LENSAR® Reports Third Quarter 2025 Results and Provides Business Update
LENSAR (Nasdaq: LNSR) reported 3Q 2025 results and a business update on Nov 6, 2025. Revenue was $14.3M, up 6% from 3Q 2024, driven by ~11% higher procedure volume. The company placed 18 ALLY Systems in the quarter, increasing the ALLY installed base to ~185 (up 77% YoY) and total laser installed base to ~425 (up 20% YoY); backlog includes 18 ALLY Systems pending installation.
Expenses and results: SG&A rose to $12.0M (98% increase) largely from ~$5.3M of acquisition-related costs for the proposed Alcon merger; net loss was $3.7M (loss per share $0.31). Cash and investments were $16.9M at Sept 30, 2025. The company expects the Alcon transaction to close in Q1 2026, subject to FTC review.
LENSAR (Nasdaq: LNSR) ha riportato i risultati del 3Q 2025 e un aggiornamento sull'attività il 6 novembre 2025. Ricavi sono stati $14.3M, in crescita del 6% rispetto al 3Q 2024, trainati da un volume di procedure di circa 11%. L'azienda ha collocato 18 ALLY Systems nel trimestre, aumentando la base installata ALLY a circa 185 (↑ 77% su base annua) e la base installata totale di laser a circa 425 (↑ 20% su base annua); l'ordine in backlog include 18 ALLY Systems in attesa di installazione.
Spese e risultati: SG&A è aumentato a $12.0M (aumento del 98%), principalmente a causa di circa $5.3M di costi legati all'acquisizione per la prevista fusione con Alcon; la perdita netta è stata $3.7M (perdita per azione $0.31). Liquidità e investimenti erano $16.9M al 30 settembre 2025. L'azienda si aspetta che la transazione Alcon si chiuda nel Q1 2026, soggetta a revisione della FTC.
LENSAR (Nasdaq: LNSR) informó resultados del 3Q 2025 y una actualización del negocio el 6 de noviembre de 2025. Ingresos fueron $14.3M, con un aumento del 6% frente al 3Q 2024, impulsados por un volumen de procedimientos aproximadamente 11% mayor. La compañía colocó 18 ALLY Systems en el trimestre, aumentando la base instalada ALLY a unas 185 (sube 77% interanual) y la base total de láser instalados a unas 425 (sube 20% interanual); el backlog incluye 18 ALLY Systems pendientes de instalación.
Gastos y resultados: SG&A subió a $12.0M (incremento del 98%), principalmente por unos $5.3M de costos de adquisición para la fusión propuesta con Alcon; la pérdida neta fue de $3.7M (pérdida por acción de $0.31). Efectivo e inversiones eran $16.9M al 30 de sept 2025. La empresa espera que la transacción con Alcon se cierre en el 1T 2026, sujeta a revisión de la FTC.
매출은 $14.3M로 2024년 3분기 대비 6% 증가했고, 절차 건수는 약 11% 증가로 견인되었습니다. 회사는 분기 동안 18 ALLY Systems를 배치했고 ALLY 설치 기반은 약 185로 증가했으며(전년 동기 대비 77% 증가), 레이저 설치 총 기반은 약 425로 증가했습니다(전년 동기 대비 20% 증가); 백로그에는 설치 대기 중인 18 ALLY Systems가 포함되어 있습니다.
비용 및 결과: SG&A는 $12.0M으로 상승(98% 증가), 주로 $5.3M의 Alcon 인수 관련 비용으로 인한 것이며; 순손실은 $3.7M였고 주당 손실은 $0.31였습니다. 현금 및 투자액은 2025년 9월 30일 기준 $16.9M이었습니다. 회사는 Alcon 거래가 2026년 1분기에 마감될 것으로 기대하며, 이는 FTC 심사에 달려 있습니다.
LENSAR (Nasdaq: LNSR) a publié les résultats du 3T 2025 et une mise à jour commerciale le 6 novembre 2025. Le chiffre d'affaires était de $14.3M, en hausse de 6% par rapport au 3T 2024, porté par un volume de procédures environ 11% plus élevé. L'entreprise a placé 18 ALLY Systems au cours du trimestre, portant la base installée ALLY à environ 185 (en hausse de 77% sur un an) et la base totale d'installations laser à environ 425 (en hausse de 20% sur un an); le carnet de commandes inclut 18 ALLY Systems en attente d'installation.
Dépenses et résultats : SG&A a augmenté pour atteindre $12.0M (augmentation de 98%), principalement en raison d'environ $5.3M de coûts liés à l'acquisition pour la fusion proposée avec Alcon; la perte nette était $3.7M (perte par action de $0.31). La trésorerie et les investissements s'élevaient à $16.9M au 30 sept. 2025. L'entreprise prévoit que la transaction Alcon sera clôturée au 1er trimestre 2026, sous réserve de l'examen par la FTC.
Umsatz betrug $14.3M, ein Anstieg um 6% gegenüber dem 3Q 2024, angetrieben von einem um ca. 11% höheren Prozedurvolumen. Das Unternehmen platzierte im Quartal 18 ALLY Systems, wodurch die ALLY-Installationsbasis auf ca. 185 zunah, ↑ 77% YoY, und die gesamte Laser-Installationsbasis auf ca. 425, ↑ 20% YoY, anwuchs; Backlog umfasst 18 ALLY Systems, die noch installiert werden müssen.
Aufwendungen und Ergebnisse: SG&A stiegen auf $12.0M (Anstieg von 98%), überwiegend aufgrund von ca. $5.3M an Akquisitionskosten für die vorgeschlagene Alcon-Fusion; Nettoverlust betrug $3.7M (Verlust je Aktie $0.31). Cash und Investitionen lagen zum 30. Sept. 2025 bei $16.9M. Das Unternehmen erwartet, dass die Alcon-Transaktion im 1Q 2026 abgeschlossen wird, vorbehaltlich der FTC-Prüfung.
الإيرادات كانت $14.3M، بارتفاع قدره 6% من الربع الثالث 2024، مدفوعة بنحو 11% أعلى في حجم الإجراءات. الشركة وضعت 18 ALLY Systems في الربع، مما رفع قاعدة ALLY المثبتة إلى نحو 185 (ارتفاع 77% على أساس سنوي) والقاعدة الكلية للليزر المثبتة إلى نحو 425 (ارتفاع 20% على أساس سنوي)؛ الطلب في الرصيد يشمل 18 ALLY Systems قيد التثبيت.
المصاريف والنتائج: ارتفع SG&A إلى $12.0M (زيادة 98%) ويرجع ذلك بشكل رئيسي إلى حوالي $5.3M من تكاليف الاستحواذ لصفقة الاندماج المقترحة مع ألكون؛ كانت الخسارة الصافية $3.7M (خسارة السهم $0.31). كانت السيولة والاستثمارات $16.9M في 30 سبتمبر 2025. تتوقع الشركة إتمام صفقة ألكون في الربع الأول من 2026، رهناً بمراجعة FTC.
- Total revenue $14.3M in 3Q 2025 (+6% YoY)
- Procedure volume ~11% higher in 3Q 2025 vs 2024
- ALLY placed 18 systems in 3Q; ALLY base ~185 (+77% YoY)
- Total installed base ~425 systems (+20% YoY)
- SG&A rose to $12.0M in 3Q 2025 (+98% YoY) due to $5.3M acquisition-related costs
- Net loss $3.7M in 3Q 2025 vs $1.5M loss in 3Q 2024
- Cash and investments declined to $16.9M from $22.5M at Dec 31, 2024
Insights
ALLY adoption and procedure volume rose, revenues edged up, but transaction costs widened the quarterly loss; acquisition now expected to close in
LENSAR shows clear commercial traction: total revenue rose to
Costs related to the proposed acquisition by Alcon materially affected profitability: SG&A rose by ~
Watch the pace of system installations and procedure growth over the next two quarters as concrete indicators of sustainable revenue expansion, monitor quarterly recurring revenue mix and adjusted EBITDA improvement, and track any FTC developments ahead of the expected close in
18 ALLY Robotic Cataract Laser Systems® (“ALLY Systems”) placed in 3Q 2025; Backlog of 18 ALLY Systems pending installation as of September 30, 2025
ALLY installed base grew
ORLANDO, Fla., Nov. 06, 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 quarter ended September 30, 2025 and provided an update on key operational initiatives.
“We are pleased with the continued adoption of ALLY both in the U.S. and abroad, as well as the continuous, positive feedback from surgeons reinforcing ALLY’s compelling value proposition,” said Nick Curtis, President and CEO of LENSAR. “We grew the ALLY installed base significantly over the past 12 months and achieved solid growth in procedure volume compared to the third quarter of 2024. We continue to deliver increased value to our surgeon partners through higher efficiencies and excellent patient outcomes. In association with our pending acquisition by Alcon, we continue to work collaboratively with the U.S. Federal Trade Commission, responding to its request for additional information, and now expect the transaction to close in the first quarter of 2026.”
Third Quarter 2025 Financial Results
Total revenue for the quarter ended September 30, 2025 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 September 30, | Nine Months Ended September 30, | |||||||||||||||
| (Dollars in thousands) | 2025 | 2024 | 2025 | 2024 | ||||||||||||
| System | $ | 3,546 | $ | 3,660 | $ | 8,754 | $ | 7,404 | ||||||||
| Recurring revenue: | ||||||||||||||||
| Procedure | 7,821 | 6,918 | 24,441 | 20,141 | ||||||||||||
| Lease | 1,560 | 1,724 | 5,089 | 5,623 | ||||||||||||
| Service | 1,389 | 1,237 | 4,126 | 3,595 | ||||||||||||
| Total recurring revenue | 10,770 | 9,879 | 33,656 | 29,359 | ||||||||||||
| Total revenue | $ | 14,316 | $ | 13,539 | $ | 42,410 | $ | 36,763 | ||||||||
| Recurring revenue % | ||||||||||||||||
The following table provides information about procedure volume:
| 2025 | 2024 | 2023 | ||||
| Q1 | 52,347 | 39,486 | 31,600 | |||
| Q2 | 52,100 | 42,203 | 35,349 | |||
| Q3 | 46,811 | 42,231 | 32,649 | |||
| Total | 151,258 | 123,920 | 99,598 | |||
Selling, general and administrative expenses were
Research and development expenses were
Net loss for the quarter ended September 30, 2025, was
Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) for the quarter ended September 30, 2025 was (
As of September 30, 2025, the Company had cash, cash equivalents, and investments of
Conference Call
Following the announcement of LENSAR’s definitive agreement to be acquired by Alcon, the Company will not be hosting an earnings conference call this quarter.
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 Alcon Transaction, regulatory review of the Alcon Transaction and the expected timing of the closing of the Alcon Transaction, 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: (i) the proposed merger may not be completed in a timely manner or at all, including the risk that any required regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the Company or the expected benefits of the proposed merger; (ii) the failure to realize the anticipated benefits of the proposed merger; (iii) the possibility that competing offers or acquisition proposals for the Company will be made; (iv) risks that the milestone related to the contingent value right is not achieved; (v) the possibility that any or all of the various conditions to the consummation of the merger may not be satisfied or waived, including the failure to receive any required regulatory approvals from any applicable governmental entities (or any conditions, limitations or restrictions placed on such approvals); (vi) the occurrence of any event, change or other circumstance that could give rise to the termination of the merger, including in circumstances which would require the Company to pay a termination fee or other expenses; (vii) the effect of the announcement or pendency of the merger on the Company’s ability to retain and hire key personnel, or its operating results and business generally, (viii) there may be liabilities related to the merger that are not known, probable or estimable at this time or unexpected costs, charges or expenses; (ix) the merger may result in the diversion of management’s time and attention to issues relating to the merger; (x) there may be significant transaction costs in connection with the merger; (xi) adverse consequences of legal proceedings instituted against the Company following the announcement of the merger; and (xii) the Company’s stock price may decline significantly if the merger is not consummated. 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 Quarterly Report on Form 10-Q for the quarterly period ended June 30, 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 quarterly period ended September 30, 2025, 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, acquisition-related costs, and impairment of intangible assets 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, impairment of intangible assets is a non-cash charge that is not indicative of our core operating results and acquisition-related 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 September 30, | Nine Months Ended September 30, | |||||||||||||||
| (Dollars in thousands) | 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net loss | $ | (3,713) | $ | (1,502) | $ | (32,822) | $ | (12,702) | ||||||||
| Less: Interest income | (133) | (153) | (485) | (511) | ||||||||||||
| Add: Depreciation expense | 928 | 774 | 2,637 | 2,087 | ||||||||||||
| Add: Amortization expense | 229 | 232 | 691 | 738 | ||||||||||||
| EBITDA | (2,689) | (649) | (29,979) | (10,388) | ||||||||||||
| Add: Stock-based compensation expense | 850 | 668 | 2,270 | 2,003 | ||||||||||||
| Add: Change in fair value of warrant liabilities | (3,734) | 410 | 13,648 | 3,838 | ||||||||||||
| Add: Acquisition-related costs | 5,275 | — | 13,674 | — | ||||||||||||
| Add: Impairment of intangible assets | — | — | — | 3,729 | ||||||||||||
| Adjusted EBITDA | $ | (298) | $ | 429 | $ | (387) | $ | (818) | ||||||||
| LENSAR, Inc. STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (In thousands, except per share amounts) | ||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenue | ||||||||||||||||
| Product | $ | 11,367 | $ | 10,578 | $ | 33,195 | $ | 27,545 | ||||||||
| Lease | 1,560 | 1,724 | 5,089 | 5,623 | ||||||||||||
| Service | 1,389 | 1,237 | 4,126 | 3,595 | ||||||||||||
| Total revenue | 14,316 | 13,539 | 42,410 | 36,763 | ||||||||||||
| Cost of revenue (exclusive of amortization) | ||||||||||||||||
| Product | 5,649 | 4,473 | 14,430 | 10,914 | ||||||||||||
| Lease | 909 | 790 | 2,598 | 2,056 | ||||||||||||
| Service | 1,722 | 2,010 | 5,197 | 5,050 | ||||||||||||
| Total cost of revenue | 8,280 | 7,273 | 22,225 | 18,020 | ||||||||||||
| Operating expenses | ||||||||||||||||
| Selling, general and administrative expenses | 12,020 | 6,077 | 34,827 | 19,657 | ||||||||||||
| Research and development expenses | 1,367 | 1,202 | 4,326 | 3,994 | ||||||||||||
| Amortization of intangible assets | 229 | 232 | 691 | 738 | ||||||||||||
| Impairment of intangible assets | — | — | — | 3,729 | ||||||||||||
| Total operating expenses | 13,616 | 7,511 | 39,844 | 28,118 | ||||||||||||
| Operating loss | (7,580) | (1,245) | (19,659) | (9,375) | ||||||||||||
| Other income (expense) | ||||||||||||||||
| Change in fair value of warrant liabilities | 3,734 | (410) | (13,648) | (3,838) | ||||||||||||
| Other income, net | 133 | 153 | 485 | 511 | ||||||||||||
| Net loss | (3,713) | (1,502) | (32,822) | (12,702) | ||||||||||||
| Other comprehensive loss | ||||||||||||||||
| Change in unrealized gain (loss) on investments | 8 | 21 | (1) | 11 | ||||||||||||
| Net loss and comprehensive loss | $ | (3,705) | $ | (1,481) | $ | (32,823) | $ | (12,691) | ||||||||
| Net loss per common share: | ||||||||||||||||
| Basic and diluted | $ | (0.31) | $ | (0.13) | $ | (2.75) | $ | (1.11) | ||||||||
| Weighted-average number of common shares used in calculation of net loss per share: | ||||||||||||||||
| Basic and diluted | 12,044 | 11,604 | 11,920 | 11,481 | ||||||||||||
| LENSAR, Inc. BALANCE SHEETS (In thousands, except per share amounts) | ||||||||
| September 30, 2025 | December 31, 2024 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 7,637 | $ | 16,263 | ||||
| Short-term investments | 9,232 | 6,192 | ||||||
| Accounts receivable, net of allowance of | 5,901 | 6,085 | ||||||
| Notes receivable, net of allowance of | 287 | 395 | ||||||
| Inventories | 20,596 | 11,428 | ||||||
| Prepaid and other current assets | 776 | 1,616 | ||||||
| Total current assets | 44,429 | 41,979 | ||||||
| Property and equipment, net | 555 | 664 | ||||||
| Equipment under lease, net | 16,064 | 13,767 | ||||||
| Notes and other receivables, long-term, net of allowance of | 806 | 1,160 | ||||||
| Intangible assets, net | 5,421 | 6,112 | ||||||
| Other assets | 2,929 | 2,615 | ||||||
| Total assets | $ | 70,204 | $ | 66,297 | ||||
| Liabilities, redeemable convertible preferred stock, and stockholders’ (deficit) equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 14,794 | $ | 5,995 | ||||
| Accrued liabilities | 7,894 | 6,807 | ||||||
| Deferred revenue | 2,344 | 1,677 | ||||||
| Operating lease liabilities | 693 | 524 | ||||||
| Acquisition-related deposit | 10,000 | — | ||||||
| Total current liabilities | 35,725 | 15,003 | ||||||
| Long-term operating lease liabilities | 2,187 | 2,090 | ||||||
| Warrant liabilities | 43,504 | 29,856 | ||||||
| Other long-term liabilities | 911 | 702 | ||||||
| Total liabilities | 82,327 | 47,651 | ||||||
| Series A Redeemable Convertible Preferred Stock, par value | 13,784 | 13,784 | ||||||
| Stockholders’ (deficit) equity: | ||||||||
| Preferred stock, par value | — | — | ||||||
| Common stock, par value | 119 | 116 | ||||||
| Additional paid-in capital | 150,086 | 148,035 | ||||||
| Accumulated other comprehensive income | 5 | 6 | ||||||
| Accumulated deficit | (176,117) | (143,295) | ||||||
| Total stockholders’ (deficit) equity | (25,907) | 4,862 | ||||||
| Total liabilities, redeemable convertible preferred stock, and stockholders’ (deficit) equity | $ | 70,204 | $ | 66,297 | ||||
FAQ
What were LENSAR (LNSR) revenues and procedure trends in 3Q 2025?
How many ALLY systems did LENSAR (LNSR) place and what is the installed base as of Sept 30, 2025?
What caused LENSAR's (LNSR) higher SG&A in 3Q 2025?
What was LENSAR's (LNSR) net loss and cash position at Sept 30, 2025?
Is LENSAR's (LNSR) proposed acquisition by Alcon still expected to close and when?
