LENSAR (LNSR) AI Stock Analysis

• Market Cap: $152.05M
• Dividend Yield: N/A
• Average Volume (3M): 58.95K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.83
• Revenue Growth: 21.02%
• EPS Growth: -200.88%
• Country: US
• Employees: 140
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): -0.31
• Shares Outstanding: 11,944,546
• 10 Day Avg. Volume: 51,870
• 30 Day Avg. Volume: 58,950
• PEG Ratio: -0.03
• Price to Book (P/B): 5.52
• Price to Sales (P/S): 1.92
• P/FCF Ratio: -42.36
• Enterprise Value/Market Cap: 0.97
• Enterprise Value/Revenue: 2.49
• Enterprise Value/Gross Profit: 5.44
• Enterprise Value/Ebitda: -11.65
• 1Y Price Target: $15.00
• Price Target Upside: 29.20% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 45 Neutral
• Price Target: $11.50 ▼(-0.95% Downside)

The score is primarily constrained by weak financial performance—deep losses, continued cash burn, and negative equity—despite strong recent revenue growth and healthy gross margins. Technical indicators are broadly neutral with limited trend strength, and valuation remains unattractive due to negative earnings and no dividend.

Positive Factors

Revenue Growth & Gross Margins

Very strong TTM revenue acceleration and solid gross margins indicate the product has attractive unit economics and growing clinical adoption. Sustained high gross margins provide leverage as fixed costs amortize, supporting a path to profitability if operating expenses scale more modestly.

Recurring Revenue Model

LENSAR's model includes capital placements plus recurring procedure-based consumables and service contracts. This creates annuity-like revenue from the installed base, smoothing sales cycles, boosting lifetime customer value, and improving predictability of cash flows over the medium term.

Potential Strategic Transaction

A proposed merger with Alcon represents a structural corporate outcome. Becoming a subsidiary of a larger industry player could materially expand distribution, R&D and capital access, de-risk financing needs and accelerate adoption of LENSAR's systems across broader channels.

Negative Factors

Negative Shareholders' Equity

Equity turned negative (~-$12.1M TTM), reflecting accumulated losses and weakened capitalization. Negative shareholders' equity constrains financing options, can limit covenant flexibility, and raises the likelihood of further external funding or dilution to sustain operations and growth.

Persistent Cash Burn

TTM operating cash flow and free cash flow remain meaningfully negative, showing the business is not yet self-funding. Continued cash burn forces dependence on external financing, which can dilute shareholders, constrain strategic investments, or slow commercialization if capital access tightens.

Deep Unprofitability and Widening Losses

Despite revenue gains, net margin is roughly -85% TTM and operating losses have widened versus 2024. Persistently large losses indicate operating expenses are outpacing revenue growth, threatening sustainability unless the company materially improves margins or slows expense growth.

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 LENSAR Laser System incorporates a range of proprietary technologies designed to assist the surgeon in obtaining visual outcomes, efficiency, and reproducibility by providing imaging, procedure planning, design, and precision. The company was incorporated in 2004 and is headquartered in Orlando, Florida.

How the Company Makes Money

LENSAR generates revenue through the sale of its proprietary LENSAR Laser Systems and the associated consumables used during cataract surgeries, such as disposable tips and patient-specific software. The company also earns income from service contracts and maintenance agreements for its equipment. Significant partnerships with ophthalmic surgery centers and hospitals play a crucial role in expanding its market reach and driving sales. Additionally, LENSAR may benefit from reimbursements from insurance providers for procedures performed using its technology, enhancing its overall revenue potential.

LENSAR Financial Statement Overview

Summary

Despite very strong recent revenue acceleration and solid gross margins, the company remains deeply unprofitable with widening losses, ongoing cash burn, and a weakened balance sheet (negative equity), increasing financing risk.

Income Statement

Revenue growth has been strong, accelerating from ~19% (2023) and ~27% (2024) to ~133% in TTM (Trailing-Twelve-Months), and gross margin remains solid (~47–56%), suggesting an attractive product economics profile. However, the company is still deeply unprofitable: TTM (Trailing-Twelve-Months) net margin is roughly -85% with sizable operating losses, and losses have widened versus 2024, indicating operating expenses are scaling faster than revenue.

Balance Sheet

Reported debt is low (about $2.9M in TTM (Trailing-Twelve-Months)), which limits near-term financial leverage risk. The key concern is the sharp deterioration in capitalization: stockholders’ equity moved from positive levels in prior annual periods (e.g., ~$18.6M in 2024) to negative in TTM (Trailing-Twelve-Months) (about -$12.1M), pointing to accumulated losses and/or balance sheet pressure, which reduces flexibility and increases financing risk.

Cash Flow

Cash burn remains meaningful, with TTM (Trailing-Twelve-Months) operating cash flow around -$11.8M and free cash flow around -$11.9M, so the business is not self-funding yet. There is improvement versus 2022–2023 burn levels (less negative), but cash generation is still consistently negative across the years provided, implying continued reliance on external funding until profitability improves.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	59.14M	53.49M	42.16M	35.36M	34.46M	26.38M
Gross Profit	27.06M	25.85M	21.11M	19.95M	17.83M	14.07M
EBITDA	-12.65M	-3.00M	-8.71M	-16.77M	-16.89M	-15.36M
Net Income	-51.52M	-31.40M	-14.38M	-19.91M	-19.60M	-19.77M
Balance Sheet
Total Assets	70.20M	66.30M	69.58M	55.84M	66.47M	79.12M
Cash, Cash Equivalents and Short-Term Investments	16.87M	22.45M	24.06M	14.67M	31.64M	40.60M
Total Debt	2.88M	2.61M	2.31M	2.80M	3.31M	3.81M
Total Liabilities	82.33M	47.65M	22.41M	13.86M	11.59M	11.91M
Stockholders Equity	-12.12M	18.65M	47.18M	41.98M	54.88M	67.21M
Cash Flow
Free Cash Flow	-11.88M	-2.43M	-9.89M	-14.97M	-9.32M	-14.16M
Operating Cash Flow	-11.79M	-2.27M	-9.66M	-14.86M	-8.97M	-13.79M
Investing Cash Flow	-969.00K	-2.16M	-4.16M	-115.00K	-354.00K	-326.00K
Financing Cash Flow	9.96M	78.00K	19.76M	-1.99M	361.00K	50.00M

LENSAR Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 11.61
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LNSR, the sentiment is Positive. The current price of 11.61 is below the 20-day moving average (MA) of 11.94, above the 50-day MA of 11.40, and below the 200-day MA of 12.42, indicating a neutral trend. The MACD of 0.26 indicates Negative momentum. The RSI at 59.80 is Neutral, neither overbought nor oversold. The STOCH value of 59.17 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for LNSR.

LENSAR Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
HYPR	59 Neutral	$108.83M	-2.14	-94.03%	―	-20.10%	7.87%
RPID	57 Neutral	$196.35M	-4.44	-68.83%	―	16.63%	10.43%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SGHT	47 Neutral	$332.03M	-7.01	-57.91%	―	-4.39%	11.70%
LNSR	45 Neutral	$152.05M	-2.90	-422.35%	―	21.02%	-200.88%
RCEL	44 Neutral	$134.47M	-2.43	-1746.27%	―	20.59%	18.61%
TELA	44 Neutral	$44.53M	-1.13	―	―	12.24%	47.45%

LENSAR Corporate Events

LENSAR stockholders approve directors and auditor at meeting

On December 18, 2025, LENSAR, Inc. held its annual meeting of stockholders with approximately 88% of the company’s total voting power represented in person or by proxy. At the meeting, shareholders elected Nicholas T. Curtis, Todd B. Hammer and Aimee S. Weisner as Class II directors to serve until the 2028 annual meeting, and ratified the appointment of PricewaterhouseCoopers LLP as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2025, signaling strong shareholder support for the current board slate and audit firm arrangement.

The most recent analyst rating on (LNSR) stock is a Sell with a $10.00 price target. To see the full list of analyst forecasts on LENSAR stock, see the LNSR Stock Forecast page.

LENSAR Announces Virtual Annual Meeting Plans

LENSAR, Inc. has announced that its 2025 annual meeting of stockholders is scheduled for December 18, 2025, to be held virtually. This meeting will only occur if the proposed merger with Alcon Research, LLC is not completed before the meeting date. If the merger is completed, LENSAR will become a wholly owned subsidiary of Alcon, and the meeting will not take place. Stockholders are advised of revised deadlines for submitting proposals and nominations, which must be received by October 31, 2025.

The most recent analyst rating on (LNSR) stock is a Hold with a $12.00 price target. To see the full list of analyst forecasts on LENSAR stock, see the LNSR Stock Forecast page.