Business
LENSAR Reports First Quarter 2023 Results and Provides Business Update
Increased ALLY® Adaptive Cataract Treatment System installed base to 19 systems with a backlog of additional 13 systems as of May 12, 2023 U.S. procedure
About this update from Lensar, Inc.
[{"type":"text","content":"\nIncreased ALLY® Adaptive Cataract Treatment System installed base to 19 systems with a backlog of additional 13 systems as of May 12, 2023\n\n\nU.S. procedure volumes increased 13% over first quarter 2022; Procedure volumes increased >20% year-over-year at sites that have upgraded from LENSAR Laser System (LLS) to ALLY\n\n\nSignificantly strengthened balance sheet through $20 million private placement\n\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, 2023 and provided an update on key operational initiatives.\n\n\n“I am thrilled with the growing momentum ALLY is experiencing. It has exceeded our expectations thus far, both in terms of systems and procedure volumes,” said Nick Curtis, President and CEO of LENSAR, Inc. “We recently concluded a highly successful ASCRS Annual Meeting, where we signed contracts with two new ALLY customers, received requests for contracts representing more than 35 additional systems, and completed a record number of demos with non-LENSAR customers. Additionally, we have begun signing multi-system deals with several facilities, ahead of schedule, and have a current backlog of 13 systems pending installation. We expected that this marketplace traction would happen 12 to 18 months post-launch, but have been pleasantly surprised by how quickly these orders have come to fruition. Based on the systems placed to year-to-date, pending installs and our projected sales pipeline, we believe that 2023 installs will exceed 30, well above the 20 systems per year that LENSAR has averaged from 2020 to 2022.”\n\n\nHe added, \"On the procedure side, we are seeing a higher number of procedures being performed on ALLY Systems as compared to the LLS. On average, LLS users who transitioned to ALLY performed over 20% more procedures in Q1 2023 as compared to Q1 2022. Importantly, the total number of procedures performed on ALLY Systems has exceeded our internal expectations. We are confident that utilization will continue to increase, and alongside the growing ALLY installed base, we believe that LENSAR is positioned to further increase our market share, and drive growth in the broader FL...