LENSAR Inc

lensar.com

What Do They Do?

Sells laser systems that help eye surgeons treat cataracts and astigmatism.

How Do They Make Money?

revenue

Segment	Share	Revenue
Product	89% FY2022: 88%
Service	11% FY2022: 12%

Who Are Their Customers?

In the United States, the company sells directly to ambulatory surgery centers, hospitals and physicians. In Europe, Asia and other targeted international markets, independent distributors sell its systems to these customers.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2024: 14% from one customer

Do Revenues Turn Into Profits?

No. It lost $34.3M in FY2025.

Operating income, FY2025

−42% of revenue

▲ +130% (Loss) vs FY2024 (−$10.7M, −20%)

Net income, FY2025

−59% of revenue

▲ +9% (Loss) vs FY2024 (−$31.4M, −59%)

Free cash flow, FY2025

−26% of revenue

▲ +513% (Loss) vs FY2024 (−$2.4M, −5%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +18%; vs $13.9M in Q2 FY2025
Net income: ▲ Now profitable; vs −$1.8M in Q2 FY2025

Product share of product and service revenue vs 88.8% in Q2 FY2025

Aug 13, 2026 Second-quarter revenue and net income rose; procedure revenue grew 23%. The company reported 18% revenue growth, 20% recurring revenue growth, and positive net income.
May 29, 2026 The board appointed Michael A. Rossi as interim chief financial officer.
Apr 15, 2026 The chief financial officer resigned and the company began a search for a replacement.

Growing. Revenue grew 70% in 4 years, from $34.5M in FY2021 to $58.4M in FY2025, about 14% a year.

Revenue over time

Product Service

$100M$50M$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Alcon, Bausch + Lomb, Carl Zeiss, Johnson & Johnson, Ziemer Ophthalmic Systems, and KERANOVA

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