Detailed financial statements for LENSAR Inc (LNSR): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
LENSAR, Inc., a commercial-stage medical device company, focuses on designing, developing, and marketing laser systems for the treatment of cataracts and the management of pre-existing or surgically induced corneal astigmatism in the United System, Europe, Asia, South Korea, and internationally.
Analysis Summary
LENSAR Inc reported revenue of $58.4M in the most recent fiscal year, growing at a 5-year CAGR of 17.2%.
Trailing-twelve-month margins: gross margin 48.0%, operating margin -13.5%, net margin 57.6%.
At the current price of $7.09, LNSR trades at a P/E of 5.44 and an ROE of 103.80%. Market capitalisation stands at $87M.
Balance sheet quality for LNSR: current ratio of 1.2, net cash position of $15.2M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $24.4M | $30.5M | $26.4M | $34.5M | $35.4M | $42.2M | $53.5M | $58.4M |
| Cost of Revenue | $14.8M | $17.3M | $12.3M | $16.6M | $15.4M | $21.1M | $27.6M | $31.3M |
| Gross Profit | $9.6M | $13.2M | $14.1M | $17.8M | $20.0M | $21.1M | $25.9M | $27.1M |
| Research & Development | $2.8M | $7.6M | $7.6M | $12.4M | $11.8M | $6.1M | $5.3M | $5.6M |
| Selling, General & Admin | $16.1M | $17.1M | $23.8M | $23.9M | $27.2M | $26.1M | $26.5M | $45.2M |
| Operating Expenses | $18.9M | $25.9M | $32.6M | $37.5M | $40.1M | $33.3M | $36.5M | $51.7M |
| Operating Income | -$9.3M | -$12.7M | -$18.5M | -$19.7M | -$20.2M | -$12.2M | -$10.7M | -$24.6M |
| EBITDA | -$4.7M | -$8.8M | -$15.4M | -$16.8M | -$16.5M | -$10.9M | -$3.0M | -$29.8M |
| Interest Expense | 0 | $2.0M | $1.3M | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$12.6M | -$14.7M | -$19.8M | -$19.6M | -$19.9M | -$14.4M | -$31.4M | -$34.3M |
| Income Tax | $20000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$12.6M | -$14.7M | -$19.8M | -$19.6M | -$19.9M | -$14.4M | -$31.4M | -$34.3M |
| EPS | $-11.77 | $-1.57 | $-1.81 | $-2.10 | $-1.96 | $-1.31 | $-2.73 | $-2.87 |
| EPS (Diluted) | $-11.77 | $-1.57 | $-1.81 | $-2.10 | $-1.96 | $-1.31 | $-2.73 | $-2.87 |
| Shares Outstanding (Diluted) | $1.1M | $10.6M | $10.9M | $9.4M | $10.2M | $11.0M | $11.5M | $12.0M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $14.3M | $16.0M | $13.4M | $16.5M |
| Gross Profit | $5.8M | $6.9M | $6.4M | $9.8M |
| Operating Income | -$7.6M | -$4.9M | $2.2M | $2.1M |
| EBITDA | -$2.6M | -$284000 | $37.5M | $961000 |
| Net Income | -$3.7M | -$1.5M | $36.3M | $3.5M |
| EPS | $-0.31 | $-0.12 | $1.56 | $0.14 |
| EPS (Diluted) | $-0.31 | $-0.12 | $0.00 | $0.10 |
Balance Sheet (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $3.3M | $4.6M | $40.6M | $31.6M | $14.7M | $20.6M | $16.3M | $13.0M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | $3.4M | $6.2M | $5.0M |
| Receivables | $3.3M | $3.9M | $2.5M | $5.0M | $6.2M | $4.3M | $6.5M | $6.4M |
| Inventory | $4.1M | $8.1M | $13.5M | $6.5M | $11.7M | $15.7M | $11.4M | $21.5M |
| Total Current Assets | $11.7M | $17.2M | $58.4M | $44.8M | $33.7M | $46.4M | $42.0M | $46.8M |
| Property, Plant & Equipment | $3.6M | $2.2M | $4.4M | $7.4M | $6.9M | $10.3M | $664000 | $505000 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | $12.3M | $13.4M | $12.1M | $10.9M | $12.1M | $11.0M | $6.1M | $5.2M |
| Total Assets | $28.9M | $34.5M | $79.1M | $66.5M | $55.8M | $69.6M | $66.3M | $71.4M |
| Accounts Payable | $1.4M | $1.6M | $2.5M | $2.7M | $5.4M | $4.0M | $6.0M | $19.0M |
| Short-term Debt | $653000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $7.7M | $7.8M | $8.5M | $8.7M | $11.4M | $11.6M | $15.0M | $40.6M |
| Long-term Debt | $41.2M | $20.2M | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $49.4M | $65.1M | $11.9M | $11.6M | $13.9M | $22.4M | $47.7M | $97.4M |
| Retained Earnings | -$23.5M | -$38.2M | -$58.0M | -$77.6M | -$97.5M | -$111.9M | -$143.3M | -$177.6M |
| Total Equity | -$20.5M | -$30.6M | $67.2M | $54.9M | $42.0M | $47.2M | $18.6M | -$26.0M |
| Total Debt | $41.2M | $20.5M | $3.8M | $3.3M | $2.8M | $2.3M | $2.6M | $2.7M |
| Net Debt | $37.9M | $15.9M | -$36.8M | -$28.3M | -$11.9M | -$21.8M | -$19.8M | -$15.2M |
| Working Capital | $4.1M | $9.4M | $49.9M | $36.1M | $22.3M | $34.8M | $27.0M | $6.2M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $7.6M | $13.0M | $12.5M | $13.6M |
| Total Assets | $70.2M | $71.4M | $66.2M | $69.6M |
| Total Liabilities | $82.3M | $97.4M | $41.6M | $54.7M |
| Total Equity | -$12.1M | -$26.0M | $24.6M | $14.9M |
| Total Debt | $2.9M | $2.7M | $2.6M | $2.4M |
Cash Flow (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Net Income | -$12.6M | -$14.7M | -$19.8M | -$19.6M | -$19.9M | -$14.4M | -$31.4M | -$34.3M |
| Depreciation & Amortization | $4.6M | $3.9M | $2.6M | $2.8M | $3.4M | $3.5M | $3.9M | $4.5M |
| Stock-based Compensation | $1.3M | $102000 | $9.0M | $6.9M | $6.6M | $5.5M | $2.7M | $3.1M |
| Change in Working Capital | $5.9M | -$2.4M | -$6.2M | -$42000 | -$5.6M | -$7.8M | -$3.0M | $1.1M |
| Operating Cash Flow | -$1.9M | -$12.6M | -$13.8M | -$9.0M | -$14.9M | -$9.7M | -$2.3M | -$14.8M |
| Capital Expenditure | -$3.2M | -$2.1M | -$366000 | -$354000 | -$115000 | -$236000 | -$156000 | -$83000 |
| Acquisitions | -$644000 | 0 | $40000 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | -$198000 | -$31000 | -$1.9M | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$5.1M | -$14.7M | -$14.2M | -$9.3M | -$15.0M | -$9.9M | -$2.4M | -$14.9M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$3.5M | $618000 | -$4.3M | -$127000 |
| Capital Expenditure | 0 | 0 | 0 | -$35000 |
| Free Cash Flow | -$3.5M | $618000 | -$4.3M | -$162000 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $850000 | $873000 | 0 | $347000 |
Growth & Margins (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +25.2% | -13.6% | +30.6% | +2.6% | +19.2% | +26.9% | +9.2% | |
| Net Income Growth (YoY) | -16.4% | -34.9% | +0.9% | -1.6% | +27.8% | -118.3% | -9.2% | |
| EPS Growth (YoY) | +86.7% | -15.3% | -16.0% | +6.7% | +33.2% | -108.4% | -5.1% | |
| Shares Change (YoY) | +894.3% | +2.8% | -14.3% | +8.4% | +8.0% | +5.0% | +3.8% | |
| FCF Growth (YoY) | -186.0% | +3.5% | +34.1% | -60.6% | +33.9% | +75.4% | -513.5% | |
| Gross Margin | 39.4% | 43.3% | 53.4% | 51.8% | 56.4% | 50.1% | 48.3% | 46.4% |
| Operating Margin | -38.2% | -41.6% | -70.1% | -57.0% | -57.1% | -29.0% | -19.9% | -42.1% |
| EBITDA Margin | -19.1% | -28.8% | -58.2% | -48.9% | -46.7% | -25.8% | -5.6% | -51.0% |
| Net Margin | -51.6% | -48.0% | -75.0% | -56.9% | -56.3% | -34.1% | -58.7% | -58.7% |
| FCF Margin | -21.0% | -48.1% | -53.7% | -27.1% | -42.3% | -23.5% | -4.5% | -25.5% |
| Effective Tax Rate | -0.2% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-4.80 | $-1.38 | $-1.29 | $-0.99 | $-1.47 | $-0.90 | $-0.21 | $-1.25 |
| Dividends Per Share | $0.19 | $0.00 | $0.17 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $1.1M | $10.6M | $10.9M | $9.4M | $10.2M | $11.0M | $11.5M | $12.0M |
What to look at in Healthcare / Pharma
The R&D pipeline is the invisible asset. Patents expiring = revenues evaporating. Look at innovation and cash flow.
- R&D / Revenue — Shows investment in future pipeline. Serious pharma reinvests 15-20%
- 5y EPS growth — After patent expirations, are they still growing?
- Gross margin — Branded pharma >70%. Generics much lower — defines the business type
- FCF / Net Income — Earnings quality — big pharma should convert >90%
- ROIC — Capital reinvested efficiently — key in pharma due to long R&D cycles
- Net debt / EBITDA — Pharma acquisitions pile up debt — watch the post-M&A picture
- P/E vs own 10y history — The best comparison is with its own history, not with peers
Profitability
| Return on Equity | 10380.25% |
| Return on Invested Capital | -16.02% |
| Return on Assets | 49.88% |
| Gross Margin | 47.96% |
| Operating Margin | -13.48% |
| Net Margin | 57.57% |
Financial Health
| Debt / Equity | 0.16 |
| Current Ratio | 2.39 |
| Piotroski F-Score | 2 |
| Altman Z-Score | -2.84 |
Key Ratios (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| P/E | -0.76 | -5.73 | -4.01 | -2.85 | -1.51 | -2.68 | -3.27 | -4.05 |
| P/B | -0.47 | -3.13 | 1.18 | 1.02 | 0.72 | 0.82 | 5.52 | -5.34 |
| P/S | 0.39 | 3.14 | 3.00 | 1.63 | 0.85 | 0.91 | 1.92 | 2.38 |
| Gross Margin | 39.4% | 43.3% | 53.4% | 51.8% | 56.4% | 50.1% | 48.3% | 46.4% |
| Operating Margin | -38.2% | -41.6% | -70.1% | -57.0% | -57.1% | -29.0% | -19.9% | -42.1% |
| Net Margin | -51.6% | -48.0% | -75.0% | -56.9% | -56.3% | -34.1% | -58.7% | -58.7% |
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Explore sector: Healthcare · Medical - Devices
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