LENSAR® Reports First Quarter 2026 Results and Provides Business Update
Rhea-AI Summary
LENSAR (Nasdaq: LNSR) reported Q1 2026 results: total revenue $13.4M, recurring revenue $12.6M (≈94% of total), and net income of $36.3M or $1.56 basic per share. The company placed 7 ALLY systems in Q1, bringing the ALLY installed base to ~205 and total laser base to ~440 systems.
SG&A and operating expenses fell sharply year-over-year, driven by reversal of acquisition-related costs after a terminated merger; cash and investments were $13.5M as of March 31, 2026.
Positive
- Recurring revenue of $12.6M (≈94% of total revenue)
- Total installed laser base increased to ≈440 systems
- ALLY placements grew 39% year-over-year to ~205 ALLY systems
- Operating expenses reduced by 68% YoY
Negative
- Total revenue declined 5% YoY to $13.4M
- System sales decreased by $1.8M versus prior year
- Cash, cash equivalents, and investments fell to $13.5M
News Market Reaction – LNSR
In the May 8 session, LNSR gained 7.84%, reflecting a notable positive market reaction. Argus tracked a peak move of +8.4% during that session. Our momentum scanner triggered 11 alerts that day, indicating notable trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Mar 31 | Q4/FY25 earnings | Positive | +1.5% | Stronger recurring revenue base, higher ALLY adoption, retention of $10M merger deposit. |
| Nov 06 | Q3 2025 earnings | Neutral | -8.6% | Moderate revenue growth offset by higher SG&A from merger costs and ongoing net loss. |
| Aug 07 | Q2 2025 earnings | Positive | -1.5% | Strong revenue and procedure growth with expanding ALLY base but continued net loss. |
| May 08 | Q1 2025 earnings | Neutral | -0.1% | Robust revenue growth and placements offset by large warrant-driven net loss. |
| May 07 | Alcon deal terms | Positive | -0.1% | Announced cash acquisition by Alcon at premium price plus contingent value right. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings releases often highlight recurring revenue and ALLY growth, but share reactions have skewed slightly negative on average, with several instances of the stock declining despite fundamentally positive updates.
Over the past year, LENSAR’s earnings news has emphasized growing recurring revenue, expanding ALLY placements, and a steadily rising installed base. Prior quarters, such as Q2–Q4 2025, reported double‑digit procedure growth and higher recurring revenue concentration, yet share price reactions ranged from modest gains to notable declines. Today’s Q1 2026 report, with $13.4M revenue and strong recurring mix, continues this theme of operational strength amid a volatile share response.
Key Terms
ebitda financial
adjusted ebitda financial
warrant liabilities financial
non-gaap financial measures financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
7 ALLY Robotic Cataract Laser Systems® (“ALLY System”) Placements in First Quarter 2026; Backlog of 11 ALLY Systems as of March 31, 2026
First Quarter Recurring Revenue was
Total Laser Installed Base Climbs to 440 Systems, Driven by
ORLANDO, Fla., May 08, 2026 (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 quarter ended March 31, 2026 and provided an update on key operational initiatives.
“Our first quarter total revenue and related system placement results decreased slightly as compared to the first quarter of 2025, primarily driven by the uncertainty and disruption in the market around the Alcon transaction, which was terminated near the end of the quarter. Despite the effect of the lengthy transaction process and uncertainty in the outcome of the acquisition, which have had a significant impact on system placements, the underlying fundamentals of our business remain strong. The core business in recurring revenue is solid and our outlook is one of continued growth,” said Nick Curtis, President and CEO of LENSAR. “Notably, our recurring revenue reached approximately
First Quarter 2026 Financial Results
Total revenue for the quarter ended March 31, 2026 was
During the three months ended March 31, 2026, the Company placed 7 ALLY Systems, bringing the total installed ALLY base to approximately 205 at quarter end. As of March 31, 2026 the Company had a backlog of 11 ALLY Systems pending installation.
The total combined base of LENSAR Laser Systems and ALLY Systems increased to approximately 440 systems as of March 31, 2026, representing a
The following table provides information about revenue and recurring revenue, which we consider to be all components of our revenue except for the sales of our systems:
| Three Months Ended March 31, | |||||||
| (Dollars in thousands) | 2026 | 2025 | |||||
| System | $ | 836 | $ | 2,632 | |||
| Recurring revenue: | |||||||
| Procedure | 9,240 | 8,286 | |||||
| Lease | 1,681 | 1,884 | |||||
| Service | 1,671 | 1,357 | |||||
| Total recurring revenue | 12,592 | 11,527 | |||||
| Total revenue | $ | 13,428 | $ | 14,159 | |||
| Recurring revenue % | 94 | % | 81 | % | |||
The following table provides information about procedure volume:
| 2026 | 2025 | 2024 | |||||||||
| Q1 | 54,094 | 52,347 | 39,486 | ||||||||
Selling, general and administrative expenses were
Research and development expenses were
Total operating expenses for the quarter ended March 31, 2026 were
Net income for the quarter ended March 31, 2026, was
Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) for the quarter ended March 31, 2026 was
As of March 31, 2026, the Company had cash, cash equivalents, and investments of
Conference Call
LENSAR management will host a conference call and live webcast to discuss the results and provide an update on the Company’s go-forward strategy today, May 8, 2026, 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. The call and webcast replay will be available until May 22, 2026.
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 trends in worldwide procedure volume, ALLY’s commercialization and the Company’s operational performance. 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: any anticipated effects of the termination of the agreement governing the merger on the value of our common stock; the outcome of any legal proceedings that may be instituted against us and others relating to the merger; 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 or enacted tariffs 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 manage 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; and risks related to our intellectual property and other intellectual property matters. In addition, a number of other important factors could cause the Company’s actual future results and other future circumstances to differ materially from those expressed in any forward-looking statements, including but not limited to the other important factors that are disclosed under the heading “Risk Factors” contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission (“SEC”), as such factors may be updated from time to time in its other filings with the SEC, including the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2026, 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 |
| Thomas R. Staab, II, CFO | Burns McClellan for LENSAR |
| ir.contact@lensar.com | lroth@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, and acquisition-related income and costs 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 acquisition-related income and costs are 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.
Reconciliations of EBITDA and Adjusted EBITDA to their most comparable GAAP financial measure are set forth below.
| Three Months Ended March 31, | |||||||
| (Dollars in thousands) | 2026 | 2025 | |||||
| Net income (loss) | $ | 36,332 | $ | (27,345 | ) | ||
| Less: Interest income | (145 | ) | (159 | ) | |||
| Add: Depreciation expense | 904 | 844 | |||||
| Add: Amortization expense | 229 | 232 | |||||
| EBITDA | 37,320 | (26,428 | ) | ||||
| Add: Stock-based compensation expense | 690 | 654 | |||||
| Add: Change in fair value of warrant liabilities | (23,948 | ) | 21,714 | ||||
| Add: Acquisition-related costs | (4,373 | ) | 4,225 | ||||
| Less: Acquisition-related income | (10,000 | ) | — | ||||
| Adjusted EBITDA | $ | (311 | ) | $ | 165 | ||
| LENSAR, Inc. STATEMENTS OF OPERATIONS (In thousands, except per share amounts) | |||||||
| Three Months Ended March 31, | |||||||
| 2026 | 2025 | ||||||
| Revenue | |||||||
| Product | $ | 10,076 | $ | 10,918 | |||
| Lease | 1,681 | 1,884 | |||||
| Service | 1,671 | 1,357 | |||||
| Total revenue | 13,428 | 14,159 | |||||
| Cost of revenue (exclusive of amortization) | |||||||
| Product | 3,947 | 4,466 | |||||
| Lease | 889 | 830 | |||||
| Service | 2,210 | 1,738 | |||||
| Total cost of revenue | 7,046 | 7,034 | |||||
| Operating expenses | |||||||
| Selling, general and administrative expenses | 2,529 | 11,149 | |||||
| Research and development expenses | 1,385 | 1,534 | |||||
| Amortization of intangible assets | 229 | 232 | |||||
| Total operating expenses | 4,143 | 12,915 | |||||
| Operating income (loss) | 2,239 | (5,790 | ) | ||||
| Other income (expense) | |||||||
| Change in fair value of warrant liabilities | 23,948 | (21,714 | ) | ||||
| Acquisition-related income | 10,000 | — | |||||
| Other income, net | 145 | 159 | |||||
| Net income (loss) | 36,332 | (27,345 | ) | ||||
| Other comprehensive loss | |||||||
| Change in unrealized loss on investments | (4 | ) | (3 | ) | |||
| Net income (loss) and comprehensive income (loss) | $ | 36,328 | $ | (27,348 | ) | ||
| Income (loss) per common share: | |||||||
| Basic | $ | 1.56 | $ | (2.32 | ) | ||
| Diluted | $ | 0.00 | $ | (2.32 | ) | ||
| Weighted-average number of common shares used in calculation of net income (loss) per common share: | |||||||
| Basic | 12,161 | 11,774 | |||||
| Diluted | 15,420 | 11,774 | |||||
| LENSAR, Inc. BALANCE SHEETS (In thousands, except per share amounts) | |||||||
| March 31, 2026 | December 31, 2025 | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 12,494 | $ | 12,974 | |||
| Short-term investments | 1,001 | 5,004 | |||||
| Accounts receivable, net of allowance of | 4,896 | 6,377 | |||||
| Notes receivable, net of allowance of | 287 | 295 | |||||
| Inventories | 23,099 | 21,520 | |||||
| Prepaid and other current assets | 625 | 601 | |||||
| Total current assets | 42,402 | 46,771 | |||||
| Property and equipment, net | 457 | 505 | |||||
| Equipment under lease, net | 15,194 | 15,485 | |||||
| Notes and other receivables, long-term, net of allowance of | 658 | 731 | |||||
| Intangible assets, net | 4,962 | 5,191 | |||||
| Other assets | 2,550 | 2,747 | |||||
| Total assets | $ | 66,223 | $ | 71,430 | |||
| Liabilities, redeemable convertible preferred stock, and stockholders’ equity (deficit) | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 10,097 | $ | 18,982 | |||
| Accrued liabilities | 3,904 | 7,771 | |||||
| Deferred revenue | 3,013 | 3,074 | |||||
| Operating lease liabilities | 785 | 747 | |||||
| Acquisition-related deposit | — | 10,000 | |||||
| Total current liabilities | 17,799 | 40,574 | |||||
| Long-term accounts payable | 5,000 | — | |||||
| Long-term operating lease liabilities | 1,789 | 1,988 | |||||
| Warrant liabilities | 16,246 | 40,194 | |||||
| Other long-term liabilities | 815 | 909 | |||||
| Total liabilities | 41,649 | 83,665 | |||||
| Series A Redeemable Convertible Preferred Stock, par value | 13,784 | 13,784 | |||||
| Stockholders’ equity (deficit): | |||||||
| Preferred stock, par value | — | — | |||||
| Common stock, par value | 121 | 120 | |||||
| Additional paid-in capital | 151,912 | 151,432 | |||||
| Accumulated other comprehensive income | — | 4 | |||||
| Accumulated deficit | (141,243 | ) | (177,575 | ) | |||
| Total stockholders’ equity (deficit) | 10,790 | (26,019 | ) | ||||
| Total liabilities, redeemable convertible preferred stock, and stockholders’ equity (deficit) | $ | 66,223 | $ | 71,430 | |||
