank with audited financial statements annually and notice of significant events or conditions, as defined in the framework agreement. The Bank may also declare all amounts outstanding to be immediately due and payable upon a change of control or a “material qualification” in STAAR Surgical independent auditors’ report, as defined. There were no borrowings outstanding as of September 28, 2018 and December 29, 2017. 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 at a lease rate factor of 3.94% per $1 for hardware equipment and 4.75% per $1 for non-hardware equipment. Interim rent is paid until the full amount of the line is used at which time the lease commences. As of September 28, 2018, approximately $392,000 of the line was available for borrowing. On March 8, 2018, the Company entered into lease schedule 010R with Farnam. Under 010R, equipment with a cost of $1,560,000 was financed over a period of 24 months at a lease rate factor of 3.94% per $1 for hardware equipment and 4.75% per $1 for non-hardware equipment. At the end of the lease the Company can opt to continue to rent the equipment, return the equipment, or exercise a fair market value purchase option. As of September 28, 2018, approximately $1,044,000 was outstanding on this capital lease. On January 31, 2017, the Company entered into lease schedule 009R with Farnam. Under 009R, equipment with a cost of $1,957,000 was financed over a period of 24 months at a lease rate factor of 3.94% per $1 for hardware equipment and 4.75% per $1 for non-hardware equipment. At the end of the lease the Company can opt to continue to rent the equipment, return the equipment, or exercise a fair market value purchase option. As of September 28, 2018 and December 29, 2017, approximately $330,000 and $1,067,000, respectively, was outstanding on this capital lease. Litigation and Claims From time to time, the Company is involved in various legal proceedings and other matters arising in the normal course of business. These legal proceedings and other matters may relate to, among other things, contractual rights and obligations, employment matters, or claims of product liability. STAAR maintains insurance coverage for various matters, including product liability and certain securities claims. While the Company does not believe that any of the claims known is likely to have a material adverse effect on the Company’s financial condition or results of operations, new claims or unexpected results of existing claims could lead to significant financial harm. 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. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 28, 2018 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Note 13 – Stockholders’ Equity On August 10, 2018, the Company closed an offering of its common stock. As part of this transaction, the Company issued 1,999,850 shares of its common stock at a price of $36.309 per share. Net proceeds, after deducting expenses, received from this offering were $72,150,000. The Company intends to use the net proceeds of this offering to fund operations, which may include advancing and broadening commercialization of its ICL family of products, funding pipeline research and development activities and clinical trials, funding incremental investments in automation and precision manufacturing, and capital expenditures, such as information systems, and for general corporate purposes, including working capital. The Company has not yet determined the amounts on any of the areas listed above or the timing of these expenditures. The Company invests the net proceeds in short-term interest-bearing obligations, investment-grade instruments, certificates of deposit or direct or guaranteed obligations of the U.S. government. |
Reclassifications
Reclassifications | 9 Months Ended |
Sep. 28, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Reclassifications [Text Block] | Note 14 — 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, see Note 1. Certain compensation related expenses were reclassified from General and Administrative to Marketing and Selling and Research and Development line items on the Condensed Consolidated Statements of Operations for the three and nine months ended September 29, 2017 to conform with 2018 presentation. |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 28, 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 and nine months ended September 28, 2018 and September 29, 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 and nine months ended September 28, 2018 and September 29, 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, Policy [Policy Text Block] | Cash, Cash Equivalents and Restricted Cash 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): September 28, 2018 December 29, 2017 September 29, 2017 Cash and cash equivalents $ 102,195 $ 18,520 $ 16,133 Restricted cash included in other long-term assets 121 121 120 Total cash, cash equivalents and restricted cash as shown in the Consolidated Statements of Cash Flows $ 102,316 $ 18,641 $ 16,253 The Company has restricted cash of approximately $121,000 set aside as collateral for a standby letter of credit required by the California Department of Public Health for unforeseen future regulatory costs related to the decommissioning of certain manufacturing equipment. |
Revenue Recognition, Policy [Policy Text Block] | Revenue On December 30, 2017 (beginning of FY 2018), the Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers (Topic 606)” and its subsequent amendments: (i) ASU No. 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date”; (ii) ASU No. 2016-10, “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing;” (iii) 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”; (iv) ASU No. 2016-12, “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients”; and (v) ASU No. 2016-20, “Revenue from Contracts with Customers (Topic 606): Technical Corrections and Improvements to Topic 606”, using the modified retrospective method, and determined that there was no cumulative effect adjustment on the Consolidated Financial Statements. The Company determined that the adoption of the new standard did not materially impact the revenue recognition on its Consolidated Financial Statements. 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, 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. On the Condensed Consolidated Balance Sheets, the balances associated for estimated sales returns are as follows: September 28, 2018 December 29, 2017 Estimated returns - inventory (1) $ 678 $ 534 Allowance for sales returns 2,802 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 September 28, 2018 or September 29, 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 certain commitments made by the customer, including minimum purchase commitments, 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 or payments can be made directly to a third party for distinct marketing, educational training and general support services provided to or on behalf of the customer by the third 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 strategic cooperation agreements are generally for periods of 12 months or more 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 September 28, 2018 or September 29, 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 on consigned inventory and recognizes revenue for consignment inventory at a point-in-time when the Company is notified that the lenses have been implanted, thus completing the performance obligation. 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; royalty income was as follows (in thousands): Three Months Ended Nine Months Ended September 28, 2018 September 29, 2017 September 28, 2018 September 29, 2017 Royalty income (1) $ 159 $ 141 $ 465 $ 400 (1) 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 and nine months ended September 28, 2018 or September 29, 2017, respectively. See Note 9 for additional information on disaggregation of revenues, geographic sales information and product sales. The following table summarizes the impact of adopting Topic 606 on the Company’s Condensed Consolidated Balance Sheets for September 28, 2018 (in 000’s) (see also Note 14): As Reported Adjustments Balances without the adoption of 606 Accounts receivable trade, net $ 23,732 $ (2,802 ) $ 20,930 Total current assets 147,297 (2,802 ) 144,495 Total assets 162,988 (2,802 ) 160,186 Allowance for sales returns 2,802 (2,802 ) — Total current liabilities 27,540 (2,802 ) 24,738 Total liabilities 34,124 (2,802 ) 31,322 Total liabilities and stockholders’ equity 162,988 (2,802 ) 160,186 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements On December 30, 2017 (beginning of FY 2018), the Company adopted 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, see Note 7 for additional information. 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. In July 2018, the FASB issued ASU 2018-10, “Codification Improvements to Topic 842, Leases,” which narrows aspects of the guidance issued in ASU 2016-02 including those regarding residual value guarantees, rate implicit in the lease, lessee reassessment of lease classification, lessor reassessment of lease term and purchase option, variable lease payments that depend on an index or a rate, investment tax credits, lease term and purchase option, transition guidance for amounts previously recognized in business combinations, certain transition adjustments, transition guidance for leases previously classified as capital leases under Topic 840, transition guidance for modifications to leases previously classified as direct financing or sales-type leases under Topic 840, transition guidance for sale and leaseback transactions, impairment of net investment in the lease, unguaranteed residual asset, effect of initial direct costs on rate implicit in the lease, and failed sale and leaseback transactions. Also, in July 2018, the FASB issued ASU 2018-11, “Leases (Topic 842): Targeted improvements,” which provide an additional and optional transition method to adopt the new leases standard. Under this new transition method, an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Consequently, an entity’s reporting for the comparative periods presented in the financial statements in which it adopts the new leases standard will continue to be in accordance with current GAAP (Topic 840, Leases). The Company is nearing the completion of its assessment and is performing a final review of its evaluation of the new standard. The Company elected to use the practical expedients of not assessing expired contracts, using current lease classification and not assessing any initial direct costs. The Company has also elected not to capitalize leases that have terms less than 12 months. The Company will initially apply the new standard on December 29, 2018 (beginning of Fiscal Year 2019) and recognize a cumulative-effect adjustment to the opening balance of retained earnings. The Company does not believe the adoption of the new standard will result in a material adjustment to beginning retained earnings. The Company is still evaluating the effects on its financial statement disclosures. 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. In June 2018, the FASB issued ASU 2018-07, “Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting,” aligns the accounting for share-based payments to nonemployees similar to employees. 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 2018-07 will have on its Condensed Consolidated Financial Statements. In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement,” which modifies certain disclosures requirements for reporting fair value measurements. This is effective for fiscal years ending after December 15, 2019. Early adoption is permitted. The Company will adopt this standard as of January 4, 2020 (beginning of Fiscal Year 2020) and is currently evaluating the disclosure requirements and its effect on the Condensed Consolidated Financial Statements. In August 2018, the FASB issued ASU 2018-14, “Compensation – Retirement Benefits – Defined Benefit Plans – General (Subtopic 715-20); Disclosure Framework – Changes in the Disclosure Requirement for Defined Benefit Plans,” which modifies disclosure requirements for employers that sponsor defined benefit pension or other post retirement plans. This is effective for fiscal years ending after December 15, 2020. Early adoption is permitted. The Company will adopt this standard as of January 2, 2021 (beginning of Fiscal Year 2021) and is currently evaluating the disclosure requirements and its effect on the Condensed Consolidated Financial Statements. |
Basis of Presentation and Sig_3
Basis of Presentation and Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 28, 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): September 28, 2018 December 29, 2017 September 29, 2017 Cash and cash equivalents $ 102,195 $ 18,520 $ 16,133 Restricted cash included in other long-term assets 121 121 120 Total cash, cash equivalents and restricted cash as shown in the Consolidated Statements of Cash Flows $ 102,316 $ 18,641 $ 16,253 |
Estimated Sales Return [Table Text Block] | On the Condensed Consolidated Balance Sheets, the balances associated for estimated sales returns are as follows: September 28, 2018 December 29, 2017 Estimated returns - inventory (1) $ 678 $ 534 Allowance for sales returns 2,802 2,546 (1) Recognized in inventories, net on the Condensed Consolidated Balance Sheets |
Royalty Income [Table Text Block] | 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; royalty income was as follows (in thousands): Three Months Ended Nine Months Ended September 28, 2018 September 29, 2017 September 28, 2018 September 29, 2017 Royalty income (1) $ 159 $ 141 $ 465 $ 400 (1) |
Condensed Financial Statements [Table Text Block] | The following table summarizes the impact of adopting Topic 606 on the Company’s Condensed Consolidated Balance Sheets for September 28, 2018 (in 000’s) (see also Note 14): As Reported Adjustments Balances without the adoption of 606 Accounts receivable trade, net $ 23,732 $ (2,802 ) $ 20,930 Total current assets 147,297 (2,802 ) 144,495 Total assets 162,988 (2,802 ) 160,186 Allowance for sales returns 2,802 (2,802 ) — Total current liabilities 27,540 (2,802 ) 24,738 Total liabilities 34,124 (2,802 ) 31,322 Total liabilities and stockholders’ equity 162,988 (2,802 ) 160,186 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 28, 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): September 28, 2018 December 29, 2017 Raw materials and purchased parts $ 2,586 $ 2,506 Work in process 2,755 1,996 Finished goods 12,247 11,533 17,588 16,035 Less inventory reserves 1,408 2,361 Total $ 16,180 $ 13,674 |
Prepayments, Deposits, and Ot_2
Prepayments, Deposits, and Other Current Assets (Tables) | 9 Months Ended |
Sep. 28, 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): September 28, 2018 December 29, 2017 Prepayments and deposits $ 2,039 $ 1,435 Prepaid insurance 529 943 Consumption tax receivable 764 541 Value added tax (VAT) receivable 1,198 910 Other current assets (1) 660 378 Total $ 5,190 $ 4,207 (1) |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 9 Months Ended |
Sep. 28, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment, net consisted of the following (in thousands): September 28, 2018 December 29, 2017 Machinery and equipment $ 18,607 $ 16,562 Furniture and fixtures 9,853 9,201 Leasehold improvements 9,883 9,631 38,343 35,394 Less accumulated depreciation 26,881 25,618 Total $ 11,462 $ 9,776 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Sep. 28, 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): September 28, 2018 December 29, 2017 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Long-lived amortized intangible assets: Patents and licenses $ 9,240 $ (8,996 ) $ 244 $ 9,244 $ (8,973 ) $ 271 Customer relationships 1,381 (1,381 ) — 1,392 (1,392 ) — Developed technology 878 (878 ) — 885 (885 ) — Total $ 11,499 $ (11,255 ) $ 244 $ 11,521 $ (11,250 ) $ 271 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 9 Months Ended |
Sep. 28, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | Other current liabilities consisted of the following (in thousands): September 28, 2018 December 29, 2017 Accrued salaries and wages $ 3,792 $ 2,407 Accrued insurance 33 565 Accrued consumption tax 820 446 Accrued income taxes 1,121 210 Accrued bonuses 3,408 2,026 Other (1) 1,761 1,685 Total $ 10,935 $ 7,339 (1) |
Defined Benefit Pension Plans (
Defined Benefit Pension Plans (Tables) | 9 Months Ended |
Sep. 28, 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 Nine Months Ended September 28, 2018 September 29, 2017 September 28, 2018 September 29, 2017 Service cost (1) $ 137 $ 128 $ 414 $ 386 Interest cost (2) 15 14 44 42 Expected return on plan assets (2) (28 ) (24 ) (82 ) (71 ) Net amortization of transitional obligation (2),(3) 3 3 8 9 Prior service credit (2),(3) (6 ) (2 ) (17 ) (6 ) Actuarial loss recognized in current period (2),(3) 28 17 85 52 Net periodic pension cost $ 149 $ 136 $ 452 $ 412 (1) Recognized in selling general and administrative expenses on the Condensed Consolidated Statements of Operations. (2) For 2018, recognized in other income (expense), net, and for 2017, recognized in selling, general and administrative on the Condensed Consolidated Statements of Operations. (3) Amounts reclassified from accumulated other comprehensive loss. |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | The Company currently is not required to and does not make contributions to its Japan pension plan. The Company’s contributions to its Swiss pension plan are as follows (in thousands): Three Months Ended Nine Months Ended September 28, 2018 September 29, 2017 September 28, 2018 September 29, 2017 Employer contribution $ 80 $ 66 $ 225 $ 197 |
Basic and Diluted Net Income _2
Basic and Diluted Net Income (Loss) Per Share (Tables) | 9 Months Ended |
Sep. 28, 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 Nine Months Ended September 28, 2018 September 29, 2017 September 28, 2018 September 29, 2017 Numerator: Net income (loss) $ 1,459 $ 1,173 $ 3,872 $ (2,001 ) Denominator: Weighted average common shares: Common shares outstanding 43,065 41,131 42,076 40,960 Less: Unrestricted stock (11 ) (21 ) (11 ) (21 ) Denominator for basic calculation 43,054 41,110 42,065 40,939 Weighted average effects of potentially dilutive common stock: Stock options 2,686 837 2,245 — Unvested restricted stock 4 — 12 — Restricted stock units 281 157 296 — Warrants — — — — Denominator for diluted calculation 46,025 42,104 44,618 40,939 Net income (loss) per share: Basic $ 0.03 $ 0.03 $ 0.09 $ (0.05 ) Diluted $ 0.03 $ 0.03 $ 0.09 $ (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 Nine Months Ended September 28, 2018 September 29, 2017 September 28, 2018 September 29, 2017 Options 389 1,545 278 2,497 Restricted stock and restricted stock units — — 1 159 Total 389 1,545 279 2,656 |
Disaggregation of Revenues, G_2
Disaggregation of Revenues, Geographic Sales and Product Sales (Tables) | 9 Months Ended |
Sep. 28, 2018 | |
Segment Reporting [Abstract] | |
Disaggregation of Revenue [Table Text Block] | In the following tables, revenues are disaggregated by category, sales by geographic market and sales by product data. The following breaks down revenues into the following categories (in thousands): Three Months Ended Nine Months Ended September 28, 2018 September 29, 2017 September 28, 2018 September 29, 2017 Non-consignment sales $ 27,503 $ 19,590 $ 79,345 $ 53,432 Consignment sales 4,267 3,883 13,423 12,327 Total net sales 31,770 23,473 92,768 65,759 Royalty income (1) 159 141 465 400 Total revenues $ 31,929 $ 23,614 $ 93,233 $ 66,159 (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 Nine Months Ended September 28, 2018 September 29, 2017 September 28, 2018 September 29, 2017 China $ 13,349 $ 7,397 $ 35,224 $ 18,069 Japan 6,006 4,633 17,781 12,849 Other (1) 12,415 11,443 39,763 34,841 Total revenues $ 31,770 $ 23,473 $ 92,768 $ 65,759 (1) In addition, domestic and foreign sales are as follows (in thousands): Three Months Ended Nine Months Ended September 28, 2018 September 29, 2017 September 28, 2018 September 29, 2017 Domestic $ 1,676 $ 1,896 $ 5,327 $ 5,946 Foreign 30,094 21,577 87,441 59,813 Total revenues $ 31,770 $ 23,473 $ 92,768 $ 65,759 |
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 Nine Months Ended September 28, 2018 September 29, 2017 September 28, 2018 September 29, 2017 ICLs $ 26,418 $ 18,110 $ 74,868 $ 49,698 Other product sales IOLs 3,824 3,892 12,068 12,875 Other surgical products 1,528 1,471 5,832 3,186 Total other product sales 5,352 5,363 17,900 16,061 Total net sales $ 31,770 $ 23,473 $ 92,768 $ 65,759 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 28, 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 Nine Months Ended September 28, 2018 September 29, 2017 September 28, 2018 September 29, 2017 Employee stock options $ 1,197 $ 443 $ 2,713 $ 1,204 Restricted stock 82 50 192 136 Restricted stock units 501 314 1,593 845 Nonemployee stock options 247 — 428 — Total $ 2,027 $ 807 $ 4,926 $ 2,185 |
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 Nine Months Ended September 28, 2018 September 29, 2017 September 28, 2018 September 29, 2017 Cost of sales $ 4 $ 2 $ 11 $ 6 General and administrative 701 377 1,875 1,035 Marketing and selling 471 214 1,297 558 Research and development 851 214 1,743 586 Total stock-based compensation expense 2,027 807 4,926 2,185 Amounts capitalized as part of inventory 182 107 449 269 Total stock-based compensation $ 2,209 $ 914 $ 5,375 $ 2,454 |
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 Nine Months Ended September 28, 2018 September 29, 2017 September 28, 2018 September 29, 2017 Expected dividend yield 0 % 0 % 0 % 0 % Expected volatility 53 % 57 % 53 % 57 % Risk-free interest rate 2.84 % 1.83 % 2.71 % 1.95 % Expected term (in years) 5.72 5.67 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 September 28, 2018 is presented below: Option Shares (000’s) Outstanding at December 29, 2017 3,725 Granted 805 Exercised (524 ) Forfeited or expired (27 ) Outstanding at September 28, 2018 3,979 Exercisable at September 28, 2018 2,584 |
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 September 28, 2018 is presented below: Restricted Shares (000’s) Restricted Units (000’s) Outstanding at December 29, 2017 21 488 Granted 11 49 Vested (21 ) (185 ) Forfeited or expired — (8 ) Outstanding at September 28, 2018 11 344 |
Basis of Presentation and Sig_4
Basis of Presentation and Significant Accounting Policies (Details) - USD ($) $ in Thousands | Sep. 28, 2018 | Dec. 29, 2017 | Sep. 29, 2017 | Dec. 29, 2016 |
Cash and cash equivalents | $ 102,195 | $ 18,520 | $ 16,133 | |
Restricted cash included in other long-term assets | 121 | 121 | 120 | |
Total cash, cash equivalents and restricted cash as shown in the Consolidated Statements of Cash Flows | $ 102,316 | $ 18,641 | $ 16,253 | $ 14,118 |
Basis of Presentation and Sig_5
Basis of Presentation and Significant Accounting Policies (Details 1) - USD ($) $ in Thousands | Sep. 28, 2018 | Dec. 29, 2017 | |
Estimated returns - inventory | [1] | $ 678 | $ 534 |
Allowance for sales returns | $ 2,802 | $ 2,546 | |
[1] | Recognized in inventories, net on the Condensed Consolidated Balance Sheets |
Basis of Presentation and Sig_6
Basis of Presentation and Significant Accounting Policies (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 28, 2018 | Sep. 29, 2017 | ||
Royalty income | [1] | $ 159 | $ 141 | $ 465 | $ 400 |
[1] | Shown as a separate line item in other income, net on the Condensed Consolidated Statements of Operations. |
Basis of Presentation and Sig_7
Basis of Presentation and Significant Accounting Policies (Details 3) - USD ($) $ in Thousands | Sep. 28, 2018 | Dec. 29, 2017 |
Accounts receivable trade, net | $ 23,732 | $ 20,035 |
Total current assets | 147,297 | 56,436 |
Total assets | 162,988 | 70,478 |
Allowance for sales returns | 2,802 | 2,546 |
Total current liabilities | 27,540 | 21,634 |
Total liabilities | 34,124 | 27,542 |
Total liabilities and stockholders' equity | 162,988 | $ 70,478 |
Scenario, Adjustment [Member] | ||
Accounts receivable trade, net | (2,802) | |
Total current assets | (2,802) | |
Total assets | (2,802) | |
Allowance for sales returns | (2,802) | |
Total current liabilities | (2,802) | |
Total liabilities | (2,802) | |
Total liabilities and stockholders' equity | (2,802) | |
Balances without the adoption of 606 [Member] | ||
Accounts receivable trade, net | 20,930 | |
Total current assets | 144,495 | |
Total assets | 160,186 | |
Allowance for sales returns | 0 | |
Total current liabilities | 24,738 | |
Total liabilities | 31,322 | |
Total liabilities and stockholders' equity | $ 160,186 |
Basis of Presentation and Sig_8
Basis of Presentation and Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | Sep. 28, 2018 | Dec. 29, 2017 | Sep. 29, 2017 |
Organization And Description Of Business And Accounting Policies [Line Items] | |||
Restricted Cash and Cash Equivalents, Current | $ 121 | $ 121 | $ 120 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Sep. 28, 2018 | Dec. 29, 2017 |
Inventory [Line Items] | ||
Raw materials and purchased parts | $ 2,586 | $ 2,506 |
Work in process | 2,755 | 1,996 |
Finished goods | 12,247 | 11,533 |
Inventory, Gross | 17,588 | 16,035 |
Less inventory reserves | 1,408 | 2,361 |
Total | $ 16,180 | $ 13,674 |
Prepayments, Deposits, and Ot_3
Prepayments, Deposits, and Other Current Assets (Details) - USD ($) $ in Thousands | Sep. 28, 2018 | Dec. 29, 2017 | |
Prepayments, Deposits, and Other Current Assets [Line Items] | |||
Prepayments and deposits | $ 2,039 | $ 1,435 | |
Prepaid insurance | 529 | 943 | |
Consumption tax receivable | 764 | 541 | |
Value added tax (VAT) receivable | 1,198 | 910 | |
Other current assets(1) | [1] | 660 | 378 |
Total | $ 5,190 | $ 4,207 | |
[1] | No individual item in “other current assets” exceeds 5% of the total prepayments, deposits and other current assets. |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Sep. 28, 2018 | Dec. 29, 2017 |
Property, Plant and Equipment [Line Items] | ||
Machinery and equipment | $ 18,607 | $ 16,562 |
Furniture and fixtures | 9,853 | 9,201 |
Leasehold improvements | 9,883 | 9,631 |
Property, Plant and Equipment, Gross | 38,343 | 35,394 |
Less accumulated depreciation | 26,881 | 25,618 |
Total | $ 11,462 | $ 9,776 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 28, 2018 | Dec. 29, 2017 |
Long-lived intangible assets: | ||
Long-lived intangible assets, Gross Carrying Amount | $ 11,499 | $ 11,521 |
Long-lived intangible assets, Accumulated Amortization | (11,255) | (11,250) |
Long-lived intangible assets, Net | 244 | 271 |
Patents and licenses [Member] | ||
Long-lived intangible assets: | ||
Long-lived intangible assets, Gross Carrying Amount | 9,240 | 9,244 |
Long-lived intangible assets, Accumulated Amortization | (8,996) | (8,973) |
Long-lived intangible assets, Net | 244 | 271 |
Customer relationships [Member] | ||
Long-lived intangible assets: | ||
Long-lived intangible assets, Gross Carrying Amount | 1,381 | 1,392 |
Long-lived intangible assets, Accumulated Amortization | (1,381) | (1,392) |
Long-lived intangible assets, Net | 0 | 0 |
Developed technology [Member] | ||
Long-lived intangible assets: | ||
Long-lived intangible assets, Gross Carrying Amount | 878 | 885 |
Long-lived intangible assets, Accumulated Amortization | (878) | (885) |
Long-lived intangible assets, Net | $ 0 | $ 0 |
Other Current Liabilities (Deta
Other Current Liabilities (Details) - USD ($) $ in Thousands | Sep. 28, 2018 | Dec. 29, 2017 | |
Other Liabilities, Current [Line Items] | |||
Accrued salaries and wages | $ 3,792 | $ 2,407 | |
Accrued insurance | 33 | 565 | |
Accrued consumption tax | 820 | 446 | |
Accrued income taxes | 1,121 | 210 | |
Accrued bonuses | 3,408 | 2,026 | |
Other | [1] | 1,761 | 1,685 |
Total | $ 10,935 | $ 7,339 | |
[1] | No individual item in “Other” exceeds 5% of the other current liabilities. |
Defined Benefit Pension Plans_2
Defined Benefit Pension Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 28, 2018 | Sep. 29, 2017 | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Service cost | [1] | $ 137 | $ 128 | $ 414 | $ 386 |
Interest cost | [2] | 15 | 14 | 44 | 42 |
Expected return on plan assets | [2] | (28) | (24) | (82) | (71) |
Net amortization of transitional obligation | [2],[3] | 3 | 3 | 8 | 9 |
Prior service credit | [2],[3] | (6) | (2) | (17) | (6) |
Actuarial loss recognized in current period | [2],[3] | 28 | 17 | 85 | 52 |
Net periodic pension cost | $ 149 | $ 136 | $ 452 | $ 412 | |
[1] | Recognized in selling general and administrative expenses on the Condensed Consolidated Statements of Operations. | ||||
[2] | For 2018, recognized in other income (expense), net, and for 2017, recognized in selling, general and administrative on the Condensed Consolidated Statements of Operations. | ||||
[3] | Amounts reclassified from accumulated other comprehensive loss. |
Defined Benefit Pension Plans_3
Defined Benefit Pension Plans (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 28, 2018 | Sep. 29, 2017 | |
Swiss pension plan [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 80 | $ 66 | $ 225 | $ 197 |
Basic and Diluted Net Income _3
Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 28, 2018 | Sep. 29, 2017 | |
Numerator: | ||||
Net income (loss) | $ 1,459 | $ 1,173 | $ 3,872 | $ (2,001) |
Weighted average common shares: | ||||
Common shares outstanding | 43,065 | 41,131 | 42,076 | 40,960 |
Less: Unrestricted stock | (11) | (21) | (11) | (21) |
Denominator for basic calculation | 43,054 | 41,110 | 42,065 | 40,939 |
Weighted average effects of potentially dilutive common stock: | ||||
Denominator for diluted calculation | 46,025 | 42,104 | 44,618 | 40,939 |
Net income (loss) per share - basic | $ 0.03 | $ 0.03 | $ 0.09 | $ (0.05) |
Net income (loss) per share - diluted | $ 0.03 | $ 0.03 | $ 0.09 | $ (0.05) |
Employee Stock Option [Member] | ||||
Weighted average effects of potentially dilutive common stock: | ||||
Denominator for diluted calculation | 2,686 | 837 | 2,245 | 0 |
Restricted Stock [Member] | ||||
Weighted average effects of potentially dilutive common stock: | ||||
Denominator for diluted calculation | 281 | 157 | 296 | 0 |
Unvested Restricted Stock [Member] | ||||
Weighted average effects of potentially dilutive common stock: | ||||
Denominator for diluted calculation | 4 | 0 | 12 | 0 |
Warrant [Member] | ||||
Weighted average effects of potentially dilutive common stock: | ||||
Denominator for diluted calculation | 0 | 0 | 0 | 0 |
Basic and Diluted Net Income _4
Basic and Diluted Net Income (Loss) Per Share (Details 1) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 28, 2018 | Sep. 29, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 389 | 1,545 | 279 | 2,656 |
Options [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 389 | 1,545 | 278 | 2,497 |
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 | 0 | 0 | 1 | 159 |
Disaggregation of Revenues, G_3
Disaggregation of Revenues, Geographic Sales and Product Sales (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 28, 2018 | Sep. 29, 2017 | ||
Revenues | $ 31,770 | $ 23,473 | $ 92,768 | $ 65,759 | |
Royalty income | [1] | 159 | 141 | 465 | 400 |
Total revenues | 31,929 | 23,614 | 93,233 | 66,159 | |
Non Consignment Sales [Member] | |||||
Revenues | 27,503 | 19,590 | 79,345 | 53,432 | |
Consignment Sales [Member] | |||||
Revenues | $ 4,267 | $ 3,883 | $ 13,423 | $ 12,327 | |
[1] | Shown as a separate line item in other income, net on the Condensed Consolidated Statements of Operations. |
Disaggregation of Revenues, G_4
Disaggregation of Revenues, Geographic Sales and Product Sales (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 28, 2018 | Sep. 29, 2017 | ||
Geographic And Sales [Line Items] | |||||
Revenues | $ 31,770 | $ 23,473 | $ 92,768 | $ 65,759 | |
Geographic Distribution, Domestic [Member] | |||||
Geographic And Sales [Line Items] | |||||
Revenues | 1,676 | 1,896 | 5,327 | 5,946 | |
Geographic Distribution, Foreign [Member] | |||||
Geographic And Sales [Line Items] | |||||
Revenues | 30,094 | 21,577 | 87,441 | 59,813 | |
China [Member] | |||||
Geographic And Sales [Line Items] | |||||
Revenues | 13,349 | 7,397 | 35,224 | 18,069 | |
Japan [Member] | |||||
Geographic And Sales [Line Items] | |||||
Revenues | 6,006 | 4,633 | 17,781 | 12,849 | |
Other [Member] | |||||
Geographic And Sales [Line Items] | |||||
Revenues | [1] | $ 12,415 | $ 11,443 | $ 39,763 | $ 34,841 |
[1] | No other location individually exceeds 10% of the total sales. |
Disaggregation of Revenues, G_5
Disaggregation of Revenues, Geographic Sales and Product Sales (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 28, 2018 | Sep. 29, 2017 | |
Product Information [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 5,352 | $ 5,363 | $ 17,900 | $ 16,061 |
Total net sales | 31,770 | 23,473 | 92,768 | 65,759 |
ICLs [Member] | ||||
Product Information [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 26,418 | 18,110 | 74,868 | 49,698 |
IOLs [Member] | ||||
Product Information [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 3,824 | 3,892 | 12,068 | 12,875 |
Other surgical products [Member] | ||||
Product Information [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 1,528 | $ 1,471 | $ 5,832 | $ 3,186 |
Disaggregation of Revenues, G_6
Disaggregation of Revenues, Geographic Sales and Product Sales (Details Textual) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 28, 2018 | Sep. 29, 2017 | Dec. 29, 2017 | |
Geographic and Product Data [Line Items] | |||||
Number of Countries in which Entity Operates | 75 | 75 | |||
Sales Exceed Percentage | 10.00% | ||||
Sales Revenue, Net [Member] | Ophthalmic Surgical Product [Member] | |||||
Geographic and Product Data [Line Items] | |||||
Concentration Risk, Percentage | 100.00% | ||||
Customer One [Member] | Accounts Receivable [Member] | |||||
Geographic and Product Data [Line Items] | |||||
Concentration Risk, Percentage | 36.00% | 24.00% | |||
Customer One [Member] | Sales Revenue, Net [Member] | |||||
Geographic and Product Data [Line Items] | |||||
Concentration Risk, Percentage | 42.00% | 32.00% | 38.00% | 27.00% |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 28, 2018 | Sep. 29, 2017 | |
Schedule of Employee Service Share-based Compensation [Line Items] | ||||
Share-based Compensation | $ 2,027 | $ 807 | $ 4,926 | $ 2,185 |
Employee stock options [Member] | ||||
Schedule of Employee Service Share-based Compensation [Line Items] | ||||
Share-based Compensation | 1,197 | 443 | 2,713 | 1,204 |
Restricted stock [Member] | ||||
Schedule of Employee Service Share-based Compensation [Line Items] | ||||
Share-based Compensation | 82 | 50 | 192 | 136 |
Restricted stock units [Member] | ||||
Schedule of Employee Service Share-based Compensation [Line Items] | ||||
Share-based Compensation | 501 | 314 | 1,593 | 845 |
Nonemployee stock options [Member] | ||||
Schedule of Employee Service Share-based Compensation [Line Items] | ||||
Share-based Compensation | $ 247 | $ 0 | $ 428 | $ 0 |
Stock-Based Compensation (Det_2
Stock-Based Compensation (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 28, 2018 | Sep. 29, 2017 | |
Schedule of Employee Service Share-based Compensation [Line Items] | ||||
Total stock-based compensation expense | $ 2,027 | $ 807 | $ 4,926 | $ 2,185 |
Amounts capitalized as part of inventory | 182 | 107 | 449 | 269 |
Total stock-based compensation | 2,209 | 914 | 5,375 | 2,454 |
Cost of Sales [Member] | ||||
Schedule of Employee Service Share-based Compensation [Line Items] | ||||
Total stock-based compensation expense | 4 | 2 | 11 | 6 |
General and administrative [Member] | ||||
Schedule of Employee Service Share-based Compensation [Line Items] | ||||
Total stock-based compensation expense | 701 | 377 | 1,875 | 1,035 |
Marketing and selling [Member] | ||||
Schedule of Employee Service Share-based Compensation [Line Items] | ||||
Total stock-based compensation expense | 471 | 214 | 1,297 | 558 |
Research and development [Member] | ||||
Schedule of Employee Service Share-based Compensation [Line Items] | ||||
Total stock-based compensation expense | $ 851 | $ 214 | $ 1,743 | $ 586 |
Stock-Based Compensation (Det_3
Stock-Based Compensation (Details 2) | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 28, 2018 | Sep. 29, 2017 | |
Schedule of Employee Service Share-based Compensation [Line Items] | ||||
Expected dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Expected volatility | 53.00% | 57.00% | 53.00% | 57.00% |
Risk-free interest rate | 2.84% | 1.83% | 2.71% | 1.95% |
Expected term (in years) | 5 years 8 months 19 days | 5 years 8 months 1 day | 5 years 8 months 19 days | 5 years 8 months 1 day |
Stock-Based Compensation (Det_4
Stock-Based Compensation (Details 3) - Employee Stock Option [Member] shares in Thousands | 9 Months Ended |
Sep. 28, 2018shares | |
Schedule of Employee Service Share-based Compensation [Line Items] | |
Outstanding at December 29, 2017 | 3,725 |
Options, Granted, Shares | 805 |
Options, Exercised, Shares | (524) |
Options, Forfeited or expired, Shares | (27) |
Outstanding at September 28, 2018 | 3,979 |
Exercisable at September 28, 2018 | 2,584 |
Stock-Based Compensation (Det_5
Stock-Based Compensation (Details 4) shares in Thousands | 9 Months Ended |
Sep. 28, 2018shares | |
Restricted Stock [Member] | |
Outstanding at December 29, 2017 | 21 |
Granted, (In Shares) | 11 |
Vested (In shares) | (21) |
Forfeited or expired (In shares) | 0 |
Outstanding at September 28, 2018 | 11 |
Restricted Stock Units (RSUs) [Member] | |
Outstanding at December 29, 2017 | 488 |
Granted, (In Shares) | 49 |
Vested (In shares) | (185) |
Forfeited or expired (In shares) | (8) |
Outstanding at September 28, 2018 | 344 |
Stock-Based Compensation (Det_6
Stock-Based Compensation (Details Textual) | 9 Months Ended |
Sep. 28, 2018$ / sharesshares | |
Schedule of Employee Service Share-based Compensation [Line Items] | |
Estimated Forfeiture Rate | 11.00% |
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 | $ 39.90 |
Minimum [Member] | |
Schedule of Employee Service Share-based Compensation [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Beginning Balance | $ 0.95 |
Omnibus Plan [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 | shares | 2,488,237 |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 28, 2018 | Sep. 29, 2017 | |
Income Taxes [Line Items] | ||||
Income Tax Expense (Benefit) | $ 346 | $ 410 | $ 1,452 | $ 697 |
Commitments and Contingencies (
Commitments and Contingencies (Details Textual) | Mar. 08, 2018USD ($) | Jan. 31, 2017USD ($) | Sep. 28, 2018USD ($) | Sep. 28, 2018JPY (¥) | Sep. 28, 2018CHF (SFr) | Dec. 29, 2017USD ($) | Dec. 29, 2017JPY (¥) |
Line of Credit, Current | $ 4,162,000 | $ 4,438,000 | |||||
lease schedule 009R [Member] | |||||||
Capital Lease Obligations | $ 1,957,000 | 330,000 | 1,067,000 | ||||
Capital Leases Transaction Net Proceeds Expiration Term | 24 months | ||||||
Lease Schedule 010R [Member] | |||||||
Capital Lease Obligations | $ 1,560,000 | 1,044,000 | |||||
Capital Leases Transaction Net Proceeds Expiration Term | 24 months | ||||||
Lease Schedule 011 [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 500,000 | ||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 392,000 | ||||||
Hardware Equipment [Member] | lease schedule 009R [Member] | |||||||
Capital Leases Transaction Imputed Interest Rate Term | 3.94% per $1 | ||||||
Hardware Equipment [Member] | Lease Schedule 010R [Member] | |||||||
Capital Leases Transaction Imputed Interest Rate Term | 3.94% per $1 | ||||||
Hardware Equipment [Member] | Lease Schedule 011 [Member] | |||||||
Capital Leases Transaction Imputed Interest Rate Term | 3.94% per $1 | ||||||
Non-Hardware Equipment [Member] | lease schedule 009R [Member] | |||||||
Capital Leases Transaction Imputed Interest Rate Term | 4.75% per $1 | ||||||
Non-Hardware Equipment [Member] | Lease Schedule 010R [Member] | |||||||
Capital Leases Transaction Imputed Interest Rate Term | 4.75% per $1 | ||||||
Non-Hardware Equipment [Member] | Lease Schedule 011 [Member] | |||||||
Capital Leases Transaction Imputed Interest Rate Term | 4.75% per $1 | ||||||
Mizuho Bank [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | ¥ | ¥ 500,000,000 | ||||||
Line of Credit Facility, Interest Rate Description | (approximately 0.06% as of September 28, 2018) plus a 0.50% spread, and may be renewed quarterly (the current line expires on November 21, 2018). | ||||||
Line of Credit, Current | $ 4,162,000 | 472,500,000 | 4,438,000 | ¥ 500,000,000 | |||
Interest Rate Increase In Case Of Default | 14.00% | ||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 242,000 | ¥ 27,500,000 | 0 | ||||
Credit Suisse Bank [Member] | |||||||
Line of Credit Facility, Current Borrowing Capacity | $ 1,000,000 | SFr 1,000,000 | $ 1,000,000 | ||||
Percentage Of Commission On Outstanding Notes Payable | 0.25% |
Stockholders' Equity (Details T
Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Aug. 10, 2018 | Sep. 28, 2018 | Sep. 29, 2017 |
Stockholders Equity Note [Line Items] | |||
Stock Issued During Period, Shares, New Issues | 1,999,850 | ||
Shares Issued, Price Per Share | $ 36.309 | ||
Proceeds from Issuance of Common Stock | $ 72,150 | $ 72,150 | $ 0 |