Private equity-owned ophthalmology group,
EyeSouth Partners, adopts ALLY for each operating room within its
Gainesville, Georgia and Boynton Beach, Florida Ambulatory Surgery
Centers (ASCs)
Private equity-owned ophthalmology groups
account for 14% of the U.S. based ASCs performing cataract surgery
1
ALLY’s robust features and significantly
improved surgical efficiencies gain support among private equity
groups and physicians
LENSAR, 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 that it has completed the installation of multiple ALLY
Systems in five private equity-owned (“PE-owned”) ophthalmology
groups, including EyeSouth Partners’ network. EyeSouth Partners is
one of the largest PE-owned ophthalmic focused, premier networks in
the U.S., with 35 practices, 19 surgery centers, and 290 doctors
providing medical and surgical eye care services at over 160
locations. EyeSouth’s stated objective is to enable physicians to
focus on patient care, while bringing business expertise and
financial and operational efficiencies to individual practices in
its network.
The Company sees the adoption of the ALLY System by EyeSouth
Partners, and by four other PE-owned ophthalmology groups, as a
strong sign of appreciation of this recently launched system.
Several PE-owned groups, including EyeSouth Partners, have
installed ALLY systems in multiple operating rooms within their
practices or have indicated an intention to acquire additional
systems, which the Company attributes to ALLY’s procedure speed and
operational efficiency.
“Private equity-owned ASCs are increasing their share of the
cataract surgical market, now representing 14% of all ASC-based
procedures in the U.S. These groups provide an exciting new
opportunity for the ALLY System, and we believe that investment in
the laser for operating rooms is on the rise among PE-owned ASCs,
due to the system’s numerous advantages over legacy cataract
treatment technologies. We are proud to partner with these groups
and pleased that the rapid adoption of ALLY to date has enabled us
to bring the system’s benefits to a broader group of surgeons and
patients early in the launch cycle,” said Nick Curtis, CEO,
LENSAR.
“The ALLY System has brought new, advanced technology to my
cataract surgeries that has helped me to be more accurate, which
has resulted in better outcomes. The integrated pre-op data and
imaging, along with automated features such as cataract density
grading and toric IOL alignment tools, has ensured accurate
placement of each lens every time,” according to Matthew B.
Kaufman, M.D., Managing Partner of North Georgia Eye Associates, an
EyeSouth Practice in Gainesville, GA.
“The efficiency of performing a sterile procedure with the ALLY
has been a ‘game changer’ for the patients, surgeons, and staff at
EyeSouth. I can wholeheartedly state that the ALLY has been faster
and more efficient laser, superior to any other laser on the market
that I have used,” said Jack M. Chapman, Jr., M.D., Managing
Partner of North Georgia Eye Associates and EyeSouth Physician
Advisory Board Co-Chair. “The entire procedure has taken between
one and two minutes, resulting in a much-improved patient
experience compared to the traditional 8 to 10-minute
procedure.”
Private Equity-Owned ASCs with At Least One ALLY
Installation:
- US Eye, a network of 20 practices
- Eye Health America, a network of 8 practices
- Vision Innovation Partners, a network of 23 practices
- Eyecare Partners, a network of 46 practices
- EyeSouth Partners, a network of 35 practices
About LENSAR
LENSAR is a commercial-stage medical device company focused on
designing, developing, and marketing advanced systems for the
treatment of cataracts and the management of visually significant
astigmatism as an integral aspect of the cataract procedure. LENSAR
has developed its next-generation ALLY® Adaptive Cataract Treatment
System, the first platform to integrate proprietary imaging and
software, with an extremely fast dual-pulse femtosecond laser in a
compact, highly ergonomic system. ALLY is designed to transform
cataract surgery by utilizing LENSAR’s advanced technologies with
the ability to perform the entire procedure in an operating room or
in-office surgical suite, delivering operational efficiencies and
reduced overhead. ALLY includes LENSAR’s proprietary Streamline®
software technology, designed to guide surgeons to achieve better
outcomes.
About EyeSouth Partners
Headquartered in Atlanta, GA, EyeSouth Partners (“EyeSouth”) is
an eye care management services organization committed to
partnering with leading physicians to build a premier network of
eye care services throughout the U.S. EyeSouth’s partner practices’
clinical mission is to provide high quality medical and surgical
specialty eye care. EyeSouth supports its affiliated practices and
physician partners with strategic guidance, administrative
resources, operating expertise, and capital with an absolute focus
on clinical quality and a patient-first culture. EyeSouth’s
affiliate network consists of over 295 doctors providing medical
and surgical eye care services at over 170 locations throughout
Georgia, Texas, Louisiana, Florida, Tennessee, Ohio, Kentucky,
Alabama, Illinois, North Carolina, and South Carolina. EyeSouth is
backed by Olympus Partners, a Connecticut-based private equity
firm. For more information about EyeSouth Partners, please visit:
www.eyesouthpartners.com or contact Chris O’Dekirk, Vice President;
Head of M&A and Business Development at:
chris.odekirk@eyesouthpartners.com.
Dr. Kaufman and Dr. Chapman are compensated to allow surgeons to
observe ALLY-performed cataract procedures in their practices
and/or are compensated for clinical trials involving ALLY.
1Market Scope Q1 2023 Cataract Quarterly Update, Market Scope
LLC
Forward-looking Statements
This press release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. All statements contained in this press release that do not
relate to matters of historical fact should be considered
forward-looking statements, including, without limitation,
statements regarding the Company’s business strategies,
commercialization and production of the ALLY® Adaptive Cataract
Treatment System, the expected adoption of ALLY by PE-owned
ophthalmology groups, other levels of interest among potential
customers and new ALLY System installations, the ALLY System’s
performance and market impact, and customer satisfaction with the
ALLY System. In some cases, you can identify forward-looking
statements by terms such as “aim,” “anticipate,” “approach,”
“believe,” “contemplate,” “could,” “estimate,” “expect,” “goal,”
“intend,” “look,” “may,” “mission,” “plan,” “possible,”
“potential,” “predict,” “project,” “pursue,” “should,” “target,”
“will,” “would,” or the negative thereof and similar words and
expressions.
Forward-looking statements are based on management’s current
expectations, beliefs and assumptions and on information currently
available to us. Such statements are subject to a number of known
and unknown risks, uncertainties and assumptions, and actual
results may differ materially from those expressed or implied in
the forward-looking statements due to various important factors,
including, but not limited to: our history of operating losses and
ability to achieve or sustain profitability; our ability to
develop, receive and maintain regulatory clearance or certification
of and successfully commercialize the ALLY System and to maintain
our LENSAR Laser System; the impact to our business, financial
condition, results of operations and our suppliers and distributors
as a result of the COVID-19 pandemic and global macroeconomic
conditions; the willingness of patients to pay the price difference
for our products compared to a standard cataract procedure covered
by Medicare or other insurance; our ability to grow our U.S. sales
and marketing organization or maintain or grow an effective network
of international distributors; our future capital needs and our
ability to raise additional funds on acceptable terms, or at all;
the impact to our business, financial condition and results of
operations as a result of a material disruption to the supply or
manufacture of our systems or necessary component parts for such
system or material inflationary pressures affecting pricing of
component parts; our ability to compete against competitors that
have longer operating histories, more established products and
greater resources than we do; our ability to address the numerous
risks associated with marketing, selling and leasing our products
in markets outside the United States; the impact to our business,
financial condition and results of operations as a result of
exposure to the credit risk of our customers; our ability to
accurately forecast customer demand and our inventory levels; the
impact to our business, financial condition and results of
operations if we are unable to secure adequate coverage or
reimbursement by government or other third-party payors for
procedures using our ALLY System or our other future products, or
changes in such coverage or reimbursement; the impact to our
business, financial condition and results of operations of product
liability suits brought against us; risks related to government
regulation applicable to our products and operations; risks related
to our intellectual property and other intellectual property
matters; and the other important factors that are disclosed under
the heading “Risk Factors” contained in the Company’s Quarterly
Report on Form 10-Q for the quarterly period ended March 31, 2023
filed with the Securities and Exchange Commission (“SEC”), as such
factors may be updated from time to time in its other filings with
the SEC, each accessible on the SEC’s website at www.sec.gov and
the Investor Relations section of the Company’s website at
https://ir.lensar.com.
All forward-looking statements are expressly qualified in their
entirety by such factors. Except as required by law, the Company
undertakes no obligation to publicly update or review any
forward-looking statement, whether as a result of new information,
future developments or otherwise. These forward-looking statements
should not be relied upon as representing LENSAR’s views as of any
date subsequent to the date of this press release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230721414065/en/
Thomas R. Staab, II, CFO ir.contact@lensar.com Lee Roth /
Cameron Radinovic Burns McClellan for LENSAR lroth@burnsmc.com /
cradinovic@burnsmc.com
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