10-Q · May 8, 2026
LENSAR, Inc. reported poor performance for Q4 2026, with revenue of $16.025 million and an EPS of -0.12, failing to meet expectations. The company saw a revenue decline of 5% compared to the prior year, primarily due to…
Earnings analysis · 10-Q
LNSR earnings analysis
Filed August 13, 2026 · Our reading of the company's report
The latest report
LENSAR delivered a materially improved quarter, with revenue of $16.495 million versus approximately $14 million in 2025 Q2 and diluted EPS of $0.10 versus a $0.15 loss. Recurring revenue, procedure revenue and…
Read full summary
LENSAR delivered a materially improved quarter, with revenue of $16.495 million versus approximately $14 million in 2025 Q2 and diluted EPS of $0.10 versus a $0.15 loss. Recurring revenue, procedure revenue and procedure volume grew 20%, 23% and 13%, respectively, while the company added a $10.0 million revolving facility and held $13.6 million of cash and investments. However, near-term profitability remains uncertain, with management expecting continued losses, an accumulated deficit of $137.7 million, tariff-related margin pressure and increased competitive and regulatory risks.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.1
- Segment
- Recurring revenue: increased 20% versus the prior-year quarter; dollar amount not disclosed.
- Segment
- Procedure revenue: increased 23% versus the prior-year quarter; dollar amount not disclosed.
- Segment
- Procedure volume: increased 13% versus the prior-year quarter; dollar amount not disclosed.
What stood out
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Revenue grew and beat consensus
Revenue was $16.495 million, up from approximately $14 million in 2025 Q2 and above the $14.65 million consensus estimate by $1.845 million.
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EPS turned positive
Diluted EPS was $0.10 versus a $0.15 loss in 2025 Q2 and the $0.27 loss consensus, marking a return to quarterly profitability.
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Recurring and procedure trends improved
Recurring revenue, procedure revenue and procedure volume increased 20%, 23% and 13%, respectively, versus the prior-year quarter.
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Liquidity supported by cash and unused revolver
The company held $13.6 million of cash, cash equivalents and short-term and long-term investments at June 30, 2026, and had no borrowings under its revolving credit facility as of August 13, 2026.
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New $10 million revolving facility
On August 10, 2026, the company entered into a $10.0 million asset-based revolving credit facility, expanding potential liquidity capacity through August 10, 2028.
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No reported control deficiencies
Management concluded that disclosure controls were effective at the reasonable-assurance level as of June 30, 2026, and reported no material changes in internal control during the quarter.
What to watch
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Profitability and liquidity remain uncertain
Liquidity remains dependent on execution: cash, cash equivalents and investments totaled $13.6 million at June 30, 2026, while the company states it expects to continue incurring near-term losses and had an accumulated deficit of $137.7 million.
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Credit facility imposes constraints
The new $10.0 million revolving facility requires at least $3.0 million of cash to remain on deposit until specified EBITDA conditions are met and includes a 1.25-to-1.00 debt-service-coverage requirement beginning as early as March 31, 2027 or the first quarter in which the facility is drawn.
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Customer and distributor concentration
The company relies on international distributors, and one customer represented approximately 14% of revenue for the six months ended June 30, 2026, creating concentration and distributor-dependency risk.
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Tariffs pressure margins
Tariffs have increased component costs for the ALLY System and PIDs; management states it has not passed those costs to customers, negatively affecting gross margin, and that tariff refunds may not fully offset related costs.
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New competitor product expected
Bausch + Lomb anticipates launching its second-generation SeeLyra femtosecond laser in the second half of 2026, creating a potential competitive threat to the ALLY System.
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Medical-device compliance burden increased
The FDA Quality Management System Regulation became effective February 2, 2026, and may impose additional or different compliance requirements despite the company’s ISO 13485-oriented quality system.
Management's outlook
No quantitative revenue or EPS guidance was provided in the supplied 10-Q text. Management stated that current cash and cash equivalents, together with future product-sale and lease cash generation, are expected to fund operations for at least one year from the financial-statement issuance date.
Earlier filings 4
10-K · April 30, 2026
LENSAR, Inc. delivered a mixed performance in its latest 10-K filing for the fiscal year ended December 31, 2025. The company reported total revenues of $68 million for the year, showing growth from prior periods…
10-K · March 31, 2026
LENSAR positions itself as a commercial-stage medical device company focused on advanced laser systems (LLS and ALLY) to address corneal astigmatism and improve refractive cataract outcomes. Revenue was roughly flat…
10-Q · May 8, 2025
Revenue rose to $14.159M in Q1 2025 from $10.588M in Q1 2024 (+$3.571M, +33.7%), driven mainly by Product sales; however, operating loss widened to $(5.790)M and GAAP net loss jumped to $(27.345)M due to a $21.714M…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.