Business
LENSAR Reports Third Quarter 2021 Financial Results and Provides Business Update
Third Quarter 2021 Procedure Volumes Increase 23% over 2020 Levels Cash and Cash Equivalents of $32.3 Million reflect Cash Utilization of $2.2 Million in the
About this update from Lensar, Inc.
[{"type":"text","content":"\nThird Quarter 2021 Procedure Volumes Increase 23% over 2020 Levels\n\nCash and Cash Equivalents of $32.3 Million reflect Cash Utilization of $2.2 Million in the Quarter\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 September 30, 2021 and provided an update on key strategic and operational initiatives.\n\n“The third quarter was one of continued progress on both the commercial and research and development aspects of our business. Our commercial operations have continued to rebound from the pandemic-related shutdowns, and again, demonstrated resiliency and continued growth of our business. We increased revenue 16% over the third quarter of 2020, while procedure volumes grew 23% over the third quarter of 2020. Importantly, year-to-date procedure volume through September 2021 represented a 35% and 18% growth-rate over the nine-month volume in 2020 and 2019, respectively,” said Nick Curtis, Chief Executive Officer of LENSAR. “The development and regulatory timelines for our next generation ALLY™ Adaptive Cataract Treatment System remain on track. As we progress toward the anticipated 510(k) filing for ALLY in the first quarter of 2022, we are continuing to navigate supply chain challenges to maintain our filing timeline. Interest in the ALLY Adaptive Cataract Treatment System from leading cataract and refractive surgeons worldwide continues to grow as the benefit of the industry’s first fully-integrated femtosecond laser and phacoemulsification system nears reality.”\n\nThird Quarter 2021 Financial Results\n\nTotal revenue for the quarter ended September 30, 2021 was $8.3 million, an increase of $1.1 million, or 16%, compared to total revenue of $7.1 million for the quarter ended September 30, 2020. The increase was primarily driven by increased procedure volume, and to a lesser extent, lease placements. Procedure volume exceeded the Company’s pre-COVID levels, particularly in the United States, as the Company returned to its history of growth and market expansion.\n\nFor the quarter ended September 30, 2021, approximately 87% of our revenue was attributable to recurring sources compared to 82% for the quar...