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LENSAR
(NASDAQ:LNSR)
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Rating:62Neutral
Price Target:
$9.50
▲(14.46% Upside)
Action:Reiterated
Date:08/17/26
The score is primarily constrained by weak cash flow (negative operating and free cash flow) and questions around the durability/quality of recent reported profitability, despite low leverage. Offsetting this are constructive earnings-call fundamentals (recurring revenue strength, procedure and installed-base growth, improving profitability) and a low P/E that supports valuation. Technically, momentum is positive, but overbought readings increase near-term pullback risk.
Positive Factors
Recurring Revenue Strength
The high and growing recurring revenue mix from procedures and installed-system use improves revenue visibility and reduces reliance on one-time capital sales, supporting a more durable business model as the platform gains utilization.
Negative Factors
Negative Cash Generation
Persistent cash burn means reported earnings are not yet translating into internal funding. If negative operating and free cash flow continue, LENSAR may need to reduce investment or seek external capital, increasing execution and financing risk.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring Revenue Strength
The high and growing recurring revenue mix from procedures and installed-system use improves revenue visibility and reduces reliance on one-time capital sales, supporting a more durable business model as the platform gains utilization.
Read all positive factors
LENSAR (LNSR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$105.41M
Dividend YieldN/A
Average Volume (3M)165.43K
Price to Earnings (P/E)6.8
Beta (1Y)0.97
Revenue Growth3.26%
EPS GrowthN/A
CountryUS
Employees150
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)1.27
Shares Outstanding12,285,865
10 Day Avg. Volume98,713
30 Day Avg. Volume165,430
Financial Highlights & Ratios
PEG Ratio-0.79
Price to Book (P/B)-5.34
Price to Sales (P/S)2.38
P/FCF Ratio-9.32
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$11.50Price Target Upside38.55% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.07
Revenue Forecast (FY)$61.30M
LENSAR Business Overview & Revenue Model
Company Description
LENSAR, Inc., a commercial-stage medical device company, focuses on designing, developing, and marketing laser systems for the treatment of cataracts and the management of pre-existing or surgically induced corneal astigmatism in the United System...
How the Company Makes Money
LENSAR generates revenue primarily from (1) sales of its cataract laser systems to hospitals, ambulatory surgery centers, and ophthalmology practices and (2) recurring revenue tied to the ongoing use of installed systems. The recurring portion gen...
LENSAR Earnings Call Summary
Earnings Call Date:Aug 13, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Positive
The call presented clear operational and financial improvements: double‑digit revenue growth (18% total, 20% recurring), strong procedure growth (23% procedure revenue, 13% volume), expanding installed base and the best adjusted EBITDA to date. These positives are tempered by a lower cash balance, reliance on a $1.1M tariff refund that boosted gross margin, near-term seasonality, expected normalization of operating expenses as commercial investments resume, and some timing/pricing uncertainty around backlog and distributor re-engagement. On balance, the fundamental business momentum (recurring revenue mix, procedures, ALLY adoption and profitability improvement) outweighs the short-term risks and one-time items.Positive Updates
Total Revenue Growth
Q2 revenue of $16.5M, an 18% increase year-over-year, demonstrating top-line recovery and momentum.
Negative Updates
Cash Position Decline
Cash and cash equivalents were $13.6M at quarter-end versus $18.0M at the end of 2025, reflecting a reduced cash cushion despite being essentially cash-flow breakeven in Q2 after a $4.4M cash use in Q1.
Read all updates
Q2-2026 Updates
Positive
Negative
Total Revenue Growth
Q2 revenue of $16.5M, an 18% increase year-over-year, demonstrating top-line recovery and momentum.
Read all positive updates
Company Guidance
Management's forward guidance was that operating expenses will "gradually" increase as the company reinvests in commercial efforts—trending modestly higher toward historical levels—which will likely cause some variability in GAAP net income and adjusted EBITDA over the next several quarters; they also reminded investors of seasonal softness in Q3 (historically the lowest quarter) and that new ALLY installs typically take ~60–90 days to ramp. Near‑term visibility includes a backlog of 13 ALLY systems, 10 ALLY placements in Q2, an installed base of ~215 ALLY systems (445 total systems globally), and Q2 operating results of $16.5M revenue (+18% YoY), $13.7M recurring revenue (83% of total, +20% YoY), $10.2M procedure revenue (+23% YoY), 58,682 procedures (+13% YoY), cash of $13.6M, gross margin ~52% ex‑tariff refund, and Q2 adjusted EBITDA of $3.6M (strongest to date); they expect ALLY system pricing to remain relatively flat with modest ASP creep as U.S. mix grows.LENSAR Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
58
Neutral
Cash Flow
28
Negative
| Breakdown | TTM | Mar 2026 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 60.26M | 58.44M | 53.49M | 42.16M | 35.36M | 34.46M |
| Gross Profit | 28.90M | 27.12M | 25.85M | 21.11M | 19.95M | 17.83M |
| EBITDA | 35.59M | -29.78M | -3.00M | -10.87M | -16.51M | -16.84M |
| Net Income | 34.70M | -34.28M | -31.40M | -14.38M | -19.91M | -19.60M |
Balance Sheet | ||||||
| Total Assets | 69.56M | 71.43M | 66.30M | 69.58M | 55.84M | 66.47M |
| Cash, Cash Equivalents and Short-Term Investments | 13.56M | 17.98M | 22.45M | 24.06M | 14.67M | 31.64M |
| Total Debt | 2.38M | 2.73M | 2.61M | 2.31M | 2.80M | 3.31M |
| Total Liabilities | 54.65M | 97.45M | 47.65M | 22.41M | 13.86M | 11.59M |
| Stockholders Equity | 14.90M | -26.02M | 18.65M | 47.18M | 41.98M | 54.88M |
Cash Flow | ||||||
| Free Cash Flow | -7.33M | -14.91M | -2.43M | -9.89M | -14.97M | -9.32M |
| Operating Cash Flow | -7.29M | -14.83M | -2.27M | -9.66M | -14.86M | -8.97M |
| Investing Cash Flow | 13.21M | 1.28M | -2.16M | -4.16M | -115.00K | -354.00K |
| Financing Cash Flow | 498.00K | 10.26M | 78.00K | 19.76M | -1.99M | 361.00K |
LENSAR Technical Analysis
Positive
8.30
Price Trends
6.69
Positive
6.19
Positive
8.34
Positive
Market Momentum
0.58
Positive
64.04
Neutral
21.96
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LNSR, the sentiment is Positive. The current price of 8.3 is above the 20-day moving average (MA) of 8.13, above the 50-day MA of 6.69, and below the 200-day MA of 8.34, indicating a bullish trend. The MACD of 0.58 indicates Positive momentum. The RSI at 64.04 is Neutral, neither overbought nor oversold. The STOCH value of 21.96 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for LNSR.
LENSAR Risk Analysis
LENSAR disclosed 67 risk factors in its most recent earnings report. LENSAR reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
LENSAR Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
62 Neutral | $105.41M | 6.76 | 9999.00% | ― | 3.26% | ― | |
58 Neutral | $459.98M | -14.95 | -50.64% | ― | 9.27% | 41.98% | |
57 Neutral | $346.38M | -7.72 | 231.87% | ― | 1.00% | 26.76% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $86.25M | -2.12 | -100.30% | ― | 53.16% | 27.17% | |
47 Neutral | $36.88M | -1.07 | 1248.13% | ― | 6.09% | 30.65% | |
45 Neutral | $65.71M | -1.18 | -177.04% | ― | 16.13% | -11.56% |
* Healthcare Sector Average
LNSR
LENSAR
8.60
-3.60
-29.51%
RCEL
Avita Medical
10.41
6.22
148.45%
TELA
TELA Bio
0.83
-0.77
-48.13%
HYPR
Hyperfine
0.82
-0.45
-35.35%
SGHT
Sight Sciences
8.10
4.53
126.89%
RPID
Rapid Micro Biosystems
1.22
-1.44
-54.14%
LENSAR Corporate Events
Executive/Board ChangesShareholder Meetings
LENSAR Shareholders Approve Directors and Executive Pay
Positive
Aug 10, 2026
On August 4, 2026, LENSAR held its annual meeting of stockholders, with approximately 90.53% of the company’s total voting power represented in person or by proxy. Stockholders considered four proposals relating to board composition, auditor...
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
LENSAR Appoints Interim CFO, Accelerates Governance Timeline
Positive
May 29, 2026
On May 25, 2026, LENSAR’s board appointed veteran healthcare finance executive Michael A. Rossi as interim chief financial officer and principal financial officer, effective May 29, 2026, under a consulting arrangement with Monomoy Advisors ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.