LENSAR — Third Quarter 2026 Earnings Summary

Financial Performance:

• Total revenue was $14.1 million for the quarter, a 1% decline from $14.3 million in the prior year period.
• Recurring revenue grew 17% year-over-year to $12.6 million, representing 89% of total revenue compared to 75% in the prior year.
• Procedure revenue increased 17% year-over-year to $9.2 million.
• Procedure volume rose 12% year-over-year to 52,545 procedures.
• Net loss was $4.7 million, compared to a net loss of $3.7 million in the prior year period.
• Adjusted EBITDA was $1.7 million, a positive result compared to a loss of $0.3 million in the prior year.
• Cash, cash equivalents, and investments totaled $12.6 million as of September 30, 2026, down from $18.0 million at December 31, 2025.
• Deferred revenue was $2.7 million as of September 30, 2026, compared to $3.1 million at December 31, 2025.
• Warrant liabilities decreased to $18.4 million from $40.2 million at the end of the prior year.

Business Segments and Product Lines:

• The Company placed 10 ALLY Robotic Cataract Laser Systems during the third quarter.
• The total ALLY installed base expanded 22% year-over-year to approximately 225 systems.
• The total laser installed base reached 450 systems, up 6% from the prior year.
• As of September 30, 2026, the Company had a backlog of 12 ALLY Systems pending installation.
• System sales revenue was $1.5 million for the quarter, down from $3.5 million in the prior year.
• Lease revenue was $1.7 million and service revenue was $1.7 million for the quarter.

Management Commentary and Tone:

• President and CEO Nick Curtis attributed the 1% revenue decline to typical summer seasonality and lower system sales against a robust prior-year base.
• Management cited growth in procedure volume and recurring revenue as evidence of a strengthening operational foundation for long-term sustainable growth.
• Curtis emphasized the Company's focus on innovation, advancing technology capabilities, deepening relationships with surgeon partners and distributors, and leveraging the growing installed base.
• Management noted that while quarterly results may fluctuate due to system sales timing, the commitment to disciplined commercial execution remains unchanged.

Other Key Points:

• The Company disclosed that the third quarter is typically the slowest of the year for cataract procedures and sales activity due to extended holidays and summer vacations.
• The ALLY System is described as a compact, ergonomic system utilizing a dual-modality laser and proprietary Streamline software for in-office or operating room use.
• The Company hosts a conference call and live webcast on November 10, 2026, at 8:30 a.m. ET to discuss results.
• The press release includes reconciliations of EBITDA and Adjusted EBITDA to net loss, noting significant non-cash charges related to stock-based compensation and changes in the fair value of warrant liabilities.