LNSR · LENSAR, Inc.

LENSAR's Q4 2025 results highlight the strength of its recurring revenue model, which comprised 79% of total revenue, up from 64% a year ago, driven by a 20% increase in worldwide procedure volume to 54,756 procedures and 17% recurring revenue growth to $12.7 million. System revenue declined $2.6 million to $3.4 million due to fewer placements, but this was partially offset by higher procedures. The company placed 15 ALLY Robotic Cataract Laser Systems in the quarter, expanding the ALLY installed base 48% year-over-year to approximately 200 systems, with a backlog of 13 more pending installation. Total laser installed base grew 13% to 435 systems. Full-year recurring revenue rose 15% to $46.3 million on 22% procedure growth to 206,014. SG&A expenses surged 51% to $10.3 million due to $3.5 million in acquisition-related costs from the terminated Alcon merger, contributing to total operating expenses up 41% to $11.9 million. Despite this, net loss narrowed significantly to $1.5 million ($0.12 per share) from $18.7 million ($1.61 per share), aided by favorable warrant liability valuation changes. Adjusted EBITDA remained positive at $0.6 million, matching prior year. Cash position stood at $18.0 million at year-end, down from $22.5 million, but the company retains a $10 million merger deposit as other income. Management emphasized momentum in ALLY adoption and commitment to expanding the robotic laser cataract market post-Alcon termination.