LNSR Nasdaq Surgical & Medical Instruments & Apparatus Financials FY2019βFY2025
LENSAR, Inc. had $58.4M of revenue in fiscal 2025, up 9.2% on the year before. Over five years, revenue changed +17.2% a year on average.
Last close Β· Oct 26, 2026
$5.96
β$6.01 (β50.21%) past year
Hi! I read LENSAR, Inc.βs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+9.2%
Yes. Sales grew 9.2% last year.
Does it make a profit?
β58.7%
No. It lost money last year.
Does profit turn into cash?
β25.5%
No. It spent more cash than it brought in.
How healthy are the accounts?
2 / 8
Weak. It passes 2 of 8 health tests.
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA summarises the numbers
LENSAR, Inc. had $58.4M of revenue in fiscal 2025, up 9.2% on the year before.
Over five years, revenue changed +17.2% a year on average.
Its operating margin was β42.1%, down 22.1Β pts: of every 100 in sales, about β42 is left after running the business.
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Loss periods are shown in red.
KIRA summarises the numbers
LENSAR, Inc. lost $34.3M in fiscal 2025.
Net income
Net income
Diluted EPS
Diluted EPS
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
How much cash comes in, and where does it go?
Cash from operations minus capital spending.
KIRA summarises the numbers
Free cash flow was β$14.9M in fiscal 2025, β25.5% of revenue.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Dividends and buybacks
Diluted shares outstanding (annual)
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
KIRA summarises the numbers
No open-market insider trades in the last 12 months.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
No open-market insider trades in the last 12 months.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Can it carry its debts, and how well does it use its money?
Cash, debt and the ratios that show how comfortably LENSAR, Inc. can carry it.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $31.6M | $14.7M | $24.1M | $22.5M | $18.0M |
| Current ratio | 5.1x | 3.0x | 4.0x | 2.8x | 1.2x |
| Quick ratio | 4.4x | 1.9x | 2.6x | 2.0x | 0.6x |
| Total assets | $66.5M | $55.8M | $69.6M | $66.3M | $71.4M |
| Total liabilities | $11.6M | $13.9M | $22.4M | $47.7M | $83.7M |
| Shareholders' equity | $54.9M | $42.0M | $33.4M | $4.9M | β$26.0M |
| Net debt (β = net cash) | β | β | β | β | β |
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Return on capital, equity and assets (annual)
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
KIRA summarises the numbers
LENSAR, Inc. passes 2 of 8 financial health tests (Piotroski F-score).
| Test | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β |
| F-score | β / 3 | 4 / 8 | 2 / 8 | 3 / 8 | 3 / 8 | 2 / 8 | 2 / 8 |
| Accruals ratio | β6.0% | β10.5% | β14.6% | β8.3% | β7.5% | β42.9% | β28.2% |
| Altman Z'' | β4.79 | 6.10 | 2.74 | β2.32 | β1.57 | β5.35 | β10.17 |
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | $30.5M | $26.4M | $34.5M | $35.4M | $42.2M | $53.5M | $58.4M |
| Gross profit | $13.2M | $14.1M | $17.8M | $20.0M | $21.1M | $25.9M | $27.1M |
| Research and development | $7.6M | $7.6M | $12.4M | $11.8M | $6.1M | $5.3M | $5.6M |
| Operating income | β$12.7M | β$18.5M | β$19.7M | β$20.2M | β$12.2M | β$10.7M | β$24.6M |
| Interest expense | $2.0M | $1.3M | β | β | β | β | β |
| Pretax income | β$14.7M | β$19.8M | β$19.6M | β$19.9M | β$14.4M | β$31.4M | β$34.3M |
| Net income | β$14.7M | β$19.8M | β$19.6M | β$19.9M | β$14.4M | β$31.4M | β$34.3M |
| Net income to common | β$14.7M | β$19.8M | β$19.6M | β$19.9M | β$14.4M | β$31.4M | β$34.3M |
| Diluted EPS | β$13.70 | β$4.28 | β$2.09 | β$1.96 | β$1.31 | β$2.73 | β$2.87 |
| Diluted shares | 0.00B | 0.00B | 0.01B | 0.01B | 0.01B | 0.01B | 0.01B |
| Cash flow | |||||||
| Cash from operations | β$12.6M | β$13.8M | β$9.0M | β$14.9M | β$9.7M | β$2.3M | β$14.8M |
| Capital expenditure | $0.4M | $0.4M | $0.4M | $0.1M | $0.2M | $0.2M | $0.1M |
| Free cash flow | β$13.0M | β$14.2M | β$9.3M | β$15.0M | β$9.9M | β$2.4M | β$14.9M |
| Depreciation and amortization | $2.6M | $1.3M | $1.5M | $2.3M | $2.4M | $3.0M | $3.6M |
| Stock-based compensation | $0.1M | $9.0M | $6.9M | $6.6M | $5.5M | $2.7M | $3.1M |
| Balance sheet | |||||||
| Cash and short-term investments | $4.6M | $40.6M | $31.6M | $14.7M | $24.1M | $22.5M | $18.0M |
| Current assets | $17.2M | $58.4M | $44.8M | $33.7M | $46.4M | $42.0M | $46.8M |
| Current liabilities | $7.8M | $8.5M | $8.7M | $11.4M | $11.6M | $15.0M | $40.6M |
| Inventory | $8.1M | $13.5M | $6.5M | $11.7M | $15.7M | $11.4M | $21.5M |
| Property and equipment, net | $0.7M | $0.8M | $0.8M | $0.6M | $0.7M | $0.7M | $0.5M |
| Intangible assets | $13.4M | $12.1M | $10.9M | $12.1M | $11.0M | $6.1M | $5.2M |
| Total assets | $34.5M | $79.1M | $66.5M | $55.8M | $69.6M | $66.3M | $71.4M |
| Total liabilities | $65.1M | $11.9M | $11.6M | $13.9M | $22.4M | $47.7M | $83.7M |
| Shareholders' equity | β$30.6M | $67.2M | $54.9M | $42.0M | $33.4M | $4.9M | β$26.0M |
| Margins | |||||||
| Gross margin | 43.3% | 53.4% | 51.8% | 56.4% | 50.1% | 48.3% | 46.4% |
| Operating margin | β41.6% | β70.1% | β57.0% | β57.1% | β29.0% | β19.9% | β42.1% |
| EBITDA margin | β33.0% | β65.2% | β52.6% | β50.7% | β23.3% | β14.4% | β35.9% |
| Net margin | β48.0% | β75.0% | β56.9% | β56.3% | β34.1% | β58.7% | β58.7% |
| FCF margin | β42.5% | β53.7% | β27.1% | β42.3% | β23.5% | β4.5% | β25.5% |
| Returns | |||||||
| Return on capital employed | β47.6% | β26.2% | β34.0% | β45.4% | β21.1% | β20.8% | β79.7% |
| Return on equity | β | β107.9% | β32.1% | β41.1% | β38.1% | β164.0% | β |
| Return on assets | β42.4% | β34.8% | β26.9% | β32.6% | β22.9% | β46.2% | β49.8% |
| Return on tangible equity | β | β35.9% | β44.5% | β66.7% | β64.2% | β | β |
| Growth | |||||||
| Revenue growth | β | β13.6% | 30.6% | 2.6% | 19.2% | 26.9% | 9.2% |
| Share count change | β | 331.9% | 102.9% | 8.4% | 8.0% | 5.0% | 3.8% |
| Financial health | |||||||
| Interest coverage | β6.4x | β13.8x | β | β | β | β | β |
| Current ratio | 2.2x | 6.9x | 5.1x | 3.0x | 4.0x | 2.8x | 1.2x |
| Quick ratio | 1.2x | 5.3x | 4.4x | 1.9x | 2.6x | 2.0x | 0.6x |
| Capital allocation | |||||||
| Capex / revenue | 1.3% | 1.4% | 1.0% | 0.3% | 0.6% | 0.3% | 0.1% |
| Stock comp / revenue | 0.3% | 34.3% | 19.9% | 18.7% | 13.1% | 5.0% | 5.4% |
| Quality scores | |||||||
| Piotroski F-score | β | 4.0 | 2.0 | 3.0 | 3.0 | 2.0 | 2.0 |
| Altman Z'' | β4.8 | 6.1 | 2.7 | β2.3 | β1.6 | β5.4 | β10.2 |
| Accruals ratio | β6.0% | β10.5% | β14.6% | β8.3% | β7.5% | β42.9% | β28.2% |
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
Source: SEC EDGAR XBRL filings (CIK 0001320350). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
