LENSAR reported nearly flat third-quarter revenue as lower sales of its laser systems offset growth in cataract procedures and recurring revenue. The medical-technology company said seasonal softness in summer surgical scheduling and purchasing activity weighed on the quarter, which it said was in line with expectations.
The results show a growing contribution from procedures, leases and service, while system placements remain an important but more variable source of revenue. LENSAR also reported positive adjusted EBITDA for the quarter, alongside a larger net loss.
Key details
- Revenue slipped 1% year over year to $14.1 million, from $14.3 million. System revenue fell to $1.5 million from $3.5 million, partly offsetting growth in recurring revenue.
- Recurring revenue rose 17% to $12.6 million and made up 89% of total revenue, up from 75% a year earlier. It includes procedure, lease and service revenue.
- Procedure revenue increased 17% to $9.2 million.
- Lease revenue grew to $1.7 million from $1.6 million, while service revenue rose to $1.7 million from $1.4 million.
- Procedure volume increased 12% to 52,545. LENSAR said the third quarter is typically its slowest period for procedures and sales, reflecting summer vacations in the United States and holidays in other regions.
- LENSAR placed 10 ALLY robotic cataract laser systems during the quarter. Its ALLY installed base reached about 225 systems, up 22% from a year earlier. The company had 12 more ALLY systems awaiting installation at September 30.
- The total installed base reached about 450 laser systems, up 6% year over year.
- Net loss widened to $4.7 million from $3.7 million. Adjusted EBITDA was $1.7 million, compared with a loss of $0.3 million a year earlier.
- Cash, cash equivalents and investments totaled $12.6 million at September 30, down from $18.0 million at the end of 2025.
- For the first nine months of 2026, revenue was $44.1 million, compared with $42.4 million in the same period of 2025. Recurring revenue rose to $38.9 million from $33.7 million, and procedure volume increased to 165,321 from 151,258.
What changes for investors
Recurring sources—procedures, leases and service—now account for a larger share of LENSAR’s revenue than system sales. That shift is supported by higher procedure volumes and a larger installed base, while the quarter’s lower system revenue illustrates how equipment sales can make total revenue fluctuate. The company ended the quarter with positive adjusted EBITDA but a net loss, and its reported cash and investments were lower than at year-end.