In This Article:
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Revenue: $13.5 million in Q3 2024, a 38% increase from Q3 2023.
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Gross Margin: $6.3 million, representing a 46% gross margin percentage.
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Net Loss: $1.5 million or $0.13 loss per common share.
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Adjusted EBITDA: Positive $429,000, a $1.8 million improvement from Q3 2023.
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Recurring Revenue: $9.9 million in Q3 2024, with $38 million on a trailing 12-month basis, a 22% increase year-over-year.
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ALLY System Placements: 24 new systems in Q3 2024, a 118% increase from Q3 2023.
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Total Installed Base: Over 100 ALLY systems globally, a 170% increase from September 30, 2023.
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Operating Expenses: $7.5 million in Q3 2024, up from $6.9 million in Q3 2023.
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Cash and Cash Equivalents: $18.6 million as of September 30, 2024.
Release Date: November 07, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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LENSAR Inc (NASDAQ:LNSR) achieved a record-breaking third quarter with a 118% increase in ALLY system placements compared to the previous year.
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The company expanded its market presence by successfully launching the ALLY system in the EU and Taiwan, contributing to significant international sales.
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Revenue for the third quarter increased by 38% year-over-year, reaching $13.5 million, driven by strong system placements and procedure growth.
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The company's recurring revenue grew by 22% over the trailing 12 months, indicating a strong foundation for future growth.
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LENSAR Inc (NASDAQ:LNSR) achieved a positive adjusted EBITDA of $429,000, marking a significant improvement from the previous year's negative adjusted EBITDA.
Negative Points
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The company's gross margin percentage decreased from 50% in the previous year to 46% in the third quarter of 2024.
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Operating expenses increased to $7.5 million in the third quarter, primarily due to higher SG&A spending.
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Net loss for the quarter was $1.5 million, compared to a net income of $2.6 million in the same quarter last year.
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The company faces challenges in maintaining consistent system placements due to factors like holidays and natural disasters affecting procedure volumes.
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LENSAR Inc (NASDAQ:LNSR) acknowledges the difficulty in expanding into the femto naive market, which requires more resources and effort compared to converting existing competitive sites.
Q & A Highlights
Q: Can you provide more commentary on Q4 expectations, particularly regarding system placements and procedural volume growth? A: Nicholas Curtis, CEO: We expect similar activity outside the US in terms of system shipments as in Q3, likely around 10 to 11 systems. The fourth quarter is typically the highest for cataract procedures globally, despite recent disruptions like hurricanes. We anticipate strong procedure growth and are working to install a significant number of systems. Thomas Staab, CFO: The placement activity in Q3 was exceptional, and it would be challenging to exceed that in Q4 due to the holidays and other factors. However, we expect procedure volume to increase.