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LNSR

LENSAR, Inc.

LNSR

LENSAR, Inc. • NASDAQ
$10.18 ▼ -1.64% (-0.17)
Market Cap $121.60 M
52w High $17.31
52w Low $7.13
Dividend Yield 0%
P/E -2.33
Volume 19.51K
Outstanding Shares 11.94M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $14.316M ▲ $13.387M ▲ $-3.713M ▼ -25.936% ▼ $-0.31 ▼ $-2.556M ▲
Q2-2025 $13.935M ▼ $13.313M ▲ $-1.764M ▲ -12.659% ▲ $-0.15 ▲ $-5.194M ▼
Q1-2025 $14.159M ▼ $12.915M ▲ $-27.345M ▼ -193.128% ▼ $-2.32 ▼ $-4.714M ▼
Q4-2024 $16.731M ▲ $8.398M ▲ $-18.702M ▼ -111.781% ▼ $-1.61 ▼ $-184K ▲
Q3-2024 $13.539M $7.279M $-1.502M -11.094% $-0.13 $-239K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $16.869M ▼ $70.204M ▼ $82.327M ▲ $-12.123M ▼
Q2-2025 $20.309M ▼ $70.414M ▼ $79.682M ▼ $-9.268M ▲
Q1-2025 $25.247M ▲ $72.959M ▲ $95.1M ▲ $-22.141M ▼
Q4-2024 $22.455M ▲ $66.297M ▲ $61.435M ▲ $4.862M ▼
Q3-2024 $18.08M $62.019M $39.281M $22.738M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-3.713M ▼ $-3.513M ▲ $4M ▲ $0 ▼ $487K ▲ $-3.513M ▲
Q2-2025 $-1.764M ▲ $-4.998M ▲ $-7.492M ▼ $93K ▼ $-12.397M ▼ $-5.075M ▲
Q1-2025 $-27.345M ▼ $-6.938M ▼ $531K ▼ $9.691M ▲ $3.284M ▼ $-6.944M ▼
Q4-2024 $-18.702M ▼ $3.657M ▲ $1.992M ▲ $172K ▲ $5.821M ▲ $3.654M ▲
Q3-2024 $-1.502M $3.153M $-905K $-93K $2.155M $3.133M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Product
Product
 $20.00M ▲$10.00M ▼$10.00M ▲$10.00M ▲
Service
Service
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement LENSAR runs on a small but gradually growing revenue base with solid gross margins for a company of its size, which suggests customers value the technology and pricing is not deeply discounted. However, operating results have remained in the red every year, and the most recent year shows losses widening again after a brief improvement, pointing to ongoing spending on commercial rollout, R&D, and overhead that current sales cannot yet cover. Earnings per share have stayed negative, reinforcing that this is still very much an early-stage, investment-heavy business model rather than a profitability story. Overall, the trend is slow top-line progress but continued bottom-line pressure while the company scales its flagship cataract platform.

Balance Sheet

Balance Sheet The balance sheet is relatively simple: a modest asset base, meaningful but not large cash reserves, and no financial debt. The absence of debt reduces financial risk and interest burden, which is helpful for a loss-making med‑tech company. Equity has been eroded over time by repeated net losses and now sits at a very thin level, highlighting limited cushion to absorb further setbacks without outside capital or strategic support. This leaves the company financially lean and dependent on external backing or a strategic partner, which aligns with the acquisition path it has taken.

Cash Flow

Cash Flow Historically, LENSAR has burned cash from operations each year, consistent with its loss-making income statement and ongoing investment in commercialization and R&D. Free cash flow has likewise been negative, though capital spending requirements have been relatively light, which keeps total cash burn more manageable. The latest year shows operating and free cash flow roughly around break-even, suggesting tighter cost control and more efficient use of resources, but this is from a low base and may not yet represent a stable, self-funded position. Overall, the company appears to be moving toward better cash discipline, but its growth and innovation have still required steady cash support.

Competitive Edge

Competitive Edge LENSAR occupies a focused niche in cataract surgery, going up against very large, well-established players such as Alcon, Johnson & Johnson Vision, and Bausch + Lomb. Its edge comes from an integrated system that combines laser and phacoemulsification in a single, mobile unit, plus strong imaging, workflow automation, and surgeon-friendly software. These strengths translate into time savings in the operating room and more customized treatments, which are attractive in high-volume surgical settings. A sizable patent portfolio and growing surgeon adoption provide further support to its competitive position, but scale, marketing muscle, and channel access remain areas where bigger rivals have clear advantages—one reason why aligning with a large strategic acquirer is so significant.

Innovation and R&D

Innovation and R&D Innovation is the core of LENSAR’s strategy, centered on the ALLY Adaptive Cataract Treatment System and its associated imaging and software suite. The company has invested heavily in advanced 3‑D imaging, augmented reality guidance, and automated treatment planning that adapts to each patient’s eye and cataract characteristics. Its software integrates pre‑operative diagnostics to reduce manual steps and errors, and its technology roadmap includes potential enhancements using artificial intelligence, broader ophthalmic applications, and next‑generation imaging. The pending acquisition by Alcon is likely to amplify this innovation engine by giving LENSAR access to deeper R&D budgets, broader engineering teams, and integration opportunities with a large portfolio of lenses, diagnostics, and surgical tools.

Summary

LENSAR is an early-stage medical device company with a focused and differentiated technology platform in laser-assisted cataract surgery. Financially, it has modest but growing revenue, healthy gross margins, and persistent losses that have thinned its equity base, although recent cash flow trends suggest some improvement in operating efficiency. The balance sheet is clean with no debt but limited capital buffers, reflecting reliance on external funding and now on strategic ownership. Strategically, the company’s value lies in its proprietary, workflow-optimized system, strong intellectual property, and innovation culture, set against intense competition from much larger device makers. The acquisition by Alcon is a pivotal development that may shift the story from that of a small, capital-constrained innovator to one of technology integration within a global cataract surgery leader, but the eventual financial and market outcomes still carry meaningful uncertainty.

NEWS

November 6, 2025 · 7:00 AM UTC

LENSAR® Reports Third Quarter 2025 Results and Provides Business Update

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September 2, 2025 · 4:01 PM UTC

LENSAR Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Read more