Business
LENSAR Reports Fourth Quarter and Full Year 2023 Results and Provides Business Update
44 ALLY® Adaptive Cataract Treatment Systems were placed in 2023, significantly exceeding the target of 30, increasing the ALLY installed base to 54 and a
About this update from Lensar, Inc.
[{"type":"text","content":"\n44 ALLY® Adaptive Cataract Treatment Systems were placed in 2023, significantly exceeding the target of 30, increasing the ALLY installed base to 54 and a backlog of 9 additional systems as of December 31, 2023\n\n\nTotal revenue increased 18% in the fourth quarter and 19% over full year 2022\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 solutions for the treatment of cataracts, today announced financial results for the quarter and full year ended December 31, 2023 and provided an update on key operational initiatives.\n\n\n“Our strong performance throughout 2023 continued in the fourth quarter, resulting in total revenue up 18% over the fourth quarter of 2022, with full-year revenue increasing 19%. We significantly exceeded our 2023 target of 30 ALLY placements, with 15 systems placed in the fourth quarter alone, marking the highest number of installations in a quarter since ALLY’s launch. We are confident that ALLY’s superior performance and efficiency will continue to drive more widespread adoption, solidifying our position as a leader in next-generation femtosecond laser cataract surgery technology,” said Nick Curtis, President and CEO of LENSAR. “Half of our 2023 ALLY installations were to new customers, and the vast majority of these ‘new’ LENSAR customers switched from competitive systems. With continued strong growth in mind, we are working toward securing additional regulatory approvals outside the U.S. and intend to launch in select international markets subject to receiving regulatory clearances, which we expect in 2024, while continuing to expand the ALLY installed base in the U.S.”\n\n\nFourth Quarter 2023 Financial Results\n\n\nTotal revenue for the quarter ended December 31, 2023 was $12.1 million, an increase of $1.9 million, or 18%, compared to total revenue of $10.2 million for the quarter ended December 31, 2022. The increase from the fourth quarter of 2022 was primarily due to increases in ALLY System sales and procedure volume. For both the quarters ended December 31, 2023 and 2022, approximately 73% of our revenue was attributable to recurring sources.\n\n\nSelling, general and administrative expenses for the quarter ended December 31, 2023 were $6.4 million, a decrease of $0.8 mill...