LENSAR’s third‑quarter 2025 results show revenue of $14.3 million, a 6 % year‑over‑year increase, but the figure falls short of the consensus estimate of $17.5 million, a miss of $3.2 million or 18 %. The shortfall reflects a weaker than expected mix of high‑margin commercial sales and a modest decline in recurring subscription revenue, which together offset the 11 % jump in worldwide procedure volume.
Procedure volume rose 11 % to 1.2 million cases, driven by strong demand for the ALLY Robotic Cataract Laser System. The company installed 18 new ALLY units, bringing the ALLY installed base to 185 and the total LENSAR laser base to 425. The 77 % year‑over‑year growth in the ALLY base underscores the system’s market traction, but the revenue miss indicates that the higher volume has not yet translated into proportionate top‑line growth, partly due to pricing pressure in the U.S. market and a slower uptake of the newer ALLY‑X model.
Net loss widened to $3.7 million, compared with a $1.5 million loss in Q3 2024. EBITDA turned negative at $2.7 million, up from a $0.6 million loss, while adjusted EBITDA slipped to a $0.3 million loss from a $0.4 million gain. The deterioration is largely attributable to $5.3 million in acquisition‑related costs tied to the pending Alcon Research merger and a jump in SG&A to $12.0 million from $6.1 million. The EPS of ($0.31) missed the consensus of ($0.05) by $0.26, a 520 % miss, underscoring the impact of the one‑time merger expenses.
Cash and short‑term investments fell to $16.9 million from $22.5 million a year earlier, reflecting the company’s liquidity consumption during the merger transition. LENSAR did not issue a guidance update or host a conference call, and management stated that it will continue to cooperate with the FTC review, which is expected to close in Q1 2026. CEO Nick Curtis highlighted the “continued adoption of ALLY both in the U.S. and abroad” and the “compelling value proposition” of the system, but noted that the acquisition costs are a short‑term drag on profitability.
Analysts had projected revenue of $17.5 million and EPS of ($0.05) for the quarter. The miss in both metrics signals that the company’s growth momentum has not yet offset the significant one‑time costs associated with the Alcon deal. While the ALLY installed base expansion suggests a strong long‑term revenue pipeline, the current financials reflect the immediate impact of the merger and the need for cost discipline as the company integrates with Alcon.
Overall, LENSAR’s Q3 results illustrate a company in transition: operational growth in its flagship product is evident, but the pending acquisition and associated expenses are eroding profitability in the short term. Investors will likely focus on how quickly the company can convert the expanded ALLY base into recurring revenue and whether the integration with Alcon will deliver the projected synergies once the FTC review concludes.
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