LNSR · LENSAR, Inc.

LENSAR's Q1 2026 results showed total revenue of $13.4 million, a 5% decline from $14.2 million in Q1 2025, primarily due to system sales dropping to $0.8 million from $2.6 million, partially offset by a $1.0 million increase in procedure volume. Recurring revenue, the core strength, rose 9% to $12.6 million, representing 94% of total revenue compared to 81% last year, driven by procedure revenue of $9.2 million (up from $8.3 million), lease revenue of $1.7 million, and service revenue of $1.7 million. Procedure volume grew to 54,094 from 52,347. CEO Nick Curtis attributed the system placement slowdown to market uncertainty from the terminated Alcon merger, but emphasized strong fundamentals and expects recurring revenue growth as utilization ramps and placements normalize. Operating expenses fell 68% to $4.1 million from $12.9 million, mainly from $8.6 million lower SG&A, including $4.4 million in avoided acquisition costs; excluding those, SG&A was stable at $6.9 million. R&D dipped slightly to $1.4 million. Reported net income of $36.3 million ($1.56 basic EPS) contrasted sharply with last year's $27.3 million loss, propelled by $10.0 million acquisition termination income and $23.9 million non-cash warrant liability gain from share price changes. Adjusted EBITDA was nearly breakeven at -$0.3 million. ALLY System placements were 7 units, with 205 installed and 11 in backlog; total laser base hit 440 systems, up 12% YoY. Cash stood at $13.5 million, down from $18.0 million last year. Management anticipates returning to historical placement levels post-merger uncertainty.