Business
LENSAR Reports First Quarter 2022 Financial Results and Provides Business Update
First Quarter Revenue Increases 33% Over 2021 Levels First Quarter Procedure Volume Increases 38% Over 2021 Levels ORLANDO, Fla.--(BUSINESS WIRE)-- LENSAR,
About this update from Lensar, Inc.
[{"type":"text","content":"\nFirst Quarter Revenue Increases 33% Over 2021 Levels\n\nFirst Quarter Procedure Volume Increases 38% Over 2021 Levels\n\n ORLANDO, Fla.--(BUSINESS WIRE)--\nLENSAR, Inc. (Nasdaq: LNSR) (“LENSAR” or “the Company”), a global medical technology company focused on advanced femtosecond laser surgical solutions for the treatment of cataracts, today announced financial results for the quarter ended March 31, 2022 and provided an update on operational initiatives.\n\n“We have started 2022 on an impressive note by achieving more than 30% growth in both revenue and worldwide procedure volumes as compared to the first quarter of last year,” said Nick Curtis, Chief Executive Officer of LENSAR. “In addition, we took the first step forward in bringing our next generation innovative and disruptive technology to the marketplace with the FDA’s acceptance of our 510(k) application for the ALLY Adaptive Cataract Treatment System. Surgeons continue to respond with enthusiasm in anticipation of ALLY, as evidenced by the significant number of demonstrations we completed at the recent ASCRS Annual Meeting, more than half of which were with non-LENSAR surgeons. I’m pleased to report that an overwhelming percentage of surgeons, after seeing a demonstration, expressed interest in utilizing ALLY in their practices. The FDA’s substantive review of our application is ongoing and we anticipate launching ALLY, if cleared, this year.”\n\nFirst Quarter 2022 Financial Results\n\nTotal revenue for the quarter ended March 31, 2022 was $9.3 million, an increase of $2.3 million, or 33%, compared to total revenue of $7.0 million for the quarter ended March 31, 2021. The increase was primarily attributable to increased procedure volume as compared to the first quarter of 2021. All individual components of revenue - product, lease, and service - increased from the first quarter of 2021 with product revenue contributing the largest increase.\n\nFor the quarter ended March 31, 2022, approximately 89% of revenue was attributable to recurring sources compared to 91% for the quarter ended March 31, 2021. The following table provides information about procedure volume:\n\n\n\n\n\nThree Months Ended\n\n\nMarch 31,\n\n\n\n\n\n\n\n2022\n\n\n\n \n\n\n\n2021\n\n\n\n\n\nProcedures\n\n\n\n\n38,901\n\n\n\n\n28,122\n\n\n\n\nSelling, general and administrative expenses for the quarte...