LENSAR, Inc.
- Open
- 8.32
- Day high
- 8.54
- Day low
- 8.28
- Prev close
- 8.30
- Volume
- 82K
- Mkt cap
- $103M
- P/E (TTM)
- 6.6
- EPS (TTM)
- $1.27
- P/B
- 6.9
- P/S
- 1.7
- Yield
- —
- Per share
- —
LENSAR, Inc. (LNSR) is a Healthcare company listed on NASDAQ. The stock is down 32% over the past year. Drillr has 1 published research article covering LNSR.
LENSAR, Inc. (LNSR) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
LNSR earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 13, 2026 | $-0.17 | $0.10 | +160.6% | $14M | -6.6% |
| May 8, 2026 | $0.18 | $1.56 | +743.2% | $13M | -6.8% |
| Mar 31, 2026 | $-0.07 | $-0.12 | -80.7% | $16M | -21.0% |
| Nov 6, 2025 | $-0.10 | $-0.31 | -210.0% | $14M | -29.5% |
| Aug 7, 2025 | $-0.08 | $-0.15 | -87.5% | $14M | -21.5% |
| May 8, 2025 | $-0.15 | $-2.32 | -1446.7% | $14M | +5.7% |
| Feb 27, 2025 | $-0.18 | $-1.61 | -794.4% | $17M | +19.5% |
| Nov 7, 2024 | $-0.29 | $-0.13 | +55.2% | $14M | -9.4% |
| May 9, 2024 | $-0.28 | $-0.19 | +32.1% | $11M | +0.4% |
| Mar 4, 2024 | $-0.22 | $-0.35 | -59.1% | $12M | +0.9% |
| Nov 9, 2023 | $-0.34 | $-0.23 | +32.4% | $10M | -18.4% |
| May 15, 2023 | $-0.27 | $-0.40 | -48.1% | $8M | -9.3% |
LNSR insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 5, 2026 | Winer Gary Mdirector | Grant | 17,421 | — |
| Jun 5, 2026 | LINDSTROM RICHARD L MDdirector | Grant | 17,421 | — |
| Jun 5, 2026 | LINK WILLIAM J PHDdirector | Grant | 17,421 | — |
| Jun 5, 2026 | Wong Kendraofficer: Principal Accounting Officer | Grant | 13,066 | — |
| Jun 5, 2026 | ELLIS THOMAS Bdirector, 10 percent owner: | Grant | 17,421 | — |
| Jun 5, 2026 | HAMMER TODD Bdirector, 10 percent owner: | Grant | 17,421 | — |
| Jun 5, 2026 | Connaughton Alan B.officer: Chief Operating Officer | Grant | 34,843 | — |
| Jun 5, 2026 | CURTIS NICHOLAS Tdirector, officer: Chief Executive Officer | Grant | 130,662 | — |
| Jun 5, 2026 | WEISNER AIMEE Sdirector | Grant | 17,421 | — |
| Jun 5, 2026 | O'Farrell Elizabeth G.director | Grant | 17,421 | — |
| May 8, 2026 | Connaughton Alan B.officer: Chief Operating Officer | Tax | 2,739 | $5.38 |
| May 8, 2026 | Wong Kendraofficer: Principal Accounting Officer | Tax | 864 | $5.38 |
| May 8, 2026 | STAAB THOMAS R IIofficer: Chief Financial Officer | Tax | 1,350 | $5.38 |
| Mar 19, 2026 | STAAB THOMAS R IIofficer: Chief Financial Officer | Option | 5,500 | $2.65 |
| Feb 20, 2026 | Connaughton Alan B.officer: Chief Operating Officer | Tax | 2,392 | $11.32 |
Source: LNSR SEC Form 4 filings, latest Jun 5, 2026. For informational purposes only — not investment advice.
See the full LNSR insider & 13F page →LENSAR, Inc. company profile
Overview
LENSAR, Inc. (NASDAQ:LNSR) is a commercial-stage medical device company founded in 2004 and headquartered in Orlando, Florida. The company went public in October 2020 and specializes in developing femtosecond laser systems for cataract surgery and corneal astigmatism management. LENSAR has established itself as a significant player in the laser-assisted cataract surgery market, with approximately 21% market share in the United States and over 385 systems installed globally as of 2024.
Business
LENSAR operates in the ophthalmic medical device industry, specifically focusing on femtosecond laser-assisted cataract surgery (FLACS). To understand this field, it's important to know that cataracts are a common age-related condition where the eye's natural lens becomes cloudy, requiring surgical replacement with an artificial lens. Traditional cataract surgery involves manual incisions and lens fragmentation using ultrasound energy. The company's core product is the LENSAR Laser System, which uses femtosecond laser technology - extremely short pulses of infrared light lasting only quadrillionths of a second - to perform precise surgical steps that were previously done manually. The system creates corneal incisions, fragments the cataractous lens, and can correct pre-existing astigmatism with exceptional precision and reproducibility. LENSAR's flagship product is the ALLY Adaptive Cataract Treatment System, launched in 2022 after receiving FDA clearance. The ALLY system represents a significant technological advancement over the company's previous LENSAR Laser System (LLS), offering faster procedures, improved ergonomics, smaller footprint, and enhanced connectivity features. The system incorporates proprietary imaging technology that allows surgeons to visualize and plan procedures with greater accuracy. The company operates as a single business segment focused entirely on laser-assisted cataract surgery equipment and related services. Revenue is generated through two primary streams: system sales (equipment purchases) and recurring revenue from procedure-based fees, service contracts, and consumables. Recurring revenue represents approximately 75% of total revenue, providing a stable foundation for the business model.
Revenue model
LENSAR generates revenue through a hybrid business model combining equipment sales and recurring procedure-based fees. The company sells its laser systems to ophthalmology practices, ambulatory surgery centers (ASCs), and hospitals that perform cataract surgery. System prices typically range from several hundred thousand to over one million dollars per unit. The more significant and stable revenue stream comes from recurring fees charged per procedure performed on LENSAR systems. Each time a surgeon uses the laser system to treat a patient, LENSAR collects a procedure fee, creating a direct correlation between patient volume and company revenue. This model generated approximately $40 million in recurring revenue in 2024, representing about 75% of total company revenue. Additional revenue sources include service contracts, software upgrades, and consumable supplies needed for system operation. The company also provides training and ongoing technical support to customers, which helps ensure high utilization rates and customer satisfaction. Several factors influence LENSAR's profitability margins. Positive margin drivers include the high-margin nature of procedure fees, economies of scale in manufacturing as volumes increase, and the premium pricing power of advanced laser technology. The company benefits from the growing aging population driving increased cataract surgery demand, and the ongoing shift from traditional manual surgery to laser-assisted procedures. Margin pressures come from intense competition with established players like Johnson & Johnson's Catalys and Alcon's LenSx systems, which can limit pricing power. Manufacturing costs for sophisticated laser systems remain high, and the company must invest heavily in research and development to maintain technological competitiveness. Additionally, reimbursement challenges in some markets and the capital-intensive nature of customer purchases can impact demand patterns and cash flow timing.
Competitive moat
LENSAR's competitive moat is moderate but faces significant challenges in a highly competitive market dominated by larger, well-resourced players. The company's primary defensive advantages stem from its proprietary femtosecond laser technology and the ALLY system's differentiated features, including faster procedure times and improved ergonomics that can save surgeons 1-2 hours per surgical day. The switching costs for customers provide some protection, as ophthalmology practices make substantial capital investments in laser systems and require extensive training for surgical staff. Once installed, practices tend to maintain relationships with their laser provider due to the disruption and cost of changing systems. LENSAR's growing installed base of 385 systems creates a recurring revenue foundation that competitors cannot easily disrupt. However, LENSAR's moat is relatively narrow compared to industry giants. The company competes against Johnson & Johnson (Catalys system) and Alcon (LenSx system), both of which have significantly larger resources, broader product portfolios, and established relationships with major ophthalmology practices. These competitors can leverage their scale advantages in manufacturing, research and development, and sales and marketing. The primary competitive threats include technological leapfrogging by larger competitors, aggressive pricing strategies from well-capitalized rivals, and the potential for new entrants with breakthrough technologies. Additionally, the relatively small size of the femtosecond laser-assisted cataract surgery market means that competition for market share is intense, with approximately 1,200 laser systems currently installed in the U.S. market that may eventually need replacement. LENSAR's ability to maintain its competitive position depends heavily on continued innovation, successful international expansion, and its ability to demonstrate superior clinical outcomes and operational efficiency compared to established competitors.
Risks & safety
LENSAR presents moderate financial risk with improving but still concerning cash flow dynamics and a reasonable balance sheet position. **Cash and Liquidity:** • Cash and short-term investments: $19.5 million as of Q1 2025 • Quarterly cash burn averaging $6-7 million in recent quarters • Current runway of approximately 3-4 quarters at current burn rate • Positive free cash flow achieved in Q4 2024 ($3.7 million) but negative in Q1 2025 **Debt and Solvency:** • Total liabilities of $81.3 million exceed total assets of $73.0 million as of Q1 2025 • Current ratio of 1.8x indicates adequate short-term liquidity • Debt-to-equity ratio fluctuates but remains manageable • No immediate solvency crisis but balance sheet structure requires monitoring **Valuation Concerns:** • Negative earnings make traditional P/E ratios meaningless • EV/EBITDA ratios highly volatile due to minimal EBITDA generation • Price-to-book ratios indicate potential overvaluation relative to tangible assets • Market cap of approximately $156 million appears optimistic given current profitability trajectory **Other Considerations:** • Company approaching EBITDA breakeven with expectations for positive adjusted EBITDA in 2025 • Revenue growth trajectory of 27%+ provides some confidence in business momentum • High recurring revenue component (75% of total) offers some predictability
Recent development
LENSAR has undergone significant strategic transformation over the past few years, centered around the launch and commercialization of its ALLY Adaptive Cataract Treatment System. After receiving FDA clearance in June 2022, the company successfully transitioned from its legacy LENSAR Laser System (LLS) to the more advanced ALLY platform, which offers substantial improvements in surgical efficiency and user experience. The international expansion strategy represents another major development, with LENSAR successfully entering European and Southeast Asian markets in 2024. The company placed 24 systems internationally in the second half of 2024, marking its first significant expansion beyond the U.S. market. This geographic diversification includes targeting markets in Germany, Austria, Switzerland, and potentially Hong Kong, Taiwan, and the Philippines. Market share growth has been a key focus, with LENSAR increasing its U.S. market share from approximately 16.9% in Q4 2023 to about 21% by Q4 2024. The company has achieved this through a multi-pronged approach: converting competitive systems (approximately 30% of placements), transitioning existing LLS users to ALLY, targeting high-volume sites for multiple system installations, and pursuing cataract laser-naive accounts. The company has also shifted its customer targeting strategy toward private equity-owned ophthalmology groups and larger practices, recognizing these entities' greater capital resources and higher procedure volumes. This strategic pivot has resulted in 75% of new U.S. system placements in 2024 coming from customers new to LENSAR, indicating successful market penetration beyond the company's existing customer base. Operational efficiency improvements have been demonstrated through time and motion studies showing that surgeons can save up to 8 minutes per case and staff can save up to 19 minutes per case, potentially generating ASC savings of up to $540,000 annually. These productivity gains have become a key selling point for the ALLY system and differentiate it from competitive offerings.
LNSR company profile · for informational purposes only — not investment advice.
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