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1. Company Snapshot

1.a. Company Description

LENSAR, Inc., a commercial-stage medical device company, focuses on designing, developing, and marketing a femtosecond laser system for the treatment of cataracts and the management of pre-existing or surgically induced corneal astigmatism.Its LENSAR Laser System incorporates a range of proprietary technologies designed to assist the surgeon in obtaining visual outcomes, efficiency, and reproducibility by providing imaging, procedure planning, design, and precision.The company was incorporated in 2004 and is headquartered in Orlando, Florida.

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1.b. Last Insights on LNSR

LENSAR, Inc.'s recent performance was impacted by a substantial increase in its ALLY Robotic Cataract Laser Systems installations, with 18 units placed in Q3 2025, resulting in a 77% growth in the ALLY installed base and a 20% increase in the total laser installed base compared to Q3 2024. The company's backlog also expanded to 18 ALLY Systems pending installation as of September 30, 2025. Meanwhile, Groupe la Francaise raised its stake in LENSAR by 99.5%, now owning approximately 2.11% of the company's shares.

1.c. Company Highlights

2. LENSAR Q4 and Full Year 2024 Earnings Report

LENSAR delivered a strong finish to 2024, with Q4 revenue of $16.7 million, representing a 38% year-over-year increase. Full-year revenue grew 27% to $57.1 million, driven by record placements of the ALLY system. The company reported a net loss of $18.7 million, largely due to a non-cash warrant liability adjustment of $17.6 million. Adjusted EBITDA turned positive for the second consecutive quarter, ending at $0.478 million. Cash ended the quarter at $22.5 million, up $3.9 million sequentially and $7 million year-over-year, reflecting strong cash flow generation despite ongoing investments in growth initiatives.

Publication Date: Mar -08

📋 Highlights
  • Strong Revenue Growth in Q4: - Q4 revenue reached $16.7 million, up 38% year-over-year, with full-year revenue growing 27% YoY.
  • Record Placements and Market Share: - Q4 saw 31 ALLY System placements, a record, with 20 in the U.S., a new quarterly high. U.S. market share increased to 21%, up 7.5% since ALLY's launch.
  • High Recurring Revenue: - Recurring revenue accounted for 64% of total Q4 revenue, up from 73% in Q4 2023, reflecting higher system sales and a strong business model.
  • Customer Breakdown and Strategy: - 75% of Q4 U.S. placements were new customers upgrading from competitors, with 30% replacing competitors and 21% being femto-naive practices, indicating strong organic growth and a focus on competitive accounts.
  • 2025 Outlook and Financial Targets: - The company expects 2025 revenue growth above 2024's 27%, with a focus on recurring revenue growth and aims for full-year positive adjusted EBITDA in 2025.

Strong Revenue Growth and Margin Expansion

LENSAR's revenue growth in Q4 was fueled by record placements of 31 ALLY systems, with 20 units sold in the U.S., marking a new quarterly high. Full-year placements reached 135 systems, up 86% year-over-year, with 75% of U.S. placements coming from new customers upgrading from competitors. This reflects the company's success in penetrating the competitive laser cataract surgery market. Gross margin remained stable at 42% in Q4, consistent with the prior year, while full-year gross margin improved to 48%, driven by higher recurring revenue. Management expects gross margins to expand further in 2025 as recurring revenue continues to grow.

Market Share Gains and Strategic Focus

LENSAR's U.S. market share for laser cataract systems reached 21% by year-end, up 7.5 percentage points since the launch of the ALLY system. This growth underscores the company's ability to win market share from competitors, particularly as customers upgrade their systems. CEO Nicholas Curtis emphasized that 75% of Q4 placements were new customers, with 30% replacing competitors and 21% being femto-naive customers. This mix reflects the company's strategic focus on targeting practices already invested in laser cataract surgery, a key driver of its market share gains. The company also highlighted its expectation for a slight shift in sales mix in 2025, with a higher percentage of system placements versus sales, particularly in the U.S.

Valuation and Financial Outlook

LENSAR's financial performance in 2024, coupled with strong market share gains, positions the company well for 2025. The company expects revenue growth above 27% in 2025, with a focus on maintaining positive adjusted EBITDA for the full year. The stock currently trades at a price-to-sales ratio of 3.27, reflecting high growth expectations, while the price-to-book ratio of 35.54 suggests a premium valuation relative to its peers. The negative enterprise value-to-EBITDA ratio of -53.76 indicates that the market is pricing in near-term profitability challenges, despite the company's strong topline growth and improving margins. With a free cash flow yield of -1.39%, the company remains focused on generating cash flow to support its growth initiatives and reduce its net debt-to-EBITDA ratio of 4.54.

Key Takeaways

LENSAR's Q4 and full-year results highlight strong execution in a competitive market, with record placements and revenue growth driving momentum heading into 2025. The company's ability to win new customers and upgrade existing ones underscores the strength of its ALLY technology and its positioning as a leader in the laser cataract surgery market. While the company continues to invest in growth, the expected revenue growth of 29.4% for 2025, as per analysts' estimates, suggests strong confidence in the company's ability to maintain its trajectory. Investors should monitor the company's ability to further improve margins and achieve positive net income as it scales its operations.

3. NewsRoom

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LENSAR, Inc. $LNSR Position Increased by Groupe la Francaise

Dec -04

Source: defenseworld.net

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LENSAR® Reports Third Quarter 2025 Results and Provides Business Update

Nov -06

Source: globenewswire.com

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

Sep -02

Source: globenewswire.com

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LENSAR Reports Second Quarter 2025 Results and Provides Business Update

Aug -07

Source: globenewswire.com

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

Jul -01

Source: globenewswire.com

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

Jun -02

Source: globenewswire.com

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LENSAR Reports First Quarter 2025 Results and Provides Business Update

May -08

Source: globenewswire.com

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LENSAR INVESTOR ALERT by the Former Attorney General of Louisiana: Kahn Swick & Foti, LLC Investigates Adequacy of Price and Process in Proposed Sale of LENSAR, Inc. - LNSR

Mar -26

Source: businesswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.38%)

6. Segments

LENSAR Laser System

Expected Growth: 8.4%

The 8.4% growth of LENSAR Laser System is driven by increasing demand for cataract surgeries, advancements in refractive surgery, and rising adoption of femtosecond laser technology. Additionally, growing awareness of presbyopia treatment options and an aging population contribute to the growth. Furthermore, LENSAR's innovative Image Guidance Mapping System and Streamline IV integrated technology enhance the system's appeal, driving market share gains.

Lease

Expected Growth: 8.2%

The 8.2% growth in the lease from LENSAR, Inc. is driven by increasing demand for femtosecond laser technology in cataract surgery, expansion into new geographic markets, and strategic partnerships with leading ophthalmic companies, resulting in higher sales and revenue growth.

Service

Expected Growth: 8.5%

Lensar's 8.5% growth is driven by increasing adoption of femtosecond laser technology in cataract surgery, expanding market share in refractive surgery, and growing demand for premium intraocular lenses. Additionally, strategic partnerships, investments in R&D, and geographic expansion into emerging markets contribute to the company's rapid growth.

7. Detailed Products

Streamline

Streamline is a comprehensive, cloud-based platform designed to manage and optimize refractive surgery practices. It streamlines data management, automates workflows, and provides real-time analytics to improve patient outcomes and practice efficiency.

Laser System with Streamline IV

The LENSAR Laser System with Streamline IV is a state-of-the-art, precision-engineered excimer laser system designed for refractive surgery. It features advanced technology for precise corneal reshaping and customizable treatment options.

Augmented Reality Visualization (ARV) System

The ARV System is an innovative, real-time visualization tool that uses augmented reality technology to provide surgeons with a 3D, high-definition view of the eye during refractive surgery.

8. LENSAR, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for LENSAR, Inc. is medium due to the presence of alternative technologies and products in the ophthalmic surgical systems market.

Bargaining Power Of Customers

The bargaining power of customers is low due to the specialized nature of LENSAR's products and the lack of alternative suppliers.

Bargaining Power Of Suppliers

The bargaining power of suppliers is medium due to the presence of multiple suppliers for the components used in LENSAR's products.

Threat Of New Entrants

The threat of new entrants is high due to the growing demand for ophthalmic surgical systems and the potential for new companies to enter the market.

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of established competitors in the ophthalmic surgical systems market and the need for companies to differentiate themselves through innovation and marketing.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 4.67%
Debt Cost 3.95%
Equity Weight 95.33%
Equity Cost 6.41%
WACC 6.30%
Leverage 4.89%

11. Quality Control: LENSAR, Inc. passed 6 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
LENSAR

A-Score: 5.7/10

Value: 8.8

Growth: 5.0

Quality: 5.8

Yield: 0.0

Momentum: 10.0

Volatility: 4.7

1-Year Total Return ->

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Stock-Card
Semler Scientific

A-Score: 4.9/10

Value: 7.5

Growth: 7.3

Quality: 7.2

Yield: 0.0

Momentum: 6.5

Volatility: 1.0

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Stock-Card
NeuroPace

A-Score: 4.3/10

Value: 6.4

Growth: 4.8

Quality: 3.9

Yield: 0.0

Momentum: 8.5

Volatility: 2.0

1-Year Total Return ->

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Stock-Card
Quipt Home Medical

A-Score: 3.8/10

Value: 8.7

Growth: 6.7

Quality: 3.8

Yield: 0.0

Momentum: 2.5

Volatility: 1.3

1-Year Total Return ->

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Stock-Card
Talis Biomedical

A-Score: 3.7/10

Value: 8.2

Growth: 4.6

Quality: 4.4

Yield: 0.0

Momentum: 3.5

Volatility: 1.7

1-Year Total Return ->

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Stock-Card
Myomo

A-Score: 2.9/10

Value: 8.0

Growth: 4.7

Quality: 4.3

Yield: 0.0

Momentum: 0.0

Volatility: 0.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

11.38$

Current Price

11.38$

Potential

-0.00%

Expected Cash-Flows