BUSINESS Lensar Reports First Quarter 2024 Results and Provides Business Update By Staff Tuesday, May 14, 2024 12:21 AM ORLANDO, Fla.—Lensar, Inc. (Nasdaq: LNSR), a medical technology company focused on femtosecond laser treatment of cataracts, has announced financial results for the quarter ended March 31, 2024, and provided an update on key operational initiatives as well as the impact of Lensar's Ally Adaptive Cataract Treatment System (Ally) on revenue. “Recognition of Ally’s advantages, its ability to achieve higher efficiencies for surgeons and staff as well as better surgical outcomes for patients, allowed us to deliver more than 20 percent revenue growth in the first quarter of 2024,” said Nick Curtis, president and chief executive officer of Lensar.The Ally Adaptive Cataract Treatment System integrates proprietary imaging and software with a dual-pulse, femtosecond laser in a compact ergonomic system, the company said. “Total revenue for the quarter was $10.6 million, up 28 percent compared with the first quarter of 2023. Moreover, procedure volume grew by 23 percent in the U.S., our largest market, and the only country where Ally is currently marketed,” according to Curtis.“More importantly, our U.S. procedure share continued to grow, increasing 1.5 percent in the first quarter from the fourth quarter of 2023, as reported by Market Scope. This growth represented Lensar’s highest single-quarter procedure share gain since we launched Ally. We have achieved 4.3 percent growth in U.S. procedure share since Ally’s launch, and I believe that we are well-positioned to continue to grow both in the U.S. and internationally upon receipt of the regulatory approvals anticipated later this year,” Curtis said.Worldwide procedure volume increased by approximately 25 percent in the first quarter of 2024 as compared with 2023. As of March 31, 2024, Lensar had an installed base of approximately 65 Ally Systems, the company said.Earnings before interest, taxes, depreciation and amortization (EBITDA) for the quarter ended March 31, 2024, was $1.4 million, compared with $3.5 million for the quarter ended March 31, 2023, the company stated. Adjusted EBITDA was $1.3 million for the quarter ended March 31, 2024 and $1.8 million for the quarter ended March 31, 2023. As of March 31, 2024, Lensar had cash, cash equivalents and investments of $19.1 million, compared with $24.6 million as of December 31, 2023. Cash used in the quarter ended March 31, 2024 was approximately $5.4 million, the company noted.