Lensar, Inc. · NASDAQ:LNSR
Lensar — Q4 2025 Earnings Presentation
18 slides from Lensar's earnings presentation, Mar 31, 2026
Slide 1: Combining Robotic Intelligence and Precision with Surgeon Expertise
March 2026 Combining Robotic Intelligence and Precision with Surgeon Expertise
Slide 2: Disclaimer
DISCLAIMER This presentation includes estimates regarding market and industry data. Unless otherwise indicated, information concerning the industry and the markets in which LENSAR, Inc. (the “Company,” “we,” “our” or “us”) operates, including management’s general expectations, market position, marke
Slide 3: Why LENSAR
WHY LENSAR Leading Laser Cataract Surgery Innovator In Growing Cataract Procedure Market Large Growing TAM • Cataract Surgery : ~32M procedures worldwide in 20251 • Significant Unmet Need; 22-29 M with treatable astigmatism – majority go untreated1,2 • Laser Cataract Surgery (LCS): ~1M procedures in
Slide 4: Patients Prefer Robotic Laser Cataract Surgery
PATIENTS PREFER Robotic Laser Cataract of patients said they Surgery13 would choose a surgeon Patients who said they would prefer to have Robotic Laser Cataract Surgery said it would make them feel: 60% who performed robotic laser cataract surgery over one who didn’t. Calm Confident Assured 4
Slide 5: Most Advanced Cataract Procedure
MOST ADVANCED CATARACT PROCEDURE Only ALLY Robotic Laser Cataract Surgery® combines robotic intelligence and precision with surgeon expertise to deliver the most advanced cataract procedure available. 5
Slide 6: Workflow Efficiencies: Significant Time Savings
WORKFLOW EFFICIENCIES Significant Time Savings14 5:18 18:49 51:27 MINUTES MINUTES MINUTES Surgeon Savings Staff Savings Patient Savings Competitive System 15:50 Competitive System 49:11 Competitive System 1:21:40 ALLY® 10:32 ALLY® 30:22 ALLY® 30:22 6
Slide 7: Your ALLY in Workflow to Increase Your Bottom Line
YOUR ALLY® IN WORKFLOW TO INCREASE YOUR BOTTOM LINE ASC Increase Savings4-6 Revenue4,6-10 Decrease ASC Increase $11.4k/Day $9k - $12k/Day $405k - $540k/Year ASC Hours Or Pt Treated $513.5k/Year 90 – 120 MIN/Day 10 More Surgeon Cases /Day $10.8k/Day $487.8k/Year “Our practice increased our conversion
Slide 8: Prior LenSx Users
PRIOR LenSx USERS No surgeon was compensated to provide a quote; however, some of these surgeons are LENSAR consultants. 8
Slide 9: Prior Catalys Users
PRIOR Catalys USERS No surgeon was compensated to provide a quote; however, some of these surgeons are LENSAR consultants. 9
Slide 10: Evidence That ALLY Is Expanding the LACS Market
EVIDENCE THAT ALLY IS EXPANDING THE LACS MARKET NEW LASER UNIT SHARE – Q4 202515 6.7% Nearly 50% of lasers installed 13.3% and/or contracted in Q4 2025 were at sites had never used a femtosecond laser, thereby expanding the LACS market15 33.3% 46.7% LENSAR New/Naïve LenSx Catalys 10
Slide 11: Evidence That LENSAR Is Expanding the LACS Market
EVIDENCE THAT LENSAR IS EXPANDING THE LACS MARKET ~50% of all lasers installed and/or contracted in Q4 2025, were with new or LACS-naïve customers15 LENSAR Lasers perform 27% more procedures1, 16 11
Slide 12: LENSAR Has Significantly Increased LACS Procedure Share
LENSAR HAS SIGNIFICANTLY INCREASED LACS PROCEDURE SHARE3 26.0% 24.0% 9.3% Increase in 23.4% 22.0% Procedure Share Since 21.8% 21.4% 21.8% 20.0% ALLY Launch 19.9% 20.4% 18.0% 18.4% 18.4% 16.0% 16.4% 16.9% 15.0% 15.6% 14.4% 14.0% 13.6% 13.5% 14.0% 14.1% 12.0% 10.0% 8.0% Q4 2021 Q1 2022 Q2 2022 Q3 2022
Slide 13: Procedure Volume
PROCEDURE VOLUME 20% Global growth 60,000 vs. Q4 2024 92% 52,347 52,100 54,756 50,000 Global growth 46,811 45,586 since ALLY launch 42,203 42,231 38,901 39,486 39,457 40,000 35,349 37,414 33,359 32,649 33,007 33,249 33,091 31,400 31,600 31,616 28,453 28,666 30,000 25,521 27,006 27,785 23,910 23,463
Slide 14: Global Installed Base
GLOBAL INSTALLED BASE 500 13% growth vs. 450 Q4 2024 425 435 410 400 67% 355 385 395 350 growth since 330 ALLY launch 295 305 310 300 271 275 285 255 260 260 250 200 150 100 50 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2022 2022 2022 2022 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 202
Slide 15: Revenue Results and Metrics
REVENUE RESULTS AND METRICS Three Months Ended Twelve Months Ended $ in thousands December 31, December 31, 2025 2024 2025 2024 Revenue System $3,375 $5,941 $12,129 $13,345 Recurring revenue Procedure 9,358 7,579 33,799 27,720 Lease 1,690 1,909 6,779 7,532 Service 1,602 1,302 5,728 4,897 Total recur
Slide 16: Financial Information
FINANCIAL INFORMATION Three Months Ended Twelve Months Ended December 31, December 31, $ in millions 2025 2024 2025 2024 Revenue $16.0 $16.7 $58.4 $53.5 % Change (4.2)% 38.2% 9.2% 26.9% Net loss ($1.5) ($18.7) ($34.3) ($31.4) EBITDA1 ($0.4) ($17.7) ($30.4) ($28.1) Add: Non-cash stock-based compensat
Slide 17: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION $ in thousands Three Months Ended Twelve Months Ended December 31, December 31, 2025 2024 2025 2024 Net loss ($1,458) ($18,702) $(34,280) $(31,404) Less: Interest income (151) (149) (636) (660) Add: Depreciation expense 944 874 3,581 2,961 Add: Amortization expense 230 232 92
Slide 18: References
References: 1. 2025 Cataract Surgical Equipment Market Report. Market Scope. July 2025. 2. Dr. Warren Hill. Assumes mid-range distribution of pre-op corneal astigmatism. Excludes irregular and other conditions that impact toric selection. 3. Market Scope Ophthalmic Manufacturer’s Report Q4 2025 4. T