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STAA Staar Surgical

Document And Entity Information

Document And Entity Information - shares6 Months Ended
Jul. 02, 2021Jul. 30, 2021
Cover [Abstract]
Document Type10-Q
Amendment Flagfalse
Document Period End DateJul. 2,
2021
Document Fiscal Year Focus2021
Document Fiscal Period FocusQ2
Entity Registrant NameSTAAR SURGICAL CO
Entity Central Index Key0000718937
Current Fiscal Year End Date--01-01
Entity Filer CategoryLarge Accelerated Filer
Trading SymbolSTAA
Entity Common Stock, Shares Outstanding47,395,678
Entity Emerging Growth Companyfalse
Entity Small Businessfalse
Entity Current Reporting StatusYes
Entity Shell Companyfalse
Entity Interactive Data CurrentYes
Entity File Number0-11634
Title of 12(b) SecurityCommon
Security Exchange NameNASDAQ
Entity Tax Identification Number95-3797439
Entity Address, Address Line One25651 Atlantic Ocean Drive
Entity Address, City or TownLake Forest
Entity Address, State or ProvinceCA
Entity Address, Postal Zip Code92630
City Area Code626
Local Phone Number303-7902
Entity Incorporation, State or Country CodeDE
Document Quarterly Reporttrue
Document Transition Reportfalse

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in ThousandsJul. 02, 2021Jan. 01, 2021
Current assets:
Cash and cash equivalents $ 173,083 $ 152,453
Accounts receivable trade, net of allowance of doubtful accounts of $52 and $59, respectively48,647 35,229
Inventories, net15,590 18,111
Prepayments, deposits and other current assets10,797 10,625
Total current assets248,117 216,418
Property, plant and equipment, net28,616 24,030
Finance lease right-of-use assets, net59 596
Operating lease right-of-use assets, net11,243 8,764
Intangible assets, net239 270
Goodwill1,786 1,786
Deferred income taxes3,720 4,944
Other assets658 608
Total assets294,438 257,416
Current liabilities:
Line of credit1,280 1,379
Accounts payable7,579 7,874
Obligations under finance leases85 360
Obligations under operating leases2,765 2,485
Allowance for sales returns5,429 4,532
Other current liabilities24,663 24,606
Total current liabilities41,801 41,236
Obligations under finance leases25 38
Obligations under operating leases8,654 6,537
Deferred income taxes222 222
Asset retirement obligations205 221
Pension liability8,909 11,940
Total liabilities59,816 60,194
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.01 par value; 60,000 shares authorized: 47,391 and 46,448 shares issued and outstanding at July 2, 2021 and January 1, 2021, respectively474 464
Additional paid-in capital360,316 338,194
Accumulated other comprehensive loss(3,836)(5,545)
Accumulated deficit(122,332)(135,891)
Total stockholders’ equity234,622 197,222
Total liabilities and stockholders’ equity $ 294,438 $ 257,416

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in ThousandsJul. 02, 2021Jan. 01, 2021
Statement Of Financial Position [Abstract]
Allowance for doubtful accounts receivable, current $ 52 $ 59
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized60,000,000 60,000,000
Common stock, shares issued47,391,000 46,448,000
Common stock, shares outstanding47,391,000 46,448,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands3 Months Ended6 Months Ended
Jul. 02, 2021Jul. 03, 2020Jul. 02, 2021Jul. 03, 2020
Income Statement [Abstract]
Net sales $ 62,367,000 $ 35,194,000 $ 113,119,000 $ 70,381,000
Cost of sales13,164,000 10,764,000 24,774,000 21,191,000
Gross profit49,203,000 24,430,000 88,345,000 49,190,000
Selling, general and administrative expenses:
General and administrative11,441,000 7,848,000 21,653,000 15,817,000
Selling and marketing18,853,000 10,326,000 32,054,000 21,354,000
Research and development8,260,000 7,311,000 16,519,000 14,209,000
Total selling, general and administrative expenses38,554,000 25,485,000 70,226,000 51,380,000
Operating income (loss)10,649,000 (1,055,000)18,119,000 (2,190,000)
Other income (expense), net:
Interest income (expense), net(5,000)20,000 (12,000)236,000
Gain (loss) on foreign currency transactions(131,000)388,000 (1,430,000)(80,000)
Royalty income151,000 52,000 311,000 146,000
Other income (expense), net51,000 (21,000)(34,000)(20,000)
Total other income (expense), net66,000 439,000 (1,165,000)282,000
Income (loss) before income taxes10,715,000 (616,000)16,954,000 (1,908,000)
Provision (benefit) for income taxes2,148,000 556,000 3,395,000 (602,000)
Net income (loss) $ 8,567,000 $ (1,172,000) $ 13,559,000 $ (1,306,000)
Net income (loss) per share:
Basic $ 0.18 $ (0.03) $ 0.29 $ (0.03)
Diluted $ 0.17 $ (0.03) $ 0.27 $ (0.03)
Weighted average shares outstanding:
Basic47,099 45,354 46,858 45,152
Diluted49,491 45,354 49,373 45,152

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jul. 02, 2021Jul. 03, 2020Jul. 02, 2021Jul. 03, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss) $ 8,567 $ (1,172) $ 13,559 $ (1,306)
Defined benefit plans:
Net change in plan assets(457)(28)2,627 (53)
Reclassification into other income (expense), net120 72 240 142
Foreign currency translation gain (loss)(111)113 (1,227)86
Tax effect69 (40)69 (36)
Other comprehensive income (loss), net of tax(379)117 1,709 139
Comprehensive income (loss) $ 8,188 $ (1,055) $ 15,268 $ (1,167)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in ThousandsTotalCommon StockAdditional Paid-in CapitalAccumulated Other Comprehensive Income (Loss)Accumulated Deficit
Balance at Jan. 03, 2020 $ 159,884 $ 448 $ 304,288 $ (3,048) $ (141,804)
Balance (in shares) at Jan. 03, 202044,822
Net income (loss)(1,306)(1,306)
Other comprehensive income (loss)139 139
Common stock issued upon exercise of options9,557 $ 9 9,548
Common stock issued upon exercise of options (in shares)877
Stock-based compensation6,399 6,399
Vested restricted stock1 $ 1
Vested restricted stock (in shares)89
Balance at Jul. 03, 2020174,674 $ 458 320,235 (2,909)(143,110)
Balance (in shares) at Jul. 03, 202045,788
Balance at Apr. 03, 2020164,967 $ 451 309,480 (3,026)(141,938)
Balance (in shares) at Apr. 03, 202045,105
Net income (loss)(1,172)(1,172)
Other comprehensive income (loss)(379)(379)
Common stock issued upon exercise of options7,553 $ 7 7,546
Common stock issued upon exercise of options (in shares)681
Stock-based compensation3,209 3,209
Vested restricted stock (in shares)2
Balance at Jul. 03, 2020174,674 $ 458 320,235 (2,909)(143,110)
Balance (in shares) at Jul. 03, 202045,788
Balance at Jan. 01, 2021197,222 $ 464 338,194 (5,545)(135,891)
Balance (in shares) at Jan. 01, 202146,448
Net income (loss)13,559 13,559
Other comprehensive income (loss)1,709 1,709
Common stock issued upon exercise of options $ 14,110 $ 9 14,101
Common stock issued upon exercise of options (in shares)906 906
Stock-based compensation $ 8,021 8,021
Unvested restricted stock (in shares)3 3
Vested restricted stock $ 1 $ 1
Vested restricted stock (in shares)34
Balance at Jul. 02, 2021234,622 $ 474 360,316 (3,836)(122,332)
Balance (in shares) at Jul. 02, 202147,391
Balance at Apr. 02, 2021214,176 $ 469 348,063 (3,457)(130,899)
Balance (in shares) at Apr. 02, 202146,857
Net income (loss)8,567 8,567
Other comprehensive income (loss)117 117
Common stock issued upon exercise of options7,876 $ 5 7,871
Common stock issued upon exercise of options (in shares)530
Stock-based compensation $ 4,382 4,382
Unvested restricted stock (in shares)3 3
Vested restricted stock (in shares)1
Balance at Jul. 02, 2021 $ 234,622 $ 474 $ 360,316 $ (3,836) $ (122,332)
Balance (in shares) at Jul. 02, 202147,391

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands6 Months Ended
Jul. 02, 2021Jul. 03, 2020
Cash flows from operating activities:
Net income (loss) $ 13,559 $ (1,306)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation of property, plant, and equipment1,754 1,518
Amortization of intangibles17 17
Deferred income taxes845 (1,369)
Change in net pension liability(27)376
Loss on disposal of property and equipment2 3
Stock-based compensation expense7,322 5,839
Provision for sales returns and bad debts932 605
Inventory provision697 816
Changes in working capital:
Accounts receivable(13,797)(8,409)
Inventories2,238 (932)
Prepayments, deposits, and other current assets(307)(2,172)
Accounts payable(268)297
Other current liabilities181 (3,471)
Net cash provided by (used in) operating activities13,148 (8,188)
Cash flows from investing activities:
Acquisition of property and equipment(5,683)(4,210)
Net cash used in investing activities(5,683)(4,210)
Cash flows from financing activities:
Repayment of finance lease obligations(278)(346)
Repayment on line of credit(508)
Proceeds from the exercise of stock options14,110 9,557
Proceeds from vested restricted stock1 1
Net cash provided by financing activities13,833 8,704
Effect of exchange rate changes on cash, cash equivalents and restricted cash(668)41
Increase (decrease) in cash, cash equivalents and restricted cash20,630 (3,653)
Cash and cash equivalents, at beginning of the period152,453 119,968
Cash and cash equivalents, at end of the period $ 173,083 $ 116,315

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies6 Months Ended
Jul. 02, 2021
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting PoliciesNote 1 — Basis of Presentation and Significant Accounting Policies The Condensed Consolidated Financial Statements of the Company present the financial position, results of operations, and cash flows of STAAR Surgical Company and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Commission. In accordance with those rules and regulations certain information and footnote disclosures normally included in the Comprehensive Financial Statements have been condensed or omitted pursuant to such rules and regulations. The Consolidated Balance Sheet as of January 1, 2021 was derived from the audited financial statements at that date, but does not include all the information and footnotes required by GAAP. These financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended January 1, 2021. The Condensed Consolidated Financial Statements for the three and six months ended July 2, 2021 and July 3, 2020, in the opinion of management, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Company’s financial condition and results of operations. The results of operations for the three and six months ended July 2, 2021 and July 3, 2020, are not necessarily indicative of the results to be expected for any other interim period or for the entire year. Each of the Company’s fiscal reporting periods ends on the Friday nearest to the quarter ending date and generally consists of 13 weeks. Unless the context indicates otherwise “we,” “us,” the “Company,” and “STAAR” refer to STAAR Surgical Company and its consolidated subsidiaries. Vendor Concentration There was one vendor which accounted for over 11% and 10% of the Company’s consolidated accounts payable as of July 2, 2021 and January 1, 2021, respectively. There were no vendors who accounted for over 10% of the Company’s consolidated purchases for the three and six months ended July 2, 2021 and July 3, 2020, respectively. Use of Estimates During the COVID-19 pandemic, the Company believes it has used reasonable estimates and assumptions in determining valuation allowances for uncollectible trade receivables, sales returns reserves, obsolete and excess inventory reserves, deferred income taxes, and tax reserves, including valuation allowances for deferred tax assets, pension liabilities, evaluation of asset impairment, in determining the useful life of depreciable and definite-lived intangible assets, and in the variables and assumptions used to calculate and record stock-based compensation. Throughout the COVID-19 pandemic the Company offered extended payment terms to assist its surgeon customers and their clinics as they resumed business. Although the Company experienced some delays in payments on accounts receivable as a result of the COVID-19 pandemic in the first half of 2020, the Company experienced improvements since the third quarter of 2020 as elective refractive surgeries resumed. The Company is unaware of any material impairment of customer receivables. The Company’s sales representatives throughout the world remain engaged with customers conducting online training and other educational courses which have been very well attended. This activity has given the Company insight into COVID-19’s impact on customers and potential impairment of receivables. Recently Adopted Accounting Pronouncements and Recent Accounting Pronouncements Not Yet Adopted On January 1, 2021 (beginning of fiscal year 2021), the Company adopted Accounting Standards Update (“ASU”) 2019‑12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes,” which removes the following exceptions: exception to the incremental approach for intraperiod tax allocation; exception to accounting for basis differences when there are ownership changes in foreign investments; and exception to interim period tax accounting for year to date losses that exceed anticipated losses. ASU 2019-12 also improves financial reporting for franchise taxes that are partially based on income; transactions with a government that result in a step up in the tax basis of goodwill; separate financial statements of legal entities that are not subject to tax; and enacted changes in tax laws in interim periods. The adoption of ASU 2019-12 did not have a material impact on the Condensed Consolidated Financial Statements.

Inventories

Inventories6 Months Ended
Jul. 02, 2021
Inventory Disclosure [Abstract]
InventoriesNote 2 — Inventories Inventories, net are stated at the lower of cost and net realizable value, determined on a first-in, first-out basis and consisted of the following (in thousands):
July 2, 2021
January 1, 2021
Raw materials and purchased parts
$
3,075
$
3,679
Work in process
2,780
2,174
Finished goods
10,850
13,717
Total inventories, gross
16,705
19,570
Less inventory reserves
(1,115
)
(1,459
)
Total inventories, net
$
15,590
$
18,111

Prepayments, Deposits, and Othe

Prepayments, Deposits, and Other Current Assets6 Months Ended
Jul. 02, 2021
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Prepayments, Deposits, and Other Current AssetsNote 3 — Prepayments, Deposits, and Other Current Assets Prepayments, deposits, and other current assets consisted of the following (in thousands):
July 2, 2021
January 1, 2021
Prepayments and deposits
$
4,429
$
3,423
Prepaid insurance
1,211
2,677
Prepaid marketing
2,000
368
Consumption tax receivable
334
1,409
Value added tax (VAT) receivable
1,078
2,056
BVG (Swiss Pension) prepayment
621
2
Other ( 1)
1,124
690
Total prepayments, deposits and other current assets
$
10,797
$
10,625
(1)

Property, Plant and Equipment

Property, Plant and Equipment6 Months Ended
Jul. 02, 2021
Property Plant And Equipment [Abstract]
Property, Plant and EquipmentNote 4 — Property, Plant and Equipment Property, plant and equipment, net consisted of the following (in thousands):
July 2, 2021
January 1, 2021
Machinery and equipment
$
23,682
$
21,209
Computer equipment and software
8,619
7,423
Furniture and fixtures
4,734
4,676
Leasehold improvements
11,601
11,388
Construction in process
13,516
11,120
Total property, plant and equipment, gross
62,152
55,816
Less accumulated depreciation
(33,536
)
(31,786
)
Total property, plant and equipment, net
$
28,616
$
24,030

Intangible Assets

Intangible Assets6 Months Ended
Jul. 02, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible AssetsNote 5 –Intangible Assets Intangible assets, net consisted of the following (in thousands):
July 2, 2021
January 1, 2021
Long-lived amortized intangible assets
Gross Carrying Amount
Accumulated Amortization
Net
Gross Carrying Amount
Accumulated Amortization
Net
Patents and licenses
$
9,334
$
(9,095
)
$
239
$
9,382
$
(9,112
)
$
270

Other Current Liabilities

Other Current Liabilities6 Months Ended
Jul. 02, 2021
Other Liabilities Disclosure [Abstract]
Other Current LiabilitiesNote 6 – Other Current Liabilities Other current liabilities consisted of the following (in thousands):
July 2, 2021
January 1, 2021
Accrued salaries and wages
$
10,078
$
7,074
Accrued bonuses
3,100
3,000
Accrued insurance
752
2,633
Income taxes payable
3,323
4,657
Accrued consumption tax
707
1,743
Marketing obligations
1,788
1,484
Other ( 1)
4,915
4,015
Total other current liabilities
$
24,663
$
24,606
(1)
No individual item in “Other” exceeds 5% of the other current liabilities.

Lines of Credit

Lines of Credit6 Months Ended
Jul. 02, 2021
Debt Disclosure [Abstract]
Lines of CreditNote 7 – Lines of Credit Since 1998, the Company’s wholly owned Japanese subsidiary, STAAR Japan, has had an agreement with Mizuho Bank which provides for borrowings of up to 500,000,000 Yen, at an interest rate equal to the uncollateralized overnight call rate (approximately 0.06% as of July 2, 2021) plus a 0.50% spread, and may be renewed quarterly (the current line expires on August 21, 2021). The credit facility is not collateralized. The Company had 142,500,000 Yen outstanding on the line of credit as of July 2, 2021 and January 1, 2021 (approximately $1,280,000 and $1,379,000 based on the foreign exchange rates on July 2, 2021 and January 1, 2021, respectively), which approximates fair value due to the short-term maturity and market interest rates of the line of credit. In case of default, the interest rate will be increased to 14% per annum. There was 357,500,000 Yen available for borrowing as of July 2, 2021 and January 1, 2021 (approximately $3,210,000 and $3,459,000 based on the foreign exchange rate on July 2, 2021 and January 1, 2021, respectively). At maturity on August 21, 2021, the Company expects to renew this line of credit for an additional three months, with similar terms. In September 2013, the Company’s wholly owned Swiss subsidiary, STAAR Surgical AG, entered into a framework agreement for loans (“framework agreement”) with Credit Suisse (the “Bank”). The framework agreement provides for borrowings of up to 1,000,000 CHF (Swiss Francs) (approximately $1,100,000 at the rate of exchange on January 1, 2021), to be used for working capital purposes. Accrued interest and 0.25% commissions on average outstanding borrowings is payable quarterly and the interest rate will be determined by the Bank based on the then prevailing market conditions at the time of borrowing. The framework agreement is automatically renewed on an annual basis based on the same terms assuming there is no default. The framework agreement may be terminated by either party at any time in accordance with its general terms and conditions. The framework agreement is not collateralized and contains certain conditions such as providing the Bank with audited financial statements annually and notice of significant events or conditions, as defined in the framework agreement. The Bank may also declare all amounts outstanding to be immediately due and payable upon a change of control or a “material qualification” in STAAR Surgical independent auditors’ report, as defined. There were no borrowings outstanding as of January 1, 2021. Given its immaterial nature and the Company’s existing cash resources, during the second quarter of 2021, the Company cancelled the framework agreement. The Company is in compliance with covenants of its credit facilities and lines of credit as of July 2, 2021.

Leases

Leases6 Months Ended
Jul. 02, 2021
Leases [Abstract]
LeasesNote 8 – Leases Finance Leases The Company entered into finance leases primarily related to purchases of equipment used for manufacturing or computer-related equipment. These finance leases are two to five years in length and have fixed payment amounts for the term of the contract and have options to purchase the assets at the end of the lease term. Supplemental balance sheet information related to finance leases consisted of the following (dollars in thousands):
July 2, 2021
January 1, 2021
Machinery and equipment
$
36
$
570
Computer equipment and software
581
806
Finance lease right-of-use assets, gross
617
1,376
Less accumulated depreciation
(558
)
(780
)
Finance lease right-of-use assets, net
$
59
$
596
Total finance lease liability
$
110
$
398
Weighted-average remaining lease term (in years)
1.3
0.9
Weighted-average discount rate
2.08
%
3.46
% Supplemental cash flow information related to finance leases consisted of the following (dollars in thousands):
Three Months Ended
Six Months Ended
July 2, 2021
July 3, 2020
July 2, 2021
July 3, 2020
Amortization of finance lease right-of-use asset
$
20
$
50
$
56
$
167
Interest on finance lease liabilities
1
8
5
18
Cash paid for amounts included in the measurement of finance lease liabilities:
Operating cash flows
1
8
5
18
Financing cash flows
43
110
278
346
Right-of-use assets obtained in exchange for new finance lease liabilities

22

22
The Company entered into operating leases primarily related to real property (office, manufacturing and warehouse facilities), automobiles and copiers. These operating leases are two to ten years in length with options to extend. The Company did not include any lease extensions in the initial valuation unless the Company was reasonably certain to extend the lease. Depending on the lease, there are those with fixed payment amounts for the entire length of the contract or payments which increase periodically as noted in the contract or increased at an inflation rate indicator. For operating leases that increase using an inflation rate indicator, the Company used the inflation rate at the time the lease was entered into for the length of the lease term. Supplemental balance sheet information related to operating leases consisted of the following (dollars in thousands):
July 2, 2021
January 1, 2021
Machinery and equipment
$
900
$
860
Computer equipment and software
472
462
Real property
15,974
12,956
Operating lease right-of-use assets, gross
17,346
14,278
Less accumulated depreciation
(6,103
)
(5,514
)
Operating lease right-of-use assets, net
$
11,243
$
8,764
Total operating lease liability
$
11,419
$
9,022
Weighted-average remaining lease term (in years)
5.7
5.2
Weighted-average discount rate
2.51
%
2.61
% Note 8 – Leases (Continued) Operating Leases Supplemental cash flow information related to operating leases was as follows (dollars in thousands):
Three Months Ended
Six Months Ended
July 2, 2021
July 3, 2020
July 2, 2021
July 3, 2020
Operating lease cost
$
857
$
746
$
1,640
$
1,486
Cash paid for amounts included in the measurement of operating lease liabilities:
Operating cash flows
801
763
1,586
1,501
Right-of-use assets obtained in exchange for new operating lease liabilities
3,356
249
4,007
318
Future Minimum Lease Commitments Estimated future minimum lease payments under operating and finance leases having initial or remaining non-cancelable lease terms more than one year as of July 2, 2021 is as follows (in thousands):
As of July 2, 2021 12 Months Ended
Operating Leases
Finance Leases
June 2022
$
3,008
$
86
June 2023
2,919
14
June 2024
2,006
11
June 2025
1,112

June 2026
690

Thereafter
2,263

Total minimum lease payments, including interest
$
11,998
$
111
Less amounts representing interest
(579
)
(1
)
Total minimum lease payments
$
11,419
$
110

Income Taxes

Income Taxes6 Months Ended
Jul. 02, 2021
Income Tax Disclosure [Abstract]
Income TaxesNote 9 — The Company recorded an income tax provision (benefit) as follows (in thousands):
Three Months Ended
Six Months Ended
July 2, 2021
July 3, 2020
July 2, 2021
July 3, 2020
Provision (benefit) for income taxes
$
2,148
$
556
$
3,395
$
(602
) The Company recorded income taxes of $2,148,000 and $3,395,000 for the three and six months ended July 2, 2021, respectively, due to pre-tax income generated in certain foreign jurisdictions and a recapture of its U.S. valuation allowance of $845,000 as a result of increased tax deductions in the projection of taxable income used in its valuation assessment. The Company, from time to time may adjust the projections of taxable income as a result of current conditions. The Company recorded income taxes of $556,000 for the three months ended July 3, 2020, due to pre-tax income generated in certain foreign jurisdictions. The Company recorded an income tax benefit of $602,000 for the six months ended July 3, 2020 due to a release of its U.S. valuation allowance , offset by pre-tax income generated in certain foreign jurisdictions. The Company’s quarterly provision for income taxes is determined by estimating an annual effective tax rate. This estimate may fluctuate throughout the year as new information becomes available affecting its underlying assumptions. There are no unrecognized tax benefits related to uncertain tax positions taken by the Company. All earnings from the Company’s subsidiaries are not considered to be permanently reinvested. The 2017 Tax Act subjects a U.S. shareholder to tax on Global Intangible Low Tax Income (“GILTI”) earned by certain foreign subsidiaries. In general, GILTI is the excess of a U.S. shareholder’s total net foreign income over a deemed return on tangible assets. The provision further allows a deduction of 50 percent of GILTI, however this deduction is limited by the Company’s U.S. taxable income. The Company has elected to account for GILTI as a current period expense when incurred. Note 9 — Final regulations issued on July 20, 2020 allow companies to exclude certain high-taxed income from their GILTI calculation (the GILTI high-tax exclusion). The GILTI high-tax exclusion applies if the effective foreign tax rate is 90% or more of the rate that would apply if the income were subject to the maximum US rate of tax specified in section 11 (currently 18.9%, based on a maximum rate of 21%). The final regulations also provide that the GILTI high-tax exclusion is an annual election made each year and is retroactive to years beginning after December 31, 2017. The Company has made the election to exclude certain high-taxed income from its GILTI calculation for the three and six months ended July 2, 2021 and July 3, 2020, respectively. The ultimate realization of deferred tax assets is dependent upon future generation of income during the periods in which temporary differences representing net future deductible amounts become deductible. Management considers the projected future income and tax planning strategies in making this assessment. Since January 1, 2021, the Company had three years of accumulated profits for federal and various state income tax purposes as a result of GILTI. However, the three-year income position is not solely determinative and, accordingly, management considers all other available positive and negative evidence in its analysis. This includes existing profits in foreign jurisdiction as well as projected future profits. The “incremental cash tax savings approach” is further described in Notes 1 and 10 of the Company’s fiscal 2020 Form 10-K. Under the incremental cash tax savings approach, the Company’s cumulative valuation allowance recorded was $37,315,000 and $7,879,000 for federal and state, respectively, at July 2, 2021, and $34,681,000 and $7,399,000 for federal and state, respectively, at January 1, 2021. Under the incremental cash tax savings approach, the valuation allowance recorded reflects the net operating losses and deferred tax assets which will not result in future cash tax savings and therefore provide no additional benefit. Total U.S. net deferred tax assets were $3,025,000 and $3,870,000 as of July 2, 2021 and January 1, 2021, respectively.

Defined Benefit Pension Plans

Defined Benefit Pension Plans6 Months Ended
Jul. 02, 2021
Compensation And Retirement Disclosure [Abstract]
Pension and Other Postretirement Benefits DisclosureNote 10 – Defined Benefit Pension Plans The Company has defined benefit plans covering employees of its Switzerland and Japan operations. The following table summarizes the components of net periodic pension cost recorded for the Company’s defined benefit pension plans (in thousands):
Three Months Ended
Six Months Ended
July 2, 2021
July 3, 2020
July 2, 2021
July 3, 2020
Service cost ( 1)
$
329
$
320
$
677
$
639
Interest cost ( 2)
14
11
28
22
Expected return on plan assets ( 2)
(101
)
(46
)
(200
)
(89
)
Prior service credit ( 2),(3)
(11
)
(8
)
(22
)
(17
)
Actuarial loss recognized in current period ( 2),(3)
131
80
262
159
Net periodic pension cost
$
362
$
357
$
745
$
714
(1)
Recognized in selling general and administrative expenses on the Condensed Consolidated Statements of Operations.
( 2 )
Recognized in other income (expense), net on the Condensed Consolidated Statements of Operations.
(3)
Amounts reclassified from accumulated other comprehensive income (loss). The Company currently is not required to and does not make contributions to its Japan pension plan. The Company’s contributions to its Swiss pension plan are as follows (in thousands):
Three Months Ended
Six Months Ended
July 2, 2021
July 3, 2020
July 2, 2021
July 3, 2020
Employer contribution
$
204
$
155
$
397
$
330

Stockholders' Equity

Stockholders' Equity6 Months Ended
Jul. 02, 2021
Stockholders Equity Note [Abstract]
Stockholders' EquityNote 11 — Stockholders’ Equity Stock-Based Compensation The cost that has been charged against income for stock-based compensation is set forth below (in thousands):
Three Months Ended
Six Months Ended
July 2, 2021
July 3, 2020
July 2, 2021
July 3, 2020
Employee stock options
$
2,784
$
2,505
$
5,256
$
4,737
Restricted stock
232
76
398
154
Restricted stock units
811
274
1,348
823
Performance stock units
108

201

Nonemployee stock options
57
63
119
125
Total stock-based compensation expense
$
3,992
$
2,918
$
7,322
$
5,839
The Company recorded stock-based compensation costs in the following categories (in thousands):
Three Months Ended
Six Months Ended
July 2, 2021
July 3, 2020
July 2, 2021
July 3, 2020
Cost of sales
$
54
$
30
$
89
$
52
General and administrative
1,815
1,209
3,254
2,294
Selling and marketing
953
812
1,786
1,867
Research and development
1,170
867
2,193
1,626
Total stock-based compensation expense, net
3,992
2,918
7,322
5,839
Amounts capitalized as part of inventory
390
291
699
560
Total stock-based compensation expense, gross
$
4,382
$
3,209
$
8,021
$
6,399
Incentive Plan The Amended and Restated Omnibus Equity Incentive Plan (“the Plan”) provides for various forms of stock-based incentives. To date, of the available forms of awards under the Plan, the Company has granted only stock options, restricted stock, unrestricted share grants, restricted stock units (“RSUs”) and performance stock units (“PSUs”). Options under the Plan are granted at fair market value on the date of grant, become exercisable generally over a three-year Assumptions The fair value of each option award is estimated on the date of grant using a Black-Scholes option valuation model applying the weighted-average assumptions noted in the following table. Expected volatilities are based on historical volatility of the Company’s stock. The expected term of options granted is derived from the historical exercises and post-vesting cancellations estimated forfeiture rate based on historical forfeiture experience. The risk-free rate is based on the U.S. Treasury yield curve corresponding to the expected term at the time of the grant. Note 11 — Stockholders’ Equity (Continued)
Three Months Ended
Six Months Ended
July 2, 2021
July 3, 2020
July 2, 2021
July 3, 2020
Expected dividend yield
0
%
0
%
0
%
0
%
Expected volatility
53
%
53
%
53
%
53
%
Risk-free interest rate
0.83
%
0.31
%
0.84
%
0.53
%
Expected term (in years)
5.38
5.72
5.38
5.72
Stock Options A summary of stock option activity under the Plan for six months ended July 2, 2021is presented below:
Stock Options (in 000’s)
Minimum Exercise Price
Maximum Exercise Price
Outstanding at January 1, 2021
3,418
Granted
258
Exercised
(906
)
Forfeited or expired
(23
)
Outstanding at July 2, 2021
2,747
$
5.34
$
154.96
Exercisable at July 2, 2021
1,928
Restricted Stock, Restricted Stock Units and Performance Stock Units A summary of restricted stock, RSUs and PSUs activity under the Plan for the six months ended July 2, 2021 is presented below (shares in thousands):
Restricted Stock
RSUs
PSUs
Unvested at January 1, 2021
11
122
15
Granted
3
48

Vested
(11
)
(34
)

Forfeited or expired



Unvested at July 2, 2021
3
136
15

Commitments and Contingencies

Commitments and Contingencies6 Months Ended
Jul. 02, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and ContingenciesNote 12 - Commitments and Contingencies Litigation and Claims From time to time, the Company is involved in various legal proceedings and other matters arising in the normal course of business. These legal proceedings and other matters may relate to, among other things, contractual rights and obligations, employment matters, or claims of product liability. STAAR maintains insurance coverage for various matters, including product liability and certain securities claims. While the Company does not believe that any of the claims known is likely to have a material adverse effect on the Company’s financial condition or results of operations, new claims or unexpected results of existing claims could lead to significant financial harm. Employment Agreements The Company’s Chief Executive Officer entered into an employment agreement with the Company, effective March 1, 2015. She and certain officers have as provisions of their agreements certain rights, including continuance of cash compensation and benefits, upon a “change in control,” which may include an acquisition of substantially all its assets, or termination “without cause or for good reason” as defined in the employment agreements.

Basic and Diluted Net Income Pe

Basic and Diluted Net Income Per Share6 Months Ended
Jul. 02, 2021
Earnings Per Share [Abstract]
Basic and Diluted Net Income Per ShareNote 13 — Basic and Diluted Net Income Per Share The following table sets forth the computation of basic and diluted net income per share (in thousands except per share amounts):
Three Months Ended
Six Months Ended
July 2, 2021
July 3, 2020
July 2, 2021
July 3, 2020
Numerator:
Net income (loss)
$
8,567
$
(1,172
)
$
13,559
$
(1,306
)
Denominator:
Weighted average common shares:
Common shares outstanding
47,102
45,354
46,861
45,152
Less: Unvested restricted stock
(3
)

(3
)

Denominator for basic calculation
47,099
45,354
46,858
45,152
Weighted average effects of potentially diluted common stock:
Stock options
2,283

2,405

Unvested restricted stock
9

9

RSUs
88

90

PSUs
12

11

Denominator for diluted calculation
49,491
45,354
49,373
45,152
Net income (loss) per share:
Basic
$
0.18
$
(0.03
)
$
0.29
$
(0.03
)
Diluted
$
0.17
$
(0.03
)
$
0.27
$
(0.03
) Because the Company had a net loss for the three and six months ended July 3, 2020, the number of diluted shares is equal to the number of basic shares. The following table sets forth (in thousands) the weighted average number of options to purchase shares of common stock, restricted stock, RSUs and PSUs with either exercise prices or unrecognized compensation cost per share greater than the average market price per share of the Company’s common stock, which were not included in the calculation of diluted per share amounts because the effects would be anti-dilutive.
Three Months Ended
Six Months Ended
July 2, 2021
July 3, 2020
July 2, 2021
July 3, 2020
Stock options
14
3,082
173
3,502
Restricted stock, RSUs and PSUs

59

72
Total
14
3,141
173
3,574

Disaggregation of Sales, Geogra

Disaggregation of Sales, Geographic Sales and Product Sales6 Months Ended
Jul. 02, 2021
Segment Reporting [Abstract]
Disaggregation of Sales, Geographic Sales and Product SalesNote 14 — Disaggregation of Sales, Geographic Sales and Product Sales In the following tables, sales are disaggregated by category, sales by geographic market and sales by product data. The following breaks down sales into the following categories (in thousands):
Three Months Ended
Six Months Ended
July 2, 2021
July 3, 2020
July 2, 2021
July 3, 2020
Non-consignment sales
$
57,368
$
23,446
$
102,785
$
53,846
Consignment sales
4,999
11,748
10,334
16,535
Total net sales
$
62,367
$
35,194
$
113,119
$
70,381
The Company markets and sells its products in over 75 countries and conducts its manufacturing in the United States. Other than China and Japan, the Company does not conduct business in any country in which its sales exceed 10% of worldwide consolidated net sales. Sales are attributed to countries based on location of customers. thousands):
Three Months Ended
Six Months Ended
July 2, 2021
July 3, 2020
July 2, 2021
July 3, 2020
Domestic
$
2,704
$
882
$
5,044
$
2,621
Foreign:
China
32,930
18,603
52,573
30,318
Japan
9,283
7,463
18,886
15,765
Other (1)
17,450
8,246
36,616
21,677
Total foreign sales
59,663
34,312
108,075
67,760
Total net sales
$
62,367
$
35,194
$
113,119
$
70,381
(1)
No other location individually exceeds 10% of the total sales. 100
Three Months Ended
Six Months Ended
July 2, 2021
July 3, 2020
July 2, 2021
July 3, 2020
ICLs
$
59,235
$
30,728
$
105,736
$
60,068
Other product sales:
IOLs
3,074
2,561
6,799
6,555
Other surgical products
58
1,905
584
3,758
Total other product sales
3,132
4,466
7,383
10,313
Total net sales
$
62,367
$
35,194
$
113,119
$
70,381
One customer, the Company’s distributor in China, accounted for 53% and 46% of net sales for the three and six months ended July 2, 2021 and the same customer, accounted for 53% and 43% for the three and six months ended July 3, 2020, respectively. As of July 2, 2021 and January 1, 2021, respectively, one customer, the Company’s distributor in China, accounted for 55% and 46% of consolidated trade receivables.

COVID-19 and CARES Act Developm

COVID-19 and CARES Act Developments6 Months Ended
Jul. 02, 2021
C O V I D19and C A R E S Act Developments [Abstract]
COVID-19 and CARES Act DevelopmentsNote 15 — COVID-19 and CARES Act Developments In December 2019, COVID-19 surfaced and in March 2020, the World Health Organization declared a pandemic related to the rapid spread of COVID-19 around the world. The impact of the COVID-19 outbreak on the businesses and the economy in the U.S. and the rest of the world is, and is expected to continue to be, uncertain and may continue to be significant. Accordingly, the Company cannot predict the extent to which its financial condition and results of operation will be affected. On March 17, 2020, the Company suspended most of its production and non-essential business locations where employees can work from home. A very limited number of manufacturing personnel remained at work for critical late staged processes, until the end of March 2020. Manufacturing resumed on April 27, 2020. The Company’s revenues have been adversely impacted, and the Company experienced a substantial slowdown in sales beginning March 20, 2020 in global geographies characterized as “hot spots” for the COVID-19 virus, including parts of Europe, North America, Asia, the Middle East and India. In certain of these markets, sales have paused as elective surgeries are discouraged to support COVID-19 related needs. The Company expects decreases in sales in certain geographies to continue in 2021 as different geographies resume business activities on differing timelines. The Coronavirus Aid, Relief and Economic Security (“CARES”) Act, among other things, includes provisions relating to refundable payroll tax credits, deferment of employer side social security payments, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations, increased limitations on qualified charitable contributions, and technical corrections to tax depreciation methods for qualified improvement property. The Company did not apply for or require financing available under the CARES Act and does not expect to do so. The Company will continue to monitor the impact that the CARES Act may have on its business, financial condition, results of operations, or liquidity. The Consolidated Appropriations Act (“CAA”) among other things, opened up another round of Paycheck Protection Program loans, expanding eligibility to small nonprofits, destination marking organizations, and housing cooperatives, provided additional funding for the Economic Injury Disaster Loans and grants, extends the Employee Retention Tax Credit, also extended and expanded Paid Sick and Family Leave Credits and the Employee Social Security tax deferral. The Company will continue to monitor the impact that the CAA may have on its business, financial condition, results of operations, or liquidity.

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)6 Months Ended
Jul. 02, 2021
Accounting Policies [Abstract]
Basis of PresentationThe Condensed Consolidated Financial Statements of the Company present the financial position, results of operations, and cash flows of STAAR Surgical Company and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Commission. In accordance with those rules and regulations certain information and footnote disclosures normally included in the Comprehensive Financial Statements have been condensed or omitted pursuant to such rules and regulations. The Consolidated Balance Sheet as of January 1, 2021 was derived from the audited financial statements at that date, but does not include all the information and footnotes required by GAAP. These financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended January 1, 2021. The Condensed Consolidated Financial Statements for the three and six months ended July 2, 2021 and July 3, 2020, in the opinion of management, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Company’s financial condition and results of operations. The results of operations for the three and six months ended July 2, 2021 and July 3, 2020, are not necessarily indicative of the results to be expected for any other interim period or for the entire year. Each of the Company’s fiscal reporting periods ends on the Friday nearest to the quarter ending date and generally consists of 13 weeks. Unless the context indicates otherwise “we,” “us,” the “Company,” and “STAAR” refer to STAAR Surgical Company and its consolidated subsidiaries.
Vendor ConcentrationVendor Concentration There was one vendor which accounted for over 11% and 10% of the Company’s consolidated accounts payable as of July 2, 2021 and January 1, 2021, respectively. There were no vendors who accounted for over 10% of the Company’s consolidated purchases for the three and six months ended July 2, 2021 and July 3, 2020, respectively.
Use of EstimatesUse of Estimates During the COVID-19 pandemic, the Company believes it has used reasonable estimates and assumptions in determining valuation allowances for uncollectible trade receivables, sales returns reserves, obsolete and excess inventory reserves, deferred income taxes, and tax reserves, including valuation allowances for deferred tax assets, pension liabilities, evaluation of asset impairment, in determining the useful life of depreciable and definite-lived intangible assets, and in the variables and assumptions used to calculate and record stock-based compensation. Throughout the COVID-19 pandemic the Company offered extended payment terms to assist its surgeon customers and their clinics as they resumed business. Although the Company experienced some delays in payments on accounts receivable as a result of the COVID-19 pandemic in the first half of 2020, the Company experienced improvements since the third quarter of 2020 as elective refractive surgeries resumed. The Company is unaware of any material impairment of customer receivables. The Company’s sales representatives throughout the world remain engaged with customers conducting online training and other educational courses which have been very well attended. This activity has given the Company insight into COVID-19’s impact on customers and potential impairment of receivables.
Recently Adopted Accounting Pronouncements and Recent Accounting Pronouncements Not Yet AdoptedRecently Adopted Accounting Pronouncements and Recent Accounting Pronouncements Not Yet Adopted On January 1, 2021 (beginning of fiscal year 2021), the Company adopted Accounting Standards Update (“ASU”) 2019‑12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes,” which removes the following exceptions: exception to the incremental approach for intraperiod tax allocation; exception to accounting for basis differences when there are ownership changes in foreign investments; and exception to interim period tax accounting for year to date losses that exceed anticipated losses. ASU 2019-12 also improves financial reporting for franchise taxes that are partially based on income; transactions with a government that result in a step up in the tax basis of goodwill; separate financial statements of legal entities that are not subject to tax; and enacted changes in tax laws in interim periods. The adoption of ASU 2019-12 did not have a material impact on the Condensed Consolidated Financial Statements.

Inventories (Tables)

Inventories (Tables)6 Months Ended
Jul. 02, 2021
Inventory Disclosure [Abstract]
Schedule of Inventory, CurrentInventories, net are stated at the lower of cost and net realizable value, determined on a first-in, first-out basis and consisted of the following (in thousands):
July 2, 2021
January 1, 2021
Raw materials and purchased parts
$
3,075
$
3,679
Work in process
2,780
2,174
Finished goods
10,850
13,717
Total inventories, gross
16,705
19,570
Less inventory reserves
(1,115
)
(1,459
)
Total inventories, net
$
15,590
$
18,111

Prepayments, Deposits, and Ot_2

Prepayments, Deposits, and Other Current Assets (Tables)6 Months Ended
Jul. 02, 2021
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Schedule Of Prepayments, Deposits, and Other Current AssetsPrepayments, deposits, and other current assets consisted of the following (in thousands):
July 2, 2021
January 1, 2021
Prepayments and deposits
$
4,429
$
3,423
Prepaid insurance
1,211
2,677
Prepaid marketing
2,000
368
Consumption tax receivable
334
1,409
Value added tax (VAT) receivable
1,078
2,056
BVG (Swiss Pension) prepayment
621
2
Other ( 1)
1,124
690
Total prepayments, deposits and other current assets
$
10,797
$
10,625
(1)

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)6 Months Ended
Jul. 02, 2021
Property Plant And Equipment [Abstract]
Property, Plant and Equipment, NetProperty, plant and equipment, net consisted of the following (in thousands):
July 2, 2021
January 1, 2021
Machinery and equipment
$
23,682
$
21,209
Computer equipment and software
8,619
7,423
Furniture and fixtures
4,734
4,676
Leasehold improvements
11,601
11,388
Construction in process
13,516
11,120
Total property, plant and equipment, gross
62,152
55,816
Less accumulated depreciation
(33,536
)
(31,786
)
Total property, plant and equipment, net
$
28,616
$
24,030

Intangible Assets (Tables)

Intangible Assets (Tables)6 Months Ended
Jul. 02, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible AssetsIntangible assets, net consisted of the following (in thousands):
July 2, 2021
January 1, 2021
Long-lived amortized intangible assets
Gross Carrying Amount
Accumulated Amortization
Net
Gross Carrying Amount
Accumulated Amortization
Net
Patents and licenses
$
9,334
$
(9,095
)
$
239
$
9,382
$
(9,112
)
$
270

Other Current Liabilities (Tabl

Other Current Liabilities (Tables)6 Months Ended
Jul. 02, 2021
Other Liabilities Disclosure [Abstract]
Schedule of Other Current LiabilitiesOther current liabilities consisted of the following (in thousands):
July 2, 2021
January 1, 2021
Accrued salaries and wages
$
10,078
$
7,074
Accrued bonuses
3,100
3,000
Accrued insurance
752
2,633
Income taxes payable
3,323
4,657
Accrued consumption tax
707
1,743
Marketing obligations
1,788
1,484
Other ( 1)
4,915
4,015
Total other current liabilities
$
24,663
$
24,606
(1)
No individual item in “Other” exceeds 5% of the other current liabilities.

Leases (Tables)

Leases (Tables)6 Months Ended
Jul. 02, 2021
Leases [Abstract]
Supplemental Balance Sheet Information Related to Finance LeasesSupplemental balance sheet information related to finance leases consisted of the following (dollars in thousands):
July 2, 2021
January 1, 2021
Machinery and equipment
$
36
$
570
Computer equipment and software
581
806
Finance lease right-of-use assets, gross
617
1,376
Less accumulated depreciation
(558
)
(780
)
Finance lease right-of-use assets, net
$
59
$
596
Total finance lease liability
$
110
$
398
Weighted-average remaining lease term (in years)
1.3
0.9
Weighted-average discount rate
2.08
%
3.46
%
Supplemental Cash Flow Information Related to Finance LeasesSupplemental cash flow information related to finance leases consisted of the following (dollars in thousands):
Three Months Ended
Six Months Ended
July 2, 2021
July 3, 2020
July 2, 2021
July 3, 2020
Amortization of finance lease right-of-use asset
$
20
$
50
$
56
$
167
Interest on finance lease liabilities
1
8
5
18
Cash paid for amounts included in the measurement of finance lease liabilities:
Operating cash flows
1
8
5
18
Financing cash flows
43
110
278
346
Right-of-use assets obtained in exchange for new finance lease liabilities

22

22
Supplemental Balance Sheet Information Related to Operating LeasesSupplemental balance sheet information related to operating leases consisted of the following (dollars in thousands):
July 2, 2021
January 1, 2021
Machinery and equipment
$
900
$
860
Computer equipment and software
472
462
Real property
15,974
12,956
Operating lease right-of-use assets, gross
17,346
14,278
Less accumulated depreciation
(6,103
)
(5,514
)
Operating lease right-of-use assets, net
$
11,243
$
8,764
Total operating lease liability
$
11,419
$
9,022
Weighted-average remaining lease term (in years)
5.7
5.2
Weighted-average discount rate
2.51
%
2.61
%
Supplemental Cash Flow Information Related to Operating LeasesSupplemental cash flow information related to operating leases was as follows (dollars in thousands):
Three Months Ended
Six Months Ended
July 2, 2021
July 3, 2020
July 2, 2021
July 3, 2020
Operating lease cost
$
857
$
746
$
1,640
$
1,486
Cash paid for amounts included in the measurement of operating lease liabilities:
Operating cash flows
801
763
1,586
1,501
Right-of-use assets obtained in exchange for new operating lease liabilities
3,356
249
4,007
318
Schedule of Estimated Future Minimum Lease Payments under Operating and Finance Leases Having Initial or Remaining Non-Cancelable Lease Terms More Than One YearEstimated future minimum lease payments under operating and finance leases having initial or remaining non-cancelable lease terms more than one year as of July 2, 2021 is as follows (in thousands):
As of July 2, 2021 12 Months Ended
Operating Leases
Finance Leases
June 2022
$
3,008
$
86
June 2023
2,919
14
June 2024
2,006
11
June 2025
1,112

June 2026
690

Thereafter
2,263

Total minimum lease payments, including interest
$
11,998
$
111
Less amounts representing interest
(579
)
(1
)
Total minimum lease payments
$
11,419
$
110

Income Taxes (Tables)

Income Taxes (Tables)6 Months Ended
Jul. 02, 2021
Income Tax Disclosure [Abstract]
Schedule of Income Tax Provision (Benefit)The Company recorded an income tax provision (benefit) as follows (in thousands):
Three Months Ended
Six Months Ended
July 2, 2021
July 3, 2020
July 2, 2021
July 3, 2020
Provision (benefit) for income taxes
$
2,148
$
556
$
3,395
$
(602
)

Defined Benefit Pension Plans (

Defined Benefit Pension Plans (Tables)6 Months Ended
Jul. 02, 2021
Compensation And Retirement Disclosure [Abstract]
Schedule of Net Benefit CostsThe Company has defined benefit plans covering employees of its Switzerland and Japan operations. The following table summarizes the components of net periodic pension cost recorded for the Company’s defined benefit pension plans (in thousands):
Three Months Ended
Six Months Ended
July 2, 2021
July 3, 2020
July 2, 2021
July 3, 2020
Service cost ( 1)
$
329
$
320
$
677
$
639
Interest cost ( 2)
14
11
28
22
Expected return on plan assets ( 2)
(101
)
(46
)
(200
)
(89
)
Prior service credit ( 2),(3)
(11
)
(8
)
(22
)
(17
)
Actuarial loss recognized in current period ( 2),(3)
131
80
262
159
Net periodic pension cost
$
362
$
357
$
745
$
714
(1)
Recognized in selling general and administrative expenses on the Condensed Consolidated Statements of Operations.
( 2 )
Recognized in other income (expense), net on the Condensed Consolidated Statements of Operations.
(3)
Amounts reclassified from accumulated other comprehensive income (loss).
Schedule of Defined Benefit Plans DisclosuresThe Company currently is not required to and does not make contributions to its Japan pension plan. The Company’s contributions to its Swiss pension plan are as follows (in thousands):
Three Months Ended
Six Months Ended
July 2, 2021
July 3, 2020
July 2, 2021
July 3, 2020
Employer contribution
$
204
$
155
$
397
$
330

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)6 Months Ended
Jul. 02, 2021
Stockholders Equity Note [Abstract]
Schedule of Compensation CostThe cost that has been charged against income for stock-based compensation is set forth below (in thousands):
Three Months Ended
Six Months Ended
July 2, 2021
July 3, 2020
July 2, 2021
July 3, 2020
Employee stock options
$
2,784
$
2,505
$
5,256
$
4,737
Restricted stock
232
76
398
154
Restricted stock units
811
274
1,348
823
Performance stock units
108

201

Nonemployee stock options
57
63
119
125
Total stock-based compensation expense
$
3,992
$
2,918
$
7,322
$
5,839
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period CostsThe Company recorded stock-based compensation costs in the following categories (in thousands):
Three Months Ended
Six Months Ended
July 2, 2021
July 3, 2020
July 2, 2021
July 3, 2020
Cost of sales
$
54
$
30
$
89
$
52
General and administrative
1,815
1,209
3,254
2,294
Selling and marketing
953
812
1,786
1,867
Research and development
1,170
867
2,193
1,626
Total stock-based compensation expense, net
3,992
2,918
7,322
5,839
Amounts capitalized as part of inventory
390
291
699
560
Total stock-based compensation expense, gross
$
4,382
$
3,209
$
8,021
$
6,399
Schedule of Share-based Payment Award, Stock Options, Valuation AssumptionsThe risk-free rate is based on the U.S. Treasury yield curve corresponding to the expected term at the time of the grant.
Three Months Ended
Six Months Ended
July 2, 2021
July 3, 2020
July 2, 2021
July 3, 2020
Expected dividend yield
0
%
0
%
0
%
0
%
Expected volatility
53
%
53
%
53
%
53
%
Risk-free interest rate
0.83
%
0.31
%
0.84
%
0.53
%
Expected term (in years)
5.38
5.72
5.38
5.72
Schedule of Share-based Compensation, Stock Options, ActivityA summary of stock option activity under the Plan for six months ended July 2, 2021is presented below:
Stock Options (in 000’s)
Minimum Exercise Price
Maximum Exercise Price
Outstanding at January 1, 2021
3,418
Granted
258
Exercised
(906
)
Forfeited or expired
(23
)
Outstanding at July 2, 2021
2,747
$
5.34
$
154.96
Exercisable at July 2, 2021
1,928
Schedule of Share-based Compensation, Restricted Stock, RSUs and PSUs ActivityA summary of restricted stock, RSUs and PSUs activity under the Plan for the six months ended July 2, 2021 is presented below (shares in thousands):
Restricted Stock
RSUs
PSUs
Unvested at January 1, 2021
11
122
15
Granted
3
48

Vested
(11
)
(34
)

Forfeited or expired



Unvested at July 2, 2021
3
136
15

Basic and Diluted Net Income _2

Basic and Diluted Net Income Per Share (Tables)6 Months Ended
Jul. 02, 2021
Earnings Per Share [Abstract]
Summary of Computation of Basic and Diluted Net Income Per ShareThe following table sets forth the computation of basic and diluted net income per share (in thousands except per share amounts):
Three Months Ended
Six Months Ended
July 2, 2021
July 3, 2020
July 2, 2021
July 3, 2020
Numerator:
Net income (loss)
$
8,567
$
(1,172
)
$
13,559
$
(1,306
)
Denominator:
Weighted average common shares:
Common shares outstanding
47,102
45,354
46,861
45,152
Less: Unvested restricted stock
(3
)

(3
)

Denominator for basic calculation
47,099
45,354
46,858
45,152
Weighted average effects of potentially diluted common stock:
Stock options
2,283

2,405

Unvested restricted stock
9

9

RSUs
88

90

PSUs
12

11

Denominator for diluted calculation
49,491
45,354
49,373
45,152
Net income (loss) per share:
Basic
$
0.18
$
(0.03
)
$
0.29
$
(0.03
)
Diluted
$
0.17
$
(0.03
)
$
0.27
$
(0.03
)
Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per ShareThree Months Ended
Six Months Ended
July 2, 2021
July 3, 2020
July 2, 2021
July 3, 2020
Stock options
14
3,082
173
3,502
Restricted stock, RSUs and PSUs

59

72
Total
14
3,141
173
3,574

Disaggregation of Sales, Geog_2

Disaggregation of Sales, Geographic Sales and Product Sales (Tables)6 Months Ended
Jul. 02, 2021
Segment Reporting [Abstract]
Disaggregation of SalesIn the following tables, sales are disaggregated by category, sales by geographic market and sales by product data. The following breaks down sales into the following categories (in thousands):
Three Months Ended
Six Months Ended
July 2, 2021
July 3, 2020
July 2, 2021
July 3, 2020
Non-consignment sales
$
57,368
$
23,446
$
102,785
$
53,846
Consignment sales
4,999
11,748
10,334
16,535
Total net sales
$
62,367
$
35,194
$
113,119
$
70,381
Net Sales by Geographic AreasThe composition of the Company’s net sales to unaffiliated customers was as follows (in thousands):
Three Months Ended
Six Months Ended
July 2, 2021
July 3, 2020
July 2, 2021
July 3, 2020
Domestic
$
2,704
$
882
$
5,044
$
2,621
Foreign:
China
32,930
18,603
52,573
30,318
Japan
9,283
7,463
18,886
15,765
Other (1)
17,450
8,246
36,616
21,677
Total foreign sales
59,663
34,312
108,075
67,760
Total net sales
$
62,367
$
35,194
$
113,119
$
70,381
(1)
No other location individually exceeds 10% of the total sales.
Net Sales by Products and ServicesThe composition of the Company’s net sales by product line was as follows (in thousands):
Three Months Ended
Six Months Ended
July 2, 2021
July 3, 2020
July 2, 2021
July 3, 2020
ICLs
$
59,235
$
30,728
$
105,736
$
60,068
Other product sales:
IOLs
3,074
2,561
6,799
6,555
Other surgical products
58
1,905
584
3,758
Total other product sales
3,132
4,466
7,383
10,313
Total net sales
$
62,367
$
35,194
$
113,119
$
70,381

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies - Additional Information (Details) - Vendor Concentration Risk - Maximum3 Months Ended6 Months Ended12 Months Ended
Jul. 02, 2021Jul. 03, 2020Jul. 02, 2021Jul. 03, 2020Jan. 01, 2021
Consolidated Accounts Payable
Organization And Description Of Business And Accounting Policies [Line Items]
Concentration risk, percentage11.00%10.00%
Consolidated Purchases
Organization And Description Of Business And Accounting Policies [Line Items]
Concentration risk, percentage10.00%10.00%10.00%10.00%

Inventories - Schedule of Inven

Inventories - Schedule of Inventory, Current (Details) - USD ($) $ in ThousandsJul. 02, 2021Jan. 01, 2021
Inventory Disclosure [Abstract]
Raw materials and purchased parts $ 3,075 $ 3,679
Work in process2,780 2,174
Finished goods10,850 13,717
Total inventories, gross16,705 19,570
Less inventory reserves(1,115)(1,459)
Total inventories, net $ 15,590 $ 18,111

Prepayments, Deposits, and Ot_3

Prepayments, Deposits, and Other Current Assets - Schedule Of Prepayments, Deposits, and Other Current Assets (Details) - USD ($) $ in ThousandsJul. 02, 2021Jan. 01, 2021
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Prepayments and deposits $ 4,429 $ 3,423
Prepaid insurance1,211 2,677
Prepaid marketing2,000 368
Consumption tax receivable334 1,409
Value added tax (VAT) receivable1,078 2,056
BVG (Swiss Pension) prepayment621 2
Other[1]1,124 690
Total prepayments, deposits and other current assets $ 10,797 $ 10,625
[1]No individual item in “other current assets” exceeds 5% of the total prepayments, deposits and other current assets.

Prepayments, Deposits, and Ot_4

Prepayments, Deposits, and Other Current Assets - Schedule Of Prepayments, Deposits, and Other Current Assets (Parenthetical) (Details)Jul. 02, 2021Jan. 01, 2021
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Percent of prepayments deposits and other current assets included in other current assets5.00%5.00%

Property, Plant and Equipment -

Property, Plant and Equipment - Property, Plant and Equipment, Net (Details) - USD ($) $ in ThousandsJul. 02, 2021Jan. 01, 2021
Property Plant And Equipment [Abstract]
Machinery and equipment $ 23,682 $ 21,209
Computer equipment and software8,619 7,423
Furniture and fixtures4,734 4,676
Leasehold improvements11,601 11,388
Construction in process13,516 11,120
Total property, plant and equipment, gross62,152 55,816
Less accumulated depreciation(33,536)(31,786)
Total property, plant and equipment, net $ 28,616 $ 24,030

Intangible Assets - Schedule of

Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in ThousandsJul. 02, 2021Jan. 01, 2021
Long-lived intangible assets
Long-lived intangible assets, Net $ 239 $ 270
Patents and licenses
Long-lived intangible assets
Long-lived intangible assets, Gross Carrying Amount9,334 9,382
Long-lived intangible assets, Accumulated Amortization(9,095)(9,112)
Long-lived intangible assets, Net $ 239 $ 270

Other Current Liabilities - Sch

Other Current Liabilities - Schedule of Other Current Liabilities (Details) - USD ($) $ in ThousandsJul. 02, 2021Jan. 01, 2021
Other Liabilities Disclosure [Abstract]
Accrued salaries and wages $ 10,078 $ 7,074
Accrued bonuses3,100 3,000
Accrued insurance752 2,633
Income taxes payable3,323 4,657
Accrued consumption tax707 1,743
Marketing obligations1,788 1,484
Other[1]4,915 4,015
Total other current liabilities $ 24,663 $ 24,606
[1]No individual item in “Other” exceeds 5% of the other current liabilities

Other Current Liabilities - S_2

Other Current Liabilities - Schedule of Other Current Liabilities (Parenthetical) (Details)Jul. 02, 2021Jan. 01, 2021
Other Liabilities Disclosure [Abstract]
Percent of Other Current Liabilities Included in Other5.00%5.00%

Lines of Credit - Additional In

Lines of Credit - Additional Information (Details)6 Months Ended
Jul. 02, 2021USD ($)Jul. 02, 2021JPY (¥)Jan. 01, 2021USD ($)Jan. 01, 2021JPY (¥)Sep. 30, 2013CHF (SFr)
Line Of Credit Facility [Line Items]
Line of Credit, Current $ 1,280,000 $ 1,379,000
Mizuho Bank
Line Of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity | ¥ ¥ 500,000,000
Line of Credit Facility, Interest Rate Description(approximately 0.06% as of July 2, 2021) plus a 0.50% spread, and may be renewed quarterly (the current line expires on August 21, 2021).  
Line of credit facility, interest rate0.06%0.06%
Line of credit facility, spread rate0.50%
Line of credit facility, expiration dateAug. 21,
2021
Line of Credit, Current $ 1,280,000 ¥ 142,500,000 1,379,000 ¥ 142,500,000
Interest Rate Increase In Case Of Default14.00%
Line of Credit Facility, Remaining Borrowing Capacity $ 3,210,000 ¥ 357,500,000 3,459,000 ¥ 357,500,000
Credit Suisse Bank
Line Of Credit Facility [Line Items]
Line of Credit Facility, Current Borrowing Capacity1,100,000 SFr 1,000,000
Percentage Of Commission On Outstanding Notes Payable0.25%
Borrowings outstanding $ 0

Leases - Additional Information

Leases - Additional Information (Details)Jul. 02, 2021
Minimum
Lessee Lease Description [Line Items]
Finance lease, term of contract2 years
Operating lease, term of contract2 years
Maximum
Lessee Lease Description [Line Items]
Finance lease, term of contract5 years
Operating lease, term of contract10 years

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information Related to Finance Leases (Details) - USD ($) $ in ThousandsJul. 02, 2021Jan. 01, 2021
Lessee Lease Description [Line Items]
Finance lease right-of-use assets, gross $ 617 $ 1,376
Less accumulated depreciation(558)(780)
Finance lease right-of-use assets, net59 596
Total finance lease liability $ 110 $ 398
Weighted-average remaining lease term (in years)1 year 3 months 18 days10 months 24 days
Weighted-average discount rate2.08%3.46%
Machinery and Equipment
Lessee Lease Description [Line Items]
Finance lease right-of-use assets, gross $ 36 $ 570
Computer Equipment and Software
Lessee Lease Description [Line Items]
Finance lease right-of-use assets, gross $ 581 $ 806

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information Related to Finance Leases (Details) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jul. 02, 2021Jul. 03, 2020Jul. 02, 2021Jul. 03, 2020
Leases [Abstract]
Amortization of finance lease right-of-use asset $ 20 $ 50 $ 56 $ 167
Interest on finance lease liabilities1 8 5 18
Cash paid for amounts included in the measurement of finance lease liabilities:
Operating cash flows1 8 5 18
Financing cash flows $ 43 110 $ 278 346
Right-of-use assets obtained in exchange for new finance lease liabilities $ 22 $ 22

Leases - Supplemental Balance_2

Leases - Supplemental Balance Sheet Information Related to Operating Leases (Details) - USD ($) $ in ThousandsJul. 02, 2021Jan. 01, 2021
Lessee Lease Description [Line Items]
Operating lease right-of-use assets, gross $ 17,346 $ 14,278
Less accumulated depreciation(6,103)(5,514)
Operating lease right-of-use assets, net11,243 8,764
Total operating lease liability $ 11,419 $ 9,022
Weighted-average remaining lease term (in years)5 years 8 months 12 days5 years 2 months 12 days
Weighted-average discount rate2.51%2.61%
Machinery and Equipment
Lessee Lease Description [Line Items]
Operating lease right-of-use assets, gross $ 900 $ 860
Computer Equipment and Software
Lessee Lease Description [Line Items]
Operating lease right-of-use assets, gross472 462
Real Property
Lessee Lease Description [Line Items]
Operating lease right-of-use assets, gross $ 15,974 $ 12,956

Leases - Supplemental Cash Fl_2

Leases - Supplemental Cash Flow Information Related to Operating Leases (Details) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jul. 02, 2021Jul. 03, 2020Jul. 02, 2021Jul. 03, 2020
Leases [Abstract]
Operating lease cost $ 857 $ 746 $ 1,640 $ 1,486
Cash paid for amounts included in the measurement of operating lease liabilities:
Operating cash flows801 763 1,586 1,501
Right-of-use assets obtained in exchange for new operating lease liabilities $ 3,356 $ 249 $ 4,007 $ 318

Leases - Schedule of Estimated

Leases - Schedule of Estimated Future Minimum Lease Payments under Operating and Finance Leases Having Initial or Remaining Non-Cancelable Lease Terms More Than One Year (Details) - USD ($) $ in ThousandsJul. 02, 2021Jan. 01, 2021
Operating Lease Liabilities, Payments, Due, Rolling Maturity [Abstract]
June 2022 $ 3,008
June 20232,919
June 20242,006
June 20251,112
June 2026690
Thereafter2,263
Total minimum lease payments, including interest11,998
Less amounts representing interest(579)
Total operating lease liability11,419 $ 9,022
Finance Lease Liabilities, Payments, Rolling Maturity [Abstract]
June 202286
June 202314
June 202411
Total minimum lease payments, including interest111
Less amounts representing interest(1)
Total finance lease liability $ 110 $ 398

Income Taxes - Schedule of Inco

Income Taxes - Schedule of Income Tax Provision (Benefit) (Details) - USD ($)3 Months Ended6 Months Ended
Jul. 02, 2021Jul. 03, 2020Jul. 02, 2021Jul. 03, 2020
Income Tax Disclosure [Abstract]
Provision (benefit) for income taxes $ 2,148,000 $ 556,000 $ 3,395,000 $ (602,000)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)3 Months Ended6 Months Ended12 Months Ended
Jul. 02, 2021Jul. 03, 2020Jul. 02, 2021Jul. 03, 2020Jan. 01, 2021
Income Taxes [Line Items]
Income tax expense (benefit) $ 2,148,000 $ 556,000 $ 3,395,000 $ (602,000)
Valuation allowance, deferred tax asset, increase (decrease), amount, COVID effect $ 1,369,000
Valuation allowance deferred tax asset, increase (decrease), amount, result of lower projected taxable income845,000 845,000
Unrecognized tax benefits related to uncertain tax positions0 $ 0
Percentage of deduction in GILTI50.00%
US
Income Taxes [Line Items]
Deferred Tax Assets, Net $ 3,025,000 $ 3,025,000 $ 3,870,000
Federal
Income Taxes [Line Items]
Valuation allowance, deferred tax asset, increase (decrease), amount37,315,000 34,681,000
State
Income Taxes [Line Items]
Valuation allowance, deferred tax asset, increase (decrease), amount $ 7,879,000 $ 7,399,000

Defined Benefit Pension Plans -

Defined Benefit Pension Plans - Schedule of Net Benefit Costs (Details) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jul. 02, 2021Jul. 03, 2020Jul. 02, 2021Jul. 03, 2020
Compensation And Retirement Disclosure [Abstract]
Service cost[1] $ 329 $ 320 $ 677 $ 639
Interest cost[2]14 11 28 22
Expected return on plan assets[2](101)(46)(200)(89)
Prior service credit[2],[3](11)(8)(22)(17)
Actuarial loss recognized in current period[2],[3]131 80 262 159
Net periodic pension cost $ 362 $ 357 $ 745 $ 714
[1]Recognized in selling general and administrative expenses on the Condensed Consolidated Statements of Operations.
[2]Recognized in other income (expense), net on the Condensed Consolidated Statements of Operations.
[3]Amounts reclassified from accumulated other comprehensive income (loss).

Defined Benefit Pension Plans_2

Defined Benefit Pension Plans - Schedule of Defined Benefit Plans Disclosures (Details) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jul. 02, 2021Jul. 03, 2020Jul. 02, 2021Jul. 03, 2020
Swiss pension plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Plan Assets, Contributions by Employer $ 204 $ 155 $ 397 $ 330

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Compensation Cost (Details) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jul. 02, 2021Jul. 03, 2020Jul. 02, 2021Jul. 03, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense $ 3,992 $ 2,918 $ 7,322 $ 5,839
Employee Stock Options
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense2,784 2,505 5,256 4,737
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense232 76 398 154
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense811 274 1,348 823
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense108 201
Non Employee Stock Options
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense $ 57 $ 63 $ 119 $ 125

Stockholders' Equity - Schedu_2

Stockholders' Equity - Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs (Details) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jul. 02, 2021Jul. 03, 2020Jul. 02, 2021Jul. 03, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense, net $ 3,992 $ 2,918 $ 7,322 $ 5,839
Amounts capitalized as part of inventory390 291 699 560
Total stock-based compensation expense, gross4,382 3,209 8,021 6,399
Cost of Sales
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense, net54 30 89 52
General and Administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense, net1,815 1,209 3,254 2,294
Selling and Marketing
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense, net953 812 1,786 1,867
Research and Development Expense
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense, net $ 1,170 $ 867 $ 2,193 $ 1,626

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details)6 Months Ended
Jul. 02, 2021shares
Stockholders Equity Note [Line Items]
Estimated forfeiture rate6.00%
Omnibus Plan
Stockholders Equity Note [Line Items]
Share-based compensation arrangement by share-based payment award, expiration period10 years
Omnibus Plan | Employee Stock Option
Stockholders Equity Note [Line Items]
Share-based compensation arrangement by share-based payment award, vesting period3 years
Omnibus Plan | Restricted Stock
Stockholders Equity Note [Line Items]
Share-based compensation arrangement by share-based payment award, number of shares available for grant3,038,928
Omnibus Plan | Restricted Stock | Minimum
Stockholders Equity Note [Line Items]
Share-based compensation arrangement by share-based payment award, vesting period1 year
Omnibus Plan | Restricted Stock | Maximum
Stockholders Equity Note [Line Items]
Share-based compensation arrangement by share-based payment award, vesting period3 years

Stockholders' Equity - Schedu_3

Stockholders' Equity - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details)3 Months Ended6 Months Ended
Jul. 02, 2021Jul. 03, 2020Jul. 02, 2021Jul. 03, 2020
Stockholders Equity Note [Abstract]
Expected dividend yield0.00%0.00%0.00%0.00%
Expected volatility53.00%53.00%53.00%53.00%
Risk-free interest rate0.83%0.31%0.84%0.53%
Expected term (in years)5 years 4 months 17 days5 years 8 months 19 days5 years 4 months 17 days5 years 8 months 19 days

Stockholders' Equity - Schedu_4

Stockholders' Equity - Schedule of Share-based Compensation, Stock Options, Activity (Details) - $ / shares shares in Thousands6 Months Ended
Jul. 02, 2021
Stockholders Equity Note [Abstract]
Options, Outstanding at January 1, 20213,418
Options, Granted, Shares258
Options, Exercised, Shares(906)
Options, Forfeited or expired, Shares(23)
Options, Outstanding at July 2, 20212,747
Options, Exercisable at July 2, 20211,928
Minimum Exercise Price $ 5.34
Maximum Exercise Price $ 154.96

Stockholders' Equity - Schedu_5

Stockholders' Equity - Schedule of Share-based Compensation, Restricted Stock, RSUs and PSUs Activity (Details) shares in Thousands6 Months Ended
Jul. 02, 2021shares
Restricted Stock
Schedule of Restricted Stock Restricted Stock Units and Performance Stock Units [Line Items]
Unvested at January 1, 202111
Granted3
Vested(11)
Unvested at July 2, 20213
RSUs
Schedule of Restricted Stock Restricted Stock Units and Performance Stock Units [Line Items]
Unvested at January 1, 2021122
Granted48
Vested(34)
Unvested at July 2, 2021136
PSUs
Schedule of Restricted Stock Restricted Stock Units and Performance Stock Units [Line Items]
Unvested at January 1, 202115
Unvested at July 2, 202115

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 Thousands3 Months Ended6 Months Ended
Jul. 02, 2021Jul. 03, 2020Jul. 02, 2021Jul. 03, 2020
Numerator:
Net income (loss) $ 8,567 $ (1,172) $ 13,559 $ (1,306)
Weighted average common shares:
Common shares outstanding47,102 45,354 46,861 45,152
Less: Unvested restricted stock(3)(3)
Denominator for basic calculation47,099 45,354 46,858 45,152
Weighted average effects of potentially diluted common stock:
Diluted49,491 45,354 49,373 45,152
Net income (loss) per share:
Basic $ 0.18 $ (0.03) $ 0.29 $ (0.03)
Diluted $ 0.17 $ (0.03) $ 0.27 $ (0.03)
Employee Stock Options
Weighted average effects of potentially diluted common stock:
Diluted2,283 2,405
Unvested Restricted Stock
Weighted average effects of potentially diluted common stock:
Diluted9 9
RSUs
Weighted average effects of potentially diluted common stock:
Diluted88 90
Performance Stock Units
Weighted average effects of potentially diluted common stock:
Diluted12 11

Basic and Diluted Net Income _4

Basic and Diluted Net Income Per Share - Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands3 Months Ended6 Months Ended
Jul. 02, 2021Jul. 03, 2020Jul. 02, 2021Jul. 03, 2020
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per share, Amount14 3,141 173 3,574
Employee Stock Option
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per share, Amount14 3,082 173 3,502
Restricted Stock, RSUs and PSUs
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per share, Amount59 72

Disaggregation of Sales, Geog_3

Disaggregation of Sales, Geographic Sales and Product Sales - Disaggregation of Sales (Details) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jul. 02, 2021Jul. 03, 2020Jul. 02, 2021Jul. 03, 2020
Total net sales $ 62,367 $ 35,194 $ 113,119 $ 70,381
Non Consignment Sales [Member]
Total net sales57,368 23,446 102,785 53,846
Consignment Sales [Member]
Total net sales $ 4,999 $ 11,748 $ 10,334 $ 16,535

Disaggregation of Sales, Geog_4

Disaggregation of Sales, Geographic Sales and Product Sales - Additional Information (Details)3 Months Ended6 Months Ended12 Months Ended
Jul. 02, 2021CountryJul. 03, 2020Jul. 02, 2021CountrySegmentJul. 03, 2020Jan. 01, 2021
Geographic and Product Data [Line Items]
Number of countries in which Company operates | Country75 75
Number of operating segments | Segment1
Sales Revenue, Net | Customer One [Member]
Geographic and Product Data [Line Items]
Concentration risk, percentage53.00%53.00%46.00%43.00%
Sales Revenue, Net | Geographic Concentration Risk [Member] | Other than China and Japan [Member] | Maximum
Geographic and Product Data [Line Items]
Concentration risk, percentage10.00%
Sales Revenue, Net | Product Concentration Risk [Member] | Ophthalmic Surgical Product [Member]
Geographic and Product Data [Line Items]
Concentration risk, percentage100.00%
Accounts Receivable [Member] | Customer One [Member]
Geographic and Product Data [Line Items]
Concentration risk, percentage55.00%46.00%

Disaggregation of Sales, Geog_5

Disaggregation of Sales, Geographic Sales and Product Sales - Net Sales by Geographic Areas (Details) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jul. 02, 2021Jul. 03, 2020Jul. 02, 2021Jul. 03, 2020
Geographic And Sales [Line Items]
Total net sales $ 62,367 $ 35,194 $ 113,119 $ 70,381
Geographic Distribution, Domestic [Member]
Geographic And Sales [Line Items]
Total net sales2,704 882 5,044 2,621
Geographic Distribution, Foreign [Member]
Geographic And Sales [Line Items]
Total net sales59,663 34,312 108,075 67,760
Geographic Distribution, Foreign [Member] | China [Member]
Geographic And Sales [Line Items]
Total net sales32,930 18,603 52,573 30,318
Geographic Distribution, Foreign [Member] | JAPAN
Geographic And Sales [Line Items]
Total net sales9,283 7,463 18,886 15,765
Geographic Distribution, Foreign [Member] | Other [Member]
Geographic And Sales [Line Items]
Total net sales[1] $ 17,450 $ 8,246 $ 36,616 $ 21,677
[1]No other location individually exceeds 10% of the total sales.

Disaggregation of Sales, Geog_6

Disaggregation of Sales, Geographic Sales and Product Sales - Net Sales by Products and Services (Details) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jul. 02, 2021Jul. 03, 2020Jul. 02, 2021Jul. 03, 2020
Product Information [Line Items]
Revenue from contract with customer, excluding assessed tax $ 3,132 $ 4,466 $ 7,383 $ 10,313
Total net sales62,367 35,194 113,119 70,381
ICLs [Member]
Product Information [Line Items]
Revenue from contract with customer, excluding assessed tax59,235 30,728 105,736 60,068
IOLs [Member]
Product Information [Line Items]
Revenue from contract with customer, excluding assessed tax3,074 2,561 6,799 6,555
Other surgical products [Member]
Product Information [Line Items]
Revenue from contract with customer, excluding assessed tax $ 58 $ 1,905 $ 584 $ 3,758