LENSAR

LNSR

Medical - Equipment & Services · Healthcare

Price

$5.80

+0.13 (+2.29%)

Market Cap

$70.2M

Exchange

NASDAQ

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+27.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 9.4M (2021) → 12.0M (2025)

LENSAR makes laser systems used by eye surgeons to perform cataract surgery. Its main product is the LENSAR Laser System, which helps doctors break up and remove cloudy lenses inside the eye with more precision than traditional manual tools. The company sells to ophthalmology clinics, ambulatory surgery centers, and hospitals, primarily in the United States.

LENSAR makes money by placing its laser systems at surgical facilities and then charging per procedure through a consumables and service model, which creates recurring revenue over time. The company is small, with a market cap around $100 million, and operates mainly in the U.S. cataract surgery market. Its installed base of systems creates some switching costs, but the company faces stiff competition from larger medical device makers like Alcon and Johnson & Johnson Vision, and its negative operating margins mean it must grow procedure volumes significantly to reach profitability.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-5.2% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+167.2% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$6M/ year

↑ Rising (+5% vs prior year)

9.6% of revenue

Below sector average (18%)

R&D investment increasing — building for the future

Insider Activity

28.3%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~9 months

$12M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

LENSAR has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

47.5%

Healthy — 47.5% gross margin

Operating Margin

16.7%

Healthy — 16.7% operating margin

ROCE

8.8%

Below par — 8.8% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+1.1%

Nearly flat sales (1.1% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

-41%

Weak — only -41% of profit becomes cash

FCF Margin

-21.2%

Burning cash (-21.2%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.03

Conservative — low debt load (0.03)

Interest Cover

N/A

—

Data not available

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Valuation

P/E Ratio (TTM)

5.9x

Attractive valuation — P/E 5.9

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

-2.2

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Not applicable for this business.

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