LENSAR® Reports Fourth Quarter and Full Year 2025 Results and Provides Business Update

Core Insights - LENSAR, Inc. reported a 48% increase in the installed base of its ALLY Robotic Cataract Laser Systems, reaching approximately 200 systems by the end of 2025, with a backlog of 13 systems pending installation [1][4] - The company achieved recurring revenue of over $46.3 million for the full year, reflecting a 15% increase compared to 2024, with 79% of total revenue derived from recurring sources [1][3][5] - Total revenue for Q4 2025 decreased by approximately $0.7 million, or 4%, compared to Q4 2024, primarily due to a $2.6 million decline in system revenue, although worldwide procedure volume increased by approximately 20% [3][5] Financial Performance - For Q4 2025, total revenue was $16.025 million, down from $16.731 million in Q4 2024, while total revenue for the full year was $58.435 million, up from $53.494 million in 2024 [5][24] - Recurring revenue for Q4 2025 increased by $1.9 million, or 17%, compared to Q4 2024, contributing to a total recurring revenue of $46.306 million for the year [3][5] - The net loss for Q4 2025 was $1.5 million, or ($0.12) per share, significantly reduced from a net loss of $18.7 million, or ($1.61) per share, in Q4 2024 [9][24] Operational Highlights - The company placed 15 ALLY Systems in Q4 2025, contributing to a total installed base of approximately 200 systems, which is a 48% increase from the end of 2024 [4][5] - Worldwide procedure volume for 2025 increased by 22% compared to 2024, indicating robust growth in both U.S. and international markets [2][3] - Selling, general, and administrative expenses rose to $10.3 million in Q4 2025, an increase of 51% from $6.8 million in Q4 2024, primarily due to acquisition-related costs [6][8] Cash and Liabilities - As of December 31, 2025, the company had cash, cash equivalents, and investments totaling $18.0 million, down from $22.5 million at the end of 2024 [11] - Current liabilities increased significantly to $40.574 million as of December 31, 2025, compared to $15.003 million at the end of 2024, largely due to acquisition-related costs [26] Strategic Direction - The company aims to expand its share in the laser-assisted cataract surgery market and enhance the overall robotic laser cataract market, demonstrating confidence in its ALLY System's value [2] - Following the termination of the merger agreement with Alcon, the company retains a merger deposit of $10 million, which will be recorded as other income [12]