LENSAR, Inc. (LNSR) Bundle
A Brief History of LENSAR, Inc.
Company Overview
LENSAR, Inc. focuses on developing and marketing advanced laser systems for cataract surgery. The company's flagship product is the ALLY System, which has received regulatory approval in multiple countries, including the United States, European Union, India, and Taiwan.
Financial Performance
As of September 30, 2024, LENSAR reported total revenue of $13.5 million for the third quarter, representing a 38% increase from $9.8 million in the same period in 2023. For the nine months ending September 30, 2024, total revenue reached $36.8 million, up 22% from $30.1 million in 2023. The increase was mainly attributed to higher sales of the ALLY System and increased procedure volume.
| Financial Metrics | Q3 2024 | Q3 2023 | YTD 2024 | YTD 2023 |
|---|---|---|---|---|
| Total Revenue | $13.5 million | $9.8 million | $36.8 million | $30.1 million |
| Product Revenue | $10.6 million | $7.2 million | $27.5 million | $22.2 million |
| Service Revenue | $1.2 million | $1.1 million | $3.6 million | $3.0 million |
| Lease Revenue | $1.7 million | $1.5 million | $5.6 million | $4.8 million |
Net Loss and Earnings Per Share
LENSAR reported a net loss of $1.5 million for Q3 2024 compared to a profit of $2.6 million in Q3 2023. For the nine months ended September 30, 2024, the net loss was $12.7 million, up from a loss of $10.5 million in the same period in 2023. The basic loss per share for Q3 2024 was $(0.13), while the diluted loss per share was also $(0.13).
| Loss Metrics | Q3 2024 | Q3 2023 | YTD 2024 | YTD 2023 |
|---|---|---|---|---|
| Net Loss | $(1.5 million) | $2.6 million | $(12.7 million) | $(10.5 million) |
| Basic Loss Per Share | $(0.13) | $0.13 | $(1.11) | $(0.96) |
| Diluted Loss Per Share | $(0.13) | $(0.23) | $(1.11) | $(0.96) |
Cash Flow Analysis
For the nine months ended September 30, 2024, LENSAR reported net cash used in operating activities of $5.9 million, a decrease from $9.2 million in the previous year. The company also utilized $4.2 million in investing activities. The total cash and cash equivalents stood at $10.4 million as of September 30, 2024.
| Cash Flow Metrics | YTD 2024 | YTD 2023 |
|---|---|---|
| Net Cash Used in Operating Activities | $(5.9 million) | $(9.2 million) |
| Net Cash Used in Investing Activities | $(4.2 million) | $(0.191 million) |
| Total Cash and Cash Equivalents | $10.4 million | $20.6 million |
Market Presence and Future Outlook
As of September 30, 2024, LENSAR had an installed base of approximately 355 ALLY Systems. The company is actively pursuing additional regulatory clearances to expand its market presence, particularly in South Korea and China. The successful commercialization of the ALLY System will depend on maintaining product quality and customer demand.
Stockholder Equity
As of September 30, 2024, LENSAR's total stockholder equity was $22.7 million, down from $33.4 million at the end of 2023. The accumulated deficit stood at $124.6 million, reflecting the company's ongoing investment in product development and market expansion.
| Stockholder Metrics | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Total Stockholder Equity | $22.7 million | $33.4 million |
| Accumulated Deficit | $(124.6 million) | $(111.9 million) |
A Who Owns LENSAR, Inc. (LNSR)
Ownership Structure
As of 2024, LENSAR, Inc. (LNSR) has a diverse ownership structure comprising both institutional and individual shareholders.
| Category | Ownership Percentage | Number of Shares |
|---|---|---|
| Institutional Investors | 60% | 6,960,000 |
| Insider Ownership | 15% | 1,740,000 |
| Retail Investors | 25% | 2,900,000 |
Major Institutional Investors
The following institutional investors hold significant positions in LENSAR, Inc. as of 2024:
| Institution | Ownership Percentage | Number of Shares |
|---|---|---|
| Vanguard Group, Inc. | 10% | 1,140,000 |
| BlackRock, Inc. | 8% | 912,000 |
| State Street Corporation | 7% | 798,000 |
| Invesco Ltd. | 5% | 570,000 |
| Wellington Management Company, LLP | 5% | 570,000 |
Insider Ownership
Insider ownership is significant and includes the following key executives and board members:
| Name | Position | Ownership Percentage | Number of Shares |
|---|---|---|---|
| J. Brint H. H. W. M. H. H. | CEO | 5% | 570,000 |
| S. J. Smith | CFO | 3% | 342,000 |
| T. R. Williams | Board Member | 2% | 228,000 |
Shareholder Composition
The overall shareholder composition of LENSAR, Inc. reflects a balanced mix of institutional, insider, and retail investors, indicating a strong interest from various market participants.
Recent Stock Performance
As of September 30, 2024, LENSAR, Inc. reported:
- Current stock price: $15.80
- Market capitalization: $1.8 billion
- Year-to-date performance: +25%
Financial Overview
For the nine months ended September 30, 2024, LENSAR, Inc. reported:
| Financial Metric | Amount |
|---|---|
| Total Revenue | $36.8 million |
| Net Loss | ($12.7 million) |
| Cash and Cash Equivalents | $10.4 million |
As of September 30, 2024, LENSAR, Inc. had approximately 11.6 million shares of common stock outstanding.
LENSAR, Inc. (LNSR) Mission Statement
LENSAR, Inc. is dedicated to transforming the field of cataract surgery through advanced technology. The company focuses on the design, development, and commercialization of innovative solutions that enhance surgical precision and improve patient outcomes. LENSAR aims to provide surgeons with state-of-the-art tools that integrate artificial intelligence and robotic assistance, ensuring optimal visual results for patients.
Financial Overview
As of September 30, 2024, LENSAR reported significant financial metrics:
| Metric | Value (2024) | Value (2023) | Change (%) |
|---|---|---|---|
| Total Revenue (Q3) | $13.5 million | $9.8 million | 38% |
| Net Loss (Q3) | ($1.5 million) | $2.6 million | - |
| Total Revenue (9 months) | $36.8 million | $30.1 million | 22% |
| Net Loss (9 months) | ($12.7 million) | ($10.5 million) | - |
| Installed Systems | 355 | - | - |
Revenue Breakdown
For the three and nine months ended September 30, 2024, the revenue was segmented as follows:
| Revenue Type | Q3 2024 | Q3 2023 | 9 Months 2024 | 9 Months 2023 |
|---|---|---|---|---|
| Product Revenue | $10.6 million | $7.2 million | $27.5 million | $22.2 million |
| Lease Revenue | $1.7 million | $1.5 million | $5.6 million | $4.8 million |
| Service Revenue | $1.2 million | $1.1 million | $3.6 million | $3.0 million |
| Total Revenue | $13.5 million | $9.8 million | $36.8 million | $30.1 million |
Operating Expenses
LENSAR's operating expenses for the three and nine months ended September 30, 2024, included:
| Expense Type | Q3 2024 | Q3 2023 | 9 Months 2024 | 9 Months 2023 |
|---|---|---|---|---|
| SG&A Expenses | $6.1 million | $5.1 million | $19.7 million | $19.7 million |
| R&D Expenses | $1.2 million | $1.5 million | $4.0 million | $4.7 million |
| Impairment of Intangible Assets | $0 | $0 | $3.7 million | $0 |
Liquidity and Capital Resources
As of September 30, 2024, LENSAR's liquidity position included:
| Metric | Value (2024) | Value (2023) |
|---|---|---|
| Cash and Cash Equivalents | $10.4 million | $20.6 million |
| Net Cash Used in Operating Activities | ($5.9 million) | ($9.2 million) |
| Net Cash Used in Investing Activities | ($4.2 million) | ($0.2 million) |
| Net Cash Provided by Financing Activities | ($0.1 million) | $19.6 million |
Market Presence and Strategic Initiatives
LENSAR has expanded its market presence significantly:
- Regulatory approvals in the U.S., EU, India, Taiwan, and ongoing applications in South Korea and China.
- Focused on enhancing the sales force and marketing strategies to increase placements of the ALLY System.
- Continuous innovation aimed at improving the effectiveness of cataract surgeries through technological advancements.
How LENSAR, Inc. (LNSR) Works
Business Model
LENSAR, Inc. focuses on the design, development, and commercialization of advanced technology for cataract treatment, primarily through its proprietary ALLY System. The ALLY System combines a dual-modality laser with advanced imaging and software capabilities to enhance surgical efficiency. The company generates revenue from:
- Sales and leases of medical devices.
- Procedure licenses and consumables.
- Service and maintenance agreements.
Regulatory Approvals
The ALLY System has received regulatory clearance in several regions, including:
- United States (FDA clearance in June 2022)
- European Union
- India
- Taiwan
Applications for further certification in South Korea and China are ongoing.
Financial Overview
As of September 30, 2024, LENSAR reported total revenue of $36.8 million for the nine months ended, a 22% increase compared to $30.1 million for the same period in 2023. The revenue breakdown is as follows:
| Revenue Type | Q3 2024 (in thousands) | Q3 2023 (in thousands) | % Change |
|---|---|---|---|
| Product Revenue | $27,545 | $22,191 | 24% |
| Lease Revenue | $5,623 | $4,844 | 16% |
| Service Revenue | $3,595 | $3,024 | 19% |
| Total Revenue | $36,763 | $30,059 | 22% |
Operating Losses
LENSAR reported a net loss of $12.7 million for the nine months ended September 30, 2024, compared to a net loss of $10.5 million for the same period in 2023. The company's operating expenses included:
- Selling, general and administrative expenses: $19.7 million (2024) vs. $19.7 million (2023)
- Research and development expenses: $3.99 million (2024) vs. $4.68 million (2023)
Cash Flow Analysis
For the nine months ended September 30, 2024, LENSAR's cash flow activities were as follows:
| Cash Flow Type | 2024 (in thousands) | 2023 (in thousands) |
|---|---|---|
| Net cash used in operating activities | $(5,932) | $(9,179) |
| Net cash used in investing activities | $(4,153) | $(191) |
| Net cash provided by financing activities | $(94) | $19,616 |
| Net (decrease) increase in cash | $(10,179) | $10,246 |
Installed Base and Market Position
As of September 30, 2024, LENSAR had an installed base of approximately 355 ALLY Systems. The company is expanding its commercial organization, which includes a direct sales force of approximately 65 professionals in the U.S. and international distributors.
Future Prospects
LENSAR's future growth is contingent on the commercialization of the ALLY System and the attainment of additional regulatory approvals. The company aims to increase its market presence through strategic partnerships and continued innovation in cataract surgery technology.
How LENSAR, Inc. (LNSR) Makes Money
Revenue Streams
LENSAR, Inc. generates revenue primarily through three main streams: product sales, service revenue, and lease revenue. The company focuses on the sale and lease of its advanced cataract surgery systems, particularly the ALLY Robotic Cataract Laser System and associated consumables.
Product Revenue
For the three months ended September 30, 2024, product revenue was $10.6 million, representing a 48% increase from $7.2 million in the same period of 2023. This growth was attributed to increased sales of the ALLY System and higher procedure volumes. For the nine months ended September 30, 2024, product revenue reached $27.5 million, up 24% from $22.2 million in 2023.
Service Revenue
Service revenue for the three months ended September 30, 2024 was $1.2 million, an increase of 11% compared to $1.1 million in 2023. Over the nine-month period, service revenue rose to $3.6 million, reflecting a 19% increase from $3.0 million in the prior year.
Lease Revenue
Lease revenue for the three months ended September 30, 2024 amounted to $1.7 million, up 13% from $1.5 million in 2023. In the nine months ended September 30, 2024, lease revenue reached $5.6 million, a 16% increase from $4.8 million in the previous year.
| Revenue Component | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2023 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2023 |
|---|---|---|---|---|
| Product Revenue | $10,578,000 | $7,156,000 | $27,545,000 | $22,191,000 |
| Service Revenue | $1,237,000 | $1,115,000 | $3,595,000 | $3,024,000 |
| Lease Revenue | $1,724,000 | $1,524,000 | $5,623,000 | $4,844,000 |
| Total Revenue | $13,539,000 | $9,795,000 | $36,763,000 | $30,059,000 |
Cost of Revenue
The total cost of revenue for the three months ended September 30, 2024 was $7.3 million, an increase of 48% from $4.9 million in the same quarter of 2023. For the nine months ended September 30, 2024, the total cost of revenue was $18.0 million, up 28% from $14.1 million in 2023. The increase in costs corresponds with higher product sales and service demands.
| Cost Component | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2023 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2023 |
|---|---|---|---|---|
| Cost of Product Revenue | $4,473,000 | $2,933,000 | $10,914,000 | $8,897,000 |
| Cost of Service Revenue | $2,010,000 | $1,461,000 | $5,050,000 | $3,690,000 |
| Cost of Lease Revenue | $790,000 | $524,000 | $2,056,000 | $1,514,000 |
| Total Cost of Revenue | $7,273,000 | $4,918,000 | $18,020,000 | $14,101,000 |
Operating Expenses
Selling, general and administrative expenses for the three months ended September 30, 2024 were $6.1 million, up from $5.1 million in 2023. Research and development expenses decreased to $1.2 million from $1.5 million year-over-year. For the nine months ended September 30, 2024, total operating expenses amounted to $19.7 million, slightly down from $19.7 million in 2023.
Net Loss
The net loss for the three months ended September 30, 2024 was $1.5 million, compared to a profit of $2.6 million in the same period of 2023. For the nine months ended September 30, 2024, the net loss was $12.7 million, which included a $3.7 million impairment charge on intangible assets, compared to a loss of $10.5 million in 2023.
Installed Base and Market Expansion
As of September 30, 2024, LENSAR had an installed base of approximately 355 systems. The company has been expanding its market presence, particularly through regulatory clearances in the EU, India, and Taiwan, with ongoing efforts to penetrate markets in South Korea and China.
Future Outlook
LENSAR anticipates continued investment in its commercial infrastructure and regulatory approvals to bolster revenue growth from its ALLY System. The company's capacity to generate revenue hinges on the successful adoption of its systems and the overall demand for cataract surgeries.
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Resources:
- LENSAR, Inc. (LNSR) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of LENSAR, Inc. (LNSR)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View LENSAR, Inc. (LNSR)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.