Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 29, 2023 | Oct. 27, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 29, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | STAAR Surgical Company | |
Entity Central Index Key | 0000718937 | |
Current Fiscal Year End Date | --12-29 | |
Entity Filer Category | Large Accelerated Filer | |
Trading Symbol | STAA | |
Entity Common Stock, Shares Outstanding | 48,817,473 | |
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 | Sep. 29, 2023 | Dec. 30, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 127,432 | $ 86,480 |
Investments available for sale | 60,681 | 125,159 |
Accounts receivable trade, net of allowance for credit losses of $38 and $20, respectively | 112,367 | 62,447 |
Inventories, net | 31,061 | 24,161 |
Prepayments, deposits and other current assets | 15,527 | 13,476 |
Total current assets | 347,068 | 311,723 |
Investments available for sale | 13,627 | 13,902 |
Property, plant and equipment, net | 62,886 | 50,921 |
Finance lease right-of-use assets, net | 220 | 342 |
Operating lease right-of-use assets, net | 34,992 | 30,270 |
Intangible assets, net | 173 | |
Goodwill | 1,786 | 1,786 |
Deferred income taxes | 8,560 | 8,744 |
Other assets | 2,382 | 957 |
Total assets | 471,521 | 418,818 |
Current liabilities: | ||
Accounts payable | 8,786 | 11,576 |
Obligations under finance leases | 164 | 169 |
Obligations under operating leases | 4,003 | 3,524 |
Allowance for sales returns | 7,557 | 5,706 |
Other current liabilities | 36,265 | 30,741 |
Total current liabilities | 56,775 | 51,716 |
Obligations under finance leases | 84 | 210 |
Obligations under operating leases | 31,643 | 27,136 |
Deferred income taxes | 1,295 | 1,489 |
Asset retirement obligations | 98 | 220 |
Pension liability | 3,031 | 1,935 |
Total liabilities | 92,926 | 82,706 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Common stock, $0.01 par value; 60,000 shares authorized: 48,817 and 48,212 shares issued and outstanding at September 29, 2023 and December 30, 2022, respectively | 488 | 482 |
Additional paid-in capital | 436,117 | 404,189 |
Accumulated other comprehensive gain (loss) | (2,886) | 156 |
Accumulated deficit | (55,124) | (68,715) |
Total stockholders’ equity | 378,595 | 336,112 |
Total liabilities and stockholders’ equity | $ 471,521 | $ 418,818 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 29, 2023 | Dec. 30, 2022 |
Statement of Financial Position [Abstract] | ||
Allowance for credit losses, current | $ 38 | $ 20 |
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 | 48,817,000 | 48,212,000 |
Common stock, shares outstanding | 48,817,000 | 48,212,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2023 | Sep. 30, 2022 | Sep. 29, 2023 | Sep. 30, 2022 | |
Income Statement [Abstract] | ||||
Net sales | $ 80,308 | $ 76,046 | $ 246,142 | $ 220,347 |
Cost of sales | 16,670 | 15,584 | 54,216 | 46,749 |
Gross profit | 63,638 | 60,462 | 191,926 | 173,598 |
Selling, general and administrative expenses: | ||||
General and administrative | 19,266 | 14,011 | 55,461 | 39,934 |
Selling and marketing | 26,607 | 23,130 | 85,238 | 64,633 |
Research and development | 11,470 | 9,616 | 33,535 | 26,193 |
Total selling, general and administrative expenses | 57,343 | 46,757 | 174,234 | 130,760 |
Operating income | 6,295 | 13,705 | 17,692 | 42,838 |
Other income (expense), net: | ||||
Interest income, net | 1,690 | 897 | 5,287 | 934 |
Loss on foreign currency transactions | (1,384) | (2,129) | (3,240) | (4,904) |
Royalty income | 74 | 77 | 74 | 527 |
Other income, net | 71 | 27 | 144 | 178 |
Total other income (expense), net | 451 | (1,128) | 2,265 | (3,265) |
Income before income taxes | 6,746 | 12,577 | 19,957 | 39,573 |
Provision for income taxes | 1,929 | 2,315 | 6,366 | 6,671 |
Net income | $ 4,817 | $ 10,262 | $ 13,591 | $ 32,902 |
Net income per share: | ||||
Basic | $ 0.1 | $ 0.21 | $ 0.28 | $ 0.69 |
Diluted | $ 0.1 | $ 0.21 | $ 0.27 | $ 0.67 |
Weighted average shares outstanding: | ||||
Basic | 48,613 | 48,102 | 48,426 | 47,915 |
Diluted | 49,370 | 49,549 | 49,494 | 49,371 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2023 | Sep. 30, 2022 | Sep. 29, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income (Loss) | $ 4,817 | $ 10,262 | $ 13,591 | $ 32,902 |
Defined benefit plans: | ||||
Net change in plan assets | (115) | 465 | (1,839) | 7,126 |
Reclassification into other income (expense), net | (51) | 54 | (154) | 139 |
Investments available for sale: | ||||
Change in unrealized gain (loss) | 149 | (432) | 123 | (432) |
Reclassification into other income (expense), net | (2) | |||
Foreign currency translation gain (loss) | (494) | (958) | (1,965) | (3,474) |
Tax effect | 146 | 312 | 795 | 379 |
Other comprehensive income (loss), net of tax | (365) | (559) | (3,042) | 3,738 |
Comprehensive income | $ 4,452 | $ 9,703 | $ 10,549 | $ 36,640 |
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 Dec. 31, 2021 | $ 261,568 | $ 477 | $ 373,519 | $ (4,048) | $ (108,380) |
Balance (in shares) at Dec. 31, 2021 | 47,716 | ||||
Net Income (Loss) | 32,902 | 32,902 | |||
Other comprehensive income (loss) | 3,738 | 3,738 | |||
Common stock issued upon exercise of options | 8,179 | $ 4 | 8,175 | ||
Common stock issued upon exercise of options (in shares) | 417 | ||||
Stock-based compensation | $ 16,754 | 16,754 | |||
Unvested restricted stock (in shares) | 4 | 7 | |||
Vested restricted and performance stock | $ 1 | $ 1 | |||
Vested restricted and performance stock (in shares) | 62 | ||||
Balance at Sep. 30, 2022 | 323,142 | $ 482 | 398,448 | (310) | (75,478) |
Balance (in shares) at Sep. 30, 2022 | 48,202 | ||||
Balance at Jul. 01, 2022 | 302,317 | $ 480 | 387,328 | 249 | (85,740) |
Balance (in shares) at Jul. 01, 2022 | 48,024 | ||||
Net Income (Loss) | 10,262 | 10,262 | |||
Other comprehensive income (loss) | (559) | (559) | |||
Common stock issued upon exercise of options | 5,034 | $ 2 | 5,032 | ||
Common stock issued upon exercise of options (in shares) | 166 | ||||
Stock-based compensation | $ 6,088 | 6,088 | |||
Unvested restricted stock (in shares) | 4 | ||||
Vested restricted and performance stock (in shares) | 12 | ||||
Balance at Sep. 30, 2022 | $ 323,142 | $ 482 | 398,448 | (310) | (75,478) |
Balance (in shares) at Sep. 30, 2022 | 48,202 | ||||
Balance at Dec. 30, 2022 | 336,112 | $ 482 | 404,189 | 156 | (68,715) |
Balance (in shares) at Dec. 30, 2022 | 48,212 | ||||
Net Income (Loss) | 13,591 | 13,591 | |||
Other comprehensive income (loss) | (3,042) | (3,042) | |||
Common stock issued upon exercise of options | $ 9,264 | $ 5 | 9,259 | ||
Common stock issued upon exercise of options (in shares) | 500 | 500 | |||
Stock-based compensation | $ 24,765 | 24,765 | |||
Repurchase of employee common stock for taxes withheld | $ (2,096) | (2,096) | |||
Repurchase of employee common stock for taxes withheld (in shares) | (35) | ||||
Unvested restricted stock (in shares) | 12 | 10 | |||
Vested restricted and performance stock | $ 1 | $ 1 | |||
Vested restricted and performance stock (in shares) | 130 | ||||
Balance at Sep. 29, 2023 | 378,595 | $ 488 | 436,117 | (2,886) | (55,124) |
Balance (in shares) at Sep. 29, 2023 | 48,817 | ||||
Balance at Jun. 30, 2023 | 357,617 | $ 485 | 419,594 | (2,521) | (59,941) |
Balance (in shares) at Jun. 30, 2023 | 48,499 | ||||
Net Income (Loss) | 4,817 | 4,817 | |||
Other comprehensive income (loss) | (365) | (365) | |||
Common stock issued upon exercise of options | 7,258 | $ 3 | 7,255 | ||
Common stock issued upon exercise of options (in shares) | 305 | ||||
Stock-based compensation | 9,380 | 9,380 | |||
Repurchase of employee common stock for taxes withheld | $ (112) | (112) | |||
Repurchase of employee common stock for taxes withheld (in shares) | (1) | ||||
Unvested restricted stock (in shares) | 12 | ||||
Vested restricted and performance stock (in shares) | 14 | ||||
Balance at Sep. 29, 2023 | $ 378,595 | $ 488 | $ 436,117 | $ (2,886) | $ (55,124) |
Balance (in shares) at Sep. 29, 2023 | 48,817 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 29, 2023 | Sep. 30, 2022 | Sep. 29, 2023 | Sep. 30, 2022 | Dec. 30, 2022 | |
Cash flows from operating activities: | |||||
Net Income (Loss) | $ 4,817 | $ 10,262 | $ 13,591 | $ 32,902 | $ 39,665 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||
Depreciation of property, plant, and equipment | 3,743 | 3,101 | |||
Amortization/Impairment of intangibles | 169 | 22 | |||
Accretion/Amortization of investments available for sale | (2,172) | (307) | |||
Deferred income taxes | 65 | 23 | (2,254) | ||
Change in net pension liability | (766) | 40 | |||
Loss on disposal of property and equipment | 41 | ||||
Stock-based compensation expense | 23,334 | 15,375 | |||
Change in asset retirement obligation | (104) | ||||
Provision for sales returns and bad debts | 1,925 | 361 | |||
Inventory provision | 4,090 | 2,020 | |||
Changes in working capital: | |||||
Accounts receivable | (50,436) | (13,108) | |||
Inventories | (9,975) | (4,123) | |||
Prepayments, deposits, and other current assets | (3,584) | 526 | |||
Accounts payable | (3,266) | (1,834) | |||
Other current liabilities | 5,970 | (2,253) | |||
Net cash provided by (used in) operating activities | (17,375) | 32,745 | |||
Cash flows from investing activities: | |||||
Acquisition of property and equipment | (15,100) | (14,083) | |||
Purchase of investments available for sale | (52,314) | (95,576) | |||
Proceeds from sale or maturity of investments available for sale | 119,359 | ||||
Net cash provided by (used in) investing activities | 51,945 | (109,659) | |||
Cash flows from financing activities: | |||||
Repayment of finance lease obligations | (39) | (40) | (121) | (85) | |
Repurchase of employee common stock for taxes withheld | (2,096) | ||||
Proceeds from the exercise of stock options | 9,264 | 8,179 | |||
Proceeds from vested restricted stock | 1 | 1 | |||
Net cash provided by financing activities | 7,048 | 8,095 | |||
Effect of exchange rate changes on cash and cash equivalents | (666) | (1,645) | |||
Increase (decrease) in cash and cash equivalents | 40,952 | (70,464) | |||
Cash and cash equivalents, at beginning of the period | 86,480 | 199,706 | |||
Cash and cash equivalents, at end of the period | $ 127,432 | $ 129,242 | $ 127,432 | $ 129,242 | $ 86,480 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 29, 2023 | Sep. 30, 2022 | Sep. 29, 2023 | Sep. 30, 2022 | Dec. 30, 2022 | Dec. 30, 2021 | |
Pay vs Performance Disclosure | ||||||
Net Income (Loss) | $ 4,817 | $ 10,262 | $ 13,591 | $ 32,902 | $ 39,665 | $ 27,511 |
Insider Trading Arrangements
Insider Trading Arrangements | 9 Months Ended |
Sep. 29, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 9 Months Ended |
Sep. 29, 2023 | |
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 December 30, 2022 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 30, 2022. The Condensed Consolidated Financial Statements for the three and nine months ended September 29, 2023 and September 30, 2022, 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 29, 2023 and September 30, 2022, 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. Revision of Financial Statements for Correction of Immaterial Misstatements Subsequent to the issuance of the Company’s consolidated financial statements for the year ended December 30, 2022, the Company determined that it had not correctly deducted compensation expense in calculating its income tax provision, deferred tax asset and valuation allowance under the Incremental Cash Tax Method. This resulted in an understatement of the net deferred tax asset, an overstatement in the valuation allowance, an overstatement of the provision for income taxes and understatement of net income. In accordance with Staff Accounting Bulletin (“SAB”) No. 99, Materiality, and SAB No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements, the Company evaluated the error and determined that the related impact was not material to results of operations or financial position for any prior annual or interim period, but that correcting the cumulative impact of the error would be material to our results of operations for the year ended December 29, 2023. Accordingly, the Company has corrected the consolidated balance sheet as of December 30, 2022 and the consolidated statements of income and comprehensive income for the years ended December 30, 2022 and December 31, 2021. The effects of the revision on the previously issued consolidated financial statements were as follows: Condensed Consolidated Balance Sheet (in thousands) (Unaudited) December 30, 2022 As Previously Reported Adjustment As revised Deferred income taxes $ 4,824 $ 3,920 $ 8,744 Total assets 414,898 3,920 418,818 Accumulated deficit ( 72,635 ) 3,920 ( 68,715 ) Total stockholders’ equity 332,192 3,920 336,112 Total liabilities and stockholders’ equity 414,898 3,920 418,818 Note 1 — Basis of Presentation and Significant Accounting Policies (Continued) Revision of Financial Statements for Correction of Immaterial Misstatements (Continued) Condensed Consolidated Statements of Stockholders’ Equity (in thousands) (Unaudited) As Previously Reported Adjustment As revised At December 31, 2021 Accumulated deficit $ ( 111,390 ) $ 3,010 $ ( 108,380 ) Total stockholders’ equity 258,558 3,010 261,568 At December 30, 2022 Accumulated deficit ( 72,635 ) 3,920 ( 68,715 ) Total stockholders’ equity 332,192 3,920 336,112 Condensed Consolidated Statements of Income and Comprehensive Income (in thousands, except per share amounts) (Unaudited) December 30, 2022 December 31, 2021 As Previously Reported Adjustment As revised As Previously Reported Adjustment As revised Provision (benefit) for income taxes $ 6,797 $ ( 910 ) $ 5,887 $ 6,803 $ ( 3,010 ) $ 3,793 Net income 38,755 910 39,665 24,501 3,010 27,511 Comprehensive income 42,959 910 43,869 25,998 3,010 29,008 Net income per share: Basic $ 0.81 $ 0.02 $ 0.83 $ 0.52 $ 0.06 $ 0.58 Diluted $ 0.78 $ 0.02 $ 0.80 $ 0.50 $ 0.06 $ 0.56 Condensed Consolidated Statements of Cash Flows (in thousands) (Unaudited) December 30, 2022 December 31, 2021 As Previously Reported Adjustment As revised As Previously Reported Adjustment As revised Cash flows from operating activities Net income $ 38,755 $ 910 $ 39,665 $ 24,501 $ 3,010 $ 27,511 Deferred income taxes ( 1,344 ) ( 910 ) ( 2,254 ) 1,495 ( 3,010 ) ( 1,515 ) Note 1 — Basis of Presentation and Significant Accounting Policies (Continued) Cloud-Based Software Implementation Costs The Company has entered into cloud-based software hosting arrangements for which it incurs implementation costs. Certain costs incurred during the application development stage are capitalized and included within Prepayments, deposits and other current assets or Other assets on the condensed consolidated balance sheet, depending on the short or long-term nature of such costs, in line with the Company's policy on the accounting for prepaid software hosting arrangements. Costs incurred during the preliminary project stage and post-implementation stage are expensed as incurred. Capitalized cloud-based software implementation costs are amortized, beginning on the date the related software or module is ready for its intended use, on a straight-line basis over the remaining term of the hosting arrangement. Amortization is recognized as a component of selling, general, and administrative expenses, in the same line item as the expense for the associated hosting arrangement. As of September 29, 2023 , the Company recognized $ 1,318,000 of net capitalized cloud-based software implementation costs recorded within Other assets on the condensed consolidated balance sheets. There were no capitalized cloud-based software implementation costs recognized at December 30, 2022. As of September 29, 2023 , these assets are not currently placed into service. No amortization of capitalized cloud-based software implementation costs were recognized during the three and nine months ended September 29, 2023 . |
Investments Available for Sale
Investments Available for Sale | 9 Months Ended |
Sep. 29, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments Available for Sale | Note 2 — Investments Available for Sale During the second half of 2022, the Company started to invest its cash in slightly higher yielding securities. Investments available for sale (“AFS”) and the related fair value measurement consisted of the following (dollars in thousands): September 29, 2023 Fair Value Measurements Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Level 1 Level 2 Commercial paper $ 17,102 $ 1 $ ( 5 ) $ 17,098 $ — $ 17,098 Certificates of deposit 4,080 1 ( 2 ) 4,079 — 4,079 U.S. Treasury securities 24,828 — ( 188 ) 24,640 24,640 — U.S. agency securities 9,771 — ( 21 ) 9,750 — 9,750 Corporate debt securities 18,812 2 ( 73 ) 18,741 — 18,741 Total investments AFS $ 74,593 $ 4 $ ( 289 ) $ 74,308 $ 24,640 $ 49,668 December 30, 2022 Fair Value Measurements Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Level 1 Level 2 Commercial paper $ 44,054 $ 11 $ ( 62 ) $ 44,003 $ — $ 44,003 Certificates of deposit 17,355 4 ( 75 ) 17,284 — 17,284 U.S. Treasury securities 21,847 3 ( 15 ) 21,835 21,835 — U.S. agency securities 10,688 16 ( 3 ) 10,701 — 10,701 Corporate debt securities 45,522 4 ( 288 ) 45,238 — 45,238 Total investments AFS $ 139,466 $ 38 $ ( 443 ) $ 139,061 $ 21,835 $ 117,226 The Company obtains the fair value from third-party pricing services. The pricing services utilize industry standard valuation models, including both income and market-based approaches and observable market inputs to determine value. These observable market inputs include reportable trades, benchmark yields, credit spreads, broker/dealer quotes, bids, offers and other industry and economic events. Note 2 — Investments Available for Sale (Continued) The Company assessed each debt security with gross unrealized losses for impairment. As part of that assessment, the Company concluded that it does not intend to sell and it is more-likely-than-not that the Company will not be required to sell, prior to the recovery of the amortized cost basis. The Company did no t recognize impairment for the three and nine months ended September 29, 2023. The following table shows the fair value of investments AFS by contractual maturity (dollars in thousands): As of September 29, 2023 Within one year After one year through five years Total Commercial paper $ 17,098 $ — $ 17,098 Certificates of deposit 4,079 — 4,079 U.S. Treasury securities 14,855 9,785 24,640 U.S. agency securities 9,354 396 9,750 Corporate debt securities 15,295 3,446 18,741 Total investments AFS $ 60,681 $ 13,627 $ 74,308 During the nine months ended September 29, 2023 , the Company sold $ 600,000 in securities during the first quarter of 2023 due to a downgraded credit rating. The Company recognized a realized gain upon sale of $ 2,000 during the nine months ended September 29, 2023 . |
Inventories
Inventories | 9 Months Ended |
Sep. 29, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 3 — 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 29, 2023 December 30, 2022 Raw materials and purchased parts $ 9,591 $ 6,703 Work in process 6,451 5,499 Finished goods 18,944 13,633 Total inventories, gross 34,986 25,835 Less inventory reserves ( 3,925 ) ( 1,674 ) Total inventories, net $ 31,061 $ 24,161 |
Prepayments, Deposits, and Othe
Prepayments, Deposits, and Other Current Assets | 9 Months Ended |
Sep. 29, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepayments, Deposits, and Other Current Assets | Note 4 — Prepayments, Deposits, and Other Current Assets Prepayments, deposits, and other current assets consisted of the following (in thousands): September 29, 2023 December 30, 2022 Prepayments and deposits $ 5,830 $ 3,986 Prepaid insurance 455 2,620 Prepaid marketing costs 4,543 2,534 Consumption tax receivable 777 864 Value added tax (VAT) receivable 2,189 2,661 BVG (Swiss Pension) prepayment 801 111 Other (1) 932 700 Total prepayments, deposits and other current assets $ 15,527 $ 13,476 (1) No individual category in “other current assets” exceeds 5 % of the total prepayments, deposits and other current assets. |
Property, Plant and Equipment
Property, Plant and Equipment | 9 Months Ended |
Sep. 29, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Note 5 — Property, Plant and Equipment Property, plant and equipment, net consisted of the following (in thousands): September 29, 2023 December 30, 2022 Machinery and equipment $ 29,461 $ 28,026 Computer equipment and software 8,329 9,266 Furniture and fixtures 4,110 4,276 Leasehold improvements 10,047 14,965 Construction in process 40,174 32,269 Total property, plant and equipment, gross 92,121 88,802 Less accumulated depreciation ( 29,235 ) ( 37,881 ) Total property, plant and equipment, net $ 62,886 $ 50,921 |
Intangible Assets
Intangible Assets | 9 Months Ended |
Sep. 29, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Note 6 – Intangible Assets Intangible assets, net consisted of the following (in thousands): September 29, 2023 December 30, 2022 Long-lived amortized intangible assets Gross Accumulated Net Gross Accumulated Net Patents and licenses $ 9,180 $ ( 9,180 ) $ — $ 9,240 $ ( 9,067 ) $ 173 During the nine months ended September 29, 2023 , the Company recognized full impairment of $ 154,000 for its Japan patents and licenses related to cataract IOLs. |
Other Current Liabilities
Other Current Liabilities | 9 Months Ended |
Sep. 29, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Other Current Liabilities | Note 7 – Other Current Liabilities Other current liabilities consisted of the following (in thousands): September 29, 2023 December 30, 2022 Accrued salaries and wages $ 11,813 $ 10,862 Accrued bonuses 2,517 6,925 Income taxes payable 8,540 3,845 Marketing obligations 1,571 1,374 Other (1) 11,824 7,735 Total other current liabilities $ 36,265 $ 30,741 (1) No individual category in “Other” exceeds 5 % of the other current liabilities. |
Leases
Leases | 9 Months Ended |
Sep. 29, 2023 | |
Leases [Abstract] | |
Leases | Note 8 – Leases Finance Leases The Company entered into finance leases primarily related to purchases of equipment used for manufacturing, computer-related equipment or furniture and fixtures. 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): Note 8 – Leases (Continued) Finance Leases (Continued) September 29, 2023 December 30, 2022 Machinery and equipment $ — $ 30 Computer equipment and software 6 18 Furniture and fixtures 475 475 Finance lease right-of-use assets, gross 481 523 Less accumulated depreciation ( 261 ) ( 181 ) Finance lease right-of-use assets, net $ 220 $ 342 Current finance lease obligations $ 164 $ 169 Long-term finance lease obligations 84 210 Total finance lease liability $ 248 $ 379 Weighted-average remaining lease term (in years) 1.5 2.2 Weighted-average discount rate 4.23 % 4.10 % Supplemental cash flow information related to finance leases consisted of the following (dollars in thousands): Three Months Ended Nine Months Ended September 29, 2023 September 30, 2022 September 29, 2023 September 30, 2022 Amortization of finance lease right-of-use asset $ 37 $ 39 $ 114 $ 121 Interest on finance lease liabilities 3 5 10 13 Cash paid for amounts included in the measurement of finance lease liabilities: Operating cash flows 3 5 10 13 Financing cash flows 39 40 121 85 Operating Leases 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 does 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): September 29, 2023 December 30, 2022 Machinery and equipment $ 726 $ 789 Computer equipment and software 446 446 Real property 41,313 34,465 Operating lease right-of-use assets, gross 42,485 35,700 Less accumulated depreciation ( 7,493 ) ( 5,430 ) Operating lease right-of-use assets, net $ 34,992 $ 30,270 Current operating lease obligations $ 4,003 $ 3,524 Long-term operating lease obligations 31,643 27,136 Total operating lease liability $ 35,646 $ 30,660 Weighted-average remaining lease term (in years) 7.5 7.5 Weighted-average discount rate 5.15 % 3.87 % Note 8 – Leases (Continued) Operating Leases (Continued) Supplemental cash flow information related to operating leases was as follows (dollars in thousands): Three Months Ended Nine Months Ended September 29, 2023 September 30, 2022 September 29, 2023 September 30, 2022 Operating lease cost $ 1,419 $ 1,167 $ 3,883 $ 3,471 Cash paid for amounts included in the measurement of operating lease liabilities: Operating cash flows 1,259 1,103 3,584 3,069 Right-of-use assets obtained in exchange for new operating lease liabilities 4,580 126 8,000 1,166 Future Maturities of Lease Liabilities Estimated future maturities of lease liabilities under operating and finance leases having initial or remaining non-cancelable lease terms more than one year as of September 29, 2023 is as follows (in thousands): . As of September 29, 2023 Operating Leases Finance Leases September 2024 $ 5,957 $ 171 September 2025 5,630 85 September 2026 4,987 — September 2027 5,319 — September 2028 5,381 — Thereafter 18,105 — Total future minimum lease payments $ 45,379 $ 256 Less amounts representing interest ( 9,733 ) ( 8 ) Total lease liability $ 35,646 $ 248 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 29, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 9 — Income Taxes The Company recorded an income tax provision as follows (in thousands): Three Months Ended Nine Months Ended September 29, 2023 September 30, 2022 September 29, 2023 September 30, 2022 Provision for income taxes $ 1,929 $ 2,315 $ 6,366 $ 6,671 The effective tax rates for the three months ended September 29, 2023 and September 30, 2022 were 28.6 % and 18.4 %, respectively, and were 31.9 % and 16.9 % for the nine months ended September 29, 2023 and September 30, 2022 , respectively. The Company’s effective tax rates differ from the U.S. federal statutory rate of 21 % for the three and nine months ended September 29, 2023 and September 30, 2022 , respectively, primarily due to the income tax expense generated in foreign jurisdictions. |
Defined Benefit Pension Plans
Defined Benefit Pension Plans | 9 Months Ended |
Sep. 29, 2023 | |
Retirement Benefits [Abstract] | |
Defined Benefit Pension Plans | 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 Nine Months Ended September 29, 2023 September 30, 2022 September 29, 2023 September 30, 2022 Service cost (1) $ 256 $ 306 $ 759 $ 941 Interest cost (2) 91 22 268 63 Expected return on plan assets (2) ( 92 ) ( 125 ) ( 270 ) ( 366 ) Prior service credit (2),(3) ( 45 ) ( 44 ) ( 135 ) ( 135 ) Actuarial loss recognized in current period (2),(3) ( 6 ) 98 ( 19 ) 274 Net periodic pension cost $ 204 $ 257 $ 603 $ 777 (1) Recognized in selling general and administrative expenses on the Condensed Consolidated Statements of Income. (2) Recognized in other expense, net on the Condensed Consolidated Statements of Income. (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 Nine Months Ended September 29, 2023 September 30, 2022 September 29, 2023 September 30, 2022 Employer contribution $ 269 $ 230 $ 731 $ 666 |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 29, 2023 | |
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 Nine Months Ended September 29, 2023 September 30, 2022 September 29, 2023 September 30, 2022 Employee stock options $ 3,517 $ 2,865 $ 9,973 $ 7,649 Restricted stock 201 67 347 618 Restricted stock units 2,214 1,249 5,963 3,242 Performance stock units 2,449 1,240 5,958 2,932 Nonemployee stock options 465 306 1,093 934 Total stock-based compensation expense $ 8,846 $ 5,727 $ 23,334 $ 15,375 The Company recorded stock-based compensation costs in the following categories (in thousands): Three Months Ended Nine Months Ended September 29, 2023 September 30, 2022 September 29, 2023 September 30, 2022 Cost of sales $ 223 $ 233 $ 595 $ 409 General and administrative 4,049 2,584 11,107 7,171 Selling and marketing 2,561 1,335 5,910 3,548 Research and development 2,013 1,575 5,722 4,247 Total stock-based compensation expense, net 8,846 5,727 23,334 15,375 Amounts capitalized as part of inventory 534 361 1,431 1,379 Total stock-based compensation expense, gross $ 9,380 $ 6,088 $ 24,765 $ 16,754 Note 11 — Stockholders’ Equity (Continued) Stock-Based Compensation (Continued) As of September 29, 2023, total unrecognized compensation cost related to non-vested stock-based compensation arrangements were as follows (in thousands): September 29, 2023 Stock options $ 23,888 Restricted stock, RSUs and PSUs 24,690 Total unrecognized stock-based compensation cost $ 48,578 The cost is expected to be recognized over a weighted-average period of approximately two years . 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 period, or as determined by the 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 if there is a change in control and pre-established financial metrics are met (as defined in the Plan). Grants of restricted stock outstanding under the Plan generally vest over periods of one to three years . Grants of RSUs and PSUs outstanding under the Plan generally vest based on service, performance, or a combination of both. On June 15, 2023, stockholders approved a proposal to increase the number of shares under the plan by 2,170,000 shares, for a total of 20,205,000 shares. As of September 29, 2023, there were 2,784,909 shares available for grant 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 a 7 % 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 29, 2023 September 30, 2022 September 29, 2023 September 30, 2022 Expected dividend yield 0 % 0 % 0 % 0 % Expected volatility 60 % 54 % 60 % 54 % Risk-free interest rate 4.18 % 2.91 % 3.91 % 1.88 % Expected term (in years) 5.05 5.10 5.05 5.10 Note 11 — Stockholders’ Equity (Continued) Stock Options A summary of stock option activity under the Plan for nine months ended September 29, 2023 is presented below: Stock Weighted- Weighted- Aggregate Outstanding at December 30, 2022 2,469 $ 39.63 Granted 622 55.84 Exercised ( 500 ) 18.54 Forfeited or expired ( 38 ) 72.49 Outstanding at September 29, 2023 2,553 $ 47.22 6.77 $ 19,641 Exercisable at September 29, 2023 1,663 $ 39.11 5.52 $ 19,641 Restricted Stock, Restricted Stock Units and Performance Stock Units A summary of restricted stock, RSUs and PSUs activity under the Plan for the nine months ended September 29, 2023 is presented below (shares in thousands): Restricted RSUs PSUs Unvested at December 30, 2022 4 192 118 Granted 12 269 182 Vested ( 4 ) ( 94 ) ( 36 ) Forfeited or expired — ( 6 ) ( 13 ) Unvested at September 29, 2023 12 361 251 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 29, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 12 - Commitments and Contingencies Severance Payable As of September 29, 2023 and December 30, 2022 there was severance payable of $ 422,000 and $ 410,000 , respectively. recognized in other current liabilities on the Consolidated Balance Sheets, which included approximately $ 258,000 and $ 300,000 , respectively, in one-time employee benefits to be paid to certain employees in STAAR Japan who work primarily in IOL sales. During the three and nine months ended September 29, 2023 , the Company recognized $ 80,000 and $ 1,441,000 , respectively, related to this. The Company is expected to incur through the end of 2023, one-time employee benefits of approximately $ 1,457,000 related to this. These one-time employee benefits are recognized in general and administrative expense on the Consolidated Statements of Income. 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 January 1, 2023. He 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 | 9 Months Ended |
Sep. 29, 2023 | |
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 Nine Months Ended September 29, 2023 September 30, 2022 September 29, 2023 September 30, 2022 Numerator: Net income $ 4,817 $ 10,262 $ 13,591 $ 32,902 Denominator: Weighted average common shares: Common shares outstanding 48,625 48,106 48,438 47,919 Less: Unvested restricted stock ( 12 ) ( 4 ) ( 12 ) ( 4 ) Denominator for basic calculation 48,613 48,102 48,426 47,915 Weighted average effects of potentially diluted common stock: Stock options 679 1,336 933 1,378 Unvested restricted stock — 2 3 2 RSUs 17 64 67 55 PSUs 61 45 65 21 Denominator for diluted calculation 49,370 49,549 49,494 49,371 Net income per share: Basic $ 0.10 $ 0.21 $ 0.28 $ 0.69 Diluted $ 0.10 $ 0.21 $ 0.27 $ 0.67 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 Nine Months Ended September 29, 2023 September 30, 2022 September 29, 2023 September 30, 2022 Stock options 2,453 864 1,853 865 Restricted stock, RSUs and PSUs 341 2 26 20 Total 2,794 866 1,879 885 |
Disaggregation of Sales, Geogra
Disaggregation of Sales, Geographic Sales and Product Sales | 9 Months Ended |
Sep. 29, 2023 | |
Segment Reporting [Abstract] | |
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 Nine Months Ended September 29, 2023 September 30, 2022 September 29, 2023 September 30, 2022 Non-consignment sales $ 75,296 $ 71,223 $ 230,527 $ 205,236 Consignment sales 5,012 4,823 15,615 15,111 Total net sales $ 80,308 $ 76,046 $ 246,142 $ 220,347 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 was as follows (in thousands): Note 14 — Disaggregation of Sales, Geographic Sales and Product Sales (Continued) Three Months Ended Nine Months Ended September 29, 2023 September 30, 2022 September 29, 2023 September 30, 2022 Domestic $ 4,164 $ 3,873 $ 13,061 $ 10,375 Foreign: China 48,287 42,246 144,716 116,635 Japan 9,175 10,546 28,526 32,481 Other (1) 18,682 19,381 59,839 60,856 Total foreign sales 76,144 72,173 233,081 209,972 Total net sales $ 80,308 $ 76,046 $ 246,142 $ 220,347 (1) No other location individually exceeds 10 % of the total sales. 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 was as follows (in thousands): Three Months Ended Nine Months Ended September 29, 2023 September 30, 2022 September 29, 2023 September 30, 2022 ICLs $ 81,069 $ 71,953 $ 244,806 $ 208,550 Other product sales: Cataract IOLs ( 221 ) 2,191 1,295 7,640 Other surgical products (1) ( 540 ) 1,902 41 4,157 Total other product sales ( 761 ) 4,093 1,336 11,797 Total net sales $ 80,308 $ 76,046 $ 246,142 $ 220,347 (1) Other surgical products include delivery systems and normal recurring sales adjustments such as sales return allowances. One customer, the Company’s distributor in China, accounted for 60 % and 56 % of net sales for the three months ended September 29, 2023 and September 30, 2022 , respectively, and the same customer accounted for 59 % and 53 % for the nine months ended September 29, 2023 and September 30, 2022, respectively. As of September 29, 2023 and December 30, 2022 , respectively, one customer, the Company’s distributor in China, accounted for 78 % and 59 % of consolidated trade receivables. |
COVID-19 Developments
COVID-19 Developments | 9 Months Ended |
Sep. 29, 2023 | |
C O V I D19 Developments [Abstract] | |
COVID-19 Developments | Note 15 — COVID-19 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 as COVID-19 variant strains emerge. 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. While COVID-19 restrictions have since eased globally, a resurgence of the COVID-19 pandemic in global geographies, depending upon its duration and severity, could material adversely impact the global economy and the Company's industry, operations and financial condition and performance. The Company continues to monitor the commercial and operational impact of new variants of COVID-19 in its markets. |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 29, 2023 | |
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 December 30, 2022 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 30, 2022. The Condensed Consolidated Financial Statements for the three and nine months ended September 29, 2023 and September 30, 2022, 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 29, 2023 and September 30, 2022, 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. |
Revision of Financial Statements for Correction of Immaterial Misstatements | Revision of Financial Statements for Correction of Immaterial Misstatements Subsequent to the issuance of the Company’s consolidated financial statements for the year ended December 30, 2022, the Company determined that it had not correctly deducted compensation expense in calculating its income tax provision, deferred tax asset and valuation allowance under the Incremental Cash Tax Method. This resulted in an understatement of the net deferred tax asset, an overstatement in the valuation allowance, an overstatement of the provision for income taxes and understatement of net income. In accordance with Staff Accounting Bulletin (“SAB”) No. 99, Materiality, and SAB No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements, the Company evaluated the error and determined that the related impact was not material to results of operations or financial position for any prior annual or interim period, but that correcting the cumulative impact of the error would be material to our results of operations for the year ended December 29, 2023. Accordingly, the Company has corrected the consolidated balance sheet as of December 30, 2022 and the consolidated statements of income and comprehensive income for the years ended December 30, 2022 and December 31, 2021. The effects of the revision on the previously issued consolidated financial statements were as follows: Condensed Consolidated Balance Sheet (in thousands) (Unaudited) December 30, 2022 As Previously Reported Adjustment As revised Deferred income taxes $ 4,824 $ 3,920 $ 8,744 Total assets 414,898 3,920 418,818 Accumulated deficit ( 72,635 ) 3,920 ( 68,715 ) Total stockholders’ equity 332,192 3,920 336,112 Total liabilities and stockholders’ equity 414,898 3,920 418,818 Note 1 — Basis of Presentation and Significant Accounting Policies (Continued) Revision of Financial Statements for Correction of Immaterial Misstatements (Continued) Condensed Consolidated Statements of Stockholders’ Equity (in thousands) (Unaudited) As Previously Reported Adjustment As revised At December 31, 2021 Accumulated deficit $ ( 111,390 ) $ 3,010 $ ( 108,380 ) Total stockholders’ equity 258,558 3,010 261,568 At December 30, 2022 Accumulated deficit ( 72,635 ) 3,920 ( 68,715 ) Total stockholders’ equity 332,192 3,920 336,112 Condensed Consolidated Statements of Income and Comprehensive Income (in thousands, except per share amounts) (Unaudited) December 30, 2022 December 31, 2021 As Previously Reported Adjustment As revised As Previously Reported Adjustment As revised Provision (benefit) for income taxes $ 6,797 $ ( 910 ) $ 5,887 $ 6,803 $ ( 3,010 ) $ 3,793 Net income 38,755 910 39,665 24,501 3,010 27,511 Comprehensive income 42,959 910 43,869 25,998 3,010 29,008 Net income per share: Basic $ 0.81 $ 0.02 $ 0.83 $ 0.52 $ 0.06 $ 0.58 Diluted $ 0.78 $ 0.02 $ 0.80 $ 0.50 $ 0.06 $ 0.56 Condensed Consolidated Statements of Cash Flows (in thousands) (Unaudited) December 30, 2022 December 31, 2021 As Previously Reported Adjustment As revised As Previously Reported Adjustment As revised Cash flows from operating activities Net income $ 38,755 $ 910 $ 39,665 $ 24,501 $ 3,010 $ 27,511 Deferred income taxes ( 1,344 ) ( 910 ) ( 2,254 ) 1,495 ( 3,010 ) ( 1,515 ) |
Cloud-Based Software Implementation Costs | Cloud-Based Software Implementation Costs The Company has entered into cloud-based software hosting arrangements for which it incurs implementation costs. Certain costs incurred during the application development stage are capitalized and included within Prepayments, deposits and other current assets or Other assets on the condensed consolidated balance sheet, depending on the short or long-term nature of such costs, in line with the Company's policy on the accounting for prepaid software hosting arrangements. Costs incurred during the preliminary project stage and post-implementation stage are expensed as incurred. Capitalized cloud-based software implementation costs are amortized, beginning on the date the related software or module is ready for its intended use, on a straight-line basis over the remaining term of the hosting arrangement. Amortization is recognized as a component of selling, general, and administrative expenses, in the same line item as the expense for the associated hosting arrangement. As of September 29, 2023 , the Company recognized $ 1,318,000 of net capitalized cloud-based software implementation costs recorded within Other assets on the condensed consolidated balance sheets. There were no capitalized cloud-based software implementation costs recognized at December 30, 2022. As of September 29, 2023 , these assets are not currently placed into service. No amortization of capitalized cloud-based software implementation costs were recognized during the three and nine months ended September 29, 2023 . |
Basis of Presentation and Sig_3
Basis of Presentation and Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 29, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Revision of Financial Statements | Condensed Consolidated Balance Sheet (in thousands) (Unaudited) December 30, 2022 As Previously Reported Adjustment As revised Deferred income taxes $ 4,824 $ 3,920 $ 8,744 Total assets 414,898 3,920 418,818 Accumulated deficit ( 72,635 ) 3,920 ( 68,715 ) Total stockholders’ equity 332,192 3,920 336,112 Total liabilities and stockholders’ equity 414,898 3,920 418,818 Condensed Consolidated Statements of Stockholders’ Equity (in thousands) (Unaudited) As Previously Reported Adjustment As revised At December 31, 2021 Accumulated deficit $ ( 111,390 ) $ 3,010 $ ( 108,380 ) Total stockholders’ equity 258,558 3,010 261,568 At December 30, 2022 Accumulated deficit ( 72,635 ) 3,920 ( 68,715 ) Total stockholders’ equity 332,192 3,920 336,112 Condensed Consolidated Statements of Income and Comprehensive Income (in thousands, except per share amounts) (Unaudited) December 30, 2022 December 31, 2021 As Previously Reported Adjustment As revised As Previously Reported Adjustment As revised Provision (benefit) for income taxes $ 6,797 $ ( 910 ) $ 5,887 $ 6,803 $ ( 3,010 ) $ 3,793 Net income 38,755 910 39,665 24,501 3,010 27,511 Comprehensive income 42,959 910 43,869 25,998 3,010 29,008 Net income per share: Basic $ 0.81 $ 0.02 $ 0.83 $ 0.52 $ 0.06 $ 0.58 Diluted $ 0.78 $ 0.02 $ 0.80 $ 0.50 $ 0.06 $ 0.56 Condensed Consolidated Statements of Cash Flows (in thousands) (Unaudited) December 30, 2022 December 31, 2021 As Previously Reported Adjustment As revised As Previously Reported Adjustment As revised Cash flows from operating activities Net income $ 38,755 $ 910 $ 39,665 $ 24,501 $ 3,010 $ 27,511 Deferred income taxes ( 1,344 ) ( 910 ) ( 2,254 ) 1,495 ( 3,010 ) ( 1,515 ) |
Investments Available for Sale
Investments Available for Sale (Tables) | 9 Months Ended |
Sep. 29, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Investments Available for Sale and Related Fair Value Measurement | Investments available for sale (“AFS”) and the related fair value measurement consisted of the following (dollars in thousands): September 29, 2023 Fair Value Measurements Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Level 1 Level 2 Commercial paper $ 17,102 $ 1 $ ( 5 ) $ 17,098 $ — $ 17,098 Certificates of deposit 4,080 1 ( 2 ) 4,079 — 4,079 U.S. Treasury securities 24,828 — ( 188 ) 24,640 24,640 — U.S. agency securities 9,771 — ( 21 ) 9,750 — 9,750 Corporate debt securities 18,812 2 ( 73 ) 18,741 — 18,741 Total investments AFS $ 74,593 $ 4 $ ( 289 ) $ 74,308 $ 24,640 $ 49,668 December 30, 2022 Fair Value Measurements Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Level 1 Level 2 Commercial paper $ 44,054 $ 11 $ ( 62 ) $ 44,003 $ — $ 44,003 Certificates of deposit 17,355 4 ( 75 ) 17,284 — 17,284 U.S. Treasury securities 21,847 3 ( 15 ) 21,835 21,835 — U.S. agency securities 10,688 16 ( 3 ) 10,701 — 10,701 Corporate debt securities 45,522 4 ( 288 ) 45,238 — 45,238 Total investments AFS $ 139,466 $ 38 $ ( 443 ) $ 139,061 $ 21,835 $ 117,226 |
Summary of Fair Value of Investments Available for Sale by Contractual Maturity | The following table shows the fair value of investments AFS by contractual maturity (dollars in thousands): As of September 29, 2023 Within one year After one year through five years Total Commercial paper $ 17,098 $ — $ 17,098 Certificates of deposit 4,079 — 4,079 U.S. Treasury securities 14,855 9,785 24,640 U.S. agency securities 9,354 396 9,750 Corporate debt securities 15,295 3,446 18,741 Total investments AFS $ 60,681 $ 13,627 $ 74,308 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 29, 2023 | |
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): September 29, 2023 December 30, 2022 Raw materials and purchased parts $ 9,591 $ 6,703 Work in process 6,451 5,499 Finished goods 18,944 13,633 Total inventories, gross 34,986 25,835 Less inventory reserves ( 3,925 ) ( 1,674 ) Total inventories, net $ 31,061 $ 24,161 |
Prepayments, Deposits, and Ot_2
Prepayments, Deposits, and Other Current Assets (Tables) | 9 Months Ended |
Sep. 29, 2023 | |
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): September 29, 2023 December 30, 2022 Prepayments and deposits $ 5,830 $ 3,986 Prepaid insurance 455 2,620 Prepaid marketing costs 4,543 2,534 Consumption tax receivable 777 864 Value added tax (VAT) receivable 2,189 2,661 BVG (Swiss Pension) prepayment 801 111 Other (1) 932 700 Total prepayments, deposits and other current assets $ 15,527 $ 13,476 (1) No individual category in “other current assets” exceeds 5 % of the total prepayments, deposits and other current assets. |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 9 Months Ended |
Sep. 29, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Net | Property, plant and equipment, net consisted of the following (in thousands): September 29, 2023 December 30, 2022 Machinery and equipment $ 29,461 $ 28,026 Computer equipment and software 8,329 9,266 Furniture and fixtures 4,110 4,276 Leasehold improvements 10,047 14,965 Construction in process 40,174 32,269 Total property, plant and equipment, gross 92,121 88,802 Less accumulated depreciation ( 29,235 ) ( 37,881 ) Total property, plant and equipment, net $ 62,886 $ 50,921 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Sep. 29, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | Intangible assets, net consisted of the following (in thousands): September 29, 2023 December 30, 2022 Long-lived amortized intangible assets Gross Accumulated Net Gross Accumulated Net Patents and licenses $ 9,180 $ ( 9,180 ) $ — $ 9,240 $ ( 9,067 ) $ 173 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 9 Months Ended |
Sep. 29, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Current Liabilities | Other current liabilities consisted of the following (in thousands): September 29, 2023 December 30, 2022 Accrued salaries and wages $ 11,813 $ 10,862 Accrued bonuses 2,517 6,925 Income taxes payable 8,540 3,845 Marketing obligations 1,571 1,374 Other (1) 11,824 7,735 Total other current liabilities $ 36,265 $ 30,741 (1) No individual category in “Other” exceeds 5 % of the other current liabilities. |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 29, 2023 | |
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): Note 8 – Leases (Continued) Finance Leases (Continued) September 29, 2023 December 30, 2022 Machinery and equipment $ — $ 30 Computer equipment and software 6 18 Furniture and fixtures 475 475 Finance lease right-of-use assets, gross 481 523 Less accumulated depreciation ( 261 ) ( 181 ) Finance lease right-of-use assets, net $ 220 $ 342 Current finance lease obligations $ 164 $ 169 Long-term finance lease obligations 84 210 Total finance lease liability $ 248 $ 379 Weighted-average remaining lease term (in years) 1.5 2.2 Weighted-average discount rate 4.23 % 4.10 % |
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 Nine Months Ended September 29, 2023 September 30, 2022 September 29, 2023 September 30, 2022 Amortization of finance lease right-of-use asset $ 37 $ 39 $ 114 $ 121 Interest on finance lease liabilities 3 5 10 13 Cash paid for amounts included in the measurement of finance lease liabilities: Operating cash flows 3 5 10 13 Financing cash flows 39 40 121 85 |
Supplemental Balance Sheet Information Related to Operating Leases | Supplemental balance sheet information related to operating leases consisted of the following (dollars in thousands): September 29, 2023 December 30, 2022 Machinery and equipment $ 726 $ 789 Computer equipment and software 446 446 Real property 41,313 34,465 Operating lease right-of-use assets, gross 42,485 35,700 Less accumulated depreciation ( 7,493 ) ( 5,430 ) Operating lease right-of-use assets, net $ 34,992 $ 30,270 Current operating lease obligations $ 4,003 $ 3,524 Long-term operating lease obligations 31,643 27,136 Total operating lease liability $ 35,646 $ 30,660 Weighted-average remaining lease term (in years) 7.5 7.5 Weighted-average discount rate 5.15 % 3.87 % |
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 Nine Months Ended September 29, 2023 September 30, 2022 September 29, 2023 September 30, 2022 Operating lease cost $ 1,419 $ 1,167 $ 3,883 $ 3,471 Cash paid for amounts included in the measurement of operating lease liabilities: Operating cash flows 1,259 1,103 3,584 3,069 Right-of-use assets obtained in exchange for new operating lease liabilities 4,580 126 8,000 1,166 |
Schedule of Estimated Future Maturities of Lease Liabilities under Operating and Finance Leases Having Initial or Remaining Non-Cancelable Lease Terms More Than One Year | Estimated future maturities of lease liabilities under operating and finance leases having initial or remaining non-cancelable lease terms more than one year as of September 29, 2023 is as follows (in thousands): . As of September 29, 2023 Operating Leases Finance Leases September 2024 $ 5,957 $ 171 September 2025 5,630 85 September 2026 4,987 — September 2027 5,319 — September 2028 5,381 — Thereafter 18,105 — Total future minimum lease payments $ 45,379 $ 256 Less amounts representing interest ( 9,733 ) ( 8 ) Total lease liability $ 35,646 $ 248 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 29, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Provision | The Company recorded an income tax provision as follows (in thousands): Three Months Ended Nine Months Ended September 29, 2023 September 30, 2022 September 29, 2023 September 30, 2022 Provision for income taxes $ 1,929 $ 2,315 $ 6,366 $ 6,671 |
Defined Benefit Pension Plans (
Defined Benefit Pension Plans (Tables) | 9 Months Ended |
Sep. 29, 2023 | |
Retirement Benefits [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 Nine Months Ended September 29, 2023 September 30, 2022 September 29, 2023 September 30, 2022 Service cost (1) $ 256 $ 306 $ 759 $ 941 Interest cost (2) 91 22 268 63 Expected return on plan assets (2) ( 92 ) ( 125 ) ( 270 ) ( 366 ) Prior service credit (2),(3) ( 45 ) ( 44 ) ( 135 ) ( 135 ) Actuarial loss recognized in current period (2),(3) ( 6 ) 98 ( 19 ) 274 Net periodic pension cost $ 204 $ 257 $ 603 $ 777 (1) Recognized in selling general and administrative expenses on the Condensed Consolidated Statements of Income. (2) Recognized in other expense, net on the Condensed Consolidated Statements of Income. (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 Nine Months Ended September 29, 2023 September 30, 2022 September 29, 2023 September 30, 2022 Employer contribution $ 269 $ 230 $ 731 $ 666 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 29, 2023 | |
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 Nine Months Ended September 29, 2023 September 30, 2022 September 29, 2023 September 30, 2022 Employee stock options $ 3,517 $ 2,865 $ 9,973 $ 7,649 Restricted stock 201 67 347 618 Restricted stock units 2,214 1,249 5,963 3,242 Performance stock units 2,449 1,240 5,958 2,932 Nonemployee stock options 465 306 1,093 934 Total stock-based compensation expense $ 8,846 $ 5,727 $ 23,334 $ 15,375 |
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 Nine Months Ended September 29, 2023 September 30, 2022 September 29, 2023 September 30, 2022 Cost of sales $ 223 $ 233 $ 595 $ 409 General and administrative 4,049 2,584 11,107 7,171 Selling and marketing 2,561 1,335 5,910 3,548 Research and development 2,013 1,575 5,722 4,247 Total stock-based compensation expense, net 8,846 5,727 23,334 15,375 Amounts capitalized as part of inventory 534 361 1,431 1,379 Total stock-based compensation expense, gross $ 9,380 $ 6,088 $ 24,765 $ 16,754 |
Schedule of Unrecognized Compensation Cost, Non-Vested Stock-Based Compensation Arrangements | As of September 29, 2023, total unrecognized compensation cost related to non-vested stock-based compensation arrangements were as follows (in thousands): September 29, 2023 Stock options $ 23,888 Restricted stock, RSUs and PSUs 24,690 Total unrecognized stock-based compensation cost $ 48,578 |
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 Nine Months Ended September 29, 2023 September 30, 2022 September 29, 2023 September 30, 2022 Expected dividend yield 0 % 0 % 0 % 0 % Expected volatility 60 % 54 % 60 % 54 % Risk-free interest rate 4.18 % 2.91 % 3.91 % 1.88 % Expected term (in years) 5.05 5.10 5.05 5.10 |
Schedule of Share-based Compensation, Stock Options, Activity | A summary of stock option activity under the Plan for nine months ended September 29, 2023 is presented below: Stock Weighted- Weighted- Aggregate Outstanding at December 30, 2022 2,469 $ 39.63 Granted 622 55.84 Exercised ( 500 ) 18.54 Forfeited or expired ( 38 ) 72.49 Outstanding at September 29, 2023 2,553 $ 47.22 6.77 $ 19,641 Exercisable at September 29, 2023 1,663 $ 39.11 5.52 $ 19,641 |
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 nine months ended September 29, 2023 is presented below (shares in thousands): Restricted RSUs PSUs Unvested at December 30, 2022 4 192 118 Granted 12 269 182 Vested ( 4 ) ( 94 ) ( 36 ) Forfeited or expired — ( 6 ) ( 13 ) Unvested at September 29, 2023 12 361 251 |
Basic and Diluted Net Income _2
Basic and Diluted Net Income Per Share (Tables) | 9 Months Ended |
Sep. 29, 2023 | |
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 Nine Months Ended September 29, 2023 September 30, 2022 September 29, 2023 September 30, 2022 Numerator: Net income $ 4,817 $ 10,262 $ 13,591 $ 32,902 Denominator: Weighted average common shares: Common shares outstanding 48,625 48,106 48,438 47,919 Less: Unvested restricted stock ( 12 ) ( 4 ) ( 12 ) ( 4 ) Denominator for basic calculation 48,613 48,102 48,426 47,915 Weighted average effects of potentially diluted common stock: Stock options 679 1,336 933 1,378 Unvested restricted stock — 2 3 2 RSUs 17 64 67 55 PSUs 61 45 65 21 Denominator for diluted calculation 49,370 49,549 49,494 49,371 Net income per share: Basic $ 0.10 $ 0.21 $ 0.28 $ 0.69 Diluted $ 0.10 $ 0.21 $ 0.27 $ 0.67 |
Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share | Three Months Ended Nine Months Ended September 29, 2023 September 30, 2022 September 29, 2023 September 30, 2022 Stock options 2,453 864 1,853 865 Restricted stock, RSUs and PSUs 341 2 26 20 Total 2,794 866 1,879 885 |
Disaggregation of Sales, Geog_2
Disaggregation of Sales, Geographic Sales and Product Sales (Tables) | 9 Months Ended |
Sep. 29, 2023 | |
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 Nine Months Ended September 29, 2023 September 30, 2022 September 29, 2023 September 30, 2022 Non-consignment sales $ 75,296 $ 71,223 $ 230,527 $ 205,236 Consignment sales 5,012 4,823 15,615 15,111 Total net sales $ 80,308 $ 76,046 $ 246,142 $ 220,347 |
Net Sales by Geographic Areas | The composition of the Company’s net sales to unaffiliated customers was as follows (in thousands): Three Months Ended Nine Months Ended September 29, 2023 September 30, 2022 September 29, 2023 September 30, 2022 Domestic $ 4,164 $ 3,873 $ 13,061 $ 10,375 Foreign: China 48,287 42,246 144,716 116,635 Japan 9,175 10,546 28,526 32,481 Other (1) 18,682 19,381 59,839 60,856 Total foreign sales 76,144 72,173 233,081 209,972 Total net sales $ 80,308 $ 76,046 $ 246,142 $ 220,347 (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 Nine Months Ended September 29, 2023 September 30, 2022 September 29, 2023 September 30, 2022 ICLs $ 81,069 $ 71,953 $ 244,806 $ 208,550 Other product sales: Cataract IOLs ( 221 ) 2,191 1,295 7,640 Other surgical products (1) ( 540 ) 1,902 41 4,157 Total other product sales ( 761 ) 4,093 1,336 11,797 Total net sales $ 80,308 $ 76,046 $ 246,142 $ 220,347 (1) Other surgical products include delivery systems and normal recurring sales adjustments such as sales return allowances. |
Basis of Presentation and Sig_4
Basis of Presentation and Significant Accounting Policies - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |
Sep. 29, 2023 | Sep. 29, 2023 | Dec. 30, 2022 | |
Accounting Policies [Abstract] | |||
Capitalized cloud-based software implementation costs | $ 1,318,000 | $ 1,318,000 | $ 0 |
Amortization of capitalized cloud-based software implementation costs | $ 0 | $ 0 |
Basis of Presentation and Sig_5
Basis of Presentation and Significant Accounting Policies - Schedule of Revision of Financial Statements - Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Thousands | Sep. 29, 2023 | Jun. 30, 2023 | Dec. 30, 2022 | Sep. 30, 2022 | Jul. 01, 2022 | Dec. 31, 2021 |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||
Deferred income taxes | $ 8,560 | $ 8,744 | ||||
Total assets | 471,521 | 418,818 | ||||
Accumulated deficit | (55,124) | (68,715) | $ (108,380) | |||
Total stockholders' equity | 378,595 | $ 357,617 | 336,112 | $ 323,142 | $ 302,317 | 261,568 |
Total liabilities and stockholders' equity | $ 471,521 | 418,818 | ||||
As Previously Reported | ||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||
Deferred income taxes | 4,824 | |||||
Total assets | 414,898 | |||||
Accumulated deficit | (72,635) | (111,390) | ||||
Total stockholders' equity | 332,192 | 258,558 | ||||
Total liabilities and stockholders' equity | 414,898 | |||||
Adjustment | ||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||
Deferred income taxes | 3,920 | |||||
Total assets | 3,920 | |||||
Accumulated deficit | 3,920 | 3,010 | ||||
Total stockholders' equity | 3,920 | $ 3,010 | ||||
Total liabilities and stockholders' equity | $ 3,920 |
Basis of Presentation and Sig_6
Basis of Presentation and Significant Accounting Policies - Schedule of Revision of Financial Statements - Condensed Consolidated Statements of Stockholders' Equity (Details) - USD ($) $ in Thousands | Sep. 29, 2023 | Jun. 30, 2023 | Dec. 30, 2022 | Sep. 30, 2022 | Jul. 01, 2022 | Dec. 31, 2021 |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||
Accumulated deficit | $ (55,124) | $ (68,715) | $ (108,380) | |||
Total stockholders' equity | $ 378,595 | $ 357,617 | 336,112 | $ 323,142 | $ 302,317 | 261,568 |
As Previously Reported | ||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||
Accumulated deficit | (72,635) | (111,390) | ||||
Total stockholders' equity | 332,192 | 258,558 | ||||
Adjustment | ||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||
Accumulated deficit | 3,920 | 3,010 | ||||
Total stockholders' equity | $ 3,920 | $ 3,010 |
Basis of Presentation and Sig_7
Basis of Presentation and Significant Accounting Policies - Schedule of Revision of Financial Statements - Condensed Consolidated Statements of Income and Comprehensive Income (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 29, 2023 | Sep. 30, 2022 | Sep. 29, 2023 | Sep. 30, 2022 | Dec. 30, 2022 | Dec. 30, 2021 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||
Provision (benefit) for income taxes | $ 1,929 | $ 2,315 | $ 6,366 | $ 6,671 | $ 5,887 | $ 3,793 |
Net Income (Loss) | 4,817 | 10,262 | 13,591 | 32,902 | 39,665 | 27,511 |
Comprehensive income | $ 4,452 | $ 9,703 | $ 10,549 | $ 36,640 | $ 43,869 | $ 29,008 |
Net income per share: | ||||||
Basic | $ 0.1 | $ 0.21 | $ 0.28 | $ 0.69 | $ 0.83 | $ 0.58 |
Diluted | $ 0.1 | $ 0.21 | $ 0.27 | $ 0.67 | $ 0.8 | $ 0.56 |
As Previously Reported | ||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||
Provision (benefit) for income taxes | $ 6,797 | $ 6,803 | ||||
Net Income (Loss) | 38,755 | 24,501 | ||||
Comprehensive income | $ 42,959 | $ 25,998 | ||||
Net income per share: | ||||||
Basic | $ 0.81 | $ 0.52 | ||||
Diluted | $ 0.78 | $ 0.5 | ||||
Adjustment | ||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||
Provision (benefit) for income taxes | $ (910) | $ (3,010) | ||||
Net Income (Loss) | 910 | 3,010 | ||||
Comprehensive income | $ 910 | $ 3,010 | ||||
Net income per share: | ||||||
Basic | $ 0.02 | $ 0.06 | ||||
Diluted | $ 0.02 | $ 0.06 |
Basis of Presentation and Sig_8
Basis of Presentation and Significant Accounting Policies - Schedule of Revision of Financial Statements - Condensed Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 29, 2023 | Sep. 30, 2022 | Sep. 29, 2023 | Sep. 30, 2022 | Dec. 30, 2022 | Dec. 30, 2021 | |
Cash flows from operating activities | ||||||
Net Income (Loss) | $ 4,817 | $ 10,262 | $ 13,591 | $ 32,902 | $ 39,665 | $ 27,511 |
Deferred income taxes | $ 65 | $ 23 | (2,254) | (1,515) | ||
As Previously Reported | ||||||
Cash flows from operating activities | ||||||
Net Income (Loss) | 38,755 | 24,501 | ||||
Deferred income taxes | (1,344) | 1,495 | ||||
Adjustment | ||||||
Cash flows from operating activities | ||||||
Net Income (Loss) | 910 | 3,010 | ||||
Deferred income taxes | $ (910) | $ (3,010) |
Investments Available for Sal_2
Investments Available for Sale - Summary of Investments Available for Sale and Related Fair Value Measurement (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 29, 2023 | Dec. 30, 2022 | |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 74,593 | $ 139,466 |
Unrealized Gains | 4 | 38 |
Unrealized Losses | (289) | (443) |
Estimated Fair Value | 74,308 | 139,061 |
Fair Value, Inputs, Level 1 | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Fair Value Measurements | 24,640 | 21,835 |
Fair Value, Inputs, Level 2 | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Fair Value Measurements | 49,668 | 117,226 |
Commercial Paper | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 17,102 | 44,054 |
Unrealized Gains | 1 | 11 |
Unrealized Losses | (5) | (62) |
Estimated Fair Value | 17,098 | 44,003 |
Commercial Paper | Fair Value, Inputs, Level 2 | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Fair Value Measurements | 17,098 | 44,003 |
Certificates of Deposit | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 4,080 | 17,355 |
Unrealized Gains | 1 | 4 |
Unrealized Losses | (2) | (75) |
Estimated Fair Value | 4,079 | 17,284 |
Certificates of Deposit | Fair Value, Inputs, Level 2 | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Fair Value Measurements | 4,079 | 17,284 |
U.S. Treasury Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 24,828 | 21,847 |
Unrealized Gains | 3 | |
Unrealized Losses | (188) | (15) |
Estimated Fair Value | 24,640 | 21,835 |
U.S. Treasury Securities | Fair Value, Inputs, Level 1 | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Fair Value Measurements | 24,640 | 21,835 |
U.S. Agency Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 9,771 | 10,688 |
Unrealized Gains | 16 | |
Unrealized Losses | (21) | (3) |
Estimated Fair Value | 9,750 | 10,701 |
U.S. Agency Securities | Fair Value, Inputs, Level 2 | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Fair Value Measurements | 9,750 | 10,701 |
Corporate Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 18,812 | 45,522 |
Unrealized Gains | 2 | 4 |
Unrealized Losses | (73) | (288) |
Estimated Fair Value | 18,741 | 45,238 |
Corporate Debt Securities | Fair Value, Inputs, Level 2 | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Fair Value Measurements | $ 18,741 | $ 45,238 |
Investments Available for Sal_3
Investments Available for Sale - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended |
Sep. 29, 2023 | Sep. 29, 2023 | |
Investments, Debt and Equity Securities [Abstract] | ||
Impairment recognized | $ 0 | $ 0 |
Sale of securities | 600,000 | |
Realized gain on debt securities available for sale | $ 2,000 |
Investments Available for Sal_4
Investments Available for Sale - Summary of Fair Value of Investments Available for Sale by Contractual Maturity (Details) - USD ($) $ in Thousands | Sep. 29, 2023 | Dec. 30, 2022 |
Schedule Of Available For Sale Securities [Line Items] | ||
Within one year | $ 60,681 | |
After one year through five years | 13,627 | |
Total | 74,308 | $ 139,061 |
Commercial Paper | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Within one year | 17,098 | |
Total | 17,098 | 44,003 |
Certificates of Deposit | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Within one year | 4,079 | |
Total | 4,079 | 17,284 |
U.S. Treasury Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Within one year | 14,855 | |
After one year through five years | 9,785 | |
Total | 24,640 | 21,835 |
U.S. Agency Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Within one year | 9,354 | |
After one year through five years | 396 | |
Total | 9,750 | 10,701 |
Corporate Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Within one year | 15,295 | |
After one year through five years | 3,446 | |
Total | $ 18,741 | $ 45,238 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventory, Current (Details) - USD ($) $ in Thousands | Sep. 29, 2023 | Dec. 30, 2022 |
Inventory Disclosure [Abstract] | ||
Raw materials and purchased parts | $ 9,591 | $ 6,703 |
Work in process | 6,451 | 5,499 |
Finished goods | 18,944 | 13,633 |
Total inventories, gross | 34,986 | 25,835 |
Less inventory reserves | (3,925) | (1,674) |
Total inventories, net | $ 31,061 | $ 24,161 |
Prepayments, Deposits, and Ot_3
Prepayments, Deposits, and Other Current Assets - Schedule Of Prepayments, Deposits, and Other Current Assets (Details) - USD ($) $ in Thousands | Sep. 29, 2023 | Dec. 30, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Prepayments and deposits | $ 5,830 | $ 3,986 | |
Prepaid insurance | 455 | 2,620 | |
Prepaid marketing costs | 4,543 | 2,534 | |
Consumption tax receivable | 777 | 864 | |
Value added tax (VAT) receivable | 2,189 | 2,661 | |
BVG (Swiss Pension) prepayment | 801 | 111 | |
Other | [1] | 932 | 700 |
Total prepayments, deposits and other current assets | $ 15,527 | $ 13,476 | |
[1] No individual category 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) | Sep. 29, 2023 | Dec. 30, 2022 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Percent of prepayments deposits and other current assets included in other current assets | 5% | 5% |
Property, Plant and Equipment -
Property, Plant and Equipment - Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands | Sep. 29, 2023 | Dec. 30, 2022 |
Property, Plant and Equipment [Abstract] | ||
Machinery and equipment | $ 29,461 | $ 28,026 |
Computer equipment and software | 8,329 | 9,266 |
Furniture and fixtures | 4,110 | 4,276 |
Leasehold improvements | 10,047 | 14,965 |
Construction in process | 40,174 | 32,269 |
Total property, plant and equipment, gross | 92,121 | 88,802 |
Less accumulated depreciation | (29,235) | (37,881) |
Total property, plant and equipment, net | $ 62,886 | $ 50,921 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 29, 2023 | Dec. 30, 2022 |
Finite Lived Intangible Assets [Line Items] | ||
Long-lived intangible assets, Net | $ 173 | |
Patents and licenses | ||
Finite Lived Intangible Assets [Line Items] | ||
Long-lived intangible assets, Gross Carrying Amount | $ 9,180 | 9,240 |
Long-lived intangible assets, Accumulated Amortization | (9,180) | (9,067) |
Long-lived intangible assets, Net | $ 0 | $ 173 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Details) | 9 Months Ended |
Sep. 29, 2023 USD ($) | |
Patents and licenses | Cataract IOLs | Japan | |
Finite-Lived Intangible Assets [Line Items] | |
Impairment of intangible assets | $ 154,000 |
Other Current Liabilities - Sch
Other Current Liabilities - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands | Sep. 29, 2023 | Dec. 30, 2022 | |
Other Liabilities Disclosure [Abstract] | |||
Accrued salaries and wages | $ 11,813 | $ 10,862 | |
Accrued bonuses | 2,517 | 6,925 | |
Income taxes payable | 8,540 | 3,845 | |
Marketing obligations | 1,571 | 1,374 | |
Other | [1] | 11,824 | 7,735 |
Total other current liabilities | $ 36,265 | $ 30,741 | |
[1] No individual category in “Other” exceeds 5 % of the other current liabilities. |
Other Current Liabilities - S_2
Other Current Liabilities - Schedule of Other Current Liabilities (Parenthetical) (Details) | Sep. 29, 2023 | Dec. 30, 2022 |
Other Liabilities Disclosure [Abstract] | ||
Percent of Other Current Liabilities Included in Other | 5% | 5% |
Leases - Additional Information
Leases - Additional Information (Details) | Sep. 29, 2023 |
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 | Sep. 29, 2023 | Dec. 30, 2022 |
Lessee Lease Description [Line Items] | ||
Finance lease right-of-use assets, gross | $ 481 | $ 523 |
Less accumulated depreciation | (261) | (181) |
Finance lease right-of-use assets, net | 220 | 342 |
Current finance lease obligations | 164 | 169 |
Long-term finance lease obligations | 84 | 210 |
Total finance lease liability | $ 248 | $ 379 |
Weighted-average remaining lease term (in years) | 1 year 6 months | 2 years 2 months 12 days |
Weighted-average discount rate | 4.23% | 4.10% |
Machinery and Equipment | ||
Lessee Lease Description [Line Items] | ||
Finance lease right-of-use assets, gross | $ 30 | |
Computer Equipment and Software | ||
Lessee Lease Description [Line Items] | ||
Finance lease right-of-use assets, gross | $ 6 | 18 |
Furniture and Fixtures | ||
Lessee Lease Description [Line Items] | ||
Finance lease right-of-use assets, gross | $ 475 | $ 475 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information Related to Finance Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2023 | Sep. 30, 2022 | Sep. 29, 2023 | Sep. 30, 2022 | |
Leases [Abstract] | ||||
Amortization of finance lease right-of-use asset | $ 37 | $ 39 | $ 114 | $ 121 |
Interest on finance lease liabilities | 3 | 5 | 10 | 13 |
Cash paid for amounts included in the measurement of finance lease liabilities: | ||||
Operating cash flows | 3 | 5 | 10 | 13 |
Financing cash flows | $ 39 | $ 40 | $ 121 | $ 85 |
Leases - Supplemental Balance_2
Leases - Supplemental Balance Sheet Information Related to Operating Leases (Details) - USD ($) $ in Thousands | Sep. 29, 2023 | Dec. 30, 2022 |
Lessee Lease Description [Line Items] | ||
Operating lease right-of-use assets, gross | $ 42,485 | $ 35,700 |
Less accumulated depreciation | (7,493) | (5,430) |
Operating lease right-of-use assets, net | 34,992 | 30,270 |
Current operating lease obligations | 4,003 | 3,524 |
Long-term operating lease obligations | 31,643 | 27,136 |
Total operating lease liability | $ 35,646 | $ 30,660 |
Weighted-average remaining lease term (in years) | 7 years 6 months | 7 years 6 months |
Weighted-average discount rate | 5.15% | 3.87% |
Machinery and Equipment | ||
Lessee Lease Description [Line Items] | ||
Operating lease right-of-use assets, gross | $ 726 | $ 789 |
Computer Equipment and Software | ||
Lessee Lease Description [Line Items] | ||
Operating lease right-of-use assets, gross | 446 | 446 |
Real Property | ||
Lessee Lease Description [Line Items] | ||
Operating lease right-of-use assets, gross | $ 41,313 | $ 34,465 |
Leases - Supplemental Cash Fl_2
Leases - Supplemental Cash Flow Information Related to Operating Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2023 | Sep. 30, 2022 | Sep. 29, 2023 | Sep. 30, 2022 | |
Leases [Abstract] | ||||
Operating lease cost | $ 1,419 | $ 1,167 | $ 3,883 | $ 3,471 |
Cash paid for amounts included in the measurement of operating lease liabilities: | ||||
Operating cash flows | 1,259 | 1,103 | 3,584 | 3,069 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 4,580 | $ 126 | $ 8,000 | $ 1,166 |
Leases - Schedule of Estimated
Leases - Schedule of Estimated Future Maturities of Lease Liabilities under Operating and Finance Leases Having Initial or Remaining Non-Cancelable Lease Terms More Than One Year (Details) - USD ($) $ in Thousands | Sep. 29, 2023 | Dec. 30, 2022 |
Operating Lease Liabilities, Payments, Due, Rolling Maturity [Abstract] | ||
September 2024 | $ 5,957 | |
September 2025 | 5,630 | |
September 2026 | 4,987 | |
September 2027 | 5,319 | |
September 2028 | 5,381 | |
Thereafter | 18,105 | |
Total future minimum lease payments | 45,379 | |
Less amounts representing interest | (9,733) | |
Total lease liability | 35,646 | $ 30,660 |
Finance Lease Liabilities, Payments, Rolling Maturity [Abstract] | ||
September 2024 | 171 | |
September 2025 | 85 | |
Total future minimum lease payments | 256 | |
Less amounts representing interest | (8) | |
Total lease liability | $ 248 | $ 379 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Provision (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 29, 2023 | Sep. 30, 2022 | Sep. 29, 2023 | Sep. 30, 2022 | Dec. 30, 2022 | Dec. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||||||
Provision for income taxes | $ 1,929 | $ 2,315 | $ 6,366 | $ 6,671 | $ 5,887 | $ 3,793 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2023 | Sep. 30, 2022 | Sep. 29, 2023 | Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Effective tax rate | 28.60% | 18.40% | 31.90% | 16.90% |
Effective tax rates differ from U.S. federal statutory rate | 21% | 21% | 21% | 21% |
Defined Benefit Pension Plans -
Defined Benefit Pension Plans - Schedule of Net Benefit Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 29, 2023 | Sep. 30, 2022 | Sep. 29, 2023 | Sep. 30, 2022 | ||
Retirement Benefits [Abstract] | |||||
Service cost | [1] | $ 256 | $ 306 | $ 759 | $ 941 |
Interest cost | [2] | 91 | 22 | 268 | 63 |
Expected return on plan assets | [2] | (92) | (125) | (270) | (366) |
Prior service credit | [2],[3] | (45) | (44) | (135) | (135) |
Actuarial loss recognized in current period | [2],[3] | (6) | 98 | (19) | 274 |
Net periodic pension cost | $ 204 | $ 257 | $ 603 | $ 777 | |
[1] Recognized in selling general and administrative expenses on the Condensed Consolidated Statements of Income. Recognized in other expense, net on the Condensed Consolidated Statements of Income. 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 | 9 Months Ended | ||
Sep. 29, 2023 | Sep. 30, 2022 | Sep. 29, 2023 | Sep. 30, 2022 | |
Swiss pension plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Employer contribution | $ 269 | $ 230 | $ 731 | $ 666 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Compensation Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2023 | Sep. 30, 2022 | Sep. 29, 2023 | Sep. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | $ 8,846 | $ 5,727 | $ 23,334 | $ 15,375 |
Employee Stock Option | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | 3,517 | 2,865 | 9,973 | 7,649 |
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | 201 | 67 | 347 | 618 |
Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | 2,214 | 1,249 | 5,963 | 3,242 |
Performance Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | 2,449 | 1,240 | 5,958 | 2,932 |
Non Employee Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | $ 465 | $ 306 | $ 1,093 | $ 934 |
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 | 9 Months Ended | ||
Sep. 29, 2023 | Sep. 30, 2022 | Sep. 29, 2023 | Sep. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense, net | $ 8,846 | $ 5,727 | $ 23,334 | $ 15,375 |
Amounts capitalized as part of inventory | 534 | 361 | 1,431 | 1,379 |
Total stock-based compensation expense, gross | 9,380 | 6,088 | 24,765 | 16,754 |
Cost of Sales | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense, net | 223 | 233 | 595 | 409 |
General and Administrative | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense, net | 4,049 | 2,584 | 11,107 | 7,171 |
Selling and Marketing | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense, net | 2,561 | 1,335 | 5,910 | 3,548 |
Research and Development Expense | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense, net | $ 2,013 | $ 1,575 | $ 5,722 | $ 4,247 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - shares | 9 Months Ended | |
Jun. 15, 2023 | Sep. 29, 2023 | |
Stockholders Equity Note [Line Items] | ||
Weighted-average period of cost expected to recognize | 2 years | |
Estimated forfeiture rate | 7% | |
Omnibus Plan | ||
Stockholders Equity Note [Line Items] | ||
Share-based compensation arrangement by share-based payment award, expiration period | 10 years | |
Share-based compensation arrangement by share-based payment award, number of additional shares authorized | 2,170,000 | |
Share-based compensation arrangement by share-based payment award, number of shares authorized | 20,205,000 | |
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 | 2,784,909 | |
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 Unrecognized Compensation Cost Related to Non-Vested Stock-Based Compensation Arrangements (Details) $ in Thousands | Sep. 29, 2023 USD ($) |
Share-Based Payment Arrangement [Abstract] | |
Stock options | $ 23,888 |
Restricted stock, RSUs and PSUs | 24,690 |
Total unrecognized stock-based compensation cost | $ 48,578 |
Stockholders' Equity - Schedu_4
Stockholders' Equity - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2023 | Sep. 30, 2022 | Sep. 29, 2023 | Sep. 30, 2022 | |
Stockholders' Equity Note [Abstract] | ||||
Expected dividend yield | 0% | 0% | 0% | 0% |
Expected volatility | 60% | 54% | 60% | 54% |
Risk-free interest rate | 4.18% | 2.91% | 3.91% | 1.88% |
Expected term (in years) | 5 years 18 days | 5 years 1 month 6 days | 5 years 18 days | 5 years 1 month 6 days |
Stockholders' Equity - Schedu_5
Stockholders' Equity - Schedule of Share-based Compensation, Stock Options, Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 9 Months Ended |
Sep. 29, 2023 | |
Stockholders' Equity Note [Abstract] | |
Options, Outstanding at December 30, 2022 | 2,469 |
Options, Granted, Shares | 622 |
Options, Exercised, Shares | (500) |
Options, Forfeited or expired, Shares | (38) |
Options, Outstanding at September 29 , 2023 | 2,553 |
Options, Exercisable at September 29, 2023 | 1,663 |
Weighted Average Exercise Price, Options Outstanding at December 30, 2022 | $ 39.63 |
Weighted Average Exercise Price, Options, Granted | 55.84 |
Weighted Average Exercise Price,Options, Exercised | 18.54 |
Weighted Average Exercise Price, Options, Forfeited or Expired | 72.49 |
Weighted Average Exercise Price, Options Outstanding at September 29, 2023 | 47.22 |
Weighted Average Exercise Price, Options Exercisable at September 29, 2023 | $ 39.11 |
Weighted Average Remaining Contractual Term, Options, Outstanding at September 29, 2023 | 6 years 9 months 7 days |
Weighted Average Remaining Contractual Term, Options, Exercisable at September 29, 2023 | 5 years 6 months 7 days |
Aggregate Intrinsic Value, Options, Outstanding at September 29, 2023 | $ 19,641 |
Aggregate Intrinsic Value, Options, Outstanding at September 29, 2023 | $ 19,641 |
Stockholders' Equity - Schedu_6
Stockholders' Equity - Schedule of Share-based Compensation, Restricted Stock, RSUs and PSUs Activity (Details) shares in Thousands | 9 Months Ended |
Sep. 29, 2023 shares | |
Restricted Stock | |
Schedule of Restricted Stock Restricted Stock Units and Performance Stock Units [Line Items] | |
Unvested at December 30, 2022 | 4 |
Granted | 12 |
Vested | (4) |
Unvested at September 29, 2023 | 12 |
RSUs | |
Schedule of Restricted Stock Restricted Stock Units and Performance Stock Units [Line Items] | |
Unvested at December 30, 2022 | 192 |
Granted | 269 |
Vested | (94) |
Forfeited or expired | (6) |
Unvested at September 29, 2023 | 361 |
PSUs | |
Schedule of Restricted Stock Restricted Stock Units and Performance Stock Units [Line Items] | |
Unvested at December 30, 2022 | 118 |
Granted | 182 |
Vested | (36) |
Forfeited or expired | (13) |
Unvested at September 29, 2023 | 251 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 29, 2023 | Sep. 29, 2023 | Dec. 29, 2023 | Dec. 30, 2022 | |
Other Current Liabilities | ||||
Loss Contingencies [Line Items] | ||||
Severance payable | $ 422,000 | $ 422,000 | $ 410,000 | |
Severance payable includes one-time employee benefits | 258,000 | 258,000 | $ 300,000 | |
General and Administrative | ||||
Loss Contingencies [Line Items] | ||||
One-time employee termination benefits | $ 80,000 | $ 1,441,000 | ||
General and Administrative | Scenario Forecast | ||||
Loss Contingencies [Line Items] | ||||
One-time employee termination benefits | $ 1,457,000 |
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 | 9 Months Ended | 12 Months Ended | |||
Sep. 29, 2023 | Sep. 30, 2022 | Sep. 29, 2023 | Sep. 30, 2022 | Dec. 30, 2022 | Dec. 30, 2021 | |
Numerator: | ||||||
Net Income (Loss) | $ 4,817 | $ 10,262 | $ 13,591 | $ 32,902 | $ 39,665 | $ 27,511 |
Weighted average common shares: | ||||||
Common shares outstanding | 48,625 | 48,106 | 48,438 | 47,919 | ||
Less: Unvested restricted stock | (12) | (4) | (12) | (4) | ||
Denominator for basic calculation | 48,613 | 48,102 | 48,426 | 47,915 | ||
Weighted average effects of potentially diluted common stock: | ||||||
Diluted | 49,370 | 49,549 | 49,494 | 49,371 | ||
Net income per share: | ||||||
Basic | $ 0.1 | $ 0.21 | $ 0.28 | $ 0.69 | $ 0.83 | $ 0.58 |
Diluted | $ 0.1 | $ 0.21 | $ 0.27 | $ 0.67 | $ 0.8 | $ 0.56 |
Employee Stock Option | ||||||
Weighted average effects of potentially diluted common stock: | ||||||
Diluted | 679 | 1,336 | 933 | 1,378 | ||
Unvested Restricted Stock | ||||||
Weighted average effects of potentially diluted common stock: | ||||||
Diluted | 2 | 3 | 2 | |||
RSUs | ||||||
Weighted average effects of potentially diluted common stock: | ||||||
Diluted | 17 | 64 | 67 | 55 | ||
PSUs | ||||||
Weighted average effects of potentially diluted common stock: | ||||||
Diluted | 61 | 45 | 65 | 21 |
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 | 9 Months Ended | ||
Sep. 29, 2023 | Sep. 30, 2022 | Sep. 29, 2023 | Sep. 30, 2022 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded from computation of earnings per share, Amount | 2,794 | 866 | 1,879 | 885 |
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 | 2,453 | 864 | 1,853 | 865 |
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 | 341 | 2 | 26 | 20 |
Disaggregation of Sales, Geog_3
Disaggregation of Sales, Geographic Sales and Product Sales - Disaggregation of Sales (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2023 | Sep. 30, 2022 | Sep. 29, 2023 | Sep. 30, 2022 | |
Total net sales | $ 80,308 | $ 76,046 | $ 246,142 | $ 220,347 |
Non Consignment Sales [Member] | ||||
Total net sales | 75,296 | 71,223 | 230,527 | 205,236 |
Consignment Sales [Member] | ||||
Total net sales | $ 5,012 | $ 4,823 | $ 15,615 | $ 15,111 |
Disaggregation of Sales, Geog_4
Disaggregation of Sales, Geographic Sales and Product Sales - Additional Information (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 29, 2023 Country | Sep. 30, 2022 | Sep. 29, 2023 Country Segment | Sep. 30, 2022 | Dec. 30, 2022 | |
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 | Geographic Concentration Risk [Member] | Other than China and Japan [Member] | Maximum | |||||
Geographic and Product Data [Line Items] | |||||
Concentration risk, percentage | 10% | ||||
Sales Revenue, Net | Geographic Concentration Risk [Member] | China [Member] | Customer One [Member] | |||||
Geographic and Product Data [Line Items] | |||||
Concentration risk, percentage | 60% | 56% | 59% | 53% | |
Sales Revenue, Net | Product Concentration Risk [Member] | Ophthalmic Surgical Product [Member] | |||||
Geographic and Product Data [Line Items] | |||||
Concentration risk, percentage | 100% | ||||
Accounts Receivable [Member] | Geographic Concentration Risk [Member] | China [Member] | Customer One [Member] | |||||
Geographic and Product Data [Line Items] | |||||
Concentration risk, percentage | 78% | 59% |
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 | 9 Months Ended | |||
Sep. 29, 2023 | Sep. 30, 2022 | Sep. 29, 2023 | Sep. 30, 2022 | ||
Geographic And Sales [Line Items] | |||||
Total net sales | $ 80,308 | $ 76,046 | $ 246,142 | $ 220,347 | |
Geographic Distribution, Domestic [Member] | |||||
Geographic And Sales [Line Items] | |||||
Total net sales | 4,164 | 3,873 | 13,061 | 10,375 | |
Geographic Distribution, Foreign [Member] | |||||
Geographic And Sales [Line Items] | |||||
Total net sales | 76,144 | 72,173 | 233,081 | 209,972 | |
Geographic Distribution, Foreign [Member] | China [Member] | |||||
Geographic And Sales [Line Items] | |||||
Total net sales | 48,287 | 42,246 | 144,716 | 116,635 | |
Geographic Distribution, Foreign [Member] | JAPAN | |||||
Geographic And Sales [Line Items] | |||||
Total net sales | 9,175 | 10,546 | 28,526 | 32,481 | |
Geographic Distribution, Foreign [Member] | Other [Member] | |||||
Geographic And Sales [Line Items] | |||||
Total net sales | [1] | $ 18,682 | $ 19,381 | $ 59,839 | $ 60,856 |
[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 | 9 Months Ended | |||
Sep. 29, 2023 | Sep. 30, 2022 | Sep. 29, 2023 | Sep. 30, 2022 | ||
Product Information [Line Items] | |||||
Total other product sales | $ (761) | $ 4,093 | $ 1,336 | $ 11,797 | |
Total net sales | 80,308 | 76,046 | 246,142 | 220,347 | |
ICLs [Member] | |||||
Product Information [Line Items] | |||||
Revenue from contract with customer, excluding assessed tax | 81,069 | 71,953 | 244,806 | 208,550 | |
Cataract IOLs [Member] | |||||
Product Information [Line Items] | |||||
Total other product sales | 221 | 2,191 | 1,295 | 7,640 | |
Other surgical products [Member] | |||||
Product Information [Line Items] | |||||
Total other product sales | [1] | $ (540) | $ 1,902 | $ 41 | $ 4,157 |
[1] Other surgical products include delivery systems and normal recurring sales adjustments such as sales return allowances. |