LENSAR (LNSR)
NASDAQ:LNSR
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LENSAR
(NASDAQ:LNSR)
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Rating:49Neutral
Price Target:
$6.00
▼(-48.32% Downside)
Action:Reiterated
Date:06/01/26
The score is held back primarily by weak financial performance—ongoing operating losses and deteriorating cash burn, with recent profitability driven by non-operating items. Offsetting factors include stabilizing operational trends from the earnings call (strong recurring-revenue mix and procedure growth) and a low headline P/E, while technical signals remain mixed and corporate events add both liquidity support and merger-termination risk.
Positive Factors
High Recurring Revenue Mix
A very high recurring-revenue share (≈94%) that annualizes above $50M provides durable, predictable cash flows and reduces dependence on lumpy capital equipment sales. Over 2–6 months this stabilizes revenue, supports margin sustainability from procedures/consumables, and underpins scaling of service and consumable economics as placements grow.
Negative Factors
Weak Cash Generation
Consistent negative operating and free cash flows with rising cash burn are a structural weakness: they limit the company’s ability to fund sales, service rebuilds and international rollouts without external financing. Over the medium term this increases dilution or leverage risk and constrains strategic optionality during the rebuild period.
Read all positive and negative factors
Positive Factors
Negative Factors
High Recurring Revenue Mix
A very high recurring-revenue share (≈94%) that annualizes above $50M provides durable, predictable cash flows and reduces dependence on lumpy capital equipment sales. Over 2–6 months this stabilizes revenue, supports margin sustainability from procedures/consumables, and underpins scaling of service and consumable economics as placements grow.
Read all positive factors
LENSAR (LNSR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$68.51M
Dividend YieldN/A
Average Volume (3M)58.95K
Price to Earnings (P/E)5.8
Beta (1Y)0.92
Revenue Growth1.12%
EPS GrowthN/A
CountryUS
Employees140
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)0.98
Shares Outstanding12,104,328
10 Day Avg. Volume51,870
30 Day Avg. Volume58,950
Financial Highlights & Ratios
PEG Ratio-0.79
Price to Book (P/B)-5.34
Price to Sales (P/S)2.38
P/FCF Ratio-9.32
Enterprise Value/Market Cap0.96
Enterprise Value/Revenue1.14
Enterprise Value/Gross Profit2.52
Enterprise Value/Ebitda1.94
Forecast
1Y Price Target
$8.50Price Target Upside-26.79% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-0.31
Revenue Forecast (FY)$63.05M
LENSAR Business Overview & Revenue Model
Company Description
LENSAR, Inc. is an established medical device company that specializes in the development and commercialization of an advanced femtosecond laser system. This innovative technology is designed for the surgical treatment of cataracts and the precise...
How the Company Makes Money
LENSAR primarily generates revenue by selling its femtosecond laser cataract surgery systems (capital equipment) to hospitals and ambulatory surgery centers, and by earning recurring revenue tied to system utilization. Recurring revenue is typical...
LENSAR Earnings Call Summary
Earnings Call Date:May 08, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Neutral
The call presents a mixed but stabilizing picture: operational fundamentals improved with durable recurring revenue growth (+9% YoY to $12.6M), installed-base expansion (+12% to ~440 systems) and rising procedure volumes (~54k). At the same time, near-term financials show weaknesses driven by a sharp decline in system revenue (~$0.8M vs $2.6M prior), a negative adjusted EBITDA (-$0.31M), modest cash ($13.5M), and one-time/non‑cash items that materially inflated GAAP net income. Management reports growing commercial momentum post-transaction (demos, distributor POs, product roadmap) but acknowledges it will take several quarters to rebuild international placements and fully restore prior growth rates. Overall, the call balances encouraging operational signs and strategic clarity against measurable near-term financial and timing challenges.Positive Updates
Recurring Revenue Growth and Mix
Recurring revenue was $12.6M in Q1 2026, up $1.1M or 9% year-over-year, and represented ~94% of total revenue; management noted recurring revenue is annualizing over $50M, highlighting a more durable revenue base.
Negative Updates
Total Revenue Decline
Total revenue was $13.4M in Q1 2026, down about 5% versus $14.2M in Q1 2025, with the decline driven primarily by weaker system (capital) sales.
Read all updates
Q1-2026 Updates
Positive
Negative
Recurring Revenue Growth and Mix
Recurring revenue was $12.6M in Q1 2026, up $1.1M or 9% year-over-year, and represented ~94% of total revenue; management noted recurring revenue is annualizing over $50M, highlighting a more durable revenue base.
Read all positive updates
Company Guidance
Management gave directional (not formal) guidance focused on rebuilding over the next several quarters and outlined key metrics: Q1 revenue was $13.4M (down ~5% YoY from $14.2M) with recurring revenue $12.6M (+9% YoY) representing 94% of sales and annualizing north of $50M; system revenue was ~$0.8M versus $2.6M a year ago; gross margin was ~48% (management expects a 46–49% range); adjusted EBITDA was -$0.31M (vs. +$0.17M prior) but is expected to return to positive as placements rebound; net income was $36.3M ($1.56/sh) driven by a $23.9M warrant gain and a $10M acquisition deposit; cash was $13.5M. Operationally they placed 7 ALLY systems in Q1 (ALLY ~205 systems, total installed base ~440, +12% YoY) with 11 systems in backlog, performed ~54,000 procedures (up from ~52k) and held a U.S. procedure share of 23.4%; they expect international shipments this quarter, a 30–90 day ramp per new system, accelerating procedure-based recurring revenue as installations increase, and a judicious increase in SG&A (ex-acquisition-related run-rate ~ $6.9M) to rebuild sales and service capacity.LENSAR Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
52
Neutral
Cash Flow
24
Negative
| Breakdown | Mar 2026 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 58.44M | 53.49M | 42.16M | 35.36M | 34.46M |
| Gross Profit | 27.12M | 25.85M | 21.11M | 19.95M | 17.83M |
| EBITDA | -29.78M | -3.00M | -10.87M | -16.51M | -16.84M |
| Net Income | -34.28M | -31.40M | -14.38M | -19.91M | -19.60M |
Balance Sheet | |||||
| Total Assets | 71.43M | 66.30M | 69.58M | 55.84M | 66.47M |
| Cash, Cash Equivalents and Short-Term Investments | 17.98M | 22.45M | 24.06M | 14.67M | 31.64M |
| Total Debt | 2.73M | 2.61M | 2.31M | 2.80M | 3.31M |
| Total Liabilities | 97.45M | 47.65M | 22.41M | 13.86M | 11.59M |
| Stockholders Equity | -26.02M | 18.65M | 47.18M | 41.98M | 54.88M |
Cash Flow | |||||
| Free Cash Flow | -14.91M | -2.43M | -9.89M | -14.97M | -9.32M |
| Operating Cash Flow | -14.83M | -2.27M | -9.66M | -14.86M | -8.97M |
| Investing Cash Flow | 1.28M | -2.16M | -4.16M | -115.00K | -354.00K |
| Financing Cash Flow | 10.26M | 78.00K | 19.76M | -1.99M | 361.00K |
LENSAR Technical Analysis
Negative
11.61
Price Trends
5.70
Negative
7.80
Negative
9.73
Negative
Market Momentum
<0.01
Negative
45.75
Neutral
39.86
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LNSR, the sentiment is Negative. The current price of 11.61 is above the 20-day moving average (MA) of 5.82, above the 50-day MA of 5.70, and above the 200-day MA of 9.73, indicating a bearish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 45.75 is Neutral, neither overbought nor oversold. The STOCH value of 39.86 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for LNSR.
LENSAR Risk Analysis
LENSAR disclosed 66 risk factors in its most recent earnings report. LENSAR reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
LENSAR Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
54 Neutral | $147.91M | -3.61 | -101.28% | ― | 30.66% | 25.64% | |
53 Neutral | $285.11M | -7.40 | -59.10% | ― | 1.85% | 27.73% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $68.51M | 5.78 | -514.92% | ― | 1.12% | ― | |
47 Neutral | $36.04M | -1.02 | -1344.47% | ― | 13.48% | 43.42% | |
45 Neutral | $124.03M | -0.03 | 305.45% | ― | 0.96% | 28.36% | |
44 Neutral | $84.70M | -1.53 | -131.52% | ― | 15.99% | -8.91% |
* Healthcare Sector Average
LNSR
LENSAR
5.72
-6.77
-54.20%
RCEL
Avita Medical
3.92
-1.02
-20.65%
TELA
TELA Bio
0.79
-1.15
-59.33%
HYPR
Hyperfine
1.47
0.75
103.32%
SGHT
Sight Sciences
5.41
1.15
27.00%
RPID
Rapid Micro Biosystems
1.69
-1.69
-50.00%
LENSAR Corporate Events
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
LENSAR Appoints Interim CFO, Accelerates Governance Timeline
Positive
May 29, 2026
On May 25, 2026, LENSAR’s board appointed veteran healthcare finance executive Michael A. Rossi as interim chief financial officer and principal financial officer, effective May 29, 2026, under a consulting arrangement with Monomoy Advisors ...
Executive/Board Changes
LENSAR Announces Upcoming Chief Financial Officer Transition
Neutral
Apr 15, 2026
LENSAR, Inc., a medical device company specializing in ophthalmic laser systems for cataract and other eye surgeries, continues to focus on delivering image-guided technologies that support surgeons in achieving greater accuracy and efficiency in ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.