Related Party - Topcon

6 Months Ended

Jun. 29, 2024

Related Party Transactions [Abstract]

Related Party - Topcon

4. Related Party - Topcon

As of June 29, 2024, Topcon holds a 9.9% voting interest in the Company, which qualifies it to be a principal owner and 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 and six months ended June 29, 2024, the Company’s revenues related to Topcon amounted to approximately $4.1 million and $7.4 million, including $0.4 million and $0.7 million, respectively, in recognized exclusive distribution rights revenue. During the three and six months ended July 1, 2023, the Company’s revenues related to Topcon amounted to approximately $3.7 million and $8.0 million, respectively, including $0.3 million and $0.7 million, respectively, in recognized exclusive distribution rights revenue. The Company’s purchases from Topcon during the three and six months ended June 29, 2024 amounted to approximately $0.1 million and $0.2 million, respectively. As of June 29, 2024, the amounts receivable from and payable to Topcon were $1.8 million and $0.5 million, respectively. As of December 30, 2023, the amounts receivable from and payable to Topcon were $2.9 million and $0.2 million, respectively.