ORLANDO, Fla.—Lensar, Inc. (Nasdaq: LNSR), a global medical technology company focused on advanced femtosecond laser solutions for the treatment of cataracts, announced financial results for the quarter ended June 30, 2023. The company reported total revenue of $12.0 million for the quarter, an increase of $4.0 million, or 49 percent. “The second quarter was a strong quarter for us, which saw a substantive number of ALLY placements that we had been working on coming to fruition, resulting in a steady expansion of the ALLY installed base over the period. We believe the progress we have made, particularly over the last six months, has established a strong foundation for continued, sustainable long-term growth,” said Nick Curtis, president and CEO of Lensar.

“Our second quarter revenue increased nearly 50 percent as compared to the second quarter last year, driven by both strong system sales and an increase in lease revenue, resulting from several multi-system placements and our initial penetration into private-equity owned ophthalmology groups. With a total of 18 ALLY installs through June 30, 2023, we have made significant progress toward achieving our previously stated objective of more than 30 ALLY systems installed in the United States in 2023.”

Lensar’s ALLY Adaptive Cataract Treatment System integrates proprietary imaging and software, with a fast dual-pulse femtosecond laser in a compact, ergonomic system. ALLY utilizes Lensar’s advanced technologies with the ability to perform an entire cataract surgery procedure in an operating room or in-office surgical suite.

He continued, “The favorable utilization trends we observed in Q1 continued in the second quarter, as ALLY users who transitioned from the previous-generation LLS or added an ALLY performed an average of 15 percent more procedures in the first half of 2023 than during the same period last year, providing further evidence of the speed and operational efficiencies realized with ALLY’s next-generation technology. As a result of the ALLY market adoption and increased utilization of Lensar technology, we continued to grow market share in the second quarter, with an estimated 15.6 percent of all U.S. femtosecond laser assisted cataract surgery (FLACS) procedures performed on Lensar Systems, up from 15.0 percent in the first quarter of 2023. Following the completion of our May 2023 financing, we believe that Lensar is well-resourced to continue ALLY’s launch and planned market expansion.”

Total revenue for the quarter ended June 30, 2023 was $12.0 million, an increase of $4.0 million, or 49 percent, compared to total revenue of $8.0 million for the quarter ended June 30, 2022. The increase in the second quarter of 2023 was primarily due to increased system sales and increased lease revenue. Procedure volume in the U.S. increased approximately 13 percent, when comparing the second quarter of 2023 to 2022. Overall procedure volume increased by 6 percent in the second quarter of 2023 compared to the year-ago period, despite the fact procedure volume continued to be negatively impacted by ongoing third party payor reimbursement challenges associated with cataract surgeries in South Korea. As of June 30, 2023, the company had an installed base of 28 ALLY systems.

Net loss for the quarter ended June 30, 2023, was $8.8 million compared to net loss of $6.8 million for the quarter ended June 30, 2022. The second quarter 2023 financial results were significantly impacted by the completion of the May 2023 financing. Completion of this financing transaction added $19.1 million in net cash to the balance sheet, and resulted in a $6.0 million second quarter charge as the company recorded the outstanding warrants at fair value, thereby resulting in a $11.6 aggregate warrant liability on the balance sheet as of June 30, 2023. Included within operating expenses are stock-based compensation expenses recorded for the quarters ended June 30, 2023 and 2022 of $1.8 million and $1.6 million, respectively.

As of June 30, 2023, Lensar had cash and cash equivalents of $25.5 million as compared to $14.7 million at December 31, 2022. Cash provided in the quarter ended June 30, 2023 was $17.5 million and was derived from the $19.1 million of net proceeds from the financing transaction completed in May.