Related Party - Topcon

6 Months Ended

Jul. 02, 2022

Related Party Transactions [Abstract]

Related Party - Topcon

3. Related Party - Topcon

Topcon holds a 10.2% voting interest in the Company, which qualifies it to be a principal owner considered a related party, even though it currently does not have significant influence over the Company’s operations.

Topcon resells certain of our products as our exclusive distributor in certain international regions. At the same time, the Company also purchases certain raw materials from Topcon. During the three months ended July 2, 2022, the Company’s revenues related to Topcon amounted to approximately $3.6 million, including $0.3 million recognized exclusive distribution rights revenue. During the six months ended July 2, 2022, the Company's revenues related to Topcon amounted to approximately $7.6 million, including $0.6 million recognized exclusive distribution rights revenue. During the three and six months ended July 3, 2021, the Company’s revenues related to Topcon amounted to approximately $2.2 million and $3.3 million, respectively, including $0.1 million recognized exclusive distribution fees for both the for the three and six months ended July 3, 2021. The Company’s purchases from Topcon during the three and six months ended July 2, 2022 amounted to approximately $0.2 million and $0.6 million, respectively. As of July 2, 2022, the amounts receivable from and payable to Topcon were $2.4 million and $0.2 million, respectively. As of January 1, 2022, the amounts receivable from and payable to Topcon were $3.1 million and $0.6 million, respectively.