p strong LENSAR Inc Announces Second Quarter 2024 Financial Results strongpp LENSAR Inc NASDAQ LNSR
Intellectia.AI1970-01-01
LENSAR, Inc. Announces Second Quarter 2024 Financial Results
LENSAR, Inc. (NASDAQ: LNSR), a global medical technology company focused on advanced laser solutions for cataract treatment, reported its financial results for the quarter ended June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | Year-Over-Year | Consensus Estimates |
|---|---|---|---|---|
| Total Revenue | $12.6M | $12.0M | +5% | $12.15M |
| Earnings Per Share (EPS) | ($0.79) | ($0.81) | Slightly improved | ($0.29) |
| Net Loss | $9.0M | $8.8M | +2.3% | Not provided |
| EBITDA | ($8.3M) | ($8.0M) | -3.75% | Not provided |
| Adjusted EBITDA | $0.03M | ($0.2M) | +115% | Not provided |
Interpretation : LENSAR demonstrated a moderate increase in revenue year-over-year, driven primarily by a 19% rise in worldwide procedure volumes. EPS and net loss both showed minor improvements. The company achieved break-even on an Adjusted EBITDA basis, indicating improved operational efficiency.
Revenue Performance by Segment
| Segment | Q2 2024 Revenue | Previous Guidance | Comparison |
|---|---|---|---|
| Recurring Sources | 79% of total revenue | No guidance provided | +9% from Q2 2023 |
| Non-Recurring Sources | 21% of total revenue | No guidance provided | Decline from Q2 2023 |
Interpretation : Recurring revenue sources increased significantly compared to the same period last year, comprising a larger portion of the revenue. This indicates a stronger, more stable revenue base stemming from consistent procedure volumes and system placements.
Operational Data
| Operational Metric | Q2 2024 | Q2 2023 | Year-Over-Year |
|---|---|---|---|
| ALLY System Placements | 17 systems | Not provided | Highest since launch |
| Installed System Base Growth (ALLY + others) | 330 systems | Not provided | +16% |
| U.S. Procedure Volume Growth | +16% | Not provided | Not provided |
| Worldwide Procedure Volume Growth | +19% | Not provided | Not provided |
Management Commentary
Nick Curtis, President and CEO of LENSAR, emphasized the robust growth driven by record placements of the ALLY System and significant increases in their backlog. The recent CE Mark approval was highlighted as a significant milestone, expanding market opportunities in the EU and Southeast Asia.
Dividends and Share Repurchase Program
No dividends or share repurchase programs were announced in this earnings report.
Forward Guidance
There was no forward guidance provided in this earnings release.
Stock Price Movement
Post-earnings release, LENSAR's stock experienced a slight positive movement of approximately 1.02%.
LENSAR continues to develop innovative solutions for cataract treatment, showing solid operational performance and a growing market presence. Management's focus on expanding into new regions and increasing procedure volumes is expected to drive further growth.
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