Strong LAL Revenue Mix and Gross Margin
LAL revenue was $28.2M in Q4 (in line with Q4 2024) and accounted for an all-time high 86% of total company sales in Q4 (up from 71% year-ago); Q4 gross margin improved to 77.5% vs 71.6% year-ago; full-year 2025 gross profit margin was 76.6% vs 70.7% in 2024.
Solid Full-Year Sales Growth
Full-year 2025 sales were $134.5M, an increase of 4% year-over-year, driven by a 12% increase in LAL sales despite a material LDD decline.
Expanding Installed Base
LDD installed base grew to 1,134 units at year-end 2025, up 17% from 971 at the end of 2024, providing a larger foundation to drive same-store utilization and LAL sales.
Clinical Validation and Large-Scale Data
Post-approval study accepted for publication showing 93% of LALs achieved both spherical equivalent and residual cylinder within 0.5D of target; a >20,000-eye registry presented supporting superior refractive accuracy and real-world outcomes.
Strong Liquidity and No Debt
Ended 2025 with approximately $228M in cash, cash equivalents and short-term investments and no debt, supporting continued investment and international expansion efforts.
Sequential Operational Improvement in Q4
Procedural volumes translated into Q4 LAL units of 28,611 (down 2% YoY but up 10% sequentially), and management reported improving utilization trends and early positive results from targeted commercial initiatives.
Ongoing Innovation and International Approvals
Company highlighted ~20 FDA approvals over the past 5 years, planned submissions over the next 18 months, and regulatory approvals in the EU, U.K., South Korea, Singapore, select ASEAN countries and Australia to support longer-term international growth.