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Disaggregation of Sales, Geographic Sales and Product Sales
6 Months Ended
Jun. 28, 2024
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 following breaks down sales into the following categories (in thousands):

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 28, 2024

 

 

June 30, 2023

 

 

June 28, 2024

 

 

June 30, 2023

 

Non-consignment sales

 

$

94,775

 

 

$

88,068

 

 

$

166,539

 

 

$

155,231

 

Consignment sales

 

 

4,230

 

 

 

4,238

 

 

 

9,822

 

 

 

10,603

 

Total net sales

 

$

99,005

 

 

$

92,306

 

 

$

176,361

 

 

$

165,834

 

 

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. The composition of the Company’s net sales to unaffiliated customers was as follows (in thousands):

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 28, 2024

 

 

June 30, 2023

 

 

June 28, 2024

 

 

June 30, 2023

 

Domestic

 

$

5,399

 

 

$

4,346

 

 

$

10,334

 

 

$

8,897

 

Foreign:

 

 

 

 

 

 

 

 

 

 

 

 

China

 

 

63,395

 

 

 

61,339

 

 

 

101,944

 

 

 

96,429

 

Japan

 

 

9,885

 

 

 

8,415

 

 

 

20,341

 

 

 

19,351

 

Other(1)

 

 

20,326

 

 

 

18,206

 

 

 

43,742

 

 

 

41,157

 

Total foreign sales

 

 

93,606

 

 

 

87,960

 

 

 

166,027

 

 

 

156,937

 

Total net sales

 

$

99,005

 

 

$

92,306

 

 

$

176,361

 

 

$

165,834

 

 

(1)
No other location individually exceeds 10% of the total sales.

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 does not expect to sell any such products in fiscal 2024 or thereafter. The composition of the Company’s net sales by product line was as follows (in thousands):

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 28, 2024

 

 

June 30, 2023

 

 

June 28, 2024

 

 

June 30, 2023

 

ICLs

 

$

99,365

 

 

$

93,112

 

 

$

176,516

 

 

$

163,737

 

Other product sales:

 

 

 

 

 

 

 

 

 

 

 

 

Cataract IOLs

 

 

 

 

 

40

 

 

 

 

 

 

1,516

 

Other surgical products(1)

 

 

(360

)

 

 

(846

)

 

 

(155

)

 

 

581

 

Total other product sales

 

 

(360

)

 

 

(806

)

 

 

(155

)

 

 

2,097

 

Total net sales

 

$

99,005

 

 

$

92,306

 

 

$

176,361

 

 

$

165,834

 

 

(1) Other surgical products include delivery systems and normal recurring sales adjustments such as sales return allowances.

 

The Company’s China distributors accounted for 64% and 66% of net sales for the three months ended June 28, 2024 and June 30, 2023, respectively and accounted for 58% and 58% of net sales for the six months ended June 28, 2024 and June 30, 2023, respectively. As of June 28, 2024 and December 29, 2023, the Company’s China distributors accounted for 70% and 70%, respectively, of consolidated trade receivables.