Revenue growth has stalled with a 5.2% contraction in 2026Q1, while operating margins remain pressured, evidenced by a -30.7% margin reported in 2025Q4.
| Sales/Revenue | 57.7M | 58.44M | 53.49M | 42.16M | 35.36M | 34.46M | 26.38M | 30.53M | 24.39M |
| Revenue Growth % | 1.12% | 9.24% | 26.87% | 19.25% | 2.61% | 30.62% | -13.58% | 25.18% | - |
| Cost of Goods Sold | 31.55M | 31.31M | 27.64M | 21.06M | 15.4M | 16.63M | 12.31M | 17.3M | 14.78M |
| COGS % of Revenue | - | 53.59% | 51.68% | 49.94% | 43.56% | 48.25% | 46.65% | 56.67% | 60.59% |
| Gross Profit | 26.15M | 27.12M | 25.85M | 21.11M | 19.95M | 17.83M | 14.07M | 13.23M | 9.61M |
| Gross Margin % | 45.32% | 46.41% | 48.33% | 50.06% | 56.44% | 51.75% | 53.35% | 43.33% | 39.41% |
| Gross Profit Growth % | - | 4.92% | 22.48% | 5.77% | 11.9% | 26.7% | 6.4% | 37.64% | - |
| Operating Expenses | 42.7M | 51.7M | 36.52M | 33.34M | 40.13M | 37.48M | 32.58M | 25.94M | 18.93M |
| OpEx % of Revenue | - | 88.47% | 68.26% | 79.06% | 113.5% | 108.78% | 123.48% | 84.98% | 77.61% |
| Selling, General & Admin | 36.54M | 45.16M | 26.49M | 26.1M | 27.17M | 23.89M | 23.77M | 17.15M | 16.14M |
| SG&A % of Revenue | - | 77.28% | 49.52% | 61.9% | 76.84% | 69.32% | 90.09% | 56.17% | 66.19% |
| Research & Development | 5.47M | 5.62M | 5.33M | 6.14M | 11.81M | 12.36M | 7.55M | 7.57M | 2.78M |
| R&D % of Revenue | - | 9.62% | 9.96% | 14.56% | 33.41% | 35.86% | 28.63% | 24.79% | 11.42% |
| Other Operating Expenses | 689K | 921K | 4.7M | 1.1M | 1.15M | 1.24M | 1.26M | 1.23M | 0 |
| Operating Income | -16.55M | -24.58M | -10.66M | -12.23M | -20.18M | -19.65M | -18.5M | -12.71M | -9.32M |
| Operating Margin % | -28.68% | -42.06% | -19.94% | -29% | -57.06% | -57.03% | -70.13% | -41.65% | -38.2% |
| Operating Income Growth % | - | -130.45% | 12.79% | 39.39% | -2.67% | -6.22% | -45.52% | -36.47% | - |
| EBITDA | -11.99M | -20.08M | -6.73M | -8.71M | -16.77M | -16.89M | -15.43M | -8.85M | -4.73M |
| EBITDA Margin % | -20.78% | -34.36% | -12.59% | -20.67% | -47.43% | -49.01% | -58.49% | -28.98% | -19.38% |
| EBITDA Growth % | -115.73% | -198.13% | 22.72% | 48.04% | 0.69% | -9.43% | -74.41% | -87.22% | - |
| D&A (Non-Cash Add-back) | 4.56M | 4.5M | 3.93M | 3.52M | 3.41M | 2.76M | 3.07M | 3.87M | 4.59M |
| EBIT | -12.68M | -24.58M | -6.94M | -12.23M | -20.18M | -19.65M | -18.43M | -12.66M | -9.25M |
| Net Interest Income | 64K | 91K | 103K | 85K | 17K | 34K | -1.34M | -2M | 0 |
| Interest Income | 64K | 91K | 103K | 85K | 17K | 34K | 0 | 0 | 3.27M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 1.34M | 2M | 0 |
| Other Income/Expense | 45.95M | -9.7M | -20.74M | -2.15M | 263K | 51K | -1.27M | -1.94M | -3.26M |
| Pretax Income | 29.4M | -34.28M | -31.4M | -14.38M | -19.91M | -19.6M | -19.77M | -14.66M | -12.57M |
| Pretax Margin % | 50.94% | -58.66% | -58.71% | -34.11% | -56.32% | -56.88% | -74.95% | -48.01% | -51.55% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 20K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0.16% |
| Net Income | 29.4M | -34.28M | -31.4M | -14.38M | -19.91M | -19.6M | -19.77M | -14.66M | -12.59M |
| Net Margin % | 50.94% | -58.66% | -58.71% | -34.11% | -56.32% | -56.88% | -74.95% | -48.01% | -51.64% |
| Net Income Growth % | 151.95% | -9.16% | -118.34% | 27.77% | -1.6% | 0.87% | -34.91% | -16.39% | - |
| Net Income (Continuing) | 29.4M | -34.28M | -31.4M | -14.38M | -19.91M | -19.6M | -19.77M | -14.66M | -12.59M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.91 | -2.87 | -2.73 | -1.31 | -1.96 | -2.10 | -1.81 | -1.57 | -11.77 |
| EPS Growth % | 88.09% | -5.13% | -108.4% | 33.16% | 6.67% | -16.02% | -15.29% | 86.66% | - |
| EPS (Basic) | - | -2.87 | -2.73 | -1.31 | -1.96 | -2.10 | -1.81 | -1.57 | -11.77 |
| Diluted Shares Outstanding | 15.42M | 11.96M | 11.52M | 10.97M | 10.16M | 9.37M | 10.93M | 10.64M | 1.07M |
| Basic Shares Outstanding | 12.16M | 11.96M | 11.52M | 10.97M | 10.16M | 9.37M | 10.93M | 10.64M | 1.07M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Liquidity and capital runway
As indicated by the most recent quarterly financial data, LENSAR's revenue growth has decelerated significantly, with the latest period showing a 5.2% contraction compared to the robust 38.2% year-over-year growth rates observed in late 2024, suggesting a potential plateau in the ALLY system's initial market adoption phase.
The shift from double-digit expansion to contraction implies that the company may be struggling to sustain its commercial momentum following the initial rollout of the ALLY platform. Investors should monitor whether this deceleration reflects a saturated early-adopter market or broader macroeconomic pressures impacting elective surgical procedure volumes.
Based on reported income statements, LENSAR's gross margin has exhibited notable instability, fluctuating between a low of 40.3% and a peak of 52.1%, which suggests that the company lacks the pricing power or manufacturing efficiency required to maintain consistent profitability in a competitive medical device landscape.
The inability to stabilize gross margins at a higher level indicates that the company's cost of goods sold remains highly sensitive to product mix and manufacturing scale. This volatility complicates the path to sustainable operating leverage, as the company remains reliant on high-margin software-enabled procedures to offset hardware-related costs.
According to the provided financial filings, LENSAR's operating expenses have frequently outpaced gross profit generation, resulting in an operating margin of -30.7% in the most recent quarter, which highlights a persistent inability to scale the business model efficiently despite the ongoing commercialization of the ALLY platform.
The disconnect between revenue generation and operating expense management suggests that the company is currently in a high-burn phase characterized by heavy investment in sales and marketing. Without a significant inflection in procedure volume, the current cost structure appears to be a structural barrier to achieving positive operating income.
As reported in financial statements, LENSAR's net income has experienced extreme swings, including a $36.3M profit in 2026Q1 contrasted against a $27.3M loss in 2025Q1, suggesting that non-operating items or accounting adjustments are significantly distorting the underlying operational performance of the core medical device business.
The wide variance in net income figures warrants further investigation into non-recurring items and the impact of stock-based compensation, which remains a consistent expense line. Investors should focus on operating income as a more reliable, albeit currently negative, indicator of the company's true economic health.
Based on the provided data, the most significant risk to the investment thesis is the combination of a $12.97M cash position and persistent negative operating margins, which may force the company to seek dilutive financing to sustain its operations in the near term, as noted in recent filings.
Short-sellers would likely focus on the company's inability to reach a self-funding inflection point despite the launch of the ALLY system. The reliance on external capital to bridge the gap between current losses and future profitability remains a primary concern for long-term equity holders.
Quick answers to the most common questions about buying LNSR stock.
For fiscal year 2025, LENSAR, Inc. (LNSR) reported total revenue of $58.4M. This represents a 139.6% increase compared to $24.4M in 2018.
LENSAR, Inc. (LNSR) reported a net loss of $34.3M for the fiscal year ending 2025.
LENSAR, Inc. (LNSR) reported an operating income of $-24.6M, resulting in an operating profit margin of -42.1%. This margin reflects the operational efficiency of the business before interest and taxes.
LENSAR, Inc. (LNSR) generated $27.1M in gross profit for the year, representing a gross profit margin of 46.4%. This demonstrates the company's core pricing power and production efficiency.