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• Intuitive Surgical for ophthalmology: LENSAR provides advanced, high-precision laser systems to assist surgeons in eye procedures, similar to how Intuitive Surgical's robotic systems aid complex surgeries.
• Stryker for ophthalmic laser systems: LENSAR offers specialized, high-tech laser equipment for eye surgery, akin to how Stryker provides innovative surgical instruments and implants for other medical fields.

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• LENSAR Laser System: A femtosecond laser system designed for the treatment of cataracts and the management of pre-existing or surgically induced corneal astigmatism.

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LENSAR (LNSR) sells its LENSAR Laser System primarily to other companies in the healthcare sector, rather than directly to individuals.

Due to the nature of their business, LENSAR does not publicly disclose specific named "major customers" (individual hospitals, clinics, or distributors) that account for a significant portion of their revenue. Instead, their customer base consists of a broad network of healthcare providers and distributors. The company's customer categories, representing the types of businesses they sell to, are:

• Ophthalmic Surgeons and Ophthalmology Practices: In the United States, LENSAR sells its systems directly to ophthalmic surgeons and their private practices or clinics. These are businesses that perform cataract surgery and and manage corneal astigmatism.
• Ambulatory Surgical Centers (ASCs): LENSAR also sells its systems directly to Ambulatory Surgical Centers in the United States. ASCs are outpatient facilities where surgical procedures, including cataract surgery, are performed.
• Third-Party Distributors: Outside the United States, LENSAR relies on a network of third-party distributors. These distributors are companies that purchase the LENSAR Laser System and related consumables and then resell them to local ophthalmic surgeons, clinics, and hospitals in their respective regions.

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Nicholas T. Curtis Chief Executive Officer and Director

Nicholas T. Curtis has served as LENSAR's Chief Executive Officer and a member of its board of directors since February 2012, following his role as Chief Commercial Officer from August 2010. With over 35 years of experience in the ophthalmic industry, Mr. Curtis previously held senior positions, including Vice President of Sales and Chief Commercial Officer at WaveTec Vision Systems, Inc., a privately held ophthalmic medical device company, and Senior Vice President of Sales and Marketing at STAAR Surgical Company. In 1996, he founded Refractive Surgical Resources, a pioneering company in transportable surgical services, which was subsequently acquired by Laser Vision Centers, Inc. in 1998. He has extensive experience in product development, commercialization, and mergers and acquisitions.

Thomas R. Staab, II Chief Financial Officer and Secretary

Thomas R. Staab, II joined LENSAR as Chief Financial Officer in May 2020. He is a Certified Public Accountant with significant experience in the biopharmaceutical sector. Prior to LENSAR, Mr. Staab was Senior Vice President, Chief Financial Officer, and Treasurer at BioCryst Pharmaceuticals, Inc. from July 2011 to February 2020. He also served as Executive Vice President, Chief Financial Officer, and Treasurer of Inspire Pharmaceuticals from May 2003 until its acquisition by Merck & Co., Inc. in May 2011, and as acting Chief Financial Officer and Treasurer at Triangle Pharmaceuticals, Inc. through its acquisition by Gilead Sciences, Inc. in 2003. Before entering the biopharmaceutical industry, Mr. Staab spent eight years providing audit and business advisory services at PricewaterhouseCoopers LLP.

Alan B. Connaughton Chief Operating Officer

Alan B. Connaughton has held the position of Chief Operating Officer at LENSAR since April 2015. Before this role, he served as the Vice President of Operations from January 2008 to April 2015. Mr. Connaughton brings over 20 years of experience from various medical device companies to his role.

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The key risks to LENSAR, Inc. (LNSR) are primarily centered around its recent terminated merger, its specialized product focus within a highly competitive market, and its ongoing financial stability.

1. Risks Related to the Terminated Merger with Alcon: LENSAR recently terminated its merger agreement with Alcon due to regulatory concerns. This event introduces significant risks, including potential substantial costs, expenses, and fees associated with the termination that may not be fully covered by the $10 million deposit retained from Alcon. The company also faces the risk of potential litigation related to the terminated merger. Furthermore, the termination could adversely affect LENSAR's relationships with customers, suppliers, and other business partners, and its ability to retain and hire key personnel, disrupting management's focus from ongoing business operations. There is also increased uncertainty regarding the company's standalone strategy and its ability to grow its business and secure financing on favorable terms, or at all, following the failed acquisition.
2. Reliance on a Single Product and Intense Competition: LENSAR operates as a specialized, small-cap company in the highly competitive ophthalmic surgery device market. Its strategic focus is primarily on a single technology: the femtosecond laser-assisted cataract surgery (FLACS) and its ALLY Adaptive Cataract Treatment System. While this specialization allows for rapid innovation, it also means the company's future heavily relies on the successful commercialization and market acceptance of this one platform. LENSAR competes against much larger, diversified healthcare corporations such as Alcon, Johnson & Johnson Vision, and Carl Zeiss Meditec, which possess significantly deeper financial resources, extensive global distribution networks, and vast product portfolios. These larger competitors can offer bundled solutions and have established brands, making it challenging for LENSAR to gain and maintain market share.
3. Financial Stability and Ability to Obtain Future Financing: LENSAR has faced financial challenges, including negative cash flow and a history of losses. The company's financial health, as indicated by a poor Piotroski F-Score, suggests weaknesses in business operations and potential liquidity challenges. Securing sufficient funding to achieve profitability is a primary risk. The ability to obtain financing on favorable terms, or at all, is crucial for its continued operations and growth, especially in the wake of the terminated merger and as it navigates a standalone path.

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The addressable markets for LENSAR's main products and services, which include femtosecond laser systems for the treatment of cataracts and the management of corneal astigmatism, are substantial globally.

The global ophthalmic femtosecond lasers market, which encompasses the technology central to LENSAR's offerings for cataract and refractive surgery, was valued at approximately USD 332.54 million in 2023. This market is projected to reach USD 371.7 million in 2025 and is expected to grow to USD 724.39 million by 2035, demonstrating a compound annual growth rate (CAGR) of 6.9% from 2025 to 2035. Another estimate projects this market to reach USD 347.7 million in 2025 and maintain a CAGR of 6.9% from 2025 to 2033.

For the management of pre-existing or surgically induced corneal astigmatism, a key application of LENSAR's technology, the global astigmatism market was valued at approximately USD 2.69 billion in 2022. This market is anticipated to reach USD 5.8 billion by 2032, with a CAGR of 8.12% during the forecast period from 2023 to 2032. Another report estimates the global astigmatism market size in 2023 to be approximately USD 4.5 billion, with a projected CAGR of 5.8% from 2024 to 2032, reaching USD 7.8 billion by 2032. North America holds a significant share of the astigmatism market, accounting for 43.20%. The Asia Pacific region is also expected to experience high growth in the astigmatism market, with a projected CAGR of 7.0%.

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LENSAR, Inc. (LNSR) anticipates several key drivers for its future revenue growth over the next 2-3 years, primarily centered around the continued adoption and expansion of its ALLY Robotic Cataract Laser System. These drivers are identified despite the recent termination of the merger agreement with Alcon, which refocuses LENSAR on its standalone growth strategy.

1. Increased ALLY System Placements: A significant driver of revenue growth is the continued placement of LENSAR's ALLY Systems. The company has consistently reported strong system placement activity, with a notable increase in its installed base both in the U.S. and internationally. For example, LENSAR placed 14 ALLY Systems in Q1 2025, a 40% increase over Q1 2024, and reported an additional backlog of 24 systems awaiting installation as of March 31, 2025. This expansion directly contributes to both immediate system sales revenue and a growing foundation for recurring revenue.
2. Growth in ALLY Procedure Volumes and Recurring Revenue: As the installed base of ALLY Systems expands, a corresponding increase in procedure volumes is expected. LENSAR has emphasized that the utilization of newly placed systems ramps up over time, leading to higher recurring revenue from associated consumables and services. Worldwide procedure volumes increased by approximately 11% in Q3 2025 compared to 2024, and U.S. procedures saw a 22% year-over-year increase in Q3 2024. The company expects this trend to continue, especially as users new to LENSAR convert to ALLY from older competing lasers.
3. International Market Expansion: LENSAR has demonstrated success in expanding its market presence beyond the United States. Recent reports highlight strong growth driven by expansion into new international markets, such as the European Union and Taiwan, which have contributed to increased system sales and overall revenue. The company’s strategy involves broadening the adoption of its femtosecond laser-assisted cataract surgery (FLACS) technology globally.
4. Market Share Gains and Competitive Conversions: LENSAR is actively focused on gaining market share by converting competitive systems and targeting "femto-naive" accounts (those new to femtosecond laser-assisted cataract surgery). By strategically expanding its commercial team, LENSAR aims to accelerate these market share gains and ALLY placement successes, leveraging the platform's ability to drive better surgeon efficiency and deliver improved patient outcomes.

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Share Repurchases

No significant share repurchases were identified during the last 3-5 years.

Share Issuance

• Between December 31, 2024, and September 30, 2025, LENSAR's common stock issued and outstanding increased from 11,654 thousand shares to 11,935 thousand shares. This corresponds to an increase in additional paid-in capital of approximately $2.051 million during this period (from $148,035 thousand to $150,086 thousand).
• During the first quarter of 2025, the number of issued and outstanding shares increased by 136 thousand to 11,790 thousand shares as of March 31, 2025, from 11,654 thousand shares at December 31, 2024. This contributed to an increase in additional paid-in capital by approximately $0.343 million during Q1 2025.
• Shares were withheld from executives, such as the COO and CEO in early 2026, to cover tax obligations arising from the vesting of restricted stock units (RSUs), indicating share issuance related to compensation. For example, the CFO had 1,826 shares withheld at $11.57 per share on January 11, 2026, for tax obligations after an RSU vesting event.

Inbound Investments

• In March 2025, Alcon Inc. entered into a definitive merger agreement to acquire LENSAR, Inc. for approximately $430 million. The deal terms include $14.00 per share in cash, with a non-tradeable contingent value right of up to $2.75 per share, dependent on achieving 614,000 cumulative procedures with LENSAR's products by December 31, 2027.
• LENSAR received a $10.0 million cash deposit in the first quarter of 2025 in connection with the proposed acquisition by Alcon.

Outbound Investments

No significant outbound investments made by LENSAR were identified during the last 3-5 years.

Capital Expenditures

• LENSAR operates as a medical device company that designs, develops, and markets femtosecond laser systems like the ALLY Robotic Cataract Laser System. While specific capital expenditure figures were not explicitly detailed, the company's operations inherently involve ongoing investment in manufacturing and developing these advanced laser systems.
• The company's focus on expanding the installed base of its ALLY systems, with 185 ALLY systems installed as of September 30, 2025, and a combined installed base of 425 LENSAR Laser Systems and ALLY Systems by the same date, suggests continuous investment in its product offerings and manufacturing capabilities.
• Research and development expenses, which contribute to the creation of future assets, were $1.4 million for Q3 2025, $1.2 million for Q3 2024, $1.5 million for Q1 2025, and $1.4 million for Q1 2024.