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 backlog of 9
additional systems as of December 31, 2023
Total revenue increased 18% in the fourth
quarter and 19% over full year 2022
LENSAR, 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.
“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.”
Fourth Quarter 2023 Financial Results
Total 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.
Selling, general and administrative expenses for the quarter
ended December 31, 2023 were $6.4 million, a decrease of $0.8
million, or 12%, compared to $7.2 million for the quarter ended
December 31, 2022. The decrease was primarily due to decreased
stock compensation expense and professional expenses, somewhat
offset by higher sales and marketing expenses related to the
ongoing commercial launch of ALLY in the United States.
Research and development expenses were $1.5 million and $1.6
million for the quarters ended December 31, 2023 and 2022,
respectively, a decrease of $0.1 million or 9%.
Net loss for the quarter ended December 31, 2023, was $3.9
million, or ($0.35) per share, compared to net loss of $2.5
million, or ($0.24) per share, for the quarter ended December 31,
2022. Included within operating expenses are stock-based
compensation expenses recorded for the quarters ended December 31,
2023 and 2022 of $0.8 million and $1.7 million, respectively.
Earnings Before Interest, Taxes, Depreciation and Amortization
(“EBITDA”) for the quarter ended December 31, 2023 was ($3.2)
million, compared with ($1.8) million for the quarter ended
December 31, 2022. Adjusted EBITDA, which we calculate by adding
back stock-based compensation expense, change in fair value of
warrant liabilities, and the Employee Retention Credit to EBITDA,
was ($1.2) million for the quarter ended December 31, 2023 and
($0.1) million for the quarter ended December 31, 2022. EBITDA and
Adjusted EBITDA are non-GAAP financial measures, and a
reconciliation of these measures to net loss is set forth below in
this press release.
Full Year 2023 Financial Results
Total revenue for the year ended December 31, 2023 was $42.2
million, an increase of $6.8 million, or 19%, compared to total
revenue of $35.4 million for the year ended December 31, 2022. The
increase from 2022 was associated with increases in all revenue
categories, with ALLY system sales representing the largest
contributor to the increase.
For the years ended December 31, 2023 and 2022, approximately
77% and 86% of our revenue was attributable to recurring sources,
respectively. The differential in these percentages is due to a
higher volume of ALLY sales units and dollars in 2023 as compared
to 2022. We project our recurring revenue base going into 2024,
excluding any contribution from the South Korean market, to be over
$33 million.
The following table provides information about procedure
volume:
2023
2022
2021
Q1
31,600
38,901
28,122
Q2
35,349
33,359
30,966
Q3
32,649
28,453
30,765
Q4
37,414
31,400
41,642
Total
137,012
132,113
131,495
Worldwide procedure volume continues to be negatively impacted
by third-party payor reimbursement issues in South Korea, which
began in mid-2022. Procedure volume in South Korea for the years
ended December 31, 2023, 2022, and 2021 was 1,100, 14,281, and
20,474, respectively. Excluding South Korea, procedure volume
increased 15% and 6% in the years ended December 31, 2023 and 2022,
respectively.
Selling, general, and administrative expenses for the year ended
December 31, 2023 were $26.1 million, a decrease of $1.1 million,
or 4%, compared to $27.2 million for the year ended December 31,
2022. The decrease was primarily due to less stock-based
compensation and professional expenses, as well as recording an
Employee Retention Credit of $1.4 million, partially offset by
higher sales and marketing expenses related to the ongoing
commercial launch of the ALLY System. We expect selling, general
and administrative expenses to continue to increase from current
levels to support the expansion of commercial efforts in the U.S.
and internationally for the ALLY System.
Research and development expenses were $6.1 million for the year
ended December 31, 2023, a decrease of $5.7 million, or 48%,
compared with $11.8 million for the year ended December 31, 2022.
Research and development expenses in the year ended December 31,
2023 decreased from 2022 as a result of the 510(k) clearance of the
ALLY System by the U.S. Food and Drug Administration (“FDA”) in
June 2022. Inventory costs for the manufacture of ALLY Systems of
$3.4 million were included in research and development expenses for
the year ended December 31, 2022. Following our receipt of 510(k)
clearance for the ALLY System from the FDA, all ALLY System
inventory costs are being capitalized to inventory.
Net loss for the year ended December 31, 2023 was $14.4 million,
or ($1.31) per share, as compared to a net loss of $19.9 million,
or ($1.96) per share, for the year ended December 31, 2022. Total
stock-based compensation expense recorded for the years ended
December 31, 2023 and 2022 was $5.5 million and $6.6 million,
respectively.
EBITDA for the year ended December 31, 2023 was ($11.6) million,
compared with ($16.8) million for the year ended December 31, 2022.
Adjusted EBITDA was ($4.5) million for the year ended December 31,
2023, compared with ($10.2) million for the year ended December 31,
2022.
As of December 31, 2023, the Company had cash, cash equivalents,
and investments of $24.6 million as compared to $14.7 million at
December 31, 2022. Cash utilized in the quarter ended December 31,
2023 was $0.4 million, and cash utilized in the year ended December
31, 2023 was $9.9 million, which includes the $19.1 million of net
proceeds received in our May 2023 financing.
Conference Call:
LENSAR management will host a conference call and live webcast
to discuss the fourth quarter results and provide a business update
today, March 4, 2024, at 8:30 a.m. ET.
To participate by telephone, please dial (888) 259-6580
(Domestic) or (206) 962-3782 (International). The conference ID
number is 48034263. The live webcast can be accessed under “Events
& Presentations” in the Investor Relations section of the
company’s website at https://ir.lensar.com. Please log in
approximately 5 to 10 minutes prior to the call to register and to
download and install any necessary software. The call and webcast
replay will be available until March 15, 2024.
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 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 premium 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.
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, expected
growth, commercialization and production of the ALLY® Adaptive
Cataract Treatment System, including new ALLY System installations
and planned international launch, the Company’s ability to obtain
additional regulatory approvals for the ALLY System, the ALLY
System’s performance and market adoptions and usage, the Company’s
position within applicable markets, and the Company’s expected
financial performance. 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 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 systems 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 September 30, 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, including the
Company’s Annual Report on Form 10-K for the fiscal year ended
December 31, 2023, to be filed 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.
Non-GAAP Financial Measures
The Company prepares and analyzes operating and financial data
and non-GAAP measures to assess the performance of its business,
make strategic and offering decisions and build its financial
projections. The key non-GAAP measures it uses are EBITDA and
Adjusted EBITDA. EBITDA is defined as net loss before interest
expense, interest income, income tax expense, depreciation and
amortization expenses. EBITDA is a non-GAAP financial measure.
EBITDA is included in this filing because we believe that EBITDA
provides meaningful supplemental information for investors
regarding the performance of our business and facilitates a
meaningful evaluation of actual results on a comparable basis with
historical results. Adjusted EBITDA is also a non-GAAP financial
measure. We believe Adjusted EBITDA, which is defined as EBITDA and
further excluding stock-based compensation expense, change in fair
value of warrant liabilities, and income from the Employee
Retention Credit, provides meaningful supplemental information for
investors when evaluating our results and comparing us to peer
companies as stock-based compensation expense and change in fair
value of warrant liabilities are significant non-cash charges and
the Employee Retention Credit is not recurring. We use these
non-GAAP financial measures in order to have comparable financial
results to analyze changes in our underlying business from quarter
to quarter. However, there are a number of limitations related to
the use of non-GAAP measures and their nearest GAAP equivalents.
For example, other companies may calculate non-GAAP measures
differently, or may use other measures to calculate their financial
performance and, therefore, any non-GAAP measures we use may not be
directly comparable to similarly titled measures of other
companies. Investors should not consider our non-GAAP financial
measures in isolation or as a substitute for an analysis of our
results as reported under GAAP.
A reconciliation of EBITDA and Adjusted EBITDA to their most
comparable GAAP financial measure are set forth below.
Three Months Ended
December 31,
Twelve Months Ended
December. 31,
(Dollars in thousands)
2023
2022
2023
2022
Net loss
$
(3,926
)
$
(2,490
)
$
(14,383
)
$
(19,914
)
Less: Interest income
(233
)
(123
)
(698
)
(263
)
Add: Depreciation expense
651
577
2,418
2,258
Add: Amortization expense
273
276
1,097
1,148
EBITDA
(3,235
)
(1,760
)
(11,566
)
(16,771
)
Add: Stock-based compensation expense
816
1,695
5,539
6,611
Add: Change in fair value of warrant
liabilities
1,198
—
2,852
—
Less: Employee retention credit
—
—
(1,368
)
—
Adjusted EBITDA
$
(1,221
)
$
(65
)
$
(4,543
)
$
(10,160
)
LENSAR, Inc.
STATEMENTS OF OPERATIONS AND
COMPREHENSIVE LOSS
(In thousands, except per
share amounts)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2023
2022
2023
2022
Revenue
Product
$
9,452
$
7,771
$
31,643
$
25,959
Lease
1,604
1,629
6,448
5,915
Service
1,049
832
4,073
3,484
Total revenue
12,105
10,232
42,164
35,358
Cost of revenue (exclusive of
amortization)
Product
5,005
2,262
13,902
8,910
Lease
577
495
2,091
1,941
Service
1,374
993
5,064
4,552
Total cost of revenue
6,956
3,750
21,057
15,403
Operating expenses
Selling, general and administrative
expenses
6,374
7,204
26,100
27,170
Research and development expenses
1,463
1,615
6,139
11,814
Amortization of intangible assets
273
276
1,097
1,148
Operating loss
(2,961
)
(2,613
)
(12,229
)
(20,177
)
Other (expense) income
Change in fair value of warrant
liabilities
(1,198
)
—
(2,852
)
—
Other income, net
233
123
698
263
Net loss
(3,926
)
(2,490
)
(14,383
)
(19,914
)
Other comprehensive gain
Change in unrealized gain on
investments
4
—
4
—
Net loss and comprehensive loss
$
(3,922
)
$
(2,490
)
$
(14,379
)
$
(19,914
)
Net loss per common share:
Basic and diluted
$
(0.35
)
$
(0.24
)
$
(1.31
)
$
(1.96
)
Weighted-average number of common
shares used in calculation of net loss per common share:
Basic and diluted
11,237
10,364
10,971
10,159
LENSAR, Inc.
BALANCE SHEETS
(In thousands, except per
share amounts)
December 31, 2023
December 31, 2022
Assets
Current assets:
Cash and cash equivalents
$
20,621
$
14,674
Short-term investments
3,443
—
Accounts receivable, net of allowance of
$62 and $56, respectively
4,001
6,040
Notes receivable, net of allowance of $7
and $4, respectively
323
200
Inventories
15,689
11,740
Prepaid and other current assets
2,367
1,062
Total current assets
46,444
33,716
Property and equipment, net
679
563
Equipment under lease, net
7,459
6,316
Long-term investments
492
—
Notes and other receivables, long-term,
net of allowance of $26 and $9, respectively
1,279
442
Intangible assets, net
11,025
12,122
Other assets
2,207
2,685
Total assets
$
69,585
$
55,844
Liabilities, redeemable convertible
preferred stock, and stockholders’ equity
Current liabilities:
Accounts payable
$
4,007
$
5,422
Accrued liabilities
5,717
4,700
Deferred revenue
1,349
768
Operating lease liabilities
559
531
Total current liabilities
11,632
11,421
Long-term operating lease liabilities
1,750
2,272
Warrant liabilities
8,457
—
Other long-term liabilities
570
167
Total liabilities
22,409
13,860
Series A Redeemable Convertible Preferred
Stock, par value $0.01 per share, 20 and no shares authorized at
December 31, 2023 and 2022, respectively; 20 and no shares issued
and outstanding at December 31, 2023 and 2022, respectively;
aggregate liquidation preference of $20,000 and $0 at December 31,
2023 and 2022, respectively
13,747
—
Stockholders’ equity:
Preferred stock, par value $0.01 per
share, 9,980 and 10,000 shares authorized at December 31, 2023 and
2022; no shares issued and outstanding at December 31, 2023 and
2022
—
—
Common stock, par value $0.01 per share,
150,000 shares authorized at December 31, 2023 and 2022; 11,327 and
11,093 shares issued and outstanding at December 31, 2023 and 2022,
respectively
113
111
Additional paid-in capital
145,203
139,381
Accumulated other comprehensive income
4
—
Accumulated deficit
(111,891
)
(97,508
)
Total stockholders’ equity
33,429
41,984
Total liabilities, redeemable convertible
preferred stock, and stockholders’ equity
$
69,585
$
55,844
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240301726317/en/
Thomas R. Staab, II, CFO ir.contact@lensar.com
Lee Roth / Cameron Radinovic Burns McClellan for LENSAR
lroth@burnsmc.com / cradinovic@burnsmc.com
LENSAR (NASDAQ:LNSR)
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