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1. Think of them as the Intuitive Surgical for eye surgery.

2. A highly specialized Boston Scientific, focused on advanced laser technology for cataract surgery.

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• LENSAR® Excite™ Laser System: A femtosecond laser system used by ophthalmologists to perform customized and enhanced steps of cataract surgery.

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LENSAR (LNSR) primarily sells its advanced femtosecond laser systems and related consumables for cataract surgery to other companies and institutions within the healthcare sector (B2B model).

The company does not publicly disclose specific named "major customer companies" in its financial filings, as its customer base is generally diffuse, comprising numerous individual medical practices and institutions rather than a few large corporate entities. Therefore, it is not possible to list specific public companies as major customers with their symbols.

LENSAR's primary customers are organizations within the ophthalmic healthcare sector, including:

• Ophthalmology Practices/Clinics: These are private medical practices or groups specializing in eye care, which purchase the LENSAR system for use in their surgical facilities.
• Hospitals: Medical centers and hospitals with ophthalmology departments that perform cataract surgeries utilize LENSAR's technology.
• Ambulatory Surgery Centers (ASCs): These are distinct entities focused on outpatient surgical procedures, including cataract surgery, and are key purchasers of specialized surgical equipment like the LENSAR system.

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Nicholas T. Curtis, Chief Executive Officer

Nicholas T. Curtis has served as LENSAR's Chief Executive Officer and as a member of its board of directors since February 2012. Before becoming CEO, he was the Chief Commercial Officer from August 2010 to February 2012. Prior to joining LENSAR, Mr. Curtis was the Vice President of Sales and Chief Commercial Officer of WaveTec Vision Systems, Inc., a privately held ophthalmic medical device company. He also served as Senior Vice President of Sales and Marketing at STAAR Surgical Company, a publicly held company, from August 2002 until August 2008. His career commenced at IBM, followed by a position at American Hospital Supply, where he was recruited to American Medical Optics (AMO). Mr. Curtis holds a B.S. from Northwestern University.

Thomas R. Staab, II, Chief Financial Officer

Thomas R. Staab, II has served as LENSAR's Chief Financial Officer since May 2020. Previously, he was Senior Vice President, Chief Financial Officer, and Treasurer at BioCryst Pharmaceuticals, Inc., a publicly-traded biopharmaceutical company, from July 2011 to February 2020. Mr. Staab also served as Executive Vice President, Chief Financial Officer, and Treasurer of Inspire Pharmaceuticals from May 2003 through its acquisition by Merck & Co., Inc. in May 2011. Additionally, he was acting Chief Financial Officer and Treasurer at Triangle Pharmaceuticals, Inc. through its acquisition by Gilead Sciences, Inc. in 2003. He began his career with eight years at PricewaterhouseCoopers LLP, providing audit and business advisory services. Mr. Staab is a Certified Public Accountant and earned a B.S. in Business Administration and a Master of Accounting from the University of North Carolina at Chapel Hill.

Alan B. Connaughton, Chief Operating Officer

Alan B. Connaughton has served as LENSAR's Chief Operating Officer since April 2015. Prior to this, he was the Vice President of Operations from January 2008 to April 2015. Mr. Connaughton brings over 20 years of experience in medical device companies. He received a B.S. from University College Galway, an M.S. from Queens University College, and an M.B.A. from Rollins College.

Lauren Gyoerkoe, Sr. Vice President of Global Marketing

Lauren Gyoerkoe is the Sr. Vice President of Global Marketing at LENSAR, Inc. She is an experienced marketing professional with over two decades in the medical device industry. Her background includes leadership roles at LENSAR, Inc., Square 1 Partners, AqueSys, Inc., and Refractec, Inc. Ms. Gyoerkoe also has an educational foundation in Vision Science and Physiological Optics from Miami Dade - Bascom Palmer Eye Institute.

Kendra W. Wong, Principal Accounting Officer

Kendra W. Wong was appointed as LENSAR's Principal Accounting Officer in January 2022, having previously served as the company's Director of Financial Operations since March 2021. Before joining LENSAR, Ms. Wong was the Assistant Corporate Controller for subsidiary operations at PDL BioPharma, Inc., LENSAR's former parent entity, from July 2018 to March 2021. Her career began as an auditor with PricewaterhouseCoopers (PwC). Ms. Wong holds a CPA license in California and an MBA from Arizona State University.

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1. Inability to Achieve or Sustain Profitability and Dependence on Product Commercialization: LENSAR has a history of operating losses and anticipates incurring further losses in the foreseeable future, with no assurance of achieving or sustaining profitability. The company's ability to generate sufficient revenue is heavily dependent on the successful development, regulatory clearance, and commercialization of its ALLY Adaptive Cataract Treatment System, as well as maintaining its existing LENSAR Laser System and securing market acceptance for these products.
2. Regulatory Risks: LENSAR's products and operations are subject to extensive governmental regulation and oversight both in the United States and internationally. Failure to comply with applicable requirements, or delays in receiving necessary clearances or approvals for new products or modifications to existing ones, particularly for the ALLY System, could significantly impede business growth and harm its operations.
3. Risks Related to the Acquisition by Alcon and Contingent Value Right: LENSAR is in the process of being acquired by Alcon, which introduces significant acquisition-related expenses that have adversely impacted its net loss. Furthermore, a portion of the acquisition consideration includes a non-tradeable contingent value right (CVR) offering, which is dependent on achieving specific cumulative procedure targets with the ALLY System. The uncertainties surrounding the CVR structure and the successful completion of the acquisition present potential risks for investors.

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LENSAR's main products are the LENSAR Laser System and the ALLY Adaptive Cataract Treatment System, both advanced femtosecond laser platforms designed for cataract surgery and the management of corneal astigmatism.

The addressable markets for LENSAR's products and services are as follows:

• Global Cataract Surgery Market: This market was valued at approximately 5.59 billion USD in 2024 and is projected to reach 8.92 billion USD by 2032, growing at a Compound Annual Growth Rate (CAGR) of 6.0%. Annually, there are around 32 million cataract procedures worldwide in 2025.
• Global Ophthalmic Femtosecond Lasers Market / Femtosecond Lasers for Cataract Surgery Market: This market segment, which includes the technology LENSAR provides, was valued at 251.74 million USD in 2024, growing to 271.12 million USD in 2025, and is anticipated to reach 457.55 million USD by 2032, with a CAGR of 7.75%. Another estimate places the global market size at 432.6 million USD in 2025, expecting it to reach 1007.6 million USD by 2034 with a CAGR of 9.85%.
• Global Cataract Surgery Devices Market: This broader market, which encompasses femtosecond laser systems, is estimated at 8.90 billion USD in 2025 and is forecasted to grow to 10.97 billion USD by 2030, at a CAGR of 4.27%. Another report indicates this market is expected to increase from 8,703.96 million USD in 2024 to 12,866.16 million USD by 2032, with a CAGR of 5.07%. Within this market, femtosecond laser systems are projected to expand at a 6.43% CAGR through 2030.
• Global Laser Cataract Surgery (LCS) Procedures: Approximately 1 million procedures were performed globally in 2024, with projections for 1.2 million procedures by 2030.
• Global Astigmatism Management (associated with cataract procedures): There is a significant unmet need, with an estimated 22-29 million individuals worldwide having treatable astigmatism that often goes unaddressed during cataract surgery.

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Expected Drivers of Future Revenue Growth for LENSAR (LNSR)

Over the next 2-3 years, LENSAR's revenue growth is expected to be driven by several key factors:

1. Expansion of the ALLY Systems Installed Base: The company has demonstrated significant growth in placing its ALLY Robotic Cataract Laser Systems. For example, in the third quarter of 2025, LENSAR placed 18 new ALLY Systems, increasing its installed base by 77% over the previous year. This expansion of the installed base is crucial as it directly contributes to recurring revenue streams.
2. Growth in Worldwide Procedure Volume: An increase in the number of procedures performed using LENSAR's ALLY system is a primary driver of revenue. In the third quarter of 2025, an 11% rise in worldwide procedure volume contributed to a 6% increase in revenue. The second quarter of 2025 also saw a 23% increase in worldwide procedure volumes compared to the previous year.
3. International Market Expansion: LENSAR is actively expanding the placement of its ALLY systems outside the United States, particularly in Europe and Southeast Asia. Regulatory clearances in mid-2024 for these regions are anticipated to drive additional growth in 2025 and beyond. The company has also been successful in filling backlogs in markets such as the EU and Taiwan.
4. Growth of Recurring Revenue: A substantial portion of LENSAR's revenue is recurring, primarily from procedure fees, services, and leasing arrangements. This recurring revenue stream is expected to grow as the installed base of ALLY systems matures and reaches optimal run rates, with recurring revenue accounting for 82% of total revenue in Q2 2025, up from 79% in Q2 2024.
5. New Customer Acquisition and Market Share Increase: LENSAR is successfully attracting new customers to its technology, with 75% of new system placements in the U.S. in 2024 being with customers new to LENSAR. The company's U.S. market share for procedures grew to 20%, a 3.5% increase from the previous year, indicating a growing adoption of its technology.

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Share Issuance

• LENSAR completed its initial public offering (IPO) on September 21, 2020.
• The number of common shares outstanding increased from 11,327 at December 31, 2023, to 11,935 at September 30, 2025.
• On June 2, 2025, the company granted 3,090 restricted stock units (RSUs) to new non-executive employees as an inducement for employment, with these units vesting over four years.

Inbound Investments

• In March 2025, Alcon announced an agreement to acquire LENSAR for $14.00 per share in cash, with an additional non-tradeable contingent value right of up to $2.75 per share, totaling a potential implied value of approximately $430 million.
• LENSAR received a $10 million cash deposit related to the proposed merger with Alcon Research, LLC.

Capital Expenditures

• LENSAR invested $14.2 million in research and development (R&D) in 2024, approximately 15% of its annual revenue, to advance its femtosecond laser technology.
• Capital allocation is focused on the development and commercialization of the ALLY Robotic Cataract Laser System.
• The company anticipates increasing selling and marketing expenses in 2025 to support the expected growth in ALLY system placements and recurring revenue.