LENSAR, Inc.

Ladies and gentlemen, thank you for your patience. The Lanzar Inc. First Quarter 2021 Financial Results Principal is due to begin shortly. Thank you. Thank you. Thank you. Good morning, and thank you for your participation. At this time, all participants are in listen-only mode. Later, we will conduct a question-and-answer session. As a reminder, this conference call will be recorded. I would now like to turn the call over to your host, Cameron Radnovik of Burns McLennan. Mr. Radnovik, please go ahead.

Thank you. Good morning and welcome to the Lenzar first quarter 2021 financial results conference call. Earlier this morning, the company issued a press release providing an overview of its financial statements for the first quarter ended March 31st, 2021. This press release is available on the investor relations section of the company's website at www.lenzar.com. Joining me on the call today is Nick Curtis, Chief Executive Officer of Lensar, who will review the company's recent business and operational progress. Following his comments, Tom Staub, Chief Financial Officer of Lensar, will provide an overview of the company's financial highlights for the first quarter before turning the call back over to Nick for closing remarks. Today's conference call will contain certain forward-looking statements, including those statements regarding future results, unaudited and forward-looking financial information, as well as the company's future performance and or achievements. These statements are subject to known and unknown risks and uncertainties, which may cause the company's actual results, performance, or achievements to be materially different from any results or performance expressed or implied in this presentation. You should not place undue reliance on these forward-looking statements. For additional information, including a detailed discussion of the company's risk factors, please refer to the company's documents filed with the Securities and Exchange Commission, which can be accessed on the website. In addition, this conference call contains time-sensitive information that is accurate only as of the date of this live broadcast, May 5, 2021. LensArt undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this live conference call. At this time, it is my pleasure to turn the call over to Nick Curtis. Nick?

Thank you, Cam, and good morning to everyone listening. Thank you for joining us on our first quarter 2021 conference call. I'm pleased to report that we have continued the positive momentum, which began in the second half of last year. showing a gradual rebound from the COVID-19 pandemic. We continue to observe positive industry trends in the first quarter of 2021 in most of the regions in which we operate, as seen through a recovery of elective surgeries, specifically in premium cataract procedures. Furthermore, we're beginning to see procedure growth as compared to pre-pandemic levels in certain markets. This recovery and growth includes the U.S., our largest operating region where our procedures sold increased 19% as compared to the first quarter 2020. While this increase is certainly encouraging, we know the situation globally remains very fluid, varying from region to region. Last week, we became aware of lockdowns and the related suspension of elective procedures in both Turkey and India from late April until now. With these lockdowns likely continuing throughout May, until authorities get their increasing infection rates under control. It's a sad situation and our thoughts go out to the people in these countries with the hope of swift corrective action, including vaccines and a return to their normal lives. While it is clearly difficult to predict what may happen in the coming months, we continue working hard and focusing our efforts on those markets that are less impacted by the pandemic, where we can truly make a difference while continuing to communicate regularly with our partners in each of these markets. This is helping stabilize performance in the near term, but more importantly, should serve us well in ramping more quickly as markets begin to reopen. In the near term, these lockdowns do have some effect on our business, with an impact in procedure volume and a delay in new system placements that limits our immediate growth. However, India and Turkey represented less than 10% of our 2019 and 2020 revenue, so we expect a noticeable but not drastic impact to our second quarter revenue. The silver lining is that cataracts do not go away or resolve without treatment. Ultimately, these patients will return to have their cataracts treated as these markets reopen, creating inherent resiliency to the cataract surgery market. Overall, we believe our first quarter performance gives us cause for cautious optimism as it relates to the rest of the year. Although the threat of COVID has not completely gone away, we've seen signs that suggest a gradual return to normal as vaccination rates and access to vaccines continue to increase, particularly in the United States. In addition to the 19% increase in U.S. procedures sold in Q1, global procedures sold were up approximately 21% over the first quarter of last year, an increase of nearly 5,000 procedures. Another encouraging sign from the industry, at least in the U.S., is a return of certain medical congresses to in-person formats. In fact, our team will be at the 2021 Hawaiian Eye and Retina meeting next week in Maui. Perhaps more importantly, the American Society of Cataract and Refractive Surgery, or ASCRS, annual meeting in July is currently planned to be an in-person meeting. On the other hand, several European meetings have either been postponed and optimistically rescheduled for later in the year or canceled altogether as a result of spikes in COVID and varying degrees of vaccine rollouts from country to country. As I mentioned in our year-end earnings call in March, we believe our current generation Lensar laser system was streamlined for and IntelliAccess remains the most advanced laser available to cataract surgeons today. We believe that the use of our technology enables better performance for surgeons, and synergistically superior outcomes for patients. Let's turn to our next generation system, Ally. We continue to receive enthusiastic feedback from the ophthalmic community, particularly around the new opportunities and efficiencies that Ally will enable. Ally is viewed as a significant advancement in the armamentarium to treat cataracts, one that builds upon the technological leadership we've established with our current generation Lensar laser system considerably expands the value add that we will be able to offer cataract and refractive surgeons. I mentioned the ASCRS annual meeting earlier. As a Congress for Cataract and Refractive Surgeons, it's one of the most important Lensar market-specific meetings in our industry. I'm proud to say that Lensar will be there with our laser system and will be showcasing Ally in a series of private, by appointment only demonstrations to a sizable audience of leading cataract and refractive cataract surgeons. I look forward to sharing key takeaways from the meeting when we report our second quarter results in August. We continue to make great progress in the development of Ally and remain on track to file the 510K application in the first quarter of 2022 and launch Ally later in the year. In addition, we recently successfully completed a DECRA notified body audit to the EU MDR requirements and as a result are well positioned for transitioning toward Ally in Europe. Now let me turn the call over to Tom to cover our financial highlights for the quarter. Tom?