LENSAR(US:LNSR)2024-05-11 19:50Financial Data and Key Metrics Changes - The company reported a revenue of $10.6 million for Q1 2024, representing a 28% increase compared to $8.3 million in Q1 2023 [41] - Procedure growth was 25% year-over-year, driven by the adoption and increased productivity of the ALLY system [35] - The net loss for the quarter was $2.2 million, a significant improvement from a $4.3 million loss in Q1 2023, reflecting a 50% reduction in loss per share [43] Business Line Data and Key Metrics Changes - The company placed 10 ALLY systems in Q1 2024, increasing the installed base to approximately 65 systems [35] - ALLY system sales and worldwide procedure volume were the largest contributors to revenue growth, with procedure growth exceeding 20% across all operating regions [16] Market Data and Key Metrics Changes - The company gained a 1.5% share in the U.S. femtosecond laser-assisted cataract surgery market in Q1 2024, totaling a 4.3% market share increase since the launch of ALLY [39] - The company is currently only marketing ALLY in the U.S. while awaiting regulatory approvals for the European market [16] Company Strategy and Development Direction - The company aims to grow the overall femtosecond laser-assisted cataract surgery market by converting more femto-naive practices and increasing market share [7] - The strategy includes expanding the commercial team to accelerate market share gains and ALLY placements [17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the procedure market, particularly regarding the significant percentage of patients with visually significant astigmatism [63] - The company expects to achieve operating breakeven quarters by late 2024 and into 2025, indicating a positive outlook for future profitability [43] Other Important Information - The company anticipates additional regulatory clearances before the end of 2024, which could enhance market opportunities [5] - Operating expenses for Q1 2024 were $8.5 million, slightly down from $8.7 million in Q1 2023, primarily due to lower R&D and administrative costs [17] Q&A Session Summary Question: Can you provide details on the new orders in Q2? - The 18 new orders include 13 systems replacing competitive systems and 5 in-office surgery suites, representing new business for the company [20][21] Question: How does the company plan to scale up new sites? - It typically takes 30 to 90 days for new accounts to start purchasing procedures, depending on the number of surgeons and their familiarity with the system [22] Question: What is the current manufacturing capacity? - The company is currently running a single shift and has sufficient capacity to meet anticipated demand without issues or backorders [24] Question: What is the opportunity with older laser systems in the market? - There are approximately 1,800 competitive systems globally that are 12 to 14 years old, presenting a significant replacement opportunity for the company [49][50] Question: What is the company's outlook on sustaining growth? - Management is comfortable with the expectation of sustaining 20% plus growth on the top line [53]