LENSAR(LNSR) - 2023 Q4 - Annual Results

Revenue Performance - Total revenue for Q4 2023 was $12.1 million, an increase of 18% compared to $10.2 million in Q4 2022[3] - Full-year revenue for 2023 reached $42.2 million, up 19% from $35.4 million in 2022[8] - Total revenue for Q4 2023 was $12,105,000, representing a 18.3% increase from $10,232,000 in Q4 2022[29] - Product revenue increased to $9,452,000 in Q4 2023, up 21.6% from $7,771,000 in Q4 2022[29] Expenses and Losses - Net loss for Q4 2023 was $3.9 million, or ($0.35) per share, compared to a net loss of $2.5 million, or ($0.24) per share, in Q4 2022[6] - Selling, general and administrative expenses for Q4 2023 were $6.4 million, a decrease of 12% from $7.2 million in Q4 2022[4] - Research and development expenses decreased to $1.5 million in Q4 2023, down 9% from $1.6 million in Q4 2022[5] - Adjusted EBITDA for Q4 2023 was $(1,221,000), compared to $(65,000) in Q4 2022[27] - Net loss for the twelve months ended December 31, 2023, was $(14,383,000), an improvement from $(19,914,000) in 2022[29] - Operating loss for the twelve months ended December 31, 2023, was $(12,229,000), an improvement from $(20,177,000) in 2022[29] - Research and development expenses for the twelve months ended December 31, 2023, were $6,139,000, down from $11,814,000 in 2022[29] - Net loss per common share for the twelve months ended December 31, 2023, was $(1.31), an improvement from $(1.96) in 2022[29] Cash and Assets - Cash and cash equivalents as of December 31, 2023, were $24.6 million, up from $14.7 million at the end of 2022[15] - Cash and cash equivalents increased to $20,621,000 as of December 31, 2023, up from $14,674,000 in 2022[31] - Total assets grew to $69,585,000 in 2023, compared to $55,844,000 in 2022, reflecting a 24.6% increase[31] - Total liabilities increased to $22,409,000 in 2023, compared to $13,860,000 in 2022[31] Operational Highlights - 44 ALLY Adaptive Cataract Treatment Systems were placed in 2023, exceeding the target of 30, with a backlog of 9 systems as of December 31, 2023[1] - Approximately 73% of revenue in Q4 2023 was attributable to recurring sources, compared to 86% in Q4 2022[9] - Procedure volume for 2023 totaled 137,012, a slight increase from 132,113 in 2022, with a 15% increase when excluding South Korea[9][10] Future Outlook - The company expects to secure additional regulatory approvals for the ALLY System in international markets in 2024[2]