LENSAR Inc

LENSAR reported second-quarter 2026 revenue of $16.5 million, up 18% year over year. Recurring revenue was $13.7 million, up 20%, and procedure revenue was $10.2 million, up 23%; procedure volume was 58,682, up 13%. Gross profit was approximately $9.8 million, with gross margin of approximately 59% versus approximately 50% in Q2 2025; excluding a $1.1 million tariff refund, gross margin was 52%. GAAP net income was $3.5 million versus a net loss of $1.8 million in Q2 2025, and adjusted EBITDA was $3.6 million, the best quarterly adjusted EBITDA performance to date. The company ended the quarter with $13.6 million in cash and cash equivalents, placed 10 ALLY systems, ended with approximately 215 ALLY systems and 445 total systems installed, and had 13 ALLY systems in backlog. No formal numeric guidance was given for next quarter or the full year, but management said operating expenses should trend modestly higher as commercial investments increase, and noted Q3 is typically the lowest procedure quarter seasonally.

Nick Curtis framed Q2 as an inflection point after the terminated Alcon merger, saying LENSAR is now focused on rebuilding commercial momentum as an independent company. He emphasized that demand for ALLY remains strong, that utilization and recurring revenue are improving, and that the company is rebuilding the momentum it had before the merger announcement. His tone was upbeat but measured, repeatedly noting that the business is still early in capturing its long-term opportunity and that Q3 is seasonally softer.

Mike Rossi said the company ended Q2 with $13.6 million in cash and cash equivalents, down from $18 million at the end of 2025, and that cash flow was essentially breakeven in the quarter after $4.4 million of cash usage in Q1 tied to inventory and working capital. He highlighted gross profit of about $9.8 million and gross margin of about 59%, or 52% excluding the $1.1 million tariff refund, and said SG&A fell to $6.1 million from the prior-year period because merger-related costs were absent. He also said total operating expenses were $7.6 million, GAAP net income was $3.5 million, and adjusted EBITDA was $3.6 million, while cautioning that spending will gradually move up as commercial investment normalizes.

Analysts asked about the composition of the 13-system backlog and what it implies for Q3 and Q4; management said it is a mix of U.S. and international backlog, including some purchase orders for primarily Q4 delivery outside the U.S. and some U.S. systems awaiting facility buildouts. Questions also focused on recurring revenue per procedure and ALLY system pricing; Nick Curtis said recurring revenue ASP should stay mostly steady with only modest upside from a larger U.S. mix, while ALLY system pricing should remain relatively flat with some variation by distributor, U.S. sales, and private-equity-backed customers. In response to a gross margin question, Mike Rossi said the current low-50% to high-50% level appears more sustainable as recurring revenue grows, compared with the previously discussed high-40s range.