XVARY Composite Score
40
/ 100
Below Average
Combines growth, value, risk, and momentum factors into a single institutional-grade score.
Start here if you're new
What it is
LENSAR sells laser systems and software that help eye surgeons remove cataracts and correct astigmatism.
How it gets paid
Last year Lensar made $46M in revenue. ALLY system sales was the main engine at $24M, or 52% of sales.
What just happened
Latest Revenue reached $37M, but EPS fell to -$2.75 and the business still posted a -23.2% operating margin.
At a Glance
B balance sheet — gets the job done, barely
40/100 earnings predictability — expect surprises
-$2.73 fy2024 eps est
$2B fy2026 rev est
23.2% operating margin
XVARY composite: 40/100 — below average
What They Do
LENSAR sells laser systems and software that help eye surgeons remove cataracts and correct astigmatism.
The moat is not size. It is workflow lock-in. Switching costs → leaving is painful → once a surgery center trains on one platform, changing systems risks time, training, and procedure flow. Alcon agreed in March 2025 to pay about $356 million, or $14 per share, plus up to $2.75 more if LENSAR products hit 614,000 cumulative procedures in 2026-2027. That tells you the installed base matters more than the current income statement.
How They Make Money
$46M
annual revenue
ALLY system sales
$24M
Procedure licenses
$10M
Service and maintenance
$7M
Software and upgrades
$5M
The Products That Matter
Laser-guided cataract surgery platform
LENSAR Laser System
$46M · 100% of revenue
it's the only commercial product, and all $46M of annual revenue runs through it. if placements pause or surgeon usage disappoints, the whole story feels it.
entire business
Key Numbers
$14.00
cash bid
That is the agreed takeover price from Alcon in March 2025. It is the number your whole risk-reward now orbits.
$46M
ttm revenue
That is the revenue base supporting the story. You are not buying scale. You are buying a niche platform.
23.2%
operating margin
Operating margin → money left after running the business → so what: LENSAR still loses money before you even get to net income.
614,000
procedure hurdle
That is the cumulative procedure target needed to unlock up to $2.75 more per share for holders under the CVR.
Financial Health
B
Strength
- balance sheet grade B — adequate — nothing special
- risk rank 4 — safer than 20% of stocks
- price stability 10 / 100
- long-term debt $2M (2% of capital)
- net profit margin 614000.0% — keeps 614000 cents of every dollar in revenue
B — functional but not a standout on the balance sheet.
Total Return vs. Market
source: institutional data · return history unavailable
What Just Happened
missed estimates
Latest Revenue reached $37M, but EPS fell to -$2.75 and the business still posted a -23.2% operating margin.
EDGAR shows latest-quarter revenue of $37 million, up 193% vs. prior year. The quiet part out loud: that top-line jump still did not fix profitability, with showing FY2024 EPS of -$2.73 and operating margin at -23.2%.
$37M
revenue
$2.75
eps
+193%
vs. last year revenue
the number that mattered
$37 million mattered because it is 80% of the company's full $46 million trailing revenue, which tells you one quarter did the heavy lifting.
source: EDGAR latest quarter; FY2024 data
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What Could Go Wrong
The #1 risk is standalone adoption of the LENSAR Laser System after the Alcon deal break.
Med
The buyout premium is gone
The March 16, 2026 termination removed a clear exit price. At $12.64, the stock sits just $1.36 below the dead $14 offer, so the old takeover cushion was thinner than it looked.
If no new bidder appears, you are back to underwriting the business itself — and the business still loses money.
Med
Chronic losses can outrun growth
Revenue grew to $46M, but the net profit margin is still -87.12% and the fy2024 EPS estimate is -$2.73. Growth helps. Losses this large still bury the equity story.
If quarterly revenue keeps rising but EPS keeps missing like the recent -$1.61 versus -$0.18 forecast gap, the market stops paying for the growth narrative.
Med
Single-product concentration
All $46M of annual revenue comes from one commercial platform. There is no second engine if adoption slows, reimbursement shifts, or a larger rival pressures price.
One product concentration means one commercial stumble hits 100% of revenue exposure.
Med
Post-deal strategy may stay vague
The next big read comes with the March 31, 2026 earnings and strategy update. You need more than standalone-plan language. You need evidence that placements, usage, and losses are moving the right way.
A company this small does not get many quarters of strategic ambiguity before the market assumes the former buyer saw a harder road than expected.
100% of revenue sits in one product, the failed deal is only $1.36 above the current $12.64 price, and the company still posted an -87.12% net margin. That's a narrow margin for error.
Source: institutional data · regulatory filings · risk analysis
Pay Attention To
Calendar
March 31, 2026 earnings and strategy update
This is the first real post-deal checkpoint. You want to hear what standalone operating plan replaces the old buyout narrative.
Metric
Whether growth stays near the current 26.8%
The bull case needs sales momentum to keep outrunning doubt. If growth fades while losses stay heavy, the story gets much harder to fund.
Risk
EPS damage after the last -$1.61 quarter
Revenue beat last time, but the market cared more about losses versus the -$0.18 forecast. You need that gap to narrow, not repeat.
Trend
Signs that one product can become a repeatable platform
Right now 100% of revenue comes from one system. Any proof that adoption is deepening, not just arriving in bursts, would matter a lot.
Analyst Rankings
earnings predictability
40 / 100
in human-speak, analysts do not have a clean handle on the quarter-to-quarter numbers here.
risk rank
4
That puts it in the riskier part of the market. Small cap, one product, broken deal. The label fits.
beta
0.7
Beta measures how much a stock moves with the market. A 0.7 beta sounds calm. A 10 / 100 price stability score says the calm is mostly theoretical.
Source: institutional data
Institutional Activity
institutional ownership data for LNSR is being compiled.
Source: institutional data
Price Targets
3-5 year target range
$13
Current price
Target midpoint · from current
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