Business
LENSAR Reports Fourth Quarter and Full Year 2022 Results and Provides Business Update
Installed ten ALLY® Adaptive Cataract Treatment Systems in 2022 with contracts for six additional ALLY Systems executed in December 2022; Installations
About this update from Lensar, Inc.
[{"type":"text","content":"\nInstalled ten ALLY® Adaptive Cataract Treatment Systems in 2022 with contracts for six additional ALLY Systems executed in December 2022; Installations expected in first half 2023\n\nPositive surgeon feedback reinforces next generation speed, efficiency and economic benefits of ALLY\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 and full year ended December 31, 2022 and provided an update on key operational initiatives.\n\n“The reception to our next generation ALLY System supports our confidence in this new technology and its potential to change the cataract treatment landscape. With ten ALLY Systems installed at year end, surgeons using the system have been clear that ALLY has provided many significant and-desired improvements in surgical and operational efficiencies, resulting in economic benefits as compared to competing first generation devices. ALLY also reinforces the LENSAR value proposition by guiding excellent outcomes and improving the overall experience of the surgeon and their patients,” said Nick Curtis, Chief Executive Officer of LENSAR.\n\nA. James Khodabakhsh, MD, Chief Department of Ophthalmology, Cedars-Sinai Medical Center, a pioneer in the field of premium cataract surgery and one of the first surgeons in the world to use femtosecond laser technology for cataract removal noted, “My surgery center is the only center in the country that owns three different femtosecond laser platforms, and the LENSAR ALLY System has cut an hour to an hour and a half off my day. ALLY is so fast and so accurate that I have added at least 3 to 4 cases onto my surgery days.\"\n\nFourth Quarter 2022 Financial Results\n\nTotal revenue for the quarter ended December 31, 2022 was $10.2 million, a decrease of $1.0 million, or 9%, compared to total revenue of $11.2 million for the quarter ended December 31, 2021. The decrease from the fourth quarter of 2021 was primarily due to a decrease in procedure revenue in South Korea.\n\nFor the quarters ended December 31, 2022 and 2021, approximately 73% and 80% of our revenue was attributable to recurring sources, respectively.\n\nSelling, general and administrative expenses...