Business
LENSAR Reports Fourth Quarter and Full Year 2020 Financial Results and Provides Business Update
Fourth Quarter 2020 Procedure Volumes Consistent with Fourth Quarter 2019 Levels Cash and Cash Equivalents of $40.6 Million as of December 31, 2020 ORLANDO,
About this update from Lensar, Inc.
[{"type":"text","content":"\nFourth Quarter 2020 Procedure Volumes Consistent with Fourth Quarter 2019 Levels\n\nCash and Cash Equivalents of $40.6 Million as of December 31, 2020\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 fourth quarter and full year ended December 31, 2020 and provided an update on key strategic and operational initiatives.\n\n“2020 was a transformative year for LENSAR,” said Nick Curtis, Chief Executive Officer of LENSAR. “Despite the unprecedented environment due to the COVID-19 pandemic, we were able to successfully complete a spin-off from our former parent, PDL BioPharma, Inc. (“PDL”), grow our installed base of LENSAR laser systems roughly 10% (to approximately 225 systems) and increase our share of the global FLACS market, providing clear evidence of LENSAR’s technology leadership in FLACS. According to recently published Market Scope data, procedure utilization on our systems continued to far exceed the rest of the industry, with an average of 430 procedures performed on each LENSAR Laser System, compared to an average of 232 procedures performed on competing systems during 2020.”\n\n“Although 2020 presented a number of operational challenges, we were encouraged by the trends in the second half of the year, particularly the procedure activity in the U.S. and Europe, which rebounded significantly from the first half of the year and surpassed second half 2019 levels. We remain steadfast in our belief that our next generation system, ALLY, will be a disruptive technology with the ability to drive improved outcomes and experience for patients and will provide improved efficiencies and financial benefit to a surgeon’s practice. We remain on track to submit an application for 510(k) clearance to the U.S. Food and Drug Administration (“FDA”) by the end of the first quarter of 2022, and if cleared, a commercial launch later in 2022.”\n\nFourth Quarter 2020 Financial Results \n\nTotal revenue for the quarter ended December 31, 2020 was $8.3 million, a decrease of 2.1% or $0.2 million, compared to total revenue of $8.5 million for the quarter ended December 31, 2019. The decrease was primarily driven by the impact of the de...