LENSAR, Inc. (LNSR) Stock

LENSAR, Inc. (LNSR) is a Healthcare stock trading at $5.60 (as of 2026-07-24), with a market capitalization of $67.78M and a trailing P/E of 19.3. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

LENSAR, Inc., a commercial-stage medical device company, focuses on designing, developing, and marketing a femtosecond laser system for the treatment of cataracts and the management of pre-existing or surgically induced corneal astigmatism. Its LENSAR Laser System incorporates a range of proprietary technologies designed to assist the surgeon in obtaining visual outcomes, efficiency, and reproducibility by providing imaging, procedure planning, design, and precision. The company was incorporated in 2004 and is headquartered in Orlando, Florida.

Understand LENSAR, Inc.: how it makes money

LENSAR designs and markets a femtosecond laser system for cataract treatment, aiming to help surgeons with imaging, procedure planning, design, and precision. It makes money by selling products and generating procedure revenue associated with cataract surgeries.

LENSAR’s profit engine links procedure activity to its installed base of Ally systems, because procedure volume is the operating driver behind procedure revenue, while the company reports procedure, lease, and service recurring revenue as 0.0B for this quarter.

Revenue by segment (latest quarter)
Product	$0.0B
Procedure	$0.0B

Business quality (Strong): Positive margins are reported, but the quarter’s reported revenue is extremely small (shown as 0.0B total), and several revenue categories and recurring revenue lines are shown as 0.0B, which limits how confidently investors can connect current operating metrics to monetization.

Bull case

Strong profitability in the latest quarter: Gross margin is 47.5% and operating margin is 16.7% for the quarter ended 2026-03-31.
Large procedure activity tied to installed base: Worldwide Procedure Volume is 54,000, and Ally Installed Base is 205 systems.
Evidence of traction in the U.S. market share metrics provided: United States Market Share for femtosecond laser-assisted cataract surgery procedures is 16.4%, with Lensar Additional U.S. Procedure Market Share Gain of 1.5% and Lensar Cumulative U.S. Procedure Market Share since launch of 4.3%.

Bear case

Reported revenue is very small, limiting signal: Total revenue is shown as 0.0B for 2026-03-31, while product revenue and procedure revenue each are 0.01B.
Several monetization lines are shown as zero for the quarter: Recurring Revenue From Procedure Revenue is 0.0B, Recurring Revenue From Lease Revenue is 0.0B, and Recurring Revenue From Service Revenue is 0.0B. Systems Revenue, Lease Revenue, and Service Revenue are also shown as 0.0B.
Some geographic pressure outside key regions: Procedure Volume Reduction in regions outside the United States and Europe is 46%.

Valuation — source: SEC EDGAR (first-party)
Price	$5.60
Market Cap	$67.78M
P/E Ratio	19.3
Price / Book	6.28
Price / Sales	1.21
FCF Yield	-50.9%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$58.44M
Net Margin	-58.7%
Revenue Growth (YoY)	9.2%
EPS Growth (YoY)	5.1%
FCF Growth (YoY)	513.5%

Financial Health — source: SEC EDGAR
Altman Z-Score	-3.28 (distress)

Valuation vs Sector & Industry
Stock P/E	19.3
Sector P/E (Healthcare)	21.2
Industry P/E (Medical Equipment)	29.7
vs Sector	-9.0%
vs Industry	-34.9%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	BRANDES INVESTMENT PARTNERS, LP ($6.11M)
Institutional Holders Tracked	10

Company
Sector	Healthcare
Industry	Medical Equipment
CEO	Nicholas T. Curtis
Employees	140
Country	US
IPO Date	2020-10-02

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Data as of 2026-07-24.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.