LENSAR, Inc.
LNSR · Surgical & Medical Instruments & Apparatus · 12.1M shares · +7%/yr ↑ dilution · EDGAR filings ↗
Grade
D47Sub-scale cataract-laser maker with deep losses, negative equity and a thin cash runway following the collapsed Alcon merger.
Strengths
- Growing ALLY installed base (~435 systems) with a recurring consumable/license revenue stream
- Retains $10M Alcon deposit and holds a differentiated robotic cataract platform
Risks
- Cash runway only ~4.8 quarters, quick ratio 0.62 (7th pct) and negative tangible book (-$31M)
- Operating margin -42%, net margin -59% and a terminated merger that disrupts the business
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Net lossNet loss (net margin -58.7%)
- Cash burnNegative free cash flow (-14.9M)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Pending mergerThe principal risks and uncertainties affecting our business include the following: • The announcement of the termination of the Merger Agreement could negatively impact our business, financial cond
- Notable holderHeld by 4 notable fund(s): STATE STREET CORP, GOLDMAN SACHS GROUP INC, CITADEL ADVISORS LLC +1 more (as of 2026-03-31)
- New fund positionNotable fund(s) opened this quarter: CITADEL ADVISORS LLC
- Revenue declineRevenue -16.2% YoY
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
46.4%
Operating margin
-42.1%
Net margin
-58.7%
Return on equity
131.7%
Return on assets
-48.0%
Revenue growth (QoQ)
-16.2%
Current ratio
1.2×
Free cash flow
-$15M
Tangible book value
-$31M
Cash & investments
$18M
Cash runway
5q
Stock comp / revenue
5.4%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-03 | HAMMER TODD B | Grant | 17K | — |
| 2026-06-03 | ELLIS THOMAS B | Grant | 17K | — |
| 2026-06-03 | Wong Kendra | Grant | 13K | — |
| 2026-06-03 | Connaughton Alan B. | Grant | 35K | — |
| 2026-06-03 | CURTIS NICHOLAS T | Grant | 131K | — |
| 2026-06-03 | WEISNER AIMEE S | Grant | 17K | — |
| 2026-06-03 | O'Farrell Elizabeth G. | Grant | 17K | — |
| 2026-06-03 | Winer Gary M | Grant | 17K | — |
| 2026-06-03 | LINDSTROM RICHARD L MD | Grant | 17K | — |
| 2026-06-03 | LINK WILLIAM J PHD | Grant | 17K | — |
| 2026-05-06 | CURTIS NICHOLAS T | Other | 0 | — |
| 2026-05-06 | Connaughton Alan B. | Tax withheld | 2.7K | $5.38 |
| 2026-05-06 | STAAB THOMAS R II | Tax withheld | 1.4K | $5.38 |
| 2026-05-06 | Wong Kendra | Tax withheld | 864 | $5.38 |
| 2026-03-19 | STAAB THOMAS R II | Option exercise | 5.5K | $2.65 |
| 2026-02-18 | Connaughton Alan B. | Tax withheld | 2.4K | $11.32 |
| 2026-02-18 | STAAB THOMAS R II | Tax withheld | 1.1K | $11.32 |
| 2026-02-18 | CURTIS NICHOLAS T | Other | 0 | — |
| 2026-01-11 | CURTIS NICHOLAS T | Other | 0 | — |
| 2026-01-11 | STAAB THOMAS R II | Tax withheld | 1.8K | $11.57 |
| 2026-01-11 | Connaughton Alan B. | Tax withheld | 2.3K | $11.57 |
| 2025-05-23 | ELLIS THOMAS B | Grant | 7.4K | — |
| 2025-05-23 | HAMMER TODD B | Grant | 7.4K | — |
| 2025-05-23 | WEISNER AIMEE S | Grant | 7.4K | — |
| 2025-05-23 | O'Farrell Elizabeth G. | Grant | 7.4K | — |
| 2025-05-23 | Winer Gary M | Grant | 7.4K | — |
| 2025-05-23 | LINK WILLIAM J PHD | Grant | 7.4K | — |
| 2025-05-23 | LINDSTROM RICHARD L MD | Grant | 7.4K | — |
| 2025-02-18 | Connaughton Alan B. | Grant | 37K | — |
| 2025-02-18 | STAAB THOMAS R II | Grant | 13K | — |
| 2025-02-18 | Wong Kendra | Grant | 6.4K | — |
| 2025-02-18 | CURTIS NICHOLAS T | Grant | 128K | — |
| 2025-01-11 | Wong Kendra | Tax withheld | 1.1K | $8.25 |
| 2025-01-11 | STAAB THOMAS R II | Tax withheld | 1.8K | $8.25 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-29 | 2026-05-25 | 0001193125-26-248230 ↗ |
| 8-K | 2026-05-08 | 2026-05-08 | 0001193125-26-213268 ↗ |
| 10-Q | 2026-05-08 | 2026-03-31 | 0001193125-26-214571 ↗ |
| 10-K/A | 2026-04-30 | 2025-12-31 | 0001193125-26-197477 ↗ |
| 8-K | 2026-04-15 | 2026-04-10 | 0001193125-26-157105 ↗ |
| 8-K | 2026-03-31 | 2026-03-31 | 0001193125-26-133153 ↗ |
| 10-K | 2026-03-31 | 2025-12-31 | 0001193125-26-134587 ↗ |
| 8-K | 2026-03-17 | 2026-03-16 | 0001193125-26-109458 ↗ |
| 8-K/A | 2026-03-13 | 2026-03-12 | 0001193125-26-104937 ↗ |
| 8-K | 2026-03-12 | 2026-03-12 | 0001193125-26-104194 ↗ |
| 8-K | 2026-02-25 | 2026-02-25 | 0001193125-26-072059 ↗ |
| 8-K | 2025-12-19 | 2025-12-18 | 0001193125-25-326777 ↗ |