LENSAR Reports 27% Revenue Growth to $53.5 Million for Fiscal Year 2024

LENSAR, Inc. reported a significant increase in revenue for the fiscal year ending December 31, 2024, achieving $53.5 million, a 27% rise from $42.2 million in 2023. This growth was primarily driven by a 30% increase in product revenue, which reached $41.1 million, attributed to higher sales of the ALLY Robotic Cataract Laser Treatment System and increased procedure volumes. The company also noted a 17% increase in lease revenue, totaling $7.5 million, and a 20% rise in service revenue, which amounted to $4.9 million. Despite this revenue growth, LENSAR reported a net loss of $31.4 million for 2024, compared to a loss of $14.4 million in the previous year, reflecting ongoing investments in commercialization and regulatory efforts.

The company has made strategic advancements, including the launch of the ALLY System, which received FDA clearance in June 2022 and began commercialization in August 2022. The system has since gained regulatory approval in the European Union, India, and Taiwan, with ongoing efforts to secure additional certifications in South Korea and China. As of December 31, 2024, LENSAR had approximately 385 systems installed across 16 countries, with about 50% of these in the United States. The company’s market share in laser-assisted cataract surgery was estimated at 16.1% in 2023, with an average of 437 procedures per installed device, surpassing the industry average of 385.

Operationally, LENSAR has focused on expanding its sales and marketing organization, which included approximately 65 commercial professionals as of the end of 2024. The company anticipates continued growth in selling and marketing expenses to support the ALLY System's expansion. However, LENSAR faces challenges, including supply chain disruptions and inflationary pressures that have impacted production costs and overall financial performance. The company has also recorded an impairment of $3.9 million related to certain intangible assets due to a strategic decision to discontinue integration with a third-party supplier.

Looking ahead, LENSAR's management expressed cautious optimism about future growth, contingent on the successful commercialization of the ALLY System and the ability to navigate regulatory landscapes effectively. The company expects to continue incurring losses in the near term as it builds its commercial infrastructure and pursues further regulatory clearances. Additionally, LENSAR's liquidity will depend on its ability to generate revenue from product sales and leases, with current cash reserves expected to sustain operations for at least one year. The company is also exploring options for raising additional capital to support its growth strategy, which may include equity or debt financing.