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. 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 no longer intends to sell any such products. The composition of the Company’s net sales is primarily related to ICL sales. ICL sales include normal recurring sales adjustments such as sales return allowances. In the following tables, sales are disaggregated by category and sales by geographic market 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):

The following breaks down sales into the following categories (in thousands):


	Three Months Ended				Six Months Ended
	June 27, 2025		June 28, 2024		June 27, 2025		June 28, 2024
Non-consignment sales	$	37,525	$	94,775	$	75,376	$	166,539
Consignment sales		6,795		4,230		11,533		9,822
Total net sales	$	44,320	$	99,005	$	86,909	$	176,361

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. During the quarter ended June 27, 2025, the Company delivered additional consigned inventory to its distributors in China. As 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. Sales are attributed to countries based on location of customers. During 2025, the Company separately presented Korea as the sales exceeded 10% of total sales and the presentation of immaterial amounts related to normal recurring sales adjustments previously presented in foreign other sales are presented in the countries these normal recurring sales adjustments are attributable to. Prior period amounts have been conformed to current presentation in the following table. The composition of the Company’s net sales to unaffiliated customers was as follows (in thousands):


	Three Months Ended				Six Months Ended
	June 27, 2025		June 28, 2024		June 27, 2025		June 28, 2024
Domestic	$	5,635	$	5,399	$	11,094	$	10,334
Foreign:
China		5,299		63,519		4,422		101,996
Japan		10,915		9,887		22,310		20,344
Korea		4,293		3,924		11,815		10,660
Other(1)		18,178		16,276		37,268		33,027
Total foreign sales		38,685		93,606		75,815		166,027
Total net sales	$	44,320	$	99,005	$	86,909	$	176,361

(1)

No other location individually exceeds 10% of the total sales.

The Company’s China distributors accounted for an aggregate of 12% and 64% of net sales for the three months ended June 27, 2025 and June 28, 2024, respectively. The Company’s Korea distributor accounted for an aggregate of 14% of net sales for the six months ended June 27, 2025 and the Company’s China distributors accounted for an aggregate of 58% of net sales for the six months ended June 28, 2024. As of December 27, 2024, the Company’s China distributors accounted for an aggregate of 58% of consolidated trade receivables.