(Mark One) ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2023 or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q For the transition period from to Commission File Number: 001-39473 LENSAR, INC. (Exact name of registrant as specified in its charter) Delaware 32-0125724 (State or other jurisdiction of in ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2023 or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File Number: 001-39473 LENSAR, INC. (Exact name of registrant as specified in its charter) Delaware 32-0125724 (State or other jurisdiction of i ...

Financial Data and Key Metrics - Revenue for Q1 2023 was $8.3 million, down from $9.3 million in Q1 2022, primarily due to a $1.5 million decrease in revenue from South Korea [22] - Gross margin for Q1 2023 was 52%, up from 50% in Q1 2022, driven by higher-margin procedures in the US and Europe [25] - Net loss for Q1 2023 was $4.3 million, or $0.40 per share, compared to a net loss of $6.7 million, or $0.67 per share, in Q1 2022 [29] - Cash and cash equivalents stood at $8 million as of March 31, 2023, down from $14.7 million at the end of 2022 [29] Business Line Performance - The company installed five ALLY systems in Q1 2023 and four more since April 1, bringing the total install base to 19, with an additional 13 systems in backlog [8] - Procedure volumes in the US increased by 13% compared to Q1 2022, driven by the growing adoption of ALLY systems [23] - In South Korea, procedure volumes decreased by approximately 9,900 procedures, contributing to a 19% overall decline in procedure volumes compared to Q1 2022 [18][24] Market Performance - The US market accounted for 15% of all femtosecond laser-assisted cataract surgical procedures in Q1 2023, up 100 basis points from Q2 2022 [11] - Procedure volumes in Europe increased by 5% compared to Q1 2022 [23] - South Korea's market challenges, particularly with third-party payors, led to a significant decline in procedure volumes and revenue, with no clear resolution timeframe [18][19] Strategic Direction and Industry Competition - The company is focused on expanding the reach of its ALLY system, which has been well-received by the ophthalmic community, with early adopters reporting significant productivity improvements [10][12] - LENSAR has secured its first multi-system agreements and is working on additional contracts, indicating strong demand for ALLY [16][17] - The company is leveraging its advanced technology and marketing efforts to maintain a competitive edge, including active participation in major ophthalmic congresses [15] Management Commentary on Operating Environment and Future Outlook - Management highlighted the positive reception of ALLY, with early adopters reporting time savings of 1.5 to 2 hours per surgical day, leading to increased productivity and ROI [37] - Supply chain issues are easing, with greater availability of raw materials expected to improve ALLY manufacturing efficiency in the remainder of 2023 [26] - The company completed a $20 million private placement, extending its cash runway and enabling strategic investments in inventory, sales, and marketing to capitalize on ALLY's early success [20][30] Other Important Information - The company expects R&D expenditures for 2023 to approximate $7 million, consistent with Q1 2023 levels [28] - LENSAR's remote diagnostic capabilities and service infrastructure are key differentiators, ensuring high system uptime and customer satisfaction [55] Q&A Session Summary Question: Productivity improvements from ALLY adoption - Early adopters of ALLY have reported significant time savings, enabling them to perform 3-4 additional cases per day or reduce overhead costs [37] - Transitioning from previous-generation systems to ALLY has resulted in a 20% increase in procedure volumes among early adopters [38] Question: Customer preferences for ALLY acquisition (leases vs. outright sales) - Customers are increasingly opting for operating leases or outright purchases, depending on their accounting practices and access to tax benefits [40] - The company has seen a higher percentage of systems being purchased outright or through operating leases, with per-procedure fees remaining a consistent component [40] Question: Revenue growth expectations for 2023 - The company anticipates at least 20% revenue growth in 2023, despite challenges in the South Korean market, driven by strong demand for ALLY in the US [48] - Gross margins are expected to remain around 50-52% for 2023, with potential for improvement as supply chain issues abate [50] Question: Cash runway and private placement terms - The $20 million private placement significantly extends the company's cash runway, enabling investments in inventory and sales/marketing to support ALLY's launch [30][52] - Management considered alternative financing options but opted for the private placement due to favorable terms and the need to address immediate liquidity concerns [61][62] Question: Margin improvements and future expectations - Gross margin improvements in Q1 2023 were attributed to higher-margin procedures in the US and Europe, offsetting declines in South Korea [25] - Margins are expected to remain stable in the low 50s for 2023, with potential for further improvement as supply chain challenges ease [50]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2022 or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File Number: 001-39473 LENSAR, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organizat ...

LENSAR, Inc. (NASDAQ:LNSR) Q4 2022 Earnings Call Transcript March 16, 2023 8:30 AM ET Company Participants Lee Roth - Burns McClellan Nick Curtis - Chief Executive Officer Tom Staab - Chief Financial Officer Conference Call Participants Ryan Zimmerman - BTIG Operator Good morning, and thank you for your participation. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. As a reminder, this conference call will be recorded. I would now like to turn t ...

Financial Data and Key Metrics Changes - Revenue for Q3 2022 was $7.7 million, a decrease from $8.3 million in Q3 2021, primarily due to a 46% reduction in procedures outside the U.S. and Europe, particularly in South Korea [22][23] - Gross margin for the quarter was $3.9 million, representing 50%, compared to $3.9 million and 47% in Q3 2021, consistent with expectations of approximately 50% [22][23] - Net loss for the quarter was $4 million, or a $0.39 loss per share, compared to a net loss of $6.2 million, or a $0.65 loss per share in Q3 2021 [24] Business Line Data and Key Metrics Changes - U.S. procedure volumes increased approximately 9% over Q3 2021, driven by existing LENSAR laser systems, while Europe contributed a 3% increase [10][22] - The total number of procedures sold in Q3 2022 was 28,453, down from 30,765 in Q3 2021, with the decline attributed to South Korea's reimbursement issues [22][23] Market Data and Key Metrics Changes - The South Korean market experienced a significant decline in procedure volume, resulting in an approximate $725,000 decrease in revenue compared to Q3 2021 [19][22] - The U.S. market remains crucial for LENSAR, representing the largest premium surgical procedure market globally, with plans for continued market expansion [9][10] Company Strategy and Development Direction - The company successfully launched the ALLY Adaptive Cataract system in the U.S. and aims to place approximately 10 systems by the end of 2022 [7][8] - Future plans include expanding market share in the U.S. and prioritizing other markets based on premium procedure opportunities and regulatory timelines [11][21] - The company is focused on transitioning from the first-generation laser to the ALLY system, with a controlled expansion strategy [20] Management's Comments on Operating Environment and Future Outlook - Management noted strong demand for premium cataract surgeries in the U.S. despite economic uncertainties [10] - The company expects to improve gross margins as supply chain challenges lessen and production volumes increase [24][33] - Management expressed optimism about the future, highlighting positive feedback from surgeons and the potential for growth in the U.S. and European markets [18][21] Other Important Information - Cash and cash equivalents as of September 30, 2022, were $19.3 million, down from $31.6 million at the end of 2021, with cash utilized in the quarter amounting to $5.9 million [25] Q&A Session Summary Question: Can you discuss the ongoing rollout of ALLY? - Management indicated that initial systems have mostly been sold, and they are setting up centers of excellence for early sites to allow physicians to observe ALLY in action [27][28] Question: What kind of utilization are you seeing in accounts that have purchased the ALLY system? - Management reported that the ramp-up period for procedures is faster than expected, with over 1,000 procedures already completed [31][32] Question: Can you discuss your expectations for margins as the ALLY launch continues to scale? - Management expects margins to remain around 50% in the near term, with potential to increase into the mid and upper 50s as supply chain issues are resolved [33]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2022 or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File Number: 001-39473 LENSAR, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2022 or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File Number: 001-39473 LENSAR, INC. (Exact name of registrant as specified in its charter) Delaware 32-0125724 (State or other jurisdiction of in ...

LENSAR, Inc. (NASDAQ:LNSR) Q2 2022 Earnings Conference Call August 8, 2022 8:30 AM ET Company Participants Lee Roth - Burns McClellan Nicholas Curtis - Chief Executive Officer Thomas Staab - Chief Financial Officer Conference Call Participants Ryan Zimmerman - BTIG Operator Good morning and thank you for your participation. At this time, all participants are in a listen-only mode. Later, we will conduct question-and-answer session. As a reminder, this conference call will be recorded. I would now like to tu ...

Changing the Cataract Surgery Paradigm Always Surgeon Centric May 2022 Disclaimer This presentation includes estimates regarding market and industry data. Unless otherwise indicated, information concerning the industry and the markets in which LENSAR, Inc. (the "Company," "we," "our" or "us") operates, including management's general expectations, market position, market opportunity and market size, are based on management's knowledge and experience in the markets in which the Company operates, together with ...