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Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jul. 02, 2023
Jul. 03, 2022
Jul. 02, 2023
Jul. 03, 2022
Net sales $ 175,262 $ 179,420 $ 347,467 $ 379,475
Cost of goods sold 105,514 104,132 210,006 221,466
Gross profit 69,748 75,288 137,461 158,009
Selling, general, and administrative 29,101 36,269 59,118 70,611
Research and development costs 6,182 8,196 12,835 16,357
Amortization of intangible assets 3,674 3,662 7,353 7,323
Acquisition and restructuring costs 352 1,691 1,691 1,981
Other operating expense 485 325 536 547
Total operating expense 39,794 50,143 81,533 96,819
Operating income 29,954 25,145 55,928 61,190
Fair value adjustments to warrant liability 2,017 (23,168) 3,452 (20,941)
Fair value adjustments to earn-out liability 961 (4,234) 1,389 (1,853)
Interest expense (9,899) (8,961) (28,197) (16,352)
Total non-operating expense (income) 12,877 (18,441) 33,038 (6,442)
Income before income taxes 17,077 43,586 22,890 67,632
Income tax expense 4,098 3,023 5,664 10,211
Net income 12,979 40,563 17,226 57,421
Comprehensive income:        
Foreign currency translation adjustment 272 501 73 742
Total comprehensive income $ 13,251 $ 41,064 $ 17,299 $ 58,163
Common Share Data:        
Weighted average common shares outstanding - basic (in shares) 117,221,419 116,931,623 117,187,287 116,398,177
Weighted average common shares outstanding - diluted (in shares) 117,868,922 117,114,553 117,556,657 117,343,975
Basic net income per share (in dollars per share) $ 0.11 $ 0.35 $ 0.15 $ 0.49
Diluted net income per share (in dollars per share) $ 0.11 $ 0.35 $ 0.15 $ 0.31