LENSAR (LNSR)
NASDAQ:LNSR
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LENSAR
(NASDAQ:LNSR)
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Rating:47Neutral
Price Target:
$5.50
▼(-52.63% Downside)
Action:Reiterated
Date:05/09/26
The score is held down primarily by weak financial quality—ongoing operating losses, significant negative operating/free cash flow, and a net income figure that appears non-operating—alongside a bearish technical setup (below key moving averages with negative MACD). Earnings-call commentary provides partial offset via improving operational KPIs and guidance aimed at restoring performance and improving cash flow, while valuation looks optically cheap due to a very low P/E but is tempered by questions about earnings durability.
Positive Factors
Recurring revenue growth
A growing, high-share recurring revenue base (> $50M annualized; ~79% of Q4 revenue) increases revenue predictability and margin stability. Over 2–6 months this supports cash flow resilience and reduces dependency on lumpy capital equipment sales for core business performance.
Negative Factors
Persistent cash burn
Sustained negative operating and free cash flow (-$12.2M TTM) indicates the business currently consumes cash despite recurring revenues. Over 2–6 months this limits organic reinvestment capacity, raises reliance on credit or equity, and places pressure on management to achieve cost discipline and utilization improvements to reach breakeven cash flow.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring revenue growth
A growing, high-share recurring revenue base (> $50M annualized; ~79% of Q4 revenue) increases revenue predictability and margin stability. Over 2–6 months this supports cash flow resilience and reduces dependency on lumpy capital equipment sales for core business performance.
Read all positive factors
LENSAR (LNSR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$73.72M
Dividend YieldN/A
Average Volume (3M)58.95K
Price to Earnings (P/E)0.5
Beta (1Y)0.90
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 Cap0.87
Enterprise Value/Revenue1.11
Enterprise Value/Gross Profit2.44
Enterprise Value/Ebitda-7.85
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., a commercial-stage medical device company, focuses on designing, developing, and marketing a femtosecond laser system for the treatment of cataracts and the management of pre-existing or surgically induced corneal astigmatism. Its LE...
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:Mar 31, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Positive
The call conveyed a generally positive operational picture despite material near-term disruptions. Key strengths include strong recurring revenue growth (+15% YoY), robust procedure volume growth (+22% FY), rapid installed-base expansion (+48% ALLY YoY), positive adjusted EBITDA, and recovery of a $10M deposit plus concessions on acquisition liabilities. Primary challenges stem from the terminated acquisition and consequent distributor/customer uncertainty that depressed international system sales, elevated SG&A and merger-related expenses, and caused transient margin pressure. Management expects a multi-quarter re-acceleration as distributors reengage and commercial activities ramp, positioning the company to return to historical operating cadence.Positive Updates
Recurring Revenue Growth and Stability
Recurring revenue grew 15% year-over-year for fiscal 2025 (full year recurring revenue $46.3M vs $40.1M in 2024). Recurring revenue in Q4 increased 17% to $12.7M and annualizes to over $50M, representing ~79% of Q4 revenue and providing a stable, higher-margin revenue base.
Negative Updates
Acquisition Termination and Regulatory Headwind
The proposed acquisition by Alcon was mutually terminated due to anticipated FTC action to enjoin the deal. Although the event validated product value, it created nine-plus months of operating uncertainty that disrupted distributor activity and customer decision-making.
Read all updates
Q4-2025 Updates
Positive
Negative
Recurring Revenue Growth and Stability
Recurring revenue grew 15% year-over-year for fiscal 2025 (full year recurring revenue $46.3M vs $40.1M in 2024). Recurring revenue in Q4 increased 17% to $12.7M and annualizes to over $50M, representing ~79% of Q4 revenue and providing a stable, higher-margin revenue base.
Read all positive updates
Company Guidance
Management guided a gradual return to historical operating performance over the next several quarters of 2026 with three priorities—accelerate revenue growth (more system placements and higher utilization), maintain cost discipline, and enhance cash flow—and provided quantifiable targets: FY2026 gross margin expected in the 46%–49% range, no more than a 10% increase in cash‑based operating expenses (ex‑amortization and stock comp), and reengagement of OUS distributors to reaccelerate system sales. They noted key 2025 metrics underpinning the guidance: total revenue +9% YoY for 2025, Q4 revenue $16.0M (−4% YoY), recurring revenue +15% for 2025 (Q4 recurring $12.7M, annualizing >$50M; FY recurring $46.3M vs $40.1M in 2024), Q4 adjusted EBITDA $595K and positive adjusted EBITDA for the year, Q4 gross margin $6.9M (43%) and FY gross margin 46% (vs 48% in 2024), procedures +~20% in Q4 and +22% for FY to >206,000 (and +50% vs 2023), installed base >200 ALLY systems (up 48% YoY) and combined ALLY+LLS ~435 (up 13%), backlog of 13 systems, FY system sales 20 (vs 23 in 2024) with 12 US ALLY sales in Q4 and only 1 OUS, plus transaction impacts of $17.1M acquisition costs in 2025 (≈$14M unpaid at year‑end with ~$4.3M to be forgiven and $5M deferred to May 2027) and the $10M transaction deposit now released from escrow (Dec 31 cash reported at $18M; $10M liability to be eliminated in Q1 2026).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 | -20.08M | -3.00M | -8.71M | -16.77M | -16.89M |
| 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
Neutral
11.61
Price Trends
5.91
Positive
8.95
Negative
10.38
Negative
Market Momentum
-0.06
Negative
55.26
Neutral
78.98
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LNSR, the sentiment is Neutral. The current price of 11.61 is above the 20-day moving average (MA) of 5.61, above the 50-day MA of 5.91, and above the 200-day MA of 10.38, indicating a neutral trend. The MACD of -0.06 indicates Negative momentum. The RSI at 55.26 is Neutral, neither overbought nor oversold. The STOCH value of 78.98 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 | $273.68M | -3.92 | -59.10% | ― | 1.85% | 27.73% | |
52 Neutral | $147.91M | -3.06 | -101.28% | ― | 30.66% | 25.64% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $39.85M | -0.72 | -1344.47% | ― | 13.48% | 43.42% | |
47 Neutral | $73.72M | 0.50 | -514.92% | ― | 1.12% | ― | |
46 Neutral | $140.96M | -26.62 | 305.45% | ― | 0.96% | 28.36% | |
45 Neutral | $93.82M | -1.81 | -131.52% | ― | 15.99% | -8.91% |
* Healthcare Sector Average
LNSR
LENSAR
6.09
-7.49
-55.15%
RCEL
Avita Medical
4.58
-1.70
-27.07%
TELA
TELA Bio
0.89
-0.59
-39.86%
HYPR
Hyperfine
1.49
0.95
173.90%
SGHT
Sight Sciences
5.03
1.59
46.22%
RPID
Rapid Micro Biosystems
2.05
-1.50
-42.25%
LENSAR Corporate Events
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 ...
Business Operations and StrategyFinancial DisclosuresLegal ProceedingsM&A Transactions
LENSAR Ends Alcon Merger, Plans Strategic Update
Negative
Mar 17, 2026
On March 16, 2026, LENSAR, Inc., a Nasdaq-listed medical device maker specializing in advanced robotic laser systems for cataract and astigmatism treatment, said it has mutually agreed with Alcon Research, LLC to terminate their planned merger. Th...
Business Operations and StrategyPrivate Placements and Financing
LENSAR Secures $50 Million Priority Credit Line Facility
Positive
Mar 12, 2026
On March 12, 2026, LENSAR, Inc. announced it had entered into a Priority Credit Line Agreement with Wells Fargo Bank, N.A., establishing a revolving, non-purpose margin credit facility of up to $50 million secured by a first-priority lien on a des...
Business Operations and StrategyM&A TransactionsRegulatory Filings and Compliance
LENSAR Updates Timeline for Pending Alcon Acquisition Review
Negative
Feb 25, 2026
On February 25, 2026, LENSAR, Inc. announced that it continues to work with U.S. Federal Trade Commission staff on a Second Request for additional information related to its proposed acquisition by Alcon Research, LLC. In light of the ongoing regu...
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.