Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jul. 02, 2021 | Jul. 30, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jul. 2, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | STAAR SURGICAL CO | |
Entity Central Index Key | 0000718937 | |
Current Fiscal Year End Date | --01-01 | |
Entity Filer Category | Large Accelerated Filer | |
Trading Symbol | STAA | |
Entity Common Stock, Shares Outstanding | 47,395,678 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity Interactive Data Current | Yes | |
Entity File Number | 0-11634 | |
Title of 12(b) Security | Common | |
Security Exchange Name | NASDAQ | |
Entity Tax Identification Number | 95-3797439 | |
Entity Address, Address Line One | 25651 Atlantic Ocean Drive | |
Entity Address, City or Town | Lake Forest | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92630 | |
City Area Code | 626 | |
Local Phone Number | 303-7902 | |
Entity Incorporation, State or Country Code | DE | |
Document Quarterly Report | true | |
Document Transition Report | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jul. 02, 2021 | Jan. 01, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 173,083 | $ 152,453 |
Accounts receivable trade, net of allowance of doubtful accounts of $52 and $59, respectively | 48,647 | 35,229 |
Inventories, net | 15,590 | 18,111 |
Prepayments, deposits and other current assets | 10,797 | 10,625 |
Total current assets | 248,117 | 216,418 |
Property, plant and equipment, net | 28,616 | 24,030 |
Finance lease right-of-use assets, net | 59 | 596 |
Operating lease right-of-use assets, net | 11,243 | 8,764 |
Intangible assets, net | 239 | 270 |
Goodwill | 1,786 | 1,786 |
Deferred income taxes | 3,720 | 4,944 |
Other assets | 658 | 608 |
Total assets | 294,438 | 257,416 |
Current liabilities: | ||
Line of credit | 1,280 | 1,379 |
Accounts payable | 7,579 | 7,874 |
Obligations under finance leases | 85 | 360 |
Obligations under operating leases | 2,765 | 2,485 |
Allowance for sales returns | 5,429 | 4,532 |
Other current liabilities | 24,663 | 24,606 |
Total current liabilities | 41,801 | 41,236 |
Obligations under finance leases | 25 | 38 |
Obligations under operating leases | 8,654 | 6,537 |
Deferred income taxes | 222 | 222 |
Asset retirement obligations | 205 | 221 |
Pension liability | 8,909 | 11,940 |
Total liabilities | 59,816 | 60,194 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Common stock, $0.01 par value; 60,000 shares authorized: 47,391 and 46,448 shares issued and outstanding at July 2, 2021 and January 1, 2021, respectively | 474 | 464 |
Additional paid-in capital | 360,316 | 338,194 |
Accumulated other comprehensive loss | (3,836) | (5,545) |
Accumulated deficit | (122,332) | (135,891) |
Total stockholders’ equity | 234,622 | 197,222 |
Total liabilities and stockholders’ equity | $ 294,438 | $ 257,416 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jul. 02, 2021 | Jan. 01, 2021 |
Statement Of Financial Position [Abstract] | ||
Allowance for doubtful accounts receivable, current | $ 52 | $ 59 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 60,000,000 | 60,000,000 |
Common stock, shares issued | 47,391,000 | 46,448,000 |
Common stock, shares outstanding | 47,391,000 | 46,448,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 02, 2021 | Jul. 03, 2020 | Jul. 02, 2021 | Jul. 03, 2020 | |
Income Statement [Abstract] | ||||
Net sales | $ 62,367,000 | $ 35,194,000 | $ 113,119,000 | $ 70,381,000 |
Cost of sales | 13,164,000 | 10,764,000 | 24,774,000 | 21,191,000 |
Gross profit | 49,203,000 | 24,430,000 | 88,345,000 | 49,190,000 |
Selling, general and administrative expenses: | ||||
General and administrative | 11,441,000 | 7,848,000 | 21,653,000 | 15,817,000 |
Selling and marketing | 18,853,000 | 10,326,000 | 32,054,000 | 21,354,000 |
Research and development | 8,260,000 | 7,311,000 | 16,519,000 | 14,209,000 |
Total selling, general and administrative expenses | 38,554,000 | 25,485,000 | 70,226,000 | 51,380,000 |
Operating income (loss) | 10,649,000 | (1,055,000) | 18,119,000 | (2,190,000) |
Other income (expense), net: | ||||
Interest income (expense), net | (5,000) | 20,000 | (12,000) | 236,000 |
Gain (loss) on foreign currency transactions | (131,000) | 388,000 | (1,430,000) | (80,000) |
Royalty income | 151,000 | 52,000 | 311,000 | 146,000 |
Other income (expense), net | 51,000 | (21,000) | (34,000) | (20,000) |
Total other income (expense), net | 66,000 | 439,000 | (1,165,000) | 282,000 |
Income (loss) before income taxes | 10,715,000 | (616,000) | 16,954,000 | (1,908,000) |
Provision (benefit) for income taxes | 2,148,000 | 556,000 | 3,395,000 | (602,000) |
Net income (loss) | $ 8,567,000 | $ (1,172,000) | $ 13,559,000 | $ (1,306,000) |
Net income (loss) per share: | ||||
Basic | $ 0.18 | $ (0.03) | $ 0.29 | $ (0.03) |
Diluted | $ 0.17 | $ (0.03) | $ 0.27 | $ (0.03) |
Weighted average shares outstanding: | ||||
Basic | 47,099 | 45,354 | 46,858 | 45,152 |
Diluted | 49,491 | 45,354 | 49,373 | 45,152 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 02, 2021 | Jul. 03, 2020 | Jul. 02, 2021 | Jul. 03, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 8,567 | $ (1,172) | $ 13,559 | $ (1,306) |
Defined benefit plans: | ||||
Net change in plan assets | (457) | (28) | 2,627 | (53) |
Reclassification into other income (expense), net | 120 | 72 | 240 | 142 |
Foreign currency translation gain (loss) | (111) | 113 | (1,227) | 86 |
Tax effect | 69 | (40) | 69 | (36) |
Other comprehensive income (loss), net of tax | (379) | 117 | 1,709 | 139 |
Comprehensive income (loss) | $ 8,188 | $ (1,055) | $ 15,268 | $ (1,167) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit |
Balance at Jan. 03, 2020 | $ 159,884 | $ 448 | $ 304,288 | $ (3,048) | $ (141,804) |
Balance (in shares) at Jan. 03, 2020 | 44,822 | ||||
Net income (loss) | (1,306) | (1,306) | |||
Other comprehensive income (loss) | 139 | 139 | |||
Common stock issued upon exercise of options | 9,557 | $ 9 | 9,548 | ||
Common stock issued upon exercise of options (in shares) | 877 | ||||
Stock-based compensation | 6,399 | 6,399 | |||
Vested restricted stock | 1 | $ 1 | |||
Vested restricted stock (in shares) | 89 | ||||
Balance at Jul. 03, 2020 | 174,674 | $ 458 | 320,235 | (2,909) | (143,110) |
Balance (in shares) at Jul. 03, 2020 | 45,788 | ||||
Balance at Apr. 03, 2020 | 164,967 | $ 451 | 309,480 | (3,026) | (141,938) |
Balance (in shares) at Apr. 03, 2020 | 45,105 | ||||
Net income (loss) | (1,172) | (1,172) | |||
Other comprehensive income (loss) | (379) | (379) | |||
Common stock issued upon exercise of options | 7,553 | $ 7 | 7,546 | ||
Common stock issued upon exercise of options (in shares) | 681 | ||||
Stock-based compensation | 3,209 | 3,209 | |||
Vested restricted stock (in shares) | 2 | ||||
Balance at Jul. 03, 2020 | 174,674 | $ 458 | 320,235 | (2,909) | (143,110) |
Balance (in shares) at Jul. 03, 2020 | 45,788 | ||||
Balance at Jan. 01, 2021 | 197,222 | $ 464 | 338,194 | (5,545) | (135,891) |
Balance (in shares) at Jan. 01, 2021 | 46,448 | ||||
Net income (loss) | 13,559 | 13,559 | |||
Other comprehensive income (loss) | 1,709 | 1,709 | |||
Common stock issued upon exercise of options | $ 14,110 | $ 9 | 14,101 | ||
Common stock issued upon exercise of options (in shares) | 906 | 906 | |||
Stock-based compensation | $ 8,021 | 8,021 | |||
Unvested restricted stock (in shares) | 3 | 3 | |||
Vested restricted stock | $ 1 | $ 1 | |||
Vested restricted stock (in shares) | 34 | ||||
Balance at Jul. 02, 2021 | 234,622 | $ 474 | 360,316 | (3,836) | (122,332) |
Balance (in shares) at Jul. 02, 2021 | 47,391 | ||||
Balance at Apr. 02, 2021 | 214,176 | $ 469 | 348,063 | (3,457) | (130,899) |
Balance (in shares) at Apr. 02, 2021 | 46,857 | ||||
Net income (loss) | 8,567 | 8,567 | |||
Other comprehensive income (loss) | 117 | 117 | |||
Common stock issued upon exercise of options | 7,876 | $ 5 | 7,871 | ||
Common stock issued upon exercise of options (in shares) | 530 | ||||
Stock-based compensation | $ 4,382 | 4,382 | |||
Unvested restricted stock (in shares) | 3 | 3 | |||
Vested restricted stock (in shares) | 1 | ||||
Balance at Jul. 02, 2021 | $ 234,622 | $ 474 | $ 360,316 | $ (3,836) | $ (122,332) |
Balance (in shares) at Jul. 02, 2021 | 47,391 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 02, 2021 | Jul. 03, 2020 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 13,559 | $ (1,306) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Depreciation of property, plant, and equipment | 1,754 | 1,518 |
Amortization of intangibles | 17 | 17 |
Deferred income taxes | 845 | (1,369) |
Change in net pension liability | (27) | 376 |
Loss on disposal of property and equipment | 2 | 3 |
Stock-based compensation expense | 7,322 | 5,839 |
Provision for sales returns and bad debts | 932 | 605 |
Inventory provision | 697 | 816 |
Changes in working capital: | ||
Accounts receivable | (13,797) | (8,409) |
Inventories | 2,238 | (932) |
Prepayments, deposits, and other current assets | (307) | (2,172) |
Accounts payable | (268) | 297 |
Other current liabilities | 181 | (3,471) |
Net cash provided by (used in) operating activities | 13,148 | (8,188) |
Cash flows from investing activities: | ||
Acquisition of property and equipment | (5,683) | (4,210) |
Net cash used in investing activities | (5,683) | (4,210) |
Cash flows from financing activities: | ||
Repayment of finance lease obligations | (278) | (346) |
Repayment on line of credit | (508) | |
Proceeds from the exercise of stock options | 14,110 | 9,557 |
Proceeds from vested restricted stock | 1 | 1 |
Net cash provided by financing activities | 13,833 | 8,704 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (668) | 41 |
Increase (decrease) in cash, cash equivalents and restricted cash | 20,630 | (3,653) |
Cash and cash equivalents, at beginning of the period | 152,453 | 119,968 |
Cash and cash equivalents, at end of the period | $ 173,083 | $ 116,315 |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 6 Months Ended |
Jul. 02, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | 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 the Comprehensive Financial Statements have been condensed or omitted pursuant to such rules and regulations. The Consolidated Balance Sheet as of January 1, 2021 was derived from the audited financial statements at that date, but does not include all the information and footnotes required by GAAP. These financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended January 1, 2021. The Condensed Consolidated Financial Statements for the three and six months ended July 2, 2021 and July 3, 2020, 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 six months ended July 2, 2021 and July 3, 2020, 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. Vendor Concentration There was one vendor which accounted for over 11% and 10% of the Company’s consolidated accounts payable as of July 2, 2021 and January 1, 2021, respectively. There were no vendors who accounted for over 10% of the Company’s consolidated purchases for the three and six months ended July 2, 2021 and July 3, 2020, respectively. Use of Estimates During the COVID-19 pandemic, the Company believes it has used reasonable estimates and assumptions in determining valuation allowances for uncollectible trade receivables, sales returns reserves, obsolete and excess inventory reserves, deferred income taxes, and tax reserves, including valuation allowances for deferred tax assets, pension liabilities, evaluation of asset impairment, in determining the useful life of depreciable and definite-lived intangible assets, and in the variables and assumptions used to calculate and record stock-based compensation. Throughout the COVID-19 pandemic the Company offered extended payment terms to assist its surgeon customers and their clinics as they resumed business. Although the Company experienced some delays in payments on accounts receivable as a result of the COVID-19 pandemic in the first half of 2020, the Company experienced improvements since the third quarter of 2020 as elective refractive surgeries resumed. The Company is unaware of any material impairment of customer receivables. The Company’s sales representatives throughout the world remain engaged with customers conducting online training and other educational courses which have been very well attended. This activity has given the Company insight into COVID-19’s impact on customers and potential impairment of receivables. Recently Adopted Accounting Pronouncements and Recent Accounting Pronouncements Not Yet Adopted On January 1, 2021 (beginning of fiscal year 2021), the Company adopted Accounting Standards Update (“ASU”) 2019‑12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes,” which removes the following exceptions: exception to the incremental approach for intraperiod tax allocation; exception to accounting for basis differences when there are ownership changes in foreign investments; and exception to interim period tax accounting for year to date losses that exceed anticipated losses. ASU 2019-12 also improves financial reporting for franchise taxes that are partially based on income; transactions with a government that result in a step up in the tax basis of goodwill; separate financial statements of legal entities that are not subject to tax; and enacted changes in tax laws in interim periods. The adoption of ASU 2019-12 did not have a material impact on the Condensed Consolidated Financial Statements. |
Inventories
Inventories | 6 Months Ended |
Jul. 02, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | 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): July 2, 2021 January 1, 2021 Raw materials and purchased parts $ 3,075 $ 3,679 Work in process 2,780 2,174 Finished goods 10,850 13,717 Total inventories, gross 16,705 19,570 Less inventory reserves (1,115 ) (1,459 ) Total inventories, net $ 15,590 $ 18,111 |
Prepayments, Deposits, and Othe
Prepayments, Deposits, and Other Current Assets | 6 Months Ended |
Jul. 02, 2021 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Prepayments, Deposits, and Other Current Assets | Note 3 — Prepayments, Deposits, and Other Current Assets Prepayments, deposits, and other current assets consisted of the following (in thousands): July 2, 2021 January 1, 2021 Prepayments and deposits $ 4,429 $ 3,423 Prepaid insurance 1,211 2,677 Prepaid marketing 2,000 368 Consumption tax receivable 334 1,409 Value added tax (VAT) receivable 1,078 2,056 BVG (Swiss Pension) prepayment 621 2 Other ( 1) 1,124 690 Total prepayments, deposits and other current assets $ 10,797 $ 10,625 (1) |
Property, Plant and Equipment
Property, Plant and Equipment | 6 Months Ended |
Jul. 02, 2021 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | Note 4 — Property, Plant and Equipment Property, plant and equipment, net consisted of the following (in thousands): July 2, 2021 January 1, 2021 Machinery and equipment $ 23,682 $ 21,209 Computer equipment and software 8,619 7,423 Furniture and fixtures 4,734 4,676 Leasehold improvements 11,601 11,388 Construction in process 13,516 11,120 Total property, plant and equipment, gross 62,152 55,816 Less accumulated depreciation (33,536 ) (31,786 ) Total property, plant and equipment, net $ 28,616 $ 24,030 |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jul. 02, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Note 5 –Intangible Assets Intangible assets, net consisted of the following (in thousands): July 2, 2021 January 1, 2021 Long-lived amortized intangible assets Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Patents and licenses $ 9,334 $ (9,095 ) $ 239 $ 9,382 $ (9,112 ) $ 270 |
Other Current Liabilities
Other Current Liabilities | 6 Months Ended |
Jul. 02, 2021 | |
Other Liabilities Disclosure [Abstract] | |
Other Current Liabilities | Note 6 – Other Current Liabilities Other current liabilities consisted of the following (in thousands): July 2, 2021 January 1, 2021 Accrued salaries and wages $ 10,078 $ 7,074 Accrued bonuses 3,100 3,000 Accrued insurance 752 2,633 Income taxes payable 3,323 4,657 Accrued consumption tax 707 1,743 Marketing obligations 1,788 1,484 Other ( 1) 4,915 4,015 Total other current liabilities $ 24,663 $ 24,606 (1) No individual item in “Other” exceeds 5% of the other current liabilities. |
Lines of Credit
Lines of Credit | 6 Months Ended |
Jul. 02, 2021 | |
Debt Disclosure [Abstract] | |
Lines of Credit | Note 7 – 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 July 2, 2021) plus a 0.50% spread, and may be renewed quarterly (the current line expires on August 21, 2021). The credit facility is not collateralized. The Company had 142,500,000 Yen outstanding on the line of credit as of July 2, 2021 and January 1, 2021 (approximately $1,280,000 and $1,379,000 based on the foreign exchange rates on July 2, 2021 and January 1, 2021, 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. There was 357,500,000 Yen available for borrowing as of July 2, 2021 and January 1, 2021 (approximately $3,210,000 and $3,459,000 based on the foreign exchange rate on July 2, 2021 and January 1, 2021, respectively). At maturity on August 21, 2021, 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 $1,100,000 at the rate of exchange on January 1, 2021), 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 January 1, 2021. Given its immaterial nature and the Company’s existing cash resources, during the second quarter of 2021, the Company cancelled the framework agreement. The Company is in compliance with covenants of its credit facilities and lines of credit as of July 2, 2021. |
Leases
Leases | 6 Months Ended |
Jul. 02, 2021 | |
Leases [Abstract] | |
Leases | Note 8 – Leases Finance Leases The Company entered into finance leases primarily related to purchases of equipment used for manufacturing or computer-related equipment. These finance leases are two to five years in length and have fixed payment amounts for the term of the contract and have options to purchase the assets at the end of the lease term. Supplemental balance sheet information related to finance leases consisted of the following (dollars in thousands): July 2, 2021 January 1, 2021 Machinery and equipment $ 36 $ 570 Computer equipment and software 581 806 Finance lease right-of-use assets, gross 617 1,376 Less accumulated depreciation (558 ) (780 ) Finance lease right-of-use assets, net $ 59 $ 596 Total finance lease liability $ 110 $ 398 Weighted-average remaining lease term (in years) 1.3 0.9 Weighted-average discount rate 2.08 % 3.46 % Supplemental cash flow information related to finance leases consisted of the following (dollars in thousands): Three Months Ended Six Months Ended July 2, 2021 July 3, 2020 July 2, 2021 July 3, 2020 Amortization of finance lease right-of-use asset $ 20 $ 50 $ 56 $ 167 Interest on finance lease liabilities 1 8 5 18 Cash paid for amounts included in the measurement of finance lease liabilities: Operating cash flows 1 8 5 18 Financing cash flows 43 110 278 346 Right-of-use assets obtained in exchange for new finance lease liabilities — 22 — 22 The Company entered into operating leases primarily related to real property (office, manufacturing and warehouse facilities), automobiles and copiers. These operating leases are two to ten years in length with options to extend. The Company did not include any lease extensions in the initial valuation unless the Company was reasonably certain to extend the lease. Depending on the lease, there are those with fixed payment amounts for the entire length of the contract or payments which increase periodically as noted in the contract or increased at an inflation rate indicator. For operating leases that increase using an inflation rate indicator, the Company used the inflation rate at the time the lease was entered into for the length of the lease term. Supplemental balance sheet information related to operating leases consisted of the following (dollars in thousands): July 2, 2021 January 1, 2021 Machinery and equipment $ 900 $ 860 Computer equipment and software 472 462 Real property 15,974 12,956 Operating lease right-of-use assets, gross 17,346 14,278 Less accumulated depreciation (6,103 ) (5,514 ) Operating lease right-of-use assets, net $ 11,243 $ 8,764 Total operating lease liability $ 11,419 $ 9,022 Weighted-average remaining lease term (in years) 5.7 5.2 Weighted-average discount rate 2.51 % 2.61 % Note 8 – Leases (Continued) Operating Leases Supplemental cash flow information related to operating leases was as follows (dollars in thousands): Three Months Ended Six Months Ended July 2, 2021 July 3, 2020 July 2, 2021 July 3, 2020 Operating lease cost $ 857 $ 746 $ 1,640 $ 1,486 Cash paid for amounts included in the measurement of operating lease liabilities: Operating cash flows 801 763 1,586 1,501 Right-of-use assets obtained in exchange for new operating lease liabilities 3,356 249 4,007 318 Future Minimum Lease Commitments Estimated future minimum lease payments under operating and finance leases having initial or remaining non-cancelable lease terms more than one year as of July 2, 2021 is as follows (in thousands): As of July 2, 2021 12 Months Ended Operating Leases Finance Leases June 2022 $ 3,008 $ 86 June 2023 2,919 14 June 2024 2,006 11 June 2025 1,112 — June 2026 690 — Thereafter 2,263 — Total minimum lease payments, including interest $ 11,998 $ 111 Less amounts representing interest (579 ) (1 ) Total minimum lease payments $ 11,419 $ 110 |
Income Taxes
Income Taxes | 6 Months Ended |
Jul. 02, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 9 — The Company recorded an income tax provision (benefit) as follows (in thousands): Three Months Ended Six Months Ended July 2, 2021 July 3, 2020 July 2, 2021 July 3, 2020 Provision (benefit) for income taxes $ 2,148 $ 556 $ 3,395 $ (602 ) The Company recorded income taxes of $2,148,000 and $3,395,000 for the three and six months ended July 2, 2021, respectively, due to pre-tax income generated in certain foreign jurisdictions and a recapture of its U.S. valuation allowance of $845,000 as a result of increased tax deductions in the projection of taxable income used in its valuation assessment. The Company, from time to time may adjust the projections of taxable income as a result of current conditions. The Company recorded income taxes of $556,000 for the three months ended July 3, 2020, due to pre-tax income generated in certain foreign jurisdictions. The Company recorded an income tax benefit of $602,000 for the six months ended July 3, 2020 due to a release of its U.S. valuation allowance , offset by pre-tax income generated in certain foreign jurisdictions. 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. There are no unrecognized tax benefits related to uncertain tax positions taken by the Company. All earnings from the Company’s subsidiaries are not considered to be permanently reinvested. The 2017 Tax Act subjects a U.S. shareholder to tax on Global Intangible Low Tax Income (“GILTI”) earned by certain foreign subsidiaries. In general, GILTI is the excess of a U.S. shareholder’s total net foreign income over a deemed return on tangible assets. The provision further allows a deduction of 50 percent of GILTI, however this deduction is limited by the Company’s U.S. taxable income. The Company has elected to account for GILTI as a current period expense when incurred. Note 9 — Final regulations issued on July 20, 2020 allow companies to exclude certain high-taxed income from their GILTI calculation (the GILTI high-tax exclusion). The GILTI high-tax exclusion applies if the effective foreign tax rate is 90% or more of the rate that would apply if the income were subject to the maximum US rate of tax specified in section 11 (currently 18.9%, based on a maximum rate of 21%). The final regulations also provide that the GILTI high-tax exclusion is an annual election made each year and is retroactive to years beginning after December 31, 2017. The Company has made the election to exclude certain high-taxed income from its GILTI calculation for the three and six months ended July 2, 2021 and July 3, 2020, respectively. The ultimate realization of deferred tax assets is dependent upon future generation of income during the periods in which temporary differences representing net future deductible amounts become deductible. Management considers the projected future income and tax planning strategies in making this assessment. Since January 1, 2021, the Company had three years of accumulated profits for federal and various state income tax purposes as a result of GILTI. However, the three-year income position is not solely determinative and, accordingly, management considers all other available positive and negative evidence in its analysis. This includes existing profits in foreign jurisdiction as well as projected future profits. The “incremental cash tax savings approach” is further described in Notes 1 and 10 of the Company’s fiscal 2020 Form 10-K. Under the incremental cash tax savings approach, the Company’s cumulative valuation allowance recorded was $37,315,000 and $7,879,000 for federal and state, respectively, at July 2, 2021, and $34,681,000 and $7,399,000 for federal and state, respectively, at January 1, 2021. Under the incremental cash tax savings approach, the valuation allowance recorded reflects the net operating losses and deferred tax assets which will not result in future cash tax savings and therefore provide no additional benefit. Total U.S. net deferred tax assets were $3,025,000 and $3,870,000 as of July 2, 2021 and January 1, 2021, respectively. |
Defined Benefit Pension Plans
Defined Benefit Pension Plans | 6 Months Ended |
Jul. 02, 2021 | |
Compensation And Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits Disclosure | Note 10 – 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 Six Months Ended July 2, 2021 July 3, 2020 July 2, 2021 July 3, 2020 Service cost ( 1) $ 329 $ 320 $ 677 $ 639 Interest cost ( 2) 14 11 28 22 Expected return on plan assets ( 2) (101 ) (46 ) (200 ) (89 ) Prior service credit ( 2),(3) (11 ) (8 ) (22 ) (17 ) Actuarial loss recognized in current period ( 2),(3) 131 80 262 159 Net periodic pension cost $ 362 $ 357 $ 745 $ 714 (1) Recognized in selling general and administrative expenses on the Condensed Consolidated Statements of Operations. ( 2 ) Recognized in other income (expense), net on the Condensed Consolidated Statements of Operations. (3) Amounts reclassified from accumulated other comprehensive income (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 Six Months Ended July 2, 2021 July 3, 2020 July 2, 2021 July 3, 2020 Employer contribution $ 204 $ 155 $ 397 $ 330 |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jul. 02, 2021 | |
Stockholders Equity Note [Abstract] | |
Stockholders' Equity | Note 11 — Stockholders’ Equity Stock-Based Compensation The cost that has been charged against income for stock-based compensation is set forth below (in thousands): Three Months Ended Six Months Ended July 2, 2021 July 3, 2020 July 2, 2021 July 3, 2020 Employee stock options $ 2,784 $ 2,505 $ 5,256 $ 4,737 Restricted stock 232 76 398 154 Restricted stock units 811 274 1,348 823 Performance stock units 108 — 201 — Nonemployee stock options 57 63 119 125 Total stock-based compensation expense $ 3,992 $ 2,918 $ 7,322 $ 5,839 The Company recorded stock-based compensation costs in the following categories (in thousands): Three Months Ended Six Months Ended July 2, 2021 July 3, 2020 July 2, 2021 July 3, 2020 Cost of sales $ 54 $ 30 $ 89 $ 52 General and administrative 1,815 1,209 3,254 2,294 Selling and marketing 953 812 1,786 1,867 Research and development 1,170 867 2,193 1,626 Total stock-based compensation expense, net 3,992 2,918 7,322 5,839 Amounts capitalized as part of inventory 390 291 699 560 Total stock-based compensation expense, gross $ 4,382 $ 3,209 $ 8,021 $ 6,399 Incentive Plan The Amended and Restated Omnibus Equity Incentive Plan (“the Plan”) provides for various forms of stock-based incentives. To date, of the available forms of awards under the Plan, the Company has granted only stock options, restricted stock, unrestricted share grants, restricted stock units (“RSUs”) and performance stock units (“PSUs”). Options under the Plan are granted at fair market value on the date of grant, become exercisable generally over a three-year 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 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. Note 11 — Stockholders’ Equity (Continued) Three Months Ended Six Months Ended July 2, 2021 July 3, 2020 July 2, 2021 July 3, 2020 Expected dividend yield 0 % 0 % 0 % 0 % Expected volatility 53 % 53 % 53 % 53 % Risk-free interest rate 0.83 % 0.31 % 0.84 % 0.53 % Expected term (in years) 5.38 5.72 5.38 5.72 Stock Options A summary of stock option activity under the Plan for six months ended July 2, 2021is presented below: Stock Options (in 000’s) Minimum Exercise Price Maximum Exercise Price Outstanding at January 1, 2021 3,418 Granted 258 Exercised (906 ) Forfeited or expired (23 ) Outstanding at July 2, 2021 2,747 $ 5.34 $ 154.96 Exercisable at July 2, 2021 1,928 Restricted Stock, Restricted Stock Units and Performance Stock Units A summary of restricted stock, RSUs and PSUs activity under the Plan for the six months ended July 2, 2021 is presented below (shares in thousands): Restricted Stock RSUs PSUs Unvested at January 1, 2021 11 122 15 Granted 3 48 — Vested (11 ) (34 ) — Forfeited or expired — — — Unvested at July 2, 2021 3 136 15 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jul. 02, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 12 - Commitments and Contingencies 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 entered into an employment agreement with the Company, effective March 1, 2015. She and certain officers have as provisions of their agreements certain rights, including continuance of cash compensation and benefits, upon a “change in control,” which may include an acquisition of substantially all its assets, or termination “without cause or for good reason” as defined in the employment agreements. |
Basic and Diluted Net Income Pe
Basic and Diluted Net Income Per Share | 6 Months Ended |
Jul. 02, 2021 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Net Income Per Share | Note 13 — Basic and Diluted Net Income Per Share The following table sets forth the computation of basic and diluted net income per share (in thousands except per share amounts): Three Months Ended Six Months Ended July 2, 2021 July 3, 2020 July 2, 2021 July 3, 2020 Numerator: Net income (loss) $ 8,567 $ (1,172 ) $ 13,559 $ (1,306 ) Denominator: Weighted average common shares: Common shares outstanding 47,102 45,354 46,861 45,152 Less: Unvested restricted stock (3 ) — (3 ) — Denominator for basic calculation 47,099 45,354 46,858 45,152 Weighted average effects of potentially diluted common stock: Stock options 2,283 — 2,405 — Unvested restricted stock 9 — 9 — RSUs 88 — 90 — PSUs 12 — 11 — Denominator for diluted calculation 49,491 45,354 49,373 45,152 Net income (loss) per share: Basic $ 0.18 $ (0.03 ) $ 0.29 $ (0.03 ) Diluted $ 0.17 $ (0.03 ) $ 0.27 $ (0.03 ) Because the Company had a net loss for the three and six months ended July 3, 2020, the number of diluted shares is equal to the number of basic shares. The following table sets forth (in thousands) the weighted average number of options to purchase shares of common stock, restricted stock, RSUs and PSUs 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 Six Months Ended July 2, 2021 July 3, 2020 July 2, 2021 July 3, 2020 Stock options 14 3,082 173 3,502 Restricted stock, RSUs and PSUs — 59 — 72 Total 14 3,141 173 3,574 |
Disaggregation of Sales, Geogra
Disaggregation of Sales, Geographic Sales and Product Sales | 6 Months Ended |
Jul. 02, 2021 | |
Segment Reporting [Abstract] | |
Disaggregation of Sales, Geographic Sales and Product Sales | Note 14 — Disaggregation of Sales, Geographic Sales and Product Sales In the following tables, sales are disaggregated by category, sales by geographic market and sales by product data. The following breaks down sales into the following categories (in thousands): Three Months Ended Six Months Ended July 2, 2021 July 3, 2020 July 2, 2021 July 3, 2020 Non-consignment sales $ 57,368 $ 23,446 $ 102,785 $ 53,846 Consignment sales 4,999 11,748 10,334 16,535 Total net sales $ 62,367 $ 35,194 $ 113,119 $ 70,381 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. thousands): Three Months Ended Six Months Ended July 2, 2021 July 3, 2020 July 2, 2021 July 3, 2020 Domestic $ 2,704 $ 882 $ 5,044 $ 2,621 Foreign: China 32,930 18,603 52,573 30,318 Japan 9,283 7,463 18,886 15,765 Other (1) 17,450 8,246 36,616 21,677 Total foreign sales 59,663 34,312 108,075 67,760 Total net sales $ 62,367 $ 35,194 $ 113,119 $ 70,381 (1) No other location individually exceeds 10% of the total sales. 100 Three Months Ended Six Months Ended July 2, 2021 July 3, 2020 July 2, 2021 July 3, 2020 ICLs $ 59,235 $ 30,728 $ 105,736 $ 60,068 Other product sales: IOLs 3,074 2,561 6,799 6,555 Other surgical products 58 1,905 584 3,758 Total other product sales 3,132 4,466 7,383 10,313 Total net sales $ 62,367 $ 35,194 $ 113,119 $ 70,381 One customer, the Company’s distributor in China, accounted for 53% and 46% of net sales for the three and six months ended July 2, 2021 and the same customer, accounted for 53% and 43% for the three and six months ended July 3, 2020, respectively. As of July 2, 2021 and January 1, 2021, respectively, one customer, the Company’s distributor in China, accounted for 55% and 46% of consolidated trade receivables. |
COVID-19 and CARES Act Developm
COVID-19 and CARES Act Developments | 6 Months Ended |
Jul. 02, 2021 | |
C O V I D19and C A R E S Act Developments [Abstract] | |
COVID-19 and CARES Act Developments | Note 15 — COVID-19 and CARES Act Developments In December 2019, COVID-19 surfaced and in March 2020, the World Health Organization declared a pandemic related to the rapid spread of COVID-19 around the world. The impact of the COVID-19 outbreak on the businesses and the economy in the U.S. and the rest of the world is, and is expected to continue to be, uncertain and may continue to be significant. Accordingly, the Company cannot predict the extent to which its financial condition and results of operation will be affected. On March 17, 2020, the Company suspended most of its production and non-essential business locations where employees can work from home. A very limited number of manufacturing personnel remained at work for critical late staged processes, until the end of March 2020. Manufacturing resumed on April 27, 2020. The Company’s revenues have been adversely impacted, and the Company experienced a substantial slowdown in sales beginning March 20, 2020 in global geographies characterized as “hot spots” for the COVID-19 virus, including parts of Europe, North America, Asia, the Middle East and India. In certain of these markets, sales have paused as elective surgeries are discouraged to support COVID-19 related needs. The Company expects decreases in sales in certain geographies to continue in 2021 as different geographies resume business activities on differing timelines. The Coronavirus Aid, Relief and Economic Security (“CARES”) Act, among other things, includes provisions relating to refundable payroll tax credits, deferment of employer side social security payments, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations, increased limitations on qualified charitable contributions, and technical corrections to tax depreciation methods for qualified improvement property. The Company did not apply for or require financing available under the CARES Act and does not expect to do so. The Company will continue to monitor the impact that the CARES Act may have on its business, financial condition, results of operations, or liquidity. The Consolidated Appropriations Act (“CAA”) among other things, opened up another round of Paycheck Protection Program loans, expanding eligibility to small nonprofits, destination marking organizations, and housing cooperatives, provided additional funding for the Economic Injury Disaster Loans and grants, extends the Employee Retention Tax Credit, also extended and expanded Paid Sick and Family Leave Credits and the Employee Social Security tax deferral. The Company will continue to monitor the impact that the CAA may have on its business, financial condition, results of operations, or liquidity. |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Policies) | 6 Months Ended |
Jul. 02, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 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 the Comprehensive Financial Statements have been condensed or omitted pursuant to such rules and regulations. The Consolidated Balance Sheet as of January 1, 2021 was derived from the audited financial statements at that date, but does not include all the information and footnotes required by GAAP. These financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended January 1, 2021. The Condensed Consolidated Financial Statements for the three and six months ended July 2, 2021 and July 3, 2020, 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 six months ended July 2, 2021 and July 3, 2020, 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. |
Vendor Concentration | Vendor Concentration There was one vendor which accounted for over 11% and 10% of the Company’s consolidated accounts payable as of July 2, 2021 and January 1, 2021, respectively. There were no vendors who accounted for over 10% of the Company’s consolidated purchases for the three and six months ended July 2, 2021 and July 3, 2020, respectively. |
Use of Estimates | Use of Estimates During the COVID-19 pandemic, the Company believes it has used reasonable estimates and assumptions in determining valuation allowances for uncollectible trade receivables, sales returns reserves, obsolete and excess inventory reserves, deferred income taxes, and tax reserves, including valuation allowances for deferred tax assets, pension liabilities, evaluation of asset impairment, in determining the useful life of depreciable and definite-lived intangible assets, and in the variables and assumptions used to calculate and record stock-based compensation. Throughout the COVID-19 pandemic the Company offered extended payment terms to assist its surgeon customers and their clinics as they resumed business. Although the Company experienced some delays in payments on accounts receivable as a result of the COVID-19 pandemic in the first half of 2020, the Company experienced improvements since the third quarter of 2020 as elective refractive surgeries resumed. The Company is unaware of any material impairment of customer receivables. The Company’s sales representatives throughout the world remain engaged with customers conducting online training and other educational courses which have been very well attended. This activity has given the Company insight into COVID-19’s impact on customers and potential impairment of receivables. |
Recently Adopted Accounting Pronouncements and Recent Accounting Pronouncements Not Yet Adopted | Recently Adopted Accounting Pronouncements and Recent Accounting Pronouncements Not Yet Adopted On January 1, 2021 (beginning of fiscal year 2021), the Company adopted Accounting Standards Update (“ASU”) 2019‑12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes,” which removes the following exceptions: exception to the incremental approach for intraperiod tax allocation; exception to accounting for basis differences when there are ownership changes in foreign investments; and exception to interim period tax accounting for year to date losses that exceed anticipated losses. ASU 2019-12 also improves financial reporting for franchise taxes that are partially based on income; transactions with a government that result in a step up in the tax basis of goodwill; separate financial statements of legal entities that are not subject to tax; and enacted changes in tax laws in interim periods. The adoption of ASU 2019-12 did not have a material impact on the Condensed Consolidated Financial Statements. |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jul. 02, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | 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): July 2, 2021 January 1, 2021 Raw materials and purchased parts $ 3,075 $ 3,679 Work in process 2,780 2,174 Finished goods 10,850 13,717 Total inventories, gross 16,705 19,570 Less inventory reserves (1,115 ) (1,459 ) Total inventories, net $ 15,590 $ 18,111 |
Prepayments, Deposits, and Ot_2
Prepayments, Deposits, and Other Current Assets (Tables) | 6 Months Ended |
Jul. 02, 2021 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Schedule Of Prepayments, Deposits, and Other Current Assets | Prepayments, deposits, and other current assets consisted of the following (in thousands): July 2, 2021 January 1, 2021 Prepayments and deposits $ 4,429 $ 3,423 Prepaid insurance 1,211 2,677 Prepaid marketing 2,000 368 Consumption tax receivable 334 1,409 Value added tax (VAT) receivable 1,078 2,056 BVG (Swiss Pension) prepayment 621 2 Other ( 1) 1,124 690 Total prepayments, deposits and other current assets $ 10,797 $ 10,625 (1) |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 6 Months Ended |
Jul. 02, 2021 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment, Net | Property, plant and equipment, net consisted of the following (in thousands): July 2, 2021 January 1, 2021 Machinery and equipment $ 23,682 $ 21,209 Computer equipment and software 8,619 7,423 Furniture and fixtures 4,734 4,676 Leasehold improvements 11,601 11,388 Construction in process 13,516 11,120 Total property, plant and equipment, gross 62,152 55,816 Less accumulated depreciation (33,536 ) (31,786 ) Total property, plant and equipment, net $ 28,616 $ 24,030 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jul. 02, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | Intangible assets, net consisted of the following (in thousands): July 2, 2021 January 1, 2021 Long-lived amortized intangible assets Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Patents and licenses $ 9,334 $ (9,095 ) $ 239 $ 9,382 $ (9,112 ) $ 270 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 6 Months Ended |
Jul. 02, 2021 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Current Liabilities | Other current liabilities consisted of the following (in thousands): July 2, 2021 January 1, 2021 Accrued salaries and wages $ 10,078 $ 7,074 Accrued bonuses 3,100 3,000 Accrued insurance 752 2,633 Income taxes payable 3,323 4,657 Accrued consumption tax 707 1,743 Marketing obligations 1,788 1,484 Other ( 1) 4,915 4,015 Total other current liabilities $ 24,663 $ 24,606 (1) No individual item in “Other” exceeds 5% of the other current liabilities. |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jul. 02, 2021 | |
Leases [Abstract] | |
Supplemental Balance Sheet Information Related to Finance Leases | Supplemental balance sheet information related to finance leases consisted of the following (dollars in thousands): July 2, 2021 January 1, 2021 Machinery and equipment $ 36 $ 570 Computer equipment and software 581 806 Finance lease right-of-use assets, gross 617 1,376 Less accumulated depreciation (558 ) (780 ) Finance lease right-of-use assets, net $ 59 $ 596 Total finance lease liability $ 110 $ 398 Weighted-average remaining lease term (in years) 1.3 0.9 Weighted-average discount rate 2.08 % 3.46 % |
Supplemental Cash Flow Information Related to Finance Leases | Supplemental cash flow information related to finance leases consisted of the following (dollars in thousands): Three Months Ended Six Months Ended July 2, 2021 July 3, 2020 July 2, 2021 July 3, 2020 Amortization of finance lease right-of-use asset $ 20 $ 50 $ 56 $ 167 Interest on finance lease liabilities 1 8 5 18 Cash paid for amounts included in the measurement of finance lease liabilities: Operating cash flows 1 8 5 18 Financing cash flows 43 110 278 346 Right-of-use assets obtained in exchange for new finance lease liabilities — 22 — 22 |
Supplemental Balance Sheet Information Related to Operating Leases | Supplemental balance sheet information related to operating leases consisted of the following (dollars in thousands): July 2, 2021 January 1, 2021 Machinery and equipment $ 900 $ 860 Computer equipment and software 472 462 Real property 15,974 12,956 Operating lease right-of-use assets, gross 17,346 14,278 Less accumulated depreciation (6,103 ) (5,514 ) Operating lease right-of-use assets, net $ 11,243 $ 8,764 Total operating lease liability $ 11,419 $ 9,022 Weighted-average remaining lease term (in years) 5.7 5.2 Weighted-average discount rate 2.51 % 2.61 % |
Supplemental Cash Flow Information Related to Operating Leases | Supplemental cash flow information related to operating leases was as follows (dollars in thousands): Three Months Ended Six Months Ended July 2, 2021 July 3, 2020 July 2, 2021 July 3, 2020 Operating lease cost $ 857 $ 746 $ 1,640 $ 1,486 Cash paid for amounts included in the measurement of operating lease liabilities: Operating cash flows 801 763 1,586 1,501 Right-of-use assets obtained in exchange for new operating lease liabilities 3,356 249 4,007 318 |
Schedule of Estimated Future Minimum Lease Payments under Operating and Finance Leases Having Initial or Remaining Non-Cancelable Lease Terms More Than One Year | Estimated future minimum lease payments under operating and finance leases having initial or remaining non-cancelable lease terms more than one year as of July 2, 2021 is as follows (in thousands): As of July 2, 2021 12 Months Ended Operating Leases Finance Leases June 2022 $ 3,008 $ 86 June 2023 2,919 14 June 2024 2,006 11 June 2025 1,112 — June 2026 690 — Thereafter 2,263 — Total minimum lease payments, including interest $ 11,998 $ 111 Less amounts representing interest (579 ) (1 ) Total minimum lease payments $ 11,419 $ 110 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jul. 02, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Provision (Benefit) | The Company recorded an income tax provision (benefit) as follows (in thousands): Three Months Ended Six Months Ended July 2, 2021 July 3, 2020 July 2, 2021 July 3, 2020 Provision (benefit) for income taxes $ 2,148 $ 556 $ 3,395 $ (602 ) |
Defined Benefit Pension Plans (
Defined Benefit Pension Plans (Tables) | 6 Months Ended |
Jul. 02, 2021 | |
Compensation And Retirement Disclosure [Abstract] | |
Schedule of Net Benefit Costs | 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 Six Months Ended July 2, 2021 July 3, 2020 July 2, 2021 July 3, 2020 Service cost ( 1) $ 329 $ 320 $ 677 $ 639 Interest cost ( 2) 14 11 28 22 Expected return on plan assets ( 2) (101 ) (46 ) (200 ) (89 ) Prior service credit ( 2),(3) (11 ) (8 ) (22 ) (17 ) Actuarial loss recognized in current period ( 2),(3) 131 80 262 159 Net periodic pension cost $ 362 $ 357 $ 745 $ 714 (1) Recognized in selling general and administrative expenses on the Condensed Consolidated Statements of Operations. ( 2 ) Recognized in other income (expense), net on the Condensed Consolidated Statements of Operations. (3) Amounts reclassified from accumulated other comprehensive income (loss). |
Schedule of Defined Benefit Plans Disclosures | 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 Six Months Ended July 2, 2021 July 3, 2020 July 2, 2021 July 3, 2020 Employer contribution $ 204 $ 155 $ 397 $ 330 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jul. 02, 2021 | |
Stockholders Equity Note [Abstract] | |
Schedule of Compensation Cost | The cost that has been charged against income for stock-based compensation is set forth below (in thousands): Three Months Ended Six Months Ended July 2, 2021 July 3, 2020 July 2, 2021 July 3, 2020 Employee stock options $ 2,784 $ 2,505 $ 5,256 $ 4,737 Restricted stock 232 76 398 154 Restricted stock units 811 274 1,348 823 Performance stock units 108 — 201 — Nonemployee stock options 57 63 119 125 Total stock-based compensation expense $ 3,992 $ 2,918 $ 7,322 $ 5,839 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | The Company recorded stock-based compensation costs in the following categories (in thousands): Three Months Ended Six Months Ended July 2, 2021 July 3, 2020 July 2, 2021 July 3, 2020 Cost of sales $ 54 $ 30 $ 89 $ 52 General and administrative 1,815 1,209 3,254 2,294 Selling and marketing 953 812 1,786 1,867 Research and development 1,170 867 2,193 1,626 Total stock-based compensation expense, net 3,992 2,918 7,322 5,839 Amounts capitalized as part of inventory 390 291 699 560 Total stock-based compensation expense, gross $ 4,382 $ 3,209 $ 8,021 $ 6,399 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The risk-free rate is based on the U.S. Treasury yield curve corresponding to the expected term at the time of the grant. Three Months Ended Six Months Ended July 2, 2021 July 3, 2020 July 2, 2021 July 3, 2020 Expected dividend yield 0 % 0 % 0 % 0 % Expected volatility 53 % 53 % 53 % 53 % Risk-free interest rate 0.83 % 0.31 % 0.84 % 0.53 % Expected term (in years) 5.38 5.72 5.38 5.72 |
Schedule of Share-based Compensation, Stock Options, Activity | A summary of stock option activity under the Plan for six months ended July 2, 2021is presented below: Stock Options (in 000’s) Minimum Exercise Price Maximum Exercise Price Outstanding at January 1, 2021 3,418 Granted 258 Exercised (906 ) Forfeited or expired (23 ) Outstanding at July 2, 2021 2,747 $ 5.34 $ 154.96 Exercisable at July 2, 2021 1,928 |
Schedule of Share-based Compensation, Restricted Stock, RSUs and PSUs Activity | A summary of restricted stock, RSUs and PSUs activity under the Plan for the six months ended July 2, 2021 is presented below (shares in thousands): Restricted Stock RSUs PSUs Unvested at January 1, 2021 11 122 15 Granted 3 48 — Vested (11 ) (34 ) — Forfeited or expired — — — Unvested at July 2, 2021 3 136 15 |
Basic and Diluted Net Income _2
Basic and Diluted Net Income Per Share (Tables) | 6 Months Ended |
Jul. 02, 2021 | |
Earnings Per Share [Abstract] | |
Summary of Computation of Basic and Diluted Net Income Per Share | The following table sets forth the computation of basic and diluted net income per share (in thousands except per share amounts): Three Months Ended Six Months Ended July 2, 2021 July 3, 2020 July 2, 2021 July 3, 2020 Numerator: Net income (loss) $ 8,567 $ (1,172 ) $ 13,559 $ (1,306 ) Denominator: Weighted average common shares: Common shares outstanding 47,102 45,354 46,861 45,152 Less: Unvested restricted stock (3 ) — (3 ) — Denominator for basic calculation 47,099 45,354 46,858 45,152 Weighted average effects of potentially diluted common stock: Stock options 2,283 — 2,405 — Unvested restricted stock 9 — 9 — RSUs 88 — 90 — PSUs 12 — 11 — Denominator for diluted calculation 49,491 45,354 49,373 45,152 Net income (loss) per share: Basic $ 0.18 $ (0.03 ) $ 0.29 $ (0.03 ) Diluted $ 0.17 $ (0.03 ) $ 0.27 $ (0.03 ) |
Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share | Three Months Ended Six Months Ended July 2, 2021 July 3, 2020 July 2, 2021 July 3, 2020 Stock options 14 3,082 173 3,502 Restricted stock, RSUs and PSUs — 59 — 72 Total 14 3,141 173 3,574 |
Disaggregation of Sales, Geog_2
Disaggregation of Sales, Geographic Sales and Product Sales (Tables) | 6 Months Ended |
Jul. 02, 2021 | |
Segment Reporting [Abstract] | |
Disaggregation of Sales | In the following tables, sales are disaggregated by category, sales by geographic market and sales by product data. The following breaks down sales into the following categories (in thousands): Three Months Ended Six Months Ended July 2, 2021 July 3, 2020 July 2, 2021 July 3, 2020 Non-consignment sales $ 57,368 $ 23,446 $ 102,785 $ 53,846 Consignment sales 4,999 11,748 10,334 16,535 Total net sales $ 62,367 $ 35,194 $ 113,119 $ 70,381 |
Net Sales by Geographic Areas | The composition of the Company’s net sales to unaffiliated customers was as follows (in thousands): Three Months Ended Six Months Ended July 2, 2021 July 3, 2020 July 2, 2021 July 3, 2020 Domestic $ 2,704 $ 882 $ 5,044 $ 2,621 Foreign: China 32,930 18,603 52,573 30,318 Japan 9,283 7,463 18,886 15,765 Other (1) 17,450 8,246 36,616 21,677 Total foreign sales 59,663 34,312 108,075 67,760 Total net sales $ 62,367 $ 35,194 $ 113,119 $ 70,381 (1) No other location individually exceeds 10% of the total sales. |
Net Sales by Products and Services | The composition of the Company’s net sales by product line was as follows (in thousands): Three Months Ended Six Months Ended July 2, 2021 July 3, 2020 July 2, 2021 July 3, 2020 ICLs $ 59,235 $ 30,728 $ 105,736 $ 60,068 Other product sales: IOLs 3,074 2,561 6,799 6,555 Other surgical products 58 1,905 584 3,758 Total other product sales 3,132 4,466 7,383 10,313 Total net sales $ 62,367 $ 35,194 $ 113,119 $ 70,381 |
Basis of Presentation and Sig_3
Basis of Presentation and Significant Accounting Policies - Additional Information (Details) - Vendor Concentration Risk - Maximum | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jul. 02, 2021 | Jul. 03, 2020 | Jul. 02, 2021 | Jul. 03, 2020 | Jan. 01, 2021 | |
Consolidated Accounts Payable | |||||
Organization And Description Of Business And Accounting Policies [Line Items] | |||||
Concentration risk, percentage | 11.00% | 10.00% | |||
Consolidated Purchases | |||||
Organization And Description Of Business And Accounting Policies [Line Items] | |||||
Concentration risk, percentage | 10.00% | 10.00% | 10.00% | 10.00% |
Inventories - Schedule of Inven
Inventories - Schedule of Inventory, Current (Details) - USD ($) $ in Thousands | Jul. 02, 2021 | Jan. 01, 2021 |
Inventory Disclosure [Abstract] | ||
Raw materials and purchased parts | $ 3,075 | $ 3,679 |
Work in process | 2,780 | 2,174 |
Finished goods | 10,850 | 13,717 |
Total inventories, gross | 16,705 | 19,570 |
Less inventory reserves | (1,115) | (1,459) |
Total inventories, net | $ 15,590 | $ 18,111 |
Prepayments, Deposits, and Ot_3
Prepayments, Deposits, and Other Current Assets - Schedule Of Prepayments, Deposits, and Other Current Assets (Details) - USD ($) $ in Thousands | Jul. 02, 2021 | Jan. 01, 2021 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |||
Prepayments and deposits | $ 4,429 | $ 3,423 | |
Prepaid insurance | 1,211 | 2,677 | |
Prepaid marketing | 2,000 | 368 | |
Consumption tax receivable | 334 | 1,409 | |
Value added tax (VAT) receivable | 1,078 | 2,056 | |
BVG (Swiss Pension) prepayment | 621 | 2 | |
Other | [1] | 1,124 | 690 |
Total prepayments, deposits and other current assets | $ 10,797 | $ 10,625 | |
[1] | No individual item in “other current assets” exceeds 5% of the total prepayments, deposits and other current assets. |
Prepayments, Deposits, and Ot_4
Prepayments, Deposits, and Other Current Assets - Schedule Of Prepayments, Deposits, and Other Current Assets (Parenthetical) (Details) | Jul. 02, 2021 | Jan. 01, 2021 |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ||
Percent of prepayments deposits and other current assets included in other current assets | 5.00% | 5.00% |
Property, Plant and Equipment -
Property, Plant and Equipment - Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands | Jul. 02, 2021 | Jan. 01, 2021 |
Property Plant And Equipment [Abstract] | ||
Machinery and equipment | $ 23,682 | $ 21,209 |
Computer equipment and software | 8,619 | 7,423 |
Furniture and fixtures | 4,734 | 4,676 |
Leasehold improvements | 11,601 | 11,388 |
Construction in process | 13,516 | 11,120 |
Total property, plant and equipment, gross | 62,152 | 55,816 |
Less accumulated depreciation | (33,536) | (31,786) |
Total property, plant and equipment, net | $ 28,616 | $ 24,030 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands | Jul. 02, 2021 | Jan. 01, 2021 |
Long-lived intangible assets | ||
Long-lived intangible assets, Net | $ 239 | $ 270 |
Patents and licenses | ||
Long-lived intangible assets | ||
Long-lived intangible assets, Gross Carrying Amount | 9,334 | 9,382 |
Long-lived intangible assets, Accumulated Amortization | (9,095) | (9,112) |
Long-lived intangible assets, Net | $ 239 | $ 270 |
Other Current Liabilities - Sch
Other Current Liabilities - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands | Jul. 02, 2021 | Jan. 01, 2021 | |
Other Liabilities Disclosure [Abstract] | |||
Accrued salaries and wages | $ 10,078 | $ 7,074 | |
Accrued bonuses | 3,100 | 3,000 | |
Accrued insurance | 752 | 2,633 | |
Income taxes payable | 3,323 | 4,657 | |
Accrued consumption tax | 707 | 1,743 | |
Marketing obligations | 1,788 | 1,484 | |
Other | [1] | 4,915 | 4,015 |
Total other current liabilities | $ 24,663 | $ 24,606 | |
[1] | No individual item in “Other” exceeds 5% of the other current liabilities |
Other Current Liabilities - S_2
Other Current Liabilities - Schedule of Other Current Liabilities (Parenthetical) (Details) | Jul. 02, 2021 | Jan. 01, 2021 |
Other Liabilities Disclosure [Abstract] | ||
Percent of Other Current Liabilities Included in Other | 5.00% | 5.00% |
Lines of Credit - Additional In
Lines of Credit - Additional Information (Details) | 6 Months Ended | ||||
Jul. 02, 2021USD ($) | Jul. 02, 2021JPY (¥) | Jan. 01, 2021USD ($) | Jan. 01, 2021JPY (¥) | Sep. 30, 2013CHF (SFr) | |
Line Of Credit Facility [Line Items] | |||||
Line of Credit, Current | $ 1,280,000 | $ 1,379,000 | |||
Mizuho Bank | |||||
Line Of Credit Facility [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | ¥ | ¥ 500,000,000 | ||||
Line of Credit Facility, Interest Rate Description | (approximately 0.06% as of July 2, 2021) plus a 0.50% spread, and may be renewed quarterly (the current line expires on August 21, 2021). | ||||
Line of credit facility, interest rate | 0.06% | 0.06% | |||
Line of credit facility, spread rate | 0.50% | ||||
Line of credit facility, expiration date | Aug. 21, 2021 | ||||
Line of Credit, Current | $ 1,280,000 | ¥ 142,500,000 | 1,379,000 | ¥ 142,500,000 | |
Interest Rate Increase In Case Of Default | 14.00% | ||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 3,210,000 | ¥ 357,500,000 | 3,459,000 | ¥ 357,500,000 | |
Credit Suisse Bank | |||||
Line Of Credit Facility [Line Items] | |||||
Line of Credit Facility, Current Borrowing Capacity | 1,100,000 | SFr 1,000,000 | |||
Percentage Of Commission On Outstanding Notes Payable | 0.25% | ||||
Borrowings outstanding | $ 0 |
Leases - Additional Information
Leases - Additional Information (Details) | Jul. 02, 2021 |
Minimum | |
Lessee Lease Description [Line Items] | |
Finance lease, term of contract | 2 years |
Operating lease, term of contract | 2 years |
Maximum | |
Lessee Lease Description [Line Items] | |
Finance lease, term of contract | 5 years |
Operating lease, term of contract | 10 years |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information Related to Finance Leases (Details) - USD ($) $ in Thousands | Jul. 02, 2021 | Jan. 01, 2021 |
Lessee Lease Description [Line Items] | ||
Finance lease right-of-use assets, gross | $ 617 | $ 1,376 |
Less accumulated depreciation | (558) | (780) |
Finance lease right-of-use assets, net | 59 | 596 |
Total finance lease liability | $ 110 | $ 398 |
Weighted-average remaining lease term (in years) | 1 year 3 months 18 days | 10 months 24 days |
Weighted-average discount rate | 2.08% | 3.46% |
Machinery and Equipment | ||
Lessee Lease Description [Line Items] | ||
Finance lease right-of-use assets, gross | $ 36 | $ 570 |
Computer Equipment and Software | ||
Lessee Lease Description [Line Items] | ||
Finance lease right-of-use assets, gross | $ 581 | $ 806 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information Related to Finance Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 02, 2021 | Jul. 03, 2020 | Jul. 02, 2021 | Jul. 03, 2020 | |
Leases [Abstract] | ||||
Amortization of finance lease right-of-use asset | $ 20 | $ 50 | $ 56 | $ 167 |
Interest on finance lease liabilities | 1 | 8 | 5 | 18 |
Cash paid for amounts included in the measurement of finance lease liabilities: | ||||
Operating cash flows | 1 | 8 | 5 | 18 |
Financing cash flows | $ 43 | 110 | $ 278 | 346 |
Right-of-use assets obtained in exchange for new finance lease liabilities | $ 22 | $ 22 |
Leases - Supplemental Balance_2
Leases - Supplemental Balance Sheet Information Related to Operating Leases (Details) - USD ($) $ in Thousands | Jul. 02, 2021 | Jan. 01, 2021 |
Lessee Lease Description [Line Items] | ||
Operating lease right-of-use assets, gross | $ 17,346 | $ 14,278 |
Less accumulated depreciation | (6,103) | (5,514) |
Operating lease right-of-use assets, net | 11,243 | 8,764 |
Total operating lease liability | $ 11,419 | $ 9,022 |
Weighted-average remaining lease term (in years) | 5 years 8 months 12 days | 5 years 2 months 12 days |
Weighted-average discount rate | 2.51% | 2.61% |
Machinery and Equipment | ||
Lessee Lease Description [Line Items] | ||
Operating lease right-of-use assets, gross | $ 900 | $ 860 |
Computer Equipment and Software | ||
Lessee Lease Description [Line Items] | ||
Operating lease right-of-use assets, gross | 472 | 462 |
Real Property | ||
Lessee Lease Description [Line Items] | ||
Operating lease right-of-use assets, gross | $ 15,974 | $ 12,956 |
Leases - Supplemental Cash Fl_2
Leases - Supplemental Cash Flow Information Related to Operating Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 02, 2021 | Jul. 03, 2020 | Jul. 02, 2021 | Jul. 03, 2020 | |
Leases [Abstract] | ||||
Operating lease cost | $ 857 | $ 746 | $ 1,640 | $ 1,486 |
Cash paid for amounts included in the measurement of operating lease liabilities: | ||||
Operating cash flows | 801 | 763 | 1,586 | 1,501 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 3,356 | $ 249 | $ 4,007 | $ 318 |
Leases - Schedule of Estimated
Leases - Schedule of Estimated Future Minimum Lease Payments under Operating and Finance Leases Having Initial or Remaining Non-Cancelable Lease Terms More Than One Year (Details) - USD ($) $ in Thousands | Jul. 02, 2021 | Jan. 01, 2021 |
Operating Lease Liabilities, Payments, Due, Rolling Maturity [Abstract] | ||
June 2022 | $ 3,008 | |
June 2023 | 2,919 | |
June 2024 | 2,006 | |
June 2025 | 1,112 | |
June 2026 | 690 | |
Thereafter | 2,263 | |
Total minimum lease payments, including interest | 11,998 | |
Less amounts representing interest | (579) | |
Total operating lease liability | 11,419 | $ 9,022 |
Finance Lease Liabilities, Payments, Rolling Maturity [Abstract] | ||
June 2022 | 86 | |
June 2023 | 14 | |
June 2024 | 11 | |
Total minimum lease payments, including interest | 111 | |
Less amounts representing interest | (1) | |
Total finance lease liability | $ 110 | $ 398 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Provision (Benefit) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jul. 02, 2021 | Jul. 03, 2020 | Jul. 02, 2021 | Jul. 03, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Provision (benefit) for income taxes | $ 2,148,000 | $ 556,000 | $ 3,395,000 | $ (602,000) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jul. 02, 2021 | Jul. 03, 2020 | Jul. 02, 2021 | Jul. 03, 2020 | Jan. 01, 2021 | |
Income Taxes [Line Items] | |||||
Income tax expense (benefit) | $ 2,148,000 | $ 556,000 | $ 3,395,000 | $ (602,000) | |
Valuation allowance, deferred tax asset, increase (decrease), amount, COVID effect | $ 1,369,000 | ||||
Valuation allowance deferred tax asset, increase (decrease), amount, result of lower projected taxable income | 845,000 | 845,000 | |||
Unrecognized tax benefits related to uncertain tax positions | 0 | $ 0 | |||
Percentage of deduction in GILTI | 50.00% | ||||
US | |||||
Income Taxes [Line Items] | |||||
Deferred Tax Assets, Net | $ 3,025,000 | $ 3,025,000 | $ 3,870,000 | ||
Federal | |||||
Income Taxes [Line Items] | |||||
Valuation allowance, deferred tax asset, increase (decrease), amount | 37,315,000 | 34,681,000 | |||
State | |||||
Income Taxes [Line Items] | |||||
Valuation allowance, deferred tax asset, increase (decrease), amount | $ 7,879,000 | $ 7,399,000 |
Defined Benefit Pension Plans -
Defined Benefit Pension Plans - Schedule of Net Benefit Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 02, 2021 | Jul. 03, 2020 | Jul. 02, 2021 | Jul. 03, 2020 | ||
Compensation And Retirement Disclosure [Abstract] | |||||
Service cost | [1] | $ 329 | $ 320 | $ 677 | $ 639 |
Interest cost | [2] | 14 | 11 | 28 | 22 |
Expected return on plan assets | [2] | (101) | (46) | (200) | (89) |
Prior service credit | [2],[3] | (11) | (8) | (22) | (17) |
Actuarial loss recognized in current period | [2],[3] | 131 | 80 | 262 | 159 |
Net periodic pension cost | $ 362 | $ 357 | $ 745 | $ 714 | |
[1] | Recognized in selling general and administrative expenses on the Condensed Consolidated Statements of Operations. | ||||
[2] | Recognized in other income (expense), net on the Condensed Consolidated Statements of Operations. | ||||
[3] | Amounts reclassified from accumulated other comprehensive income (loss). |
Defined Benefit Pension Plans_2
Defined Benefit Pension Plans - Schedule of Defined Benefit Plans Disclosures (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 02, 2021 | Jul. 03, 2020 | Jul. 02, 2021 | Jul. 03, 2020 | |
Swiss pension plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 204 | $ 155 | $ 397 | $ 330 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Compensation Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 02, 2021 | Jul. 03, 2020 | Jul. 02, 2021 | Jul. 03, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | $ 3,992 | $ 2,918 | $ 7,322 | $ 5,839 |
Employee Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | 2,784 | 2,505 | 5,256 | 4,737 |
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | 232 | 76 | 398 | 154 |
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | 811 | 274 | 1,348 | 823 |
Performance Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | 108 | 201 | ||
Non Employee Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | $ 57 | $ 63 | $ 119 | $ 125 |
Stockholders' Equity - Schedu_2
Stockholders' Equity - Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 02, 2021 | Jul. 03, 2020 | Jul. 02, 2021 | Jul. 03, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense, net | $ 3,992 | $ 2,918 | $ 7,322 | $ 5,839 |
Amounts capitalized as part of inventory | 390 | 291 | 699 | 560 |
Total stock-based compensation expense, gross | 4,382 | 3,209 | 8,021 | 6,399 |
Cost of Sales | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense, net | 54 | 30 | 89 | 52 |
General and Administrative | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense, net | 1,815 | 1,209 | 3,254 | 2,294 |
Selling and Marketing | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense, net | 953 | 812 | 1,786 | 1,867 |
Research and Development Expense | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense, net | $ 1,170 | $ 867 | $ 2,193 | $ 1,626 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) | 6 Months Ended |
Jul. 02, 2021shares | |
Stockholders Equity Note [Line Items] | |
Estimated forfeiture rate | 6.00% |
Omnibus Plan | |
Stockholders Equity Note [Line Items] | |
Share-based compensation arrangement by share-based payment award, expiration period | 10 years |
Omnibus Plan | Employee Stock Option | |
Stockholders Equity Note [Line Items] | |
Share-based compensation arrangement by share-based payment award, vesting period | 3 years |
Omnibus Plan | Restricted Stock | |
Stockholders Equity Note [Line Items] | |
Share-based compensation arrangement by share-based payment award, number of shares available for grant | 3,038,928 |
Omnibus Plan | Restricted Stock | Minimum | |
Stockholders Equity Note [Line Items] | |
Share-based compensation arrangement by share-based payment award, vesting period | 1 year |
Omnibus Plan | Restricted Stock | Maximum | |
Stockholders Equity Note [Line Items] | |
Share-based compensation arrangement by share-based payment award, vesting period | 3 years |
Stockholders' Equity - Schedu_3
Stockholders' Equity - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details) | 3 Months Ended | 6 Months Ended | ||
Jul. 02, 2021 | Jul. 03, 2020 | Jul. 02, 2021 | Jul. 03, 2020 | |
Stockholders Equity Note [Abstract] | ||||
Expected dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Expected volatility | 53.00% | 53.00% | 53.00% | 53.00% |
Risk-free interest rate | 0.83% | 0.31% | 0.84% | 0.53% |
Expected term (in years) | 5 years 4 months 17 days | 5 years 8 months 19 days | 5 years 4 months 17 days | 5 years 8 months 19 days |
Stockholders' Equity - Schedu_4
Stockholders' Equity - Schedule of Share-based Compensation, Stock Options, Activity (Details) - $ / shares shares in Thousands | 6 Months Ended |
Jul. 02, 2021 | |
Stockholders Equity Note [Abstract] | |
Options, Outstanding at January 1, 2021 | 3,418 |
Options, Granted, Shares | 258 |
Options, Exercised, Shares | (906) |
Options, Forfeited or expired, Shares | (23) |
Options, Outstanding at July 2, 2021 | 2,747 |
Options, Exercisable at July 2, 2021 | 1,928 |
Minimum Exercise Price | $ 5.34 |
Maximum Exercise Price | $ 154.96 |
Stockholders' Equity - Schedu_5
Stockholders' Equity - Schedule of Share-based Compensation, Restricted Stock, RSUs and PSUs Activity (Details) shares in Thousands | 6 Months Ended |
Jul. 02, 2021shares | |
Restricted Stock | |
Schedule of Restricted Stock Restricted Stock Units and Performance Stock Units [Line Items] | |
Unvested at January 1, 2021 | 11 |
Granted | 3 |
Vested | (11) |
Unvested at July 2, 2021 | 3 |
RSUs | |
Schedule of Restricted Stock Restricted Stock Units and Performance Stock Units [Line Items] | |
Unvested at January 1, 2021 | 122 |
Granted | 48 |
Vested | (34) |
Unvested at July 2, 2021 | 136 |
PSUs | |
Schedule of Restricted Stock Restricted Stock Units and Performance Stock Units [Line Items] | |
Unvested at January 1, 2021 | 15 |
Unvested at July 2, 2021 | 15 |
Basic and Diluted Net Income _3
Basic and Diluted Net Income Per Share - Summary of Computation of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 02, 2021 | Jul. 03, 2020 | Jul. 02, 2021 | Jul. 03, 2020 | |
Numerator: | ||||
Net income (loss) | $ 8,567 | $ (1,172) | $ 13,559 | $ (1,306) |
Weighted average common shares: | ||||
Common shares outstanding | 47,102 | 45,354 | 46,861 | 45,152 |
Less: Unvested restricted stock | (3) | (3) | ||
Denominator for basic calculation | 47,099 | 45,354 | 46,858 | 45,152 |
Weighted average effects of potentially diluted common stock: | ||||
Diluted | 49,491 | 45,354 | 49,373 | 45,152 |
Net income (loss) per share: | ||||
Basic | $ 0.18 | $ (0.03) | $ 0.29 | $ (0.03) |
Diluted | $ 0.17 | $ (0.03) | $ 0.27 | $ (0.03) |
Employee Stock Options | ||||
Weighted average effects of potentially diluted common stock: | ||||
Diluted | 2,283 | 2,405 | ||
Unvested Restricted Stock | ||||
Weighted average effects of potentially diluted common stock: | ||||
Diluted | 9 | 9 | ||
RSUs | ||||
Weighted average effects of potentially diluted common stock: | ||||
Diluted | 88 | 90 | ||
Performance Stock Units | ||||
Weighted average effects of potentially diluted common stock: | ||||
Diluted | 12 | 11 |
Basic and Diluted Net Income _4
Basic and Diluted Net Income Per Share - Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 02, 2021 | Jul. 03, 2020 | Jul. 02, 2021 | Jul. 03, 2020 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded from computation of earnings per share, Amount | 14 | 3,141 | 173 | 3,574 |
Employee Stock Option | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded from computation of earnings per share, Amount | 14 | 3,082 | 173 | 3,502 |
Restricted Stock, RSUs and PSUs | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded from computation of earnings per share, Amount | 59 | 72 |
Disaggregation of Sales, Geog_3
Disaggregation of Sales, Geographic Sales and Product Sales - Disaggregation of Sales (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 02, 2021 | Jul. 03, 2020 | Jul. 02, 2021 | Jul. 03, 2020 | |
Total net sales | $ 62,367 | $ 35,194 | $ 113,119 | $ 70,381 |
Non Consignment Sales [Member] | ||||
Total net sales | 57,368 | 23,446 | 102,785 | 53,846 |
Consignment Sales [Member] | ||||
Total net sales | $ 4,999 | $ 11,748 | $ 10,334 | $ 16,535 |
Disaggregation of Sales, Geog_4
Disaggregation of Sales, Geographic Sales and Product Sales - Additional Information (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jul. 02, 2021Country | Jul. 03, 2020 | Jul. 02, 2021CountrySegment | Jul. 03, 2020 | Jan. 01, 2021 | |
Geographic and Product Data [Line Items] | |||||
Number of countries in which Company operates | Country | 75 | 75 | |||
Number of operating segments | Segment | 1 | ||||
Sales Revenue, Net | Customer One [Member] | |||||
Geographic and Product Data [Line Items] | |||||
Concentration risk, percentage | 53.00% | 53.00% | 46.00% | 43.00% | |
Sales Revenue, Net | Geographic Concentration Risk [Member] | Other than China and Japan [Member] | Maximum | |||||
Geographic and Product Data [Line Items] | |||||
Concentration risk, percentage | 10.00% | ||||
Sales Revenue, Net | Product Concentration Risk [Member] | Ophthalmic Surgical Product [Member] | |||||
Geographic and Product Data [Line Items] | |||||
Concentration risk, percentage | 100.00% | ||||
Accounts Receivable [Member] | Customer One [Member] | |||||
Geographic and Product Data [Line Items] | |||||
Concentration risk, percentage | 55.00% | 46.00% |
Disaggregation of Sales, Geog_5
Disaggregation of Sales, Geographic Sales and Product Sales - Net Sales by Geographic Areas (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 02, 2021 | Jul. 03, 2020 | Jul. 02, 2021 | Jul. 03, 2020 | ||
Geographic And Sales [Line Items] | |||||
Total net sales | $ 62,367 | $ 35,194 | $ 113,119 | $ 70,381 | |
Geographic Distribution, Domestic [Member] | |||||
Geographic And Sales [Line Items] | |||||
Total net sales | 2,704 | 882 | 5,044 | 2,621 | |
Geographic Distribution, Foreign [Member] | |||||
Geographic And Sales [Line Items] | |||||
Total net sales | 59,663 | 34,312 | 108,075 | 67,760 | |
Geographic Distribution, Foreign [Member] | China [Member] | |||||
Geographic And Sales [Line Items] | |||||
Total net sales | 32,930 | 18,603 | 52,573 | 30,318 | |
Geographic Distribution, Foreign [Member] | JAPAN | |||||
Geographic And Sales [Line Items] | |||||
Total net sales | 9,283 | 7,463 | 18,886 | 15,765 | |
Geographic Distribution, Foreign [Member] | Other [Member] | |||||
Geographic And Sales [Line Items] | |||||
Total net sales | [1] | $ 17,450 | $ 8,246 | $ 36,616 | $ 21,677 |
[1] | No other location individually exceeds 10% of the total sales. |
Disaggregation of Sales, Geog_6
Disaggregation of Sales, Geographic Sales and Product Sales - Net Sales by Products and Services (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 02, 2021 | Jul. 03, 2020 | Jul. 02, 2021 | Jul. 03, 2020 | |
Product Information [Line Items] | ||||
Revenue from contract with customer, excluding assessed tax | $ 3,132 | $ 4,466 | $ 7,383 | $ 10,313 |
Total net sales | 62,367 | 35,194 | 113,119 | 70,381 |
ICLs [Member] | ||||
Product Information [Line Items] | ||||
Revenue from contract with customer, excluding assessed tax | 59,235 | 30,728 | 105,736 | 60,068 |
IOLs [Member] | ||||
Product Information [Line Items] | ||||
Revenue from contract with customer, excluding assessed tax | 3,074 | 2,561 | 6,799 | 6,555 |
Other surgical products [Member] | ||||
Product Information [Line Items] | ||||
Revenue from contract with customer, excluding assessed tax | $ 58 | $ 1,905 | $ 584 | $ 3,758 |