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Disaggregation of Sales, Geographic Sales and Product Sales
6 Months Ended
Jul. 01, 2022
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

 

 

 

July 1, 2022

 

 

July 2, 2021

 

 

July 1, 2022

 

 

July 2, 2021

 

Non-consignment sales

 

$

76,444

 

 

$

57,368

 

 

$

134,013

 

 

$

102,785

 

Consignment sales

 

 

4,657

 

 

 

4,999

 

 

 

10,288

 

 

 

10,334

 

Total net sales

 

$

81,101

 

 

$

62,367

 

 

$

144,301

 

 

$

113,119

 

 

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

 

 

 

July 1, 2022

 

 

July 2, 2021

 

 

July 1, 2022

 

 

July 2, 2021

 

Domestic

 

$

3,872

 

 

$

2,704

 

 

$

6,502

 

 

$

5,044

 

Foreign:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

China

 

 

46,150

 

 

 

32,930

 

 

 

74,389

 

 

 

52,573

 

Japan

 

 

10,302

 

 

 

9,283

 

 

 

21,935

 

 

 

18,886

 

Other(1)

 

 

20,777

 

 

 

17,450

 

 

 

41,475

 

 

 

36,616

 

Total foreign sales

 

 

77,229

 

 

 

59,663

 

 

 

137,799

 

 

 

108,075

 

Total net sales

 

$

81,101

 

 

$

62,367

 

 

$

144,301

 

 

$

113,119

 

 

(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 and intraocular lenses (“IOLs”) used in cataract surgery.  The composition of the Company’s net sales by product line was as follows (in thousands):

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

July 1, 2022

 

 

July 2, 2021

 

 

July 1, 2022

 

 

July 2, 2021

 

ICLs

 

$

77,922

 

 

$

59,235

 

 

$

136,597

 

 

$

105,736

 

Other product sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cataract IOLs

 

 

2,547

 

 

 

3,074

 

 

 

5,449

 

 

 

6,799

 

Other surgical products

 

 

632

 

 

 

58

 

 

 

2,255

 

 

 

584

 

Total other product sales

 

 

3,179

 

 

 

3,132

 

 

 

7,704

 

 

 

7,383

 

Total net sales

 

$

81,101

 

 

$

62,367

 

 

$

144,301

 

 

$

113,119

 

 

One customer, the Company’s distributor in China, accounted for 57% and 53% of net sales for the three months ended July 1, 2022 and July 2, 2021, respectively, and the same customer accounted for 52% and 46% for the six months ended July 1, 2022 and July 2, 2021, respectively.  As of July 1, 2022 and December 31, 2021, respectively, one customer, the Company’s distributor in China, accounted for 60% and 47% of consolidated trade receivables.