{"id":523853,"date":"2021-08-05T07:04:22","date_gmt":"2021-08-05T11:04:22","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/lensar-reports-second-quarter-2021-financial-results-and-provides-business-update\/"},"modified":"2021-08-05T07:04:22","modified_gmt":"2021-08-05T11:04:22","slug":"lensar-reports-second-quarter-2021-financial-results-and-provides-business-update","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/lensar-reports-second-quarter-2021-financial-results-and-provides-business-update\/","title":{"rendered":"LENSAR Reports Second Quarter 2021 Financial Results and Provides Business Update"},"content":{"rendered":"

<\/p>\n

LENSAR Reports Second Quarter 2021 Financial Results and Provides Business Update<\/b><\/p>\n

\nSecond Quarter and First Half 2021 Procedure Volumes Increase 70% and 42% over 2020 Levels\n<\/p>\n

\nCash and Cash Equivalents of $34.6 Million reflects Cash Utilization of $1.3 Million in the Second Quarter\n<\/p>\n

ORLANDO, Fla.–(BUSINESS WIRE<\/a>)–
\nLENSAR, Inc. (Nasdaq: LNSR) (\u201cLENSAR\u201d or \u201cthe Company\u201d), a global medical technology company focused on advanced femtosecond laser surgical solutions for the treatment of cataracts, today announced financial results for the quarter ended June 30, 2021 and provided an update on key strategic and operational initiatives.\n<\/p>\n

\n\u201cWe have made significant progress across a number of fronts. Our commercial operations have rebounded from the COVID-19 pandemic, and we have returned to growing the business as we did prior to pandemic shutdowns and interruptions in 2020. Specifically, we had procedure volume growth of 70% and an increase in total revenue of 57% in the second quarter, as compared to second quarter 2020, as well as a 42% increase in procedure volume in the first half of 2021 as compared to the first half of 2020,\u201d said Nick Curtis, Chief Executive Officer of LENSAR. \u201cOn the development side of the business, we continue to progress toward the submission and launch of ALLY\u2122 in 2022, navigating supply-chain challenges to maintain on our first quarter 2022 510(k) filing timeline. At the recent ASCRS Meeting we hosted more than 100 surgeons for demonstrations of the ALLY Adaptive Cataract Treatment System and received an overwhelmingly positive response. The need for technology like ALLY, a fully integrated femtosecond laser and phacoemulsification system, is evident and we are truly excited to deliver a desired and disruptive technology to cataract and refractive surgeons in the near-future.\u201d\n<\/p>\n

Second Quarter 2021 Financial Results <\/b><\/p>\n

\nTotal revenue for the quarter ended June 30, 2021 was $7.9 million, an increase of $2.9 million, or 57%, compared to total revenue of $5.0 million for the quarter ended June 30, 2020. The increase was primarily driven by increased procedure volume, and to a lesser extent, lease placements. Procedure volume exceeded pre-COVID levels, particularly in the United States, as the Company returned to its history of growth and market expansion.\n<\/p>\n

\nFor the quarter ended June 30, 2021, approximately 90% of our revenue was attributable to recurring sources compared to 78% for the quarter ended June 30, 2020. In the quarter ended June 30, 2020, recurring revenue was uncharacteristically low as it was significantly impacted by suspensions of non-essential medical services due to COVID-19.\n<\/p>\n

\nSelling, general and administrative expenses for the quarter ended June 30, 2021 were $5.5 million, an increase of $1.5 million, or 37%, compared to $4.0 million for the quarter ended June 30, 2020. The increase was primarily due to increased personnel expenses, which was largely due to stock-based compensation expense, as well as expenses associated with being a public company and returning to normal operations as pandemic restrictions were eased.\n<\/p>\n

\nResearch and development (\u201cR&D\u201d) expenses were $3.0 million and $1.4 million for the quarters ended June 30, 2021, and 2020, respectively, an increase of $1.6 million or 110%. The increase in R&D expense was primarily due to additional costs for the continued development of ALLY in anticipation of a 510(k) filing with the U.S. Food and Drug Administration in the first quarter of 2022, as well as increased personnel costs.\n<\/p>\n

\nNet loss for the quarter ended June 30, 2021, was $4.4 million, or ($0.47) per share, compared to net loss of $4.5 million, or ($4.20) per share, for the quarter ended June 30, 2020, reflecting a decrease in both dollars and loss per share for the quarter ended June 30, 2021. Included within operating expenses are stock-based compensation expenses recorded for the quarters ended June 30, 2021 and 2020 of $1.4 million and $41,000, respectively. These costs reflect, and are the result of, the Company\u2019s recapitalization and becoming a standalone public company in the fourth quarter of 2020.\n<\/p>\n

\nEarnings Before Interest, Taxes, Depreciation and Amortization (\u201cEBITDA\u201d) for the quarter ended June 30, 2021 was ($3.7) million, compared with ($3.2) million for the quarter ended June 30, 2020. Adjusted EBITDA, which we calculate by adding back stock-based compensation expense to EBITDA, was ($2.3) million for the quarter ended June 30, 2021 and ($3.2) million for the quarter ended June 30, 2020. 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.\n<\/p>\n

\nAs of June 30, 2021, the Company had cash and cash equivalents of $34.6 million as compared to $40.6 million at December 31, 2020. Cash utilized in the quarter ended June 30, 2021 was $1.3 million and $6.0 million for first half of 2021. Based on its cash position and operational forecast, the Company believes it has sufficient cash to fund operations through the filing of its 510(k) application and expected launch of ALLY in 2022.\n<\/p>\n

Conference Call:<\/b><\/p>\n

\nLENSAR management will host a conference call and live webcast to discuss the second quarter results and provide a business update today, August 5, 2021 at 8:30 a.m. ET.\n<\/p>\n

\nTo participate by telephone, please dial (833) 312-1363 (Domestic) or (236) 712-2498 (International). The conference ID number is 2436922. The live webcast can be accessed under \u201cEvents & Presentations” in the Investor Relations section of the company’s website at https:\/\/ir.lensar.com<\/a>. Please log in approximately 5-10 minutes prior to the call to register and to download and install any necessary software. The call and webcast replay will be available until August 19, 2021.\n<\/p>\n

About LENSAR<\/b><\/p>\n

\nLENSAR is a commercial-stage medical device company focused on designing, developing and marketing an advanced femtosecond laser system for the treatment of cataracts and the management of pre-existing or surgically induced corneal astigmatism. Its LENSAR Laser System incorporates a range of proprietary technologies designed to assist the surgeon in obtaining better visual outcomes, efficiency and reproducibility by providing advanced imaging, simplified procedure planning, efficient design and precision.\n<\/p>\n

Forward-looking Statements<\/b><\/p>\n

\nThis press release contains \u201cforward-looking statements\u201d within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. 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\u2019s development and the future market potential of ALLY\u2122<\/sup>. In some cases, you can identify forward-looking statements by terms such as \u201canticipate,\u201d \u201cbelieve,\u201d \u201ccould,\u201d \u201cexpect,\u201d \u201cshould,\u201d \u201cplan,\u201d \u201cintend,\u201d \u201cestimate,\u201d \u201ctarget,\u201d \u201cmission,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201cwould,\u201d \u201cshould,\u201d \u201ccould,\u201d \u201ctarget,\u201d \u201cpotential,\u201d \u201cproject,\u201d \u201cpredict,\u201d \u201ccontemplate,\u201d \u201cpotential,\u201d or the negative thereof and similar words and expressions.\n<\/p>\n

\nEach of these forward-looking statements involves risks and uncertainties. Actual results may differ materially from those, express or implied, in these forward-looking statements. Important factors that could impair the value of the Company\u2019s assets and business include, without limitation, its history of operating losses and ability to generate revenue; its ability to maintain, grow market acceptance of and enhance its LENSAR Laser System; the impact of the COVID-19 pandemic and the Company\u2019s ability to grow revenues; the Company\u2019s ability to obtain the necessary clearances or approvals for ALLY; the willingness of patients to pay the price difference for LENSAR products; its ability to grow a U.S. sales and marketing organization; its ability to meet its future capital needs; the impact of any material disruption to the supply or manufacture of the LENSAR Laser Systems; the ability of the Company to compete against competitors that have longer operating histories and more established products than the Company; the Company\u2019s ability to address numerous international business risks; and the other important factors that are disclosed under the heading \u201cRisk Factors\u201d contained in the Company\u2019s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, filed with the Securities and Exchange Commission (\u201cSEC\u201d), as such factors may be updated from time to time in its other filings with the SEC, including, but not limited to, its Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2021 to be filed with the SEC, each accessible on the SEC\u2019s website at www.sec.gov<\/a> and the Investor Relations section of the Company\u2019s website at https:\/\/ir.lensar.com<\/a>. 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\u2019s views as of any date subsequent to the date of this press release.\n<\/p>\n

Non-GAAP Financial Measures<\/b><\/p>\n

\nThe 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.\n<\/p>\n

\nEBITDA 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 specifically disclosed because the Company believes that EBITDA provides meaningful supplemental information for investors regarding the performance of its 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. The Company believes Adjusted EBITDA, which excludes stock-based compensation expense, provides meaningful supplemental information for investors when evaluating its results and comparing it to peer companies as stock-based compensation expense is a significant non-cash charge due to the recapitalization of the Company. It uses these non-GAAP financial measures in order to have comparable financial results to analyze changes in its 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 it use may not be directly comparable to similarly titled measures of other companies.\n<\/p>\n

\nA reconciliation of EBITDA and Adjusted EBITDA to their most comparable GAAP financial measure are set forth below.\n<\/p>\n

\n\u00a0\n<\/p>\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n

Three Months Ended
\n
June 30,<\/b><\/p>\n<\/td>\n

\n\n

Six Months Ended
\n
June 30,<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

(Dollars in thousands)<\/i><\/b><\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2021<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2020<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2021<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2020<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet loss\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n(4,362\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n(4,497\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n(9,544\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n(8,183\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdd: Interest expense\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n671\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1,275\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nLess: Interest income\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(13\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(17\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(31\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(34\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdd: Depreciation expense\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n342\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n331\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n670\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n808\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdd: Amortization expense\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n309\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n314\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n622\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n631\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nEBITDA\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(3,724\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(3,198\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(8,283\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(5,503\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdd: Stock-based compensation expense\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1,430\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n41\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n3,750\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n126\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdjusted EBITDA\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n(2,294\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n(3,157\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n(4,533\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n(5,377\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

\n\u00a0\n<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

LENSAR, Inc.<\/b><\/p>\n

STATEMENTS OF OPERATIONS<\/b><\/p>\n

(In thousands, except per share amounts)<\/b><\/p>\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n\n\n

Three Months Ended
\n
June 30,<\/b><\/p>\n<\/td>\n

\n\n

Six Months Ended
\n
June 30,<\/b><\/p>\n<\/td>\n<\/tr>\n

\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2021<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2020<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2021<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2020<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

Revenue<\/b><\/p>\n<\/td>\n

\n\n\n\n\n\n\n<\/tr>\n
\n

\nProduct\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n6,056\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n3,993\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n11,214\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n8,096\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nLease\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1,140\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n470\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n2,251\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1,446\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nService\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n726\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n584\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1,500\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1,411\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal revenue\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n7,922\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n5,047\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n14,965\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n10,953\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

Cost of revenue (exclusive of amortization)<\/b><\/p>\n<\/td>\n

\n\n\n\n\n\n\n<\/tr>\n
\n

\nProduct\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n2,366\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n2,262\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n4,456\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n3,468\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nLease\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n268\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n280\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n519\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n696\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nService\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n830\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n559\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1,638\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1,275\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal cost of revenue\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n3,464\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n3,101\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n6,613\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n5,439\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

Operating expenses<\/b><\/p>\n<\/td>\n

\n\n\n\n\n\n\n<\/tr>\n
\n

\nSelling, general and administrative expenses\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n5,518\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n4,041\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n11,553\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n8,820\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nResearch and development expenses\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n3,006\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1,434\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n5,752\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n3,005\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAmortization of intangible assets\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n309\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n314\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n622\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n631\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

Operating loss<\/b><\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(4,375\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(3,843\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(9,575\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(6,942\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

\n

Other income (expense)<\/b><\/p>\n<\/td>\n

\n\n\n\n\n\n\n<\/tr>\n
\n

\nInterest expense\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(671\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(1,275\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther income, net\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n13\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n17\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n31\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n34\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

Net loss attributable to common stockholders<\/b><\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n(4,362\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n(4,497\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n(9,544\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n(8,183\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

\n

Net loss per share attributable to common stockholders<\/b><\/p>\n<\/td>\n

\n\n\n\n\n\n\n<\/tr>\n
\n

\nBasic and diluted\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n(0.47\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n(4.20\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n(1.03\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n(7.65\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

\n

Weighted-average number of shares used in calculation of net loss per share:<\/b><\/p>\n<\/td>\n

\n\n\n\n\n\n\n<\/tr>\n
\n

\nBasic and diluted\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n9,296\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1,070\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n9,242\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1,070\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

\n\u00a0\n<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

LENSAR, Inc.<\/b><\/p>\n

BALANCE SHEETS<\/b><\/p>\n

(In thousands, except per share amounts)<\/b><\/p>\n<\/td>\n<\/tr>\n

\n\n\n

June 30,
\n
2021<\/b><\/p>\n<\/td>\n

\n\n

December 31,
\n
2020<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Assets<\/b><\/p>\n<\/td>\n

\n\n\n<\/tr>\n
\n

\nCurrent assets:\n<\/p>\n<\/td>\n

\n\n\n<\/tr>\n
\n

\nCash and cash equivalents\n<\/p>\n<\/td>\n

\n\n

\n$ 34,554\n<\/p>\n<\/td>\n

\n\n

\n$ 40,599\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAccounts receivable, net of allowance of $27 and $19, respectively\n<\/p>\n<\/td>\n

\n\n

\n2,695\n<\/p>\n<\/td>\n

\n\n

\n2,012\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNotes receivable, net of allowance of $9 and $9, respectively\n<\/p>\n<\/td>\n

\n\n

\n436\n<\/p>\n<\/td>\n

\n\n

\n444\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nInventories\n<\/p>\n<\/td>\n

\n\n

\n12,449\n<\/p>\n<\/td>\n

\n\n

\n13,473\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nPrepaid and other current assets\n<\/p>\n<\/td>\n

\n\n

\n1,432\n<\/p>\n<\/td>\n

\n\n

\n1,857\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal current assets\n<\/p>\n<\/td>\n

\n\n

\n51,566\n<\/p>\n<\/td>\n

\n\n

\n58,385\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nProperty and equipment, net\n<\/p>\n<\/td>\n

\n\n

\n734\n<\/p>\n<\/td>\n

\n\n

\n832\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nEquipment under lease, net\n<\/p>\n<\/td>\n

\n\n

\n4,937\n<\/p>\n<\/td>\n

\n\n

\n3,583\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNotes and other receivables, long-term, net of allowance of $6 and $9, respectively\n<\/p>\n<\/td>\n

\n\n

\n275\n<\/p>\n<\/td>\n

\n\n

\n452\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nIntangible assets, net\n<\/p>\n<\/td>\n

\n\n

\n11,487\n<\/p>\n<\/td>\n

\n\n

\n12,110\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther assets\n<\/p>\n<\/td>\n

\n\n

\n3,485\n<\/p>\n<\/td>\n

\n\n

\n3,758\n<\/p>\n<\/td>\n<\/tr>\n

\n

Total assets<\/b><\/p>\n<\/td>\n

\n\n

\n$ 72,484\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$ 79,120\n<\/p>\n<\/td>\n<\/tr>\n

\n

Liabilities and stockholders\u2019 equity<\/b><\/p>\n<\/td>\n

\n\n\n<\/tr>\n
\n

\nCurrent liabilities:\n<\/p>\n<\/td>\n

\n\n\n<\/tr>\n
\n

\nAccounts payable\n<\/p>\n<\/td>\n

\n\n

\n$ 2,858\n<\/p>\n<\/td>\n

\n\n

\n$ 2,481\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAccrued liabilities\n<\/p>\n<\/td>\n

\n\n

\n3,292\n<\/p>\n<\/td>\n

\n\n

\n4,570\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nDeferred revenue\n<\/p>\n<\/td>\n

\n\n

\n1,071\n<\/p>\n<\/td>\n

\n\n

\n923\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther current liabilities\n<\/p>\n<\/td>\n

\n\n

\n502\n<\/p>\n<\/td>\n

\n\n

\n493\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal current liabilities\n<\/p>\n<\/td>\n

\n\n

\n7,723\n<\/p>\n<\/td>\n

\n\n

\n8,467\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nLong-term operating lease liabilities\n<\/p>\n<\/td>\n

\n\n

\n3,061\n<\/p>\n<\/td>\n

\n\n

\n3,314\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther long-term liabilities\n<\/p>\n<\/td>\n

\n\n

\n72\n<\/p>\n<\/td>\n

\n\n

\n129\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal liabilities\n<\/p>\n<\/td>\n

\n\n

\n10,856\n<\/p>\n<\/td>\n

\n\n

\n11,910\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nStockholders\u2019 equity:\n<\/p>\n<\/td>\n

\n\n\n<\/tr>\n
\n

\nPreferred stock, par value $0.01 per share, 10,000 shares authorized at June 30, 2021 and December 31, 2020; no shares issued and outstanding at June 30, 2021 and December 31, 2020\n<\/p>\n<\/td>\n

\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n\n

\n\u2014\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nCommon stock, par value $0.01 per share, 150,000 shares authorized at June 30, 2021 and December 31, 2020; 10,957 and 10,933 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively\n<\/p>\n<\/td>\n

\n\n

\n110\n<\/p>\n<\/td>\n

\n\n

\n109\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdditional paid-in capital\n<\/p>\n<\/td>\n

\n\n

\n129,055\n<\/p>\n<\/td>\n

\n\n

\n125,094\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAccumulated deficit\n<\/p>\n<\/td>\n

\n\n

\n(67,537)\n<\/p>\n<\/td>\n

\n\n

\n(57,993)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal stockholders\u2019 equity\n<\/p>\n<\/td>\n

\n\n

\n61,628\n<\/p>\n<\/td>\n

\n\n

\n67,210\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal liabilities and stockholders\u2019 equity\n<\/p>\n<\/td>\n

\n\n

\n$ 72,484\n<\/p>\n<\/td>\n

\n\n

\n$ 79,120\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

\n\u00a0\n<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20210805005244\/en\/<\/a><\/span><\/p>\n

\nThomas R. Staab, II, CFO
\n
ir.contact@lensar.com<\/a><\/p>\n

\nLee Roth \/ Cameron Radinovic
\n
Burns McClellan for LENSAR
\n
lroth@burnsmc.com<\/a> \/ cradinovic@burnsmc.com<\/a><\/p>\n

KEYWORDS:<\/b> United States North America Florida<\/p>\n

INDUSTRY KEYWORDS:<\/b> Health FDA Medical Devices Infectious Diseases Other Health General Health Optical<\/p>\n

MEDIA:<\/b><\/p>\n\n\n\n\n
Logo<\/b><\/font><\/td>\n<\/tr>\n
\"Logo\"<\/td>\n<\/tr>\n
<\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

LENSAR Reports Second Quarter 2021 Financial Results and Provides Business Update Second Quarter and First Half 2021 Procedure Volumes Increase 70% and 42% over 2020 Levels Cash and Cash Equivalents of $34.6 Million reflects Cash Utilization of $1.3 Million in the Second Quarter ORLANDO, Fla.–(BUSINESS WIRE)– LENSAR, Inc. (Nasdaq: LNSR) (\u201cLENSAR\u201d or \u201cthe Company\u201d), a global medical technology company focused on advanced femtosecond laser surgical solutions for the treatment of cataracts, today announced financial results for the quarter ended June 30, 2021 and provided an update on key strategic and operational initiatives. \u201cWe have made significant progress across a number of fronts. Our commercial operations have rebounded from the COVID-19 pandemic, and we have returned to growing the business as … <\/p>\n

Continue reading “LENSAR Reports Second Quarter 2021 Financial Results and Provides Business Update”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-523853","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nLENSAR Reports Second Quarter 2021 Financial Results and Provides Business Update - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/lensar-reports-second-quarter-2021-financial-results-and-provides-business-update\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"LENSAR Reports Second Quarter 2021 Financial Results and Provides Business Update - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"LENSAR Reports Second Quarter 2021 Financial Results and Provides Business Update Second Quarter and First Half 2021 Procedure Volumes Increase 70% and 42% over 2020 Levels Cash and Cash Equivalents of $34.6 Million reflects Cash Utilization of $1.3 Million in the Second Quarter ORLANDO, Fla.–(BUSINESS WIRE)– LENSAR, Inc. (Nasdaq: LNSR) (\u201cLENSAR\u201d or \u201cthe Company\u201d), a global medical technology company focused on advanced femtosecond laser surgical solutions for the treatment of cataracts, today announced financial results for the quarter ended June 30, 2021 and provided an update on key strategic and operational initiatives. \u201cWe have made significant progress across a number of fronts. 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(Nasdaq: LNSR) (\u201cLENSAR\u201d or \u201cthe Company\u201d), a global medical technology company focused on advanced femtosecond laser surgical solutions for the treatment of cataracts, today announced financial results for the quarter ended June 30, 2021 and provided an update on key strategic and operational initiatives. \u201cWe have made significant progress across a number of fronts. 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