Lensar posts net income amid Alcon merger exit, targets international growth
CEO Nick Curtis outlines strategy to rebuild momentum following deal termination, while CFO Tom Staab departs the company
Lensar reported a net income of $36.3 million for the first quarter of 2026, a significant turnaround from the $27.3 million net loss recorded in the same period last year. The result, however, was largely attributable to non-cash items rather than core operational profitability. The company recognised a $23.9 million gain on warrant liabilities and a $10 million acquisition deposit following the termination of its merger with Alcon in mid-March 2026.
Total revenue for the quarter fell 5% to $13.4 million, down from $14.2 million in the prior year, driven by a decline in system capital sales. Recurring revenue, which accounts for 94% of total revenue, grew 9% to $12.6 million. The company placed seven ALLY systems during the quarter, bringing the installed base to approximately 205 systems, with the total installed base of ALLY and LLS systems reaching around 440 units.
Chief Executive Officer Nick Curtis stated that Lensar is exiting a "transaction-related holding pattern" to operate as an independent entity. Curtis indicated that success for the coming quarters would be measured by rebuilding growth momentum rather than profit-and-loss metrics. The company has received post-quarter-end purchase orders from international distributors and expects to ship systems outside the United States for the first time in approximately a year.
Chief Financial Officer Tom Staab departed the company following the earnings call to return to biotech roles. Staab noted that selling, general and administrative expenses were $2.5 million, significantly lower than the previous year’s $11.1 million due to a $4.4 million credit for written-off acquisition costs. Excluding these one-off items, SG&A expenses were consistent at $6.9 million year-over-year.
Looking ahead, Curtis outlined plans to expand ALLY’s capabilities into corneal procedures and enhance robotic functions, including automated docking. He also noted openness to revisiting phacoemulsification integration depending on market dynamics. The company ended the quarter with $13.5 million in cash, cash equivalents and investments, while adjusted EBITDA remained negative at $311,000.
