Lensar - W/I | 10-Q: FY2025 Q3 Revenue Misses Estimate at USD 14.32 M

Revenue: As of FY2025 Q3, the actual value is USD 14.32 M, missing the estimate of USD 17.75 M.

EPS: As of FY2025 Q3, the actual value is USD -0.31, missing the estimate of USD -0.08.

EBIT: As of FY2025 Q3, the actual value is USD -7.713 M.

Segment Revenue

• Product Revenue: $11,367 thousand for the three months ended September 30, 2025, compared to $10,578 thousand for the same period in 2024, representing a 7% increase. For the nine months ended September 30, 2025, product revenue was $33,195 thousand, compared to $27,545 thousand in 2024, a 21% increase.
• Lease Revenue: $1,560 thousand for the three months ended September 30, 2025, compared to $1,724 thousand in 2024, a 10% decrease. For the nine months ended September 30, 2025, lease revenue was $5,089 thousand, compared to $5,623 thousand in 2024, a 9% decrease.
• Service Revenue: $1,389 thousand for the three months ended September 30, 2025, compared to $1,237 thousand in 2024, a 12% increase. For the nine months ended September 30, 2025, service revenue was $4,126 thousand, compared to $3,595 thousand in 2024, a 15% increase.

Operational Metrics

• Net Loss: - $3,713 thousand for the three months ended September 30, 2025, compared to - $1,502 thousand in 2024. For the nine months ended September 30, 2025, net loss was - $32,822 thousand, compared to - $12,702 thousand in 2024.
• Operating Loss: - $7,580 thousand for the three months ended September 30, 2025, compared to - $1,245 thousand in 2024. For the nine months ended September 30, 2025, operating loss was - $19,659 thousand, compared to - $9,375 thousand in 2024.

Cash Flow

• Net Cash Used in Operating Activities: - $15,449 thousand for the nine months ended September 30, 2025, compared to - $5,932 thousand in 2024.
• Net Cash Used in Investing Activities: - $2,961 thousand for the nine months ended September 30, 2025, compared to - $4,153 thousand in 2024.
• Net Cash Provided by Financing Activities: $9,784 thousand for the nine months ended September 30, 2025, compared to - $94 thousand used in 2024.

Unique Metrics

• Procedure Volume: 151,258 procedures for the nine months ended September 30, 2025, compared to 169,506 procedures in 2024.

Future Outlook and Strategy

• Core Business Focus: The company is focused on the commercialization of the ALLY System, which has received regulatory approval in multiple countries including the United States, India, Taiwan, South Korea, and certification in the EU. The company is pursuing additional marketing or certification applications through its distributor in China.
• Non-Core Business: The company is undergoing a merger with Alcon Research, LLC, expected to close in the first quarter of 2026, subject to customary closing conditions and regulatory approvals. The merger agreement includes a contingent value right per share, representing the right to receive one contingent payment of $2.75 in cash upon achievement of 614,000 cumulative procedures between January 1, 2026, and December 31, 2027.

Priority

• Strategic Plans: The company plans to expand its presence in international markets, subject to applicable regulatory clearance or certification, and expects annual revenue and selling, general and administrative expenses to increase from current levels associated with the increase in ALLY System placements.