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Disaggregation of Sales, Geographic Sales and Product Sales | 3 Months Ended
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Mar. 28, 2025
Segment Reporting [Abstract] |
Disaggregation of Sales, Geographic Sales and Product Sales | Note 13 — 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 Company maintains finished goods inventory at different sites in the United States, Switzerland and Japan, and from time to time, consigns or ships finished goods inventory to surgeons, hospitals, and distributors in advance of anticipated demand. The Company maintains title and risk of loss on consigned inventory and generally does not recognize revenue for consignment inventory until the Company is notified that the lenses have been implanted. The following table disaggregates the Company’s consignment sales (in thousands):
|  | Three Months Ended |
|  | March 28, 2025 |  |  | March 29, 2024 |
Non-consignment sales |  | $ | 37,851 |  |  | $ | 71,764 |
Consignment sales |  |  | 4,738 |  |  |  | 5,592 |
Total net sales |  | $ | 42,589 |  |  | $ | 77,356 |
In April 2025, in order to mitigate potential financial exposure from tariffs imposed by China, the Company negotiated and implemented consignment agreements with its two distributors in China and delivered consigned inventory to its distributors. As this consigned inventory in China is purchased by the Company’s distributors, revenue associated with such consigned inventory will be recorded as consignment sales. The Company markets and sells its products in over 75 countries and conducts its manufacturing in the United States. Other than China, Japan and Korea, 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):
|  | Three Months Ended |
|  | March 28, 2025 |  |  | March 29, 2024 |
Domestic |  | $ | 5,459 |  |  | $ | 4,935 |
Foreign: |  |  |  |  |  |
China |  |  | 389 |  |  |  | 38,549 |
Japan |  |  | 11,391 |  |  |  | 10,456 |
Korea |  |  | 7,334 |  |  |  | 6,727 |
Other(1) |  |  | 18,016 |  |  |  | 16,689 |
Total foreign sales |  |  | 37,130 |  |  |  | 72,421 |
Total net sales |  | $ | 42,589 |  |  | $ | 77,356 |
(1) No other location individually exceeds 10% of the total sales. The Company’s principal products are implantable Collamer lenses (“ICLs”) used in refractive surgery. Historically the Company marketed and sold cataract intraocular lenses (“IOLs”) and related injectors and injector parts. The Company phased out sales of such products in fiscal 2023, and did not sell any such products in fiscal 2024 and it does not expect such sales in the future. The composition of the Company’s net sales by product line was as follows (in thousands):
|  | Three Months Ended |
|  | March 28, 2025 |  |  | March 29, 2024 |
ICLs |  | $ | 41,498 |  |  | $ | 77,151 |
Other surgical products(1) |  |  | 1,091 |  |  |  | 205 |
Total net sales |  | $ | 42,589 |  |  | $ | 77,356 |
(1) Other surgical products include delivery systems and normal recurring sales adjustments such as sales return allowances. The Company’s Korea distributor accounted for 17% of net sales for the three months ended March 28, 2025 and the Company’s China distributors accounted for 49% of net sales for the three months ended March 29, 2024. As of March 28, 2025, the Company’s China and Korea distributors accounted for 26% of consolidated trade receivables and as of December 27, 2024, the Company’s China distributors accounted for 58% of consolidated trade receivables.

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