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Disaggregation of Sales, Geographic Sales and Product Sales
3 Months Ended
Mar. 29, 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

 

 

 

March 29, 2024

 

 

March 31, 2023

 

Non-consignment sales

 

$

71,764

 

 

$

67,163

 

Consignment sales

 

 

5,592

 

 

 

6,365

 

Total net sales

 

$

77,356

 

 

$

73,528

 

 

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

 

 

 

March 29, 2024

 

 

March 31, 2023

 

Domestic

 

$

4,935

 

 

$

4,551

 

Foreign:

 

 

 

 

 

 

China

 

 

38,549

 

 

 

35,090

 

Japan

 

 

10,456

 

 

 

10,936

 

Other(1)

 

 

23,416

 

 

 

22,951

 

Total foreign sales

 

 

72,421

 

 

 

68,977

 

Total net sales

 

$

77,356

 

 

$

73,528

 

 

(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

 

 

 

March 29, 2024

 

 

March 31, 2023

 

ICLs

 

$

77,151

 

 

$

70,625

 

Other product sales:

 

 

 

 

 

 

Cataract IOLs

 

 

 

 

 

1,476

 

Other surgical products(1)

 

 

205

 

 

 

1,427

 

Total other product sales

 

 

205

 

 

 

2,903

 

Total net sales

 

$

77,356

 

 

$

73,528

 

 

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

 

The Company’s China distributors accounted for 49% and 48% of net sales for the three months ended March 29, 2024 and March 31, 2023, respectively. As of March 29, 2024 and December 29, 2023, the Company’s China distributors accounted for 54% and 70%, respectively, of consolidated trade receivables.