LENSAR, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>LENSAR, Inc. has filed its 2023 10-K annual report detailing financial performance and asset information.</b>

AI Summary

LENSAR, Inc. (LNSR) filed a Annual Report (10-K) with the SEC on March 4, 2024. LENSAR, Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. Key financial data points such as Research and Development Expense and Prepaid Expenses are detailed. The report includes information on various assets including Construction in Progress, Patented Technology, and System and Laser components. Information regarding stock options, warrants, and restricted stock units is also presented.

Why It Matters

For investors and stakeholders tracking LENSAR, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of LENSAR's financial health and operational status for the fiscal year 2023, crucial for investors to assess performance and future prospects. The detailed breakdown of assets, liabilities, and equity instruments offers insights into the company's investment strategies and capital structure, informing investment decisions.

Risk Assessment

Risk Level: medium — LENSAR, Inc. shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine disclosure for public companies, but the specific financial details and risk factors within the report will determine the actual risk level for investors.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand LENSAR's current financial position and potential challenges.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-03-04 — Filing Date (Conformed submission date)
• 3841 — SIC Code (Standard Industrial Classification for Surgical & Medical Instruments & Apparatus)

Key Players & Entities

• LENSAR, Inc. (company) — Filer of the 10-K report
• 2023 (date) — Fiscal year end
• 2024-03-04 (date) — Filing date
• Orlando (location) — Business address city
• DE (location) — State of incorporation

FAQ

Risk Factors

• Customer Concentration Risk [medium — financial]: The company faces risk due to customer concentration, as indicated by the mention of 'CustomerConcentrationRisk' and 'AccountsReceivab'.

Industry Context

LENSAR, Inc. operates in the Surgical & Medical Instruments & Apparatus industry (SIC 3841), focusing on ophthalmic surgical products.

Regulatory Implications

The filing is a 10-K, a mandatory annual report required by the Securities and Exchange Commission (SEC) under the Securities Exchange Act of 1934.

What Investors Should Do

1. Review LENSAR's detailed financial statements for the fiscal year 2023.
2. Analyze the risk factors section for potential business and financial challenges.
3. Examine disclosures related to stock options, warrants, and other equity instruments.

Year-Over-Year Comparison

This is the initial 10-K filing for the period ending December 31, 2023, as no prior filing data was provided for comparison.

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share LNSR The Nasdaq Stock Mar

Filing Documents

• lnsr-20231231.htm (10-K) — 2934KB
• lnsr-ex4_2.htm (EX-4.2) — 27KB
• lnsr-ex23_1.htm (EX-23.1) — 2KB
• lnsr-ex31_1.htm (EX-31.1) — 14KB
• lnsr-ex31_2.htm (EX-31.2) — 14KB
• lnsr-ex32_1.htm (EX-32.1) — 9KB
• lnsr-ex32_2.htm (EX-32.2) — 9KB
• lnsr-ex97_1.htm (EX-97.1) — 34KB
• img108126890_0.jpg (GRAPHIC) — 27KB
• 0000950170-24-024807.txt (&nbsp;) — 13298KB
• lnsr-20231231.xsd (EX-101.SCH) — 1932KB
• lnsr-20231231_htm.xml (XML) — 2491KB

Forward-Looking Statements

Forward-Looking Statements 4 Trademarks and Trade Names 5 Market and Industry Data and Forecasts 5 Risk Factor Summary 6 PART I 7 Item 1.

Business

Business 7 Item 1A.

Risk Factors

Risk Factors 28 Item 1B. Unresolved Staff Comments 72 Item 1C. Cybersecurity 72 Item 2.

Properties

Properties 73 Item 3.

Legal Proceedings

Legal Proceedings 73 Item 4. Mine Safety Disclosures 74 PART II 75 Item 5. Market for Registrant's Common Equity; Related Stockholder Matters and Issuer Purchases of Equity Securities 75 Item 6. [Reserved] 75 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operation

Management's Discussion and Analysis of Financial Condition and Results of Operation 76 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 88 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 88 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 88 Item 9A.

Controls and Procedures

Controls and Procedures 89 Item 9B. Other Information 89 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 89 PART III 90 Item 10. Directors, Executive Officers and Corporate Governance 90 Item 11.

Executive Compensation

Executive Compensation 90 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 90 Item 13. Certain Relationships and Related Transactions, and Director Independence 90 Item 14. Principal Accounting Fees and Services 90 PART IV 91 Item 15. Exhibits, Financial Statement Schedules 91 Item 16. Form 10-K Summary 94 3 FORWARD-LOOKIN G STATEMENTS This Annual Report on Form 10-K (the "Annual Report") contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements other than statements of historical facts contained in this Annual Report, including without limitation statements regarding our business model and strategic plans for our products, technologies and business, including our implementation thereof; the impact on our business, financial condition and results of operation from macroeconomic conditions; the timing of and our ability to obtain and maintain regulatory approvals and certifications; our expectations about our ability to successfully commercialize and further develop our next generation system, the ALLY Adaptive Cataract Treatment System ("ALLY System"), and the timing thereof; the ALLY System's performance and market impact; the sufficiency of our cash and cash equivalents; industry trends and conditions impacting various markets in which we operate; and the plans and objectives of management for future operations and capital expenditures are forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from

Bu siness

Item 1. Bu siness We are a commercial-stage medical device company focused on designing, developing and marketing advanced femtosecond laser systems for the treatment of cataracts and the management of pre-existing or surgically induced corneal astigmatism. Our current systems, the LENSAR Laser System and ALLY Adaptive Cataract Treatment System, or ALLY System, incorporate a range of proprietary technologies designed to assist the surgeon in obtaining better visual outcomes, efficiency and reproducibility by providing advanced imaging, simplified procedure planning, efficient design and precision. We believe the cumulative effect of these technologies results in laser systems that can be quickly and efficiently integrated into a surgeon's existing practice, is easy to use and provides surgeons the ability to deliver improved visual outcomes with enhanced precision and the ability to do so consistently. The ALLY System combines all of the features from our LENSAR Laser System with a dual-pulse laser, integrated in a small, compact cataract treatment system that is designed to allow surgeons to perform a femtosecond laser assisted cataract procedure in a single operating room. This system is designed to be a significant medical advancement and provide improved efficiency and financial benefit to a surgeon's practice and to ambulatory surgery centers, or ASCs. The ALLY System received clearance from the U.S. Food and Drug Administration, or FDA, in June 2022, and we began commercialization of the ALLY System in August 2022. The ALLY System has also received regulatory approval in India and the Philippines. In September 2022, we submitted the ALLY System for certification in the European Union, or EU, and, in 2023, submitted documentation to distributors in South Korea, Taiwan, and China for additional marketing or certification applications. Market Overview The global market for the treatment of cataracts is characterized by large patient populations with increas

View Full Filing

View this 10-K filing on SEC EDGAR