In This Article:
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Fourth Quarter Revenue: $16.7 million, a 38% increase over Q4 2023.
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Full Year Revenue Growth: 27% over 2023.
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ALLY System Placements: 31 systems in Q4, with 20 in the US.
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Installed Base of ALLY Systems: Surpassed 135 globally.
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Total Installed Base: 385 systems worldwide, a 26% increase over December 31, 2023.
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Market Share in Procedures: Increased by 7.5% in the US, reaching almost 21%.
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Procedure Volume Growth: 24% year over year in both the US and worldwide.
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Recurring Revenue: $10.8 million in Q4; over $40 million for the year.
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Gross Margin: $7.1 million, representing 42% for Q4.
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Operating Expenses: $8.4 million in Q4 2024.
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GAAP Net Loss: $18.7 million or $1.61 loss per share in Q4 2024.
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Adjusted EBITDA: Positive $478,000 in Q4 2024.
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Cash and Investments: $22.5 million as of December 31, 2024.
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2025 Revenue Growth Guidance: Expected to exceed 27% growth achieved in 2024.
Release Date: February 27, 2025
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 significant revenue growth in 2024, with a 38% increase in Q4 revenue compared to Q4 2023.
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The company set a new quarterly high by placing 31 ALLY systems in Q4, with 20 of these installations occurring in the US.
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LENSAR Inc (NASDAQ:LNSR) expanded its market presence in Europe and Southeast Asia, placing 24 systems since the mid-August 2024 launch.
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75% of new system placements in the US were with customers new to LENSAR, indicating strong adoption of their technology.
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The company achieved a positive adjusted EBITDA of $478,000 in Q4 2024, marking the second consecutive quarter of positive results.
Negative Points
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The GAAP net loss for Q4 2024 was $18.7 million, largely due to a $17.6 million non-cash charge related to warrant liabilities.
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Recurring revenue as a percentage of total revenue decreased from 73% in Q4 2023 to 64% in Q4 2024.
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Gross margin for Q4 2024 was 42%, slightly lower than the 43% realized in Q4 2023.
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Operating expenses increased to $8.4 million in Q4 2024, up from $8.1 million in Q4 2023.
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The company faces strong competition from larger players in the market, which could impact its growth and market share.
Q & A Highlights
Q: Can you provide more details on the mix of placements in the fourth quarter, specifically regarding Femto naive, competitive change-outs, and replacing LLS systems? A: Nicholas Curtis, CEO: In the fourth quarter, 75% of placements were new to LENSAR customers. We displaced only a few LLS systems, with most being moved to other locations rather than decommissioned. About 30% of the systems replaced competitive devices, and approximately 22% were Femto naive, indicating growth in both market share and new market segments.