LENSAR Reports Fourth Quarter and Full Year 2024 Results and Provides Business Update
Rhea-AI Summary
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.
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
News Market Reaction 1 Alert
On the day this news was published, LNSR gained 14.78%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
31 ALLY Robotic Cataract Laser Systems™ placed in Q4 2024, representing an
Fourth quarter 2024 revenue increased
Recurring revenue exceeds
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
Fourth Quarter 2024 Financial Results
Total revenue for the quarter ended December 31, 2024 was
Selling, general and administrative expenses for the quarter ended December 31, 2024 were
Research and development expenses were
Total operating expenses for the quarter ended December 31, 2024 were
Net loss for the quarter ended December 31, 2024, was
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
Full Year 2024 Financial Results
Total revenue for the year ended December 31, 2024 was
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 | |||||
| Q1 | 39,486 | 31,600* | 38,901 | ||||
| Q2 | 42,203 | 35,349 | 33,359 | ||||
| Q3 | 42,231 | 32,649 | 28,453 | ||||
| Q4 | 45,586 | 37,414 | 31,400 | ||||
| Total | 169,506 | 137,012 | 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
Research and development expenses were
Total operating expenses for the year ended December 31, 2024 were
Net loss for the year ended December 31, 2024 was
Adjusted EBITDA was (
As of December 31, 2024, the Company had cash, cash equivalents, and investments of
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
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 | 6,085 | 4,001 | ||||||
| Notes receivable, net of allowance of | 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 | 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 | 13,784 | 13,747 | ||||||
| Stockholders’ equity: | ||||||||
| Preferred stock, par value | — | — | ||||||
| Common stock, par value | 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?
How many ALLY systems did LENSAR place in 2024?
What is LENSAR's market share in the U.S. as of 2024?
What are LENSAR's revenue growth projections for 2025?
How much recurring revenue did LENSAR generate in 2024?
