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LENSAR, Inc.
11/8/2021
Good morning, and thank you for your participation. At this time, all participants are in a 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 Cameron Reninovic of Burns McClellan. Mr. Reninovic, please go ahead.
Thank you, Operator. Good morning and welcome to the Lensar third quarter 2021 financial results conference call. Earlier this morning, the company issued a press release providing an overview of its financial results for the quarter ended September 30th, 2021. This press release is available on the investor relations section of the company's website at www.lensar.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 Lanzar, will provide an overview of the company's financial highlights for the third quarter before turning the call back over to Nick for closing remarks. Today's conference call will contain 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 material or different from any future 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, November 8th, 2021. Lenzar 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's my pleasure to turn the call over to Nick Curtis.
Thank you, Cameron, and good morning to everyone listening. Thank you again for taking the time today to join us in our third quarter 2021 conference call. We're pleased by the strong results and consistent progress the company has achieved in the third quarter of this year as we strive to navigate the uncertain times of the COVID-19 pandemic. On the commercial front, we see the markets in which we operate continue to rebound from pandemic-related shutdowns, and to be more specific, we've returned to our historical performance of growing our business. This growth is in the backdrop of the lingering pandemic which continues to weigh on the more certain predictability of our results, especially outside the US and Europe, where the stopping and restarting of surgery has taken place. An important indication of this consistent aggregate growth overall can be seen in our procedure volume through the first three quarters of 2021, which represented a significant 35% growth over the first nine months of 2020, and even more importantly, an impressive 18% growth rate over the same period in 2019, evidence that we are, once again, growing from our pre-pandemic operations after a pause due to all the implications and headwinds of the pandemic. In addition to growing our procedure volumes, we've also seen an increase in lease placements, which combined to drive 16% revenue growth over the third quarter of 2020. We firmly believe that Lensar's current product, including Streamline and IntelliAccess refractive capsularexis, is an evolutionary technology that addresses significant unmet needs in cataract surgery, which we expect will continue to be the most beneficial and useful technology platform in the market and remain a key driver of procedure and revenue growth. As I reported last quarter, our marketing team remains laser focused and extremely active with Lensar's technology featured in six medical congresses and events over the third quarter. I'm pleased to report that the enthusiasm for both our current LENZAR laser system and anticipation of our next gen ALLY adaptive cataract treatment system continue to increase as we get closer to our ALLY 510K filing. Later this month, LENZAR will participate at the American Academy of Ophthalmology conference where we will have two abstracts highlighting the superior outcomes when using our technology. We look forward to sharing more specific information to include the data generated for the accepted posters as we get closer to the conference. We continue to make solid progress in the development of our next generation product, the Ally Adaptive Cataract Treatment System. And we are completing milestones necessary to complete and file the 510 submission in the first quarter of 2022. As a reminder, Ally has the potential to be the first technology in the market to combine a next generation femtosecond laser with a world-leading Swiss-made precision faecal emulsification system in a fully integrated adaptive cataract treatment system containing all of the core feature technologies of the current system. The Ally adaptive cataract treatment system will fit easily into any operating room or in-office surgical suite and will significantly improve patient flow as the entire procedure can be performed in a single suite without having to move or re-prep the patient. in addition to a much faster laser treatment, cutting procedure time by up to two-thirds. Overall, the third quarter has been one of tremendous progress. We believe that Lensar's ongoing commitment to continuous improvement in providing and advancing superior technology with our surgeon-centric values will enable the company to continue to grow and succeed in a market with expectations for innovation, translating to higher efficiencies, better outcomes, and enhancing the patient experience. Now let me turn the call over to Tom to cover our financial highlights for the quarter. Tom?
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