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LENSAR Reports Fourth Quarter and Full Year 2024 Results and Provides Business Update

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LENSAR (NASDAQ: LNSR) reported strong Q4 and full-year 2024 results, with significant growth in ALLY Robotic Cataract Laser System placements and revenue. The company placed 31 ALLY systems in Q4, contributing to over 80 placements in 2024 - an 86% increase over 2023. Total installed systems reached approximately 385, up 26% from 2023.

Q4 2024 revenue increased 38% to $16.7 million, while full-year revenue grew 27% to $53.5 million. Recurring revenue exceeded $40 million for the year, up 23%. Worldwide procedure volumes grew 24% to nearly 170,000, with U.S. market share exceeding 20%. Despite positive operational metrics, the company reported a Q4 net loss of $18.7 million, primarily due to warrant liability changes from stock price appreciation.

For 2025, LENSAR expects revenue growth to accelerate beyond the 27% achieved in 2024, with Q1 2025 growth projected at 27% and further acceleration in subsequent quarters. The company anticipates achieving positive Adjusted EBITDA in 2025.

LENSAR (NASDAQ: LNSR) ha riportato risultati solidi per il quarto trimestre e per l'intero anno 2024, con una crescita significativa nelle installazioni e nei ricavi del sistema laser catarattale robotico ALLY. L'azienda ha installato 31 sistemi ALLY nel Q4, contribuendo a oltre 80 installazioni nel 2024, con un aumento dell'86% rispetto al 2023. Il numero totale di sistemi installati ha raggiunto circa 385, con un incremento del 26% rispetto al 2023.

I ricavi del Q4 2024 sono aumentati del 38% a 16,7 milioni di dollari, mentre i ricavi dell'intero anno sono cresciuti del 27% a 53,5 milioni di dollari. I ricavi ricorrenti hanno superato i 40 milioni di dollari per l'anno, in aumento del 23%. I volumi globali delle procedure sono cresciuti del 24% a quasi 170.000, con una quota di mercato negli Stati Uniti che supera il 20%. Nonostante i parametri operativi positivi, l'azienda ha registrato una perdita netta di 18,7 milioni di dollari nel Q4, principalmente a causa delle variazioni della responsabilità per warrants dovute all'apprezzamento del prezzo delle azioni.

Per il 2025, LENSAR prevede che la crescita dei ricavi acceleri oltre il 27% raggiunto nel 2024, con una crescita prevista del 27% nel Q1 2025 e un ulteriore accelerazione nei trimestri successivi. L'azienda si aspetta di raggiungere un EBITDA rettificato positivo nel 2025.

LENSAR (NASDAQ: LNSR) reportó resultados sólidos para el cuarto trimestre y para todo el año 2024, con un crecimiento significativo en las colocaciones y los ingresos del sistema láser de cataratas robótico ALLY. La compañía colocó 31 sistemas ALLY en el Q4, contribuyendo a más de 80 colocaciones en 2024, un aumento del 86% en comparación con 2023. El número total de sistemas instalados alcanzó aproximadamente 385, un incremento del 26% respecto a 2023.

Los ingresos del Q4 2024 aumentaron un 38% a 16,7 millones de dólares, mientras que los ingresos anuales crecieron un 27% a 53,5 millones de dólares. Los ingresos recurrentes superaron los 40 millones de dólares para el año, un aumento del 23%. Los volúmenes de procedimientos a nivel mundial crecieron un 24% a casi 170,000, con una cuota de mercado en EE. UU. que supera el 20%. A pesar de los métricas operativas positivas, la compañía reportó una pérdida neta de 18,7 millones de dólares en el Q4, principalmente debido a cambios en la responsabilidad por warrants derivados de la apreciación del precio de las acciones.

Para 2025, LENSAR espera que el crecimiento de los ingresos se acelere más allá del 27% logrado en 2024, con un crecimiento proyectado del 27% en el Q1 2025 y una mayor aceleración en los trimestres siguientes. La compañía anticipa alcanzar un EBITDA ajustado positivo en 2025.

LENSAR (NASDAQ: LNSR)는 2024년 4분기 및 전체 연도 결과를 발표하며 ALLY 로봇 백내장 레이저 시스템의 배치 및 수익에서 상당한 성장을 기록했습니다. 회사는 4분기에 31개의 ALLY 시스템을 배치하여 2024년 80개 이상의 배치에 기여했으며, 이는 2023년 대비 86% 증가한 수치입니다. 총 설치 시스템 수는 약 385개로, 2023년 대비 26% 증가했습니다.

2024년 4분기 수익은 38% 증가하여 1,670만 달러에 달했으며, 연간 수익은 27% 증가하여 5,350만 달러에 이르렀습니다. 반복 수익은 연간 4천만 달러를 초과하며 23% 증가했습니다. 전 세계 절차량은 24% 증가하여 거의 170,000건에 달하며, 미국 시장 점유율은 20%를 초과했습니다. 긍정적인 운영 지표에도 불구하고, 회사는 4분기에 1,870만 달러의 순손실을 기록했으며, 이는 주가 상승으로 인한 워런트 책임 변화가 주된 원인입니다.

2025년을 위해 LENSAR는 2024년에 달성한 27%를 넘어서는 수익 성장을 기대하고 있으며, 2025년 1분기 성장률은 27%로 예상되며 이후 분기에서 추가적인 가속화를 예상하고 있습니다. 회사는 2025년에 긍정적인 조정 EBITDA를 달성할 것으로 예상하고 있습니다.

LENSAR (NASDAQ: LNSR) a annoncé des résultats solides pour le quatrième trimestre et pour l'année entière 2024, avec une croissance significative des placements et des revenus du système laser de cataracte robotisé ALLY. L'entreprise a placé 31 systèmes ALLY au Q4, contribuant à plus de 80 placements en 2024, soit une augmentation de 86% par rapport à 2023. Le nombre total de systèmes installés a atteint environ 385, en hausse de 26% par rapport à 2023.

Les revenus du Q4 2024 ont augmenté de 38% pour atteindre 16,7 millions de dollars, tandis que les revenus annuels ont crû de 27% pour atteindre 53,5 millions de dollars. Les revenus récurrents ont dépassé 40 millions de dollars pour l'année, en hausse de 23%. Les volumes mondiaux de procédures ont augmenté de 24% pour atteindre près de 170 000, avec une part de marché aux États-Unis dépassant 20%. Malgré des indicateurs opérationnels positifs, l'entreprise a enregistré une perte nette de 18,7 millions de dollars au Q4, principalement en raison des variations de responsabilité liées aux warrants dues à l'appréciation du prix des actions.

Pour 2025, LENSAR s'attend à ce que la croissance des revenus s'accélère au-delà des 27% réalisés en 2024, avec une croissance projetée de 27% au Q1 2025 et une accélération supplémentaire au cours des trimestres suivants. L'entreprise prévoit d'atteindre un EBITDA ajusté positif en 2025.

LENSAR (NASDAQ: LNSR) hat starke Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 gemeldet, mit einem signifikanten Wachstum bei den Platzierungen und Einnahmen des ALLY robotischen Katarakt-Lasersystems. Das Unternehmen hat 31 ALLY-Systeme im Q4 platziert, was zu über 80 Platzierungen im Jahr 2024 beigetragen hat - ein Anstieg von 86% im Vergleich zu 2023. Die Gesamtzahl der installierten Systeme erreichte etwa 385, was einem Anstieg von 26% gegenüber 2023 entspricht.

Die Einnahmen im Q4 2024 stiegen um 38% auf 16,7 Millionen Dollar, während die Gesamteinnahmen für das Jahr um 27% auf 53,5 Millionen Dollar wuchsen. Die wiederkehrenden Einnahmen überstiegen 40 Millionen Dollar für das Jahr, was einem Anstieg von 23% entspricht. Die weltweiten Verfahrenszahlen stiegen um 24% auf fast 170.000, wobei der Marktanteil in den USA 20% überstieg. Trotz positiver betrieblicher Kennzahlen berichtete das Unternehmen von einem Nettoverlust von 18,7 Millionen Dollar im Q4, hauptsächlich aufgrund von Änderungen der Verbindlichkeiten aus Warrants durch die Wertsteigerung der Aktien.

Für 2025 erwartet LENSAR, dass das Umsatzwachstum über die 27% hinausgeht, die im Jahr 2024 erreicht wurden, mit einem prognostizierten Wachstum von 27% im Q1 2025 und einer weiteren Beschleunigung in den folgenden Quartalen. Das Unternehmen rechnet damit, 2025 ein positives bereinigtes EBITDA zu erreichen.

Positive
  • 31 ALLY system placements in Q4, 80+ total in 2024 (+86% YoY)
  • Q4 revenue up 38% to $16.7M, full-year revenue up 27% to $53.5M
  • Recurring revenue exceeded $40M (+23% YoY)
  • U.S. market share surpassed 20% for first time
  • Total installed base up 26% to 385 systems
  • Worldwide procedure volumes up 24% to 170,000
Negative
  • Q4 net loss increased to $18.7M from $3.9M YoY
  • Full-year net loss widened to $31.4M from $14.4M
  • Cash position decreased to $22.5M from $24.6M YoY
  • $3.7M impairment of intangible assets in 2024

Insights

LENSAR's Q4 and full-year 2024 results reveal a company gaining significant market momentum in the robotic cataract laser segment. The 38% Q4 revenue growth to $16.7 million caps a year where annual revenue increased 27% to $53.5 million. Most impressive is the company's acceleration in ALLY system placements - 31 units in Q4 alone and over 80 for the full year, representing an 86% year-over-year increase.

The recurring revenue model is proving particularly effective, with procedure-based revenue exceeding $40 million for 2024 (up 23% YoY). This recurring revenue stream now forms the backbone of LENSAR's business, providing greater predictability and stability to future results. With worldwide procedure volumes increasing 24% to nearly 170,000, LENSAR has successfully captured over 20% of the U.S. procedure market - a critical milestone in the competitive ophthalmic laser space.

The company's financial transformation is evident in its second consecutive quarter of positive Adjusted EBITDA ($0.5 million in Q4), despite reporting a GAAP net loss. This discrepancy stems primarily from non-cash accounting adjustments, particularly the $17.6 million change in warrant liability resulting from LENSAR's stock appreciation. Operationally, the business is strengthening, as evidenced by the $3.9 million increase in cash during Q4, bringing total cash and investments to $22.5 million.

The high percentage (75%) of placements coming from new-to-LENSAR users indicates the company is successfully converting competitors' customers, suggesting superior technology or value proposition. With 16 additional ALLY systems in backlog, LENSAR enters 2025 with strong momentum and a growing installed base that should continue driving procedure volume and recurring revenue growth.

Management's guidance for accelerated growth in 2025 appears well-supported by current trends, regulatory clearances in new markets (EU and Taiwan), and the expanding installed base. While increased selling and marketing expenses will continue to support this growth trajectory, the company's improving operational efficiency suggests a path to sustained profitability beyond the positive Adjusted EBITDA already achieved.

LENSAR's impressive Q4 results demonstrate that its ALLY Robotic Cataract Laser System is rapidly becoming a preferred technology platform in precision cataract surgery. The 31 ALLY systems placed in Q4 and over 80 placements for full-year 2024 represent significant market penetration in a traditionally conservative ophthalmology market. This 86% year-over-year increase in placements suggests the ALLY system's technical advantages—including its streamlined single-platform design, advanced imaging capabilities, and intuitive user interface—are resonating strongly with cataract surgeons.

What's particularly telling is that 75% of U.S. placements came from new-to-LENSAR users, indicating the company is successfully converting surgeons from competing platforms like Johnson & Johnson's Catalys and Alcon's LenSx systems. This conversion rate suggests ALLY's differentiating features—such as its integrated Scheimpflug imaging and automated cyclorotation compensation—are providing tangible clinical benefits that justify the switching costs for established practices.

The procedure volume growth (24% worldwide) demonstrates that once installed, ALLY systems maintain high utilization rates. With nearly 170,000 procedures performed globally in 2024, each system in LENSAR's installed base is averaging approximately 440 annual procedures—a healthy utilization rate that validates the technology's integration into clinical workflows. The achievement of 20% U.S. market share represents a critical mass that could accelerate adoption through peer influence and standardization of training protocols.

The recent EU and Taiwan regulatory clearances open significant new markets, particularly in Europe where femtosecond laser-assisted cataract surgery (FLACS) has strong adoption in premium surgical centers. With an aging global population and increasing demand for premium cataract procedures that optimize refractive outcomes, LENSAR's expanded geographic footprint positions it well for continued growth.

While R&D spending decreased 13% year-over-year, this likely reflects the company's transition from heavy development of the ALLY platform to commercialization and incremental refinements. The robust backlog of 16 additional systems suggests strong demand continuity, and the recurring revenue model from procedures ($40+ million annually) provides a stable foundation for future innovations in imaging, treatment planning, and potentially expanding into adjacent ophthalmic applications beyond cataract surgery.

31 ALLY Robotic Cataract Laser Systems™ placed in Q4 2024, representing an 86% increase in ALLY placements in full year 2024 over 2023; Company’s total installed systems increased to approximately 385 as of December 31, 2024, representing a 26% increase over 2023

Fourth quarter 2024 revenue increased 38% over fourth quarter 2023; Full-year revenue increased 27% over 2023

Recurring revenue exceeds $40 million for the full year; increased 23% over 2023

ORLANDO, Fla., Feb. 27, 2025 (GLOBE NEWSWIRE) -- LENSAR, Inc. (Nasdaq: LNSR) (“LENSAR” or the “Company), a global medical technology company focused on advanced robotic laser solutions for the treatment of cataracts, today announced financial results for the fourth quarter and full year ended December 31, 2024 and provided an update on key operational initiatives.

“The fourth quarter marked an incredibly strong conclusion to a successful year across all of LENSAR’s key operating metrics. We placed 31 ALLY systems in Q4 for a total of over 80 placements in 2024, and have 16 additional ALLY systems in backlog at the end of the year. This impressive placement activity continued to build our recurring revenue base, which exceeded $40 million in 2024. Furthermore, we achieved our second consecutive quarter of both positive Adjusted EBITDA results and an increased total cash and investments balance even though we reported a GAAP net loss,” said Nick Curtis, President and CEO of LENSAR. “Worldwide procedure volumes grew 24% in 2024 to nearly 170,000, with full-year U.S. procedure volumes increasing 21% year-over-year. Our consistent U.S. procedure growth coupled with considerable growth in the number of ‘new-to-LENSAR’ users, who accounted for approximately 75% of our full-year U.S. placements, increased our share of the U.S. procedure market to over 20%, according to Market Scope estimates, for the first time in the Company’s history. I am extremely proud of everything we have accomplished over the past year and look forward to even greater achievement in 2025.”

Fourth Quarter 2024 Financial Results

Total revenue for the quarter ended December 31, 2024 was $16.7 million, an increase of $4.6 million, or 38%, compared to total revenue of $12.1 million for the quarter ended December 31, 2023. The increase from the fourth quarter of 2023 was primarily due to increases in ALLY System sales and procedure volume.

Selling, general and administrative expenses for the quarter ended December 31, 2024 were $6.8 million, an increase of $0.4 million, or 7%, compared to $6.4 million for the quarter ended December 31, 2023. The increase was primarily due to a 16% increase in cash-based selling and marketing expenses in the fourth quarter of 2024 supporting the continued ALLY growth in placements and recurring revenue. We expect to continue to increase our selling and marketing expenses in 2025 to support anticipated continued growth in ALLY placements and recurring revenue.

Research and development expenses were $1.3 million and $1.5 million for the quarters ended December 31, 2024 and 2023, respectively, a decrease of $0.1 million or 9%.

Total operating expenses for the quarter ended December 31, 2024 were $8.4 million, an increase of $0.3 million, or 4%, as compared to $8.1 million in the fourth quarter of 2023. Operating expenses remained relatively constant; however, cash-based selling and marketing expenses increased and were somewhat offset by a decrease in research and development and stock-based compensation expenses.

Net loss for the quarter ended December 31, 2024, was $18.7 million, or ($1.61) per share, compared to a net loss of $3.9 million, or ($0.35) per share, for the quarter ended December 31, 2023. The significant increase in net loss in the fourth quarter of 2024, as compared to the fourth quarter of 2023, was predominantly due to the change in warrant liability associated with a large appreciation in the Company’s stock price in the fourth quarter. Included within net loss were stock-based compensation expenses recorded for the quarters ended December 31, 2024 and 2023 of $0.7 million and $0.8 million, respectively, and change in fair value of warrant liabilities of $17.6 million and $1.2 million, respectively.

Adjusted EBITDA, which we calculate by adding back stock-based compensation expense, change in fair value of warrant liabilities, impairment of intangible assets and the Employee Retention Credit (“ERC”) to EBITDA, was $0.5 million for the quarter ended December 31, 2024 and ($1.2) million for the quarter ended December 31, 2023. EBITDA and Adjusted EBITDA are non-GAAP financial measures, and a reconciliation of these measures to net loss is set forth below in this press release.

Full Year 2024 Financial Results

Total revenue for the year ended December 31, 2024 was $53.5 million, an increase of $11.3 million, or 27%, compared to total revenue of $42.2 million for the year ended December 31, 2023. The increase in 2024 occurred in all revenue line items and was primarily due to ALLY System placements and procedure volume. Procedure volume in the United States increased approximately 21%, when comparing 2024 to 2023, with worldwide procedure volume increasing approximately 24% in 2024 as compared to 2023. During the year ended December 31, 2024, the Company placed over 80 ALLY Systems, increasing the installed base to over 135 ALLY Systems and the total installed base of LENSAR Laser Systems and ALLY Systems to approximately 385 at December 31, 2024, reflecting a 26% increase over the installed base of 305 systems at December 31, 2023.

The following table provides information about revenue and revenue attributable to recurring sources, which we consider to be all components of our revenue except for the sales of our systems:

  Three Months Ended
December 31,
  Twelve Months Ended
December 31,
 
(Dollars in thousands) 2024  2023  2024  2023 
System $5,941  $3,310  $13,345  $9,561 
Recurring source revenue:            
Procedure  7,579   6,142   27,720   22,082 
Lease  1,909   1,604   7,532   6,448 
Service  1,302   1,049   4,897   4,073 
Total recurring source revenue  10,790   8,795   40,149   32,603 
Total revenue $16,731  $12,105  $53,494  $42,164 
Recurring source revenue %  64%  73%  75%  77%
                 

The following table provides information about procedure volume:

  2024 2023 2022 
 Q139,48631,600* 38,901 
 Q242,20335,349 33,359 
 Q342,23132,649 28,453 
 Q445,58637,414 31,400 
 Total169,506137,012 132,113 

* The decrease in the first quarter of 2023 was primarily due to the elimination of procedures in South Korea as a result of the ongoing reimbursement issues with private payors.

Selling, general, and administrative expenses for the year ended December 31, 2024 were $26.5 million, an increase of $0.4 million, or 1%, compared to $26.1 million for the year ended December 31, 2023. General and administrative expenses increased in the period due to recording an ERC of $1.4 million in the year ended December 31, 2023, which significantly reduced expenses in 2023. Excluding the ERC, selling, general and administrative expenses decreased due to lower stock-based compensation expense and lower cash-based general and administrative expenses partially offset by a 16% increase in cash-based selling and marketing expenses in 2024 supporting the continued ALLY System growth in placements and recurring revenue. We expect to continue to increase our selling and marketing expenses in 2025 to support anticipated continued growth in ALLY placements and recurring revenue.

Research and development expenses were $5.3 million for the year ended December 31, 2024, a decrease of $0.8 million, or 13%, compared with $6.1 million for the year ended December 31, 2023.

Total operating expenses for the year ended December 31, 2024 were $36.5 million, an increase of $3.2 million, or 10%, as compared to $33.3 million for the year ended December 31, 2023. Included within operating expenses was an impairment of intangible assets of $3.7 million in the year ended December 31, 2024 for which there was not one in 2023.

Net loss for the year ended December 31, 2024 was $31.4 million, or ($2.73) per share, as compared to a net loss of $14.4 million, or ($1.31) per share, for the year ended December 31, 2023. The significant increase in net loss in 2024, as compared to 2023, was predominantly due to the change in warrant liability associated with a large appreciation in the Company’s stock price in 2024 and an impairment of intangible assets in 2024 as well. Included within net loss were stock-based compensation expenses recorded for the years ended December 31, 2024 and 2023 of $2.7 million and $5.5 million, respectively, and the change in fair value of warrant liabilities of $21.4 million and $2.9 million, respectively. The change in fair value of warrant liabilities was a result of an increase in the Company’s stock price of approximately 155% during 2024.

Adjusted EBITDA was ($0.3) million for the year ended December 31, 2024, compared with ($4.5) million for the year ended December 31, 2023.

As of December 31, 2024, the Company had cash, cash equivalents, and investments of $22.5 million as compared to $24.6 million at December 31, 2023. The Company’s cash balance increased approximately $3.9 million in the quarter ended December 31, 2024, and cash utilized in the year ended December 31, 2024 totaled $2.1 million.

Financial Outlook for 2025

Driven by sustained strong demand for ALLY Systems, the mid-2024 regulatory clearances in the EU and Taiwan, and new customers accounting for approximately 75% of total U.S. placements in 2024, the Company anticipates accelerating topline revenue growth in 2025 beyond the 27% achieved in 2024. The pattern of revenue throughout 2025 is expected to be similar to that of past years, with the seasonal impact of business operations resulting in the Company’s first quarter revenue being its lowest of the year and the fourth quarter revenue being the highest. Furthermore, the Company expects first-quarter 2025 revenue growth to align with the full-year 2024 rate of 27%, with acceleration anticipated in the subsequent quarters of 2025. Lastly, the Company expects its disciplined approach to capital allocation and its projected revenue growth from ALLY System placements will allow the Company to achieve positive Adjusted EBITDA results in 2025.

Conference Call:

LENSAR management will host a conference call and live webcast to discuss the fourth quarter and full year results and provide a business update today, February 27, 2025, at 8:30 a.m. ET.

To participate by telephone, please use this registration link. All participants must use the link to complete the online registration process in advance of the conference call. The live webcast can be accessed under “Events & Presentations” in the Investor Relations section of the Company’s website at https://ir.lensar.com. Please log in approximately 5 to 10 minutes prior to the call to register and to download and install any necessary software. The call and webcast replay will be available until March 20, 2025.

About LENSAR

LENSAR is a commercial-stage medical device company focused on designing, developing, and marketing advanced systems for the treatment of cataracts and the management of astigmatism as an integral aspect of the procedure. LENSAR has developed its ALLY Robotic Cataract Laser System™ as a compact, highly ergonomic system utilizing an extremely fast dual-modality laser and integrating AI into proprietary imaging and software. ALLY is designed to transform premium cataract surgery by utilizing LENSAR’s advanced robotic technologies with the ability to perform the entire procedure in a sterile operating room or in-office surgical suite, delivering operational efficiencies and reduced overhead. ALLY includes LENSAR’s proprietary Streamline® software technology, designed to guide surgeons to achieve better outcomes.

Forward-looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding the Company’s business strategies, expected growth, including expected system placements and recurring revenue, the ALLY System’s performance, market adoption and usage, including in non-U.S. jurisdictions, the Company’s position within applicable markets, the Company’s expected financial performance, including profitability targets. In some cases, you can identify forward-looking statements by terms such as “aim,” “anticipate,” “approach,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “goal,” “intend,” “look,” “may,” “mission,” “plan,” “possible,” “potential,” “predict,” “project,” “pursue,” “should,” “target,” “will,” “would,” or the negative thereof and similar words and expressions.

Forward-looking statements are based on management’s current expectations, beliefs and assumptions and on information currently available to us. Such statements are subject to a number of known and unknown risks, uncertainties and assumptions, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various important factors, including, but not limited to: our history of operating losses and ability to achieve or sustain profitability; our ability to develop, receive and maintain regulatory clearance or certification of and successfully commercialize the ALLY System and to maintain our LENSAR Laser System; the impact to our business, financial condition, results of operations and our suppliers and distributors as a result of global macroeconomic conditions; the willingness of patients to pay the price difference for our products compared to a standard cataract procedure covered by Medicare or other insurance; our ability to grow our U.S. sales and marketing organization or maintain or grow an effective network of international distributors; our future capital needs and our ability to raise additional funds on acceptable terms, or at all; the impact to our business, financial condition and results of operations as a result of a material disruption to the supply or manufacture of our systems or necessary component parts for such system or material inflationary pressures affecting pricing of component parts; our ability to compete against competitors that have longer operating histories, more established products and greater resources than we do; our ability to address the numerous risks associated with marketing, selling and leasing our products in markets outside the United States; the impact to our business, financial condition and results of operations as a result of exposure to the credit risk of our customers; our ability to accurately forecast customer demand and our inventory levels; the impact to our business, financial condition and results of operations if we are unable to secure adequate coverage or reimbursement by government or other third-party payors for procedures using our ALLY System or our other products, or changes in such coverage or reimbursement; the impact to our business, financial condition and results of operations of product liability suits brought against us; risks related to government regulation applicable to our products and operations; risks related to our intellectual property and other intellectual property matters; and the other important factors that are disclosed under the heading “Risk Factors” contained in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024, filed with the Securities and Exchange Commission (“SEC”), as such factors may be updated from time to time in the Company’s other filings with the SEC, including the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, to be filed with the SEC, each accessible on the SEC’s website at www.sec.gov and the Investor Relations section of the Company’s website at https://ir.lensar.com.

All forward-looking statements are expressly qualified in their entirety by such factors. Except as required by law, the Company undertakes no obligation to publicly update or review any forward-looking statement, whether because of new information, future developments or otherwise. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of this press release.

Contacts: Lee Roth / Cameron Radinovic
Thomas R. Staab, II, CFO Burns McClellan for LENSAR
ir.contact@lensar.com lroth@burnsmc.com / cradinovic@burnsmc.com
   

Non-GAAP Financial Measures

The Company prepares and analyzes operating and financial data and non-GAAP measures to assess the
performance of its business, make strategic and offering decisions and build its financial projections. The key
non-GAAP measures it uses are EBITDA and Adjusted EBITDA. EBITDA is defined as net loss before interest expense, interest income, income tax expense, depreciation and amortization expenses. EBITDA is a non-GAAP financial measure. EBITDA is included in this filing because we believe that EBITDA provides meaningful supplemental information for investors regarding the performance of our business and facilitates a meaningful evaluation of actual results on a comparable basis with historical results. Adjusted EBITDA is also a non-GAAP financial measure. We believe Adjusted EBITDA, which is defined as EBITDA and further excluding stock-based compensation expense, change in fair value of warrant liabilities, impairment of intangible assets and the Employee Retention Credit, provides meaningful supplemental information for investors when evaluating our results and comparing us to peer companies as stock-based compensation expense and change in fair value of warrant liabilities are significant non-cash charges and impairment of intangible assets is a non-cash charge that is not indicative of our core operating results and the Employee Retention Credit is not recurring. We use these non-GAAP financial measures in order to have comparable financial results to analyze changes in our underlying business from quarter to quarter. However, there are a number of limitations related to the use of non-GAAP measures and their nearest GAAP equivalents. For example, other companies may calculate non-GAAP measures differently, or may use other measures to calculate their financial performance and, therefore, any non-GAAP measures we use may not be directly comparable to similarly titled measures of other companies. Investors should not consider our non-GAAP financial measures in isolation or as a substitute for an analysis of our results as reported under GAAP.

A reconciliation of EBITDA and Adjusted EBITDA to their most comparable GAAP financial measure are set forth below.

  Three Months Ended
December 31,
 Twelve Months Ended
December 31,
(Dollars in thousands)  2024   2023   2024   2023 
Net loss $(18,702) $(3,926) $(31,404) $(14,383)
Less: Interest income  (149)  (233)  (660)  (698)
Add: Depreciation expense  874   651   2,961   2,418 
Add: Amortization expense  232   273   970   1,097 
EBITDA  (17,745)  (3,235)  (28,133)  (11,566)
Add: Stock-based compensation expense  662   816   2,665   5,539 
Add: Change in fair value of warrant liabilities  17,561   1,198   21,399   2,852 
Add: Impairment of intangible assets        3,729    
Less: Employee retention credit           (1,368)
Adjusted EBITDA $478  $(1,221) $(340) $(4,543)

 

LENSAR, Inc.
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(In thousands, except per share amounts)
 
 Three Months Ended
December 31,
 Twelve Months Ended
December 31,
  2024   2023   2024   2023 
Revenue       
Product$13,520  $9,452  $41,065  $31,643 
Lease 1,909   1,604   7,532   6,448 
Service 1,302   1,049   4,897   4,073 
Total revenue 16,731   12,105   53,494   42,164 
Cost of revenue (exclusive of amortization)       
Product 7,340   5,005   18,254   13,902 
Lease 874   577   2,930   2,091 
Service 1,409   1,374   6,459   5,064 
Total cost of revenue 9,623   6,956   27,643   21,057 
Operating expenses       
Selling, general and administrative expenses 6,831   6,374   26,488   26,100 
Research and development expenses 1,335   1,463   5,329   6,139 
Amortization of intangible assets 232   273   970   1,097 
Impairment of intangible assets       3,729    
Total operating expenses 8,398   8,110   36,516   33,336 
Operating loss (1,290)  (2,961)  (10,665)  (12,229)
Other (expense) income       
Change in fair value of warrant liabilities (17,561)  (1,198)  (21,399)  (2,852)
Other income, net 149   233   660   698 
Net loss (18,702)  (3,926)  (31,404)  (14,383)
Other comprehensive (loss) gain       
Change in unrealized (loss) gain on investments (9)  4   2   4 
Net loss and comprehensive loss $(18,711) $(3,922) $(31,402) $(14,379)
Net loss per common share:       
Basic and diluted$(1.61) $(0.35) $(2.73) $(1.31)
Weighted-average number of common shares used in calculation of net loss per common share:       
Basic and diluted 11,628   11,237   11,518   10,971 


LENSAR, Inc.
BALANCE SHEETS
(In thousands, except per share amounts)
 
  As of December 31,
   2024   2023 
Assets    
Current assets:    
Cash and cash equivalents $16,263  $20,621 
Short-term investments  6,192   3,443 
Accounts receivable, net of allowance of $105 and $62, respectively  6,085   4,001 
Notes receivable, net of allowance of $8 and $7, respectively  395   323 
Inventories  11,428   15,689 
Prepaid and other current assets  1,616   2,367 
Total current assets  41,979   46,444 
Property and equipment, net  664   679 
Equipment under lease, net  13,767   7,459 
Long-term investments     492 
Notes and other receivables, long-term, net of allowance of $23 and $26, respectively  1,160   1,279 
Intangible assets, net  6,112   11,025 
Other assets  2,615   2,207 
Total assets $66,297  $69,585 
Liabilities, redeemable convertible preferred stock, and stockholders’ equity    
Current liabilities:    
Accounts payable $5,995  $4,007 
Accrued liabilities  6,807   5,717 
Deferred revenue  1,677   1,349 
Operating lease liabilities  524   559 
Total current liabilities  15,003   11,632 
Long-term operating lease liabilities  2,090   1,750 
Warrant liabilities  29,856   8,457 
Other long-term liabilities  702   570 
Total liabilities  47,651   22,409 
Series A Redeemable Convertible Preferred Stock, par value $0.01 per share, 20 shares authorized at December 31, 2024 and 2023; 20 shares issued and outstanding at December 31, 2024 and 2023; aggregate liquidation preference of $20,000 at December 31, 2024 and 2023  13,784   13,747 
Stockholders’ equity:    
Preferred stock, par value $0.01 per share, 9,980 shares authorized at December 31, 2024 and 2023; no shares issued and outstanding at December 31, 2024 and 2023      
Common stock, par value $0.01 per share, 150,000 shares authorized at December 31, 2024 and 2023; 11,654 and 11,327 shares issued and outstanding at December 31, 2024 and 2023, respectively  116   113 
Additional paid-in capital  148,035   145,203 
Accumulated other comprehensive income  6   4 
Accumulated deficit  (143,295)  (111,891)
Total stockholders’ equity  4,862   33,429 
Total liabilities, redeemable convertible preferred stock, and stockholders’ equity $66,297  $69,585 
     

FAQ

What was LENSAR's revenue growth in Q4 2024?

LENSAR's Q4 2024 revenue grew 38% year-over-year to $16.7 million.

How many ALLY systems did LENSAR place in 2024?

LENSAR placed over 80 ALLY systems in 2024, with 31 placements in Q4 alone, representing an 86% increase over 2023.

What is LENSAR's market share in the U.S. as of 2024?

LENSAR's U.S. market share exceeded 20% for the first time in company history.

What are LENSAR's revenue growth projections for 2025?

LENSAR expects revenue growth to accelerate beyond the 27% achieved in 2024, with Q1 2025 projected at 27% growth.

How much recurring revenue did LENSAR generate in 2024?

LENSAR's recurring revenue exceeded $40 million in 2024, representing a 23% increase over 2023.
Lensar Inc

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Medical Devices
Surgical & Medical Instruments & Apparatus
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United States
ORLANDO