LENSAR, Inc.

Hello, and welcome to LNSAR, Inc. Second Quarter 2026 Results Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask the question during the session, you will need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. I would now like to turn the call over to Lee Roth, president of Burns McClellan, investor relations advisor to Lensar. Mr. Roth, please go ahead.

Thanks, Tawanda. Good morning, everyone. And once again, welcome to the Lensar second quarter 2026 financial results and strategic update conference call. Earlier this morning, the company issued a press release providing an overview of our financial results for the second quarter of 2026. This release is available on the investor relations section of our website. at www.lensar.com. Joining me on the call today is Nick Curtis, Chief Executive Officer, and Mike Rossi, Interim Chief Financial Officer of Lensar, who will provide an overview of recent developments, our go-forward strategy, and financial results. Following these prepared remarks, we'll turn the call back over to the operator to take your questions. Before we begin, I'd like to remind you all that today's call will contain forward-looking statements, including statements regarding future results, on audited and forward-looking financial information, as well as information on the company's future performance and or achievements. These statements are subject to known and unknown risks and uncertainties, which may cause our actual results, performance, or achievements to be materially different from any future results or performance expressed or otherwise implied on this conference call. We caution you not to place any undue reliance on these forward-looking statements. For additional information, including a detailed discussion of the company's risk factors, please refer to our documents filed with the Securities and Exchange Commission, which can be accessed on the website. In addition, this call contains time-sensitive information, accurate only as of the date of this live broadcast, August 13, 2026. Lensar undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this live call. With that said, it's now my pleasure to turn the call over to our Chief Executive Officer, Nick Curtis. Nick?

Thank you, Lee, and good morning, everyone. Thanks for joining us today. We appreciate it. Before I get into the quarter, I'd like to spend a moment reflecting on where we are as a company. As many of you know, the first half of 2026 marked an important turning point for Lensar. The proposed merger with Alcon was terminated towards the end of Q1. and in the second quarter we returned to operating as an independent company with a renewed focus on executing our strategy and building the business for the long term. One thing that's become very clear over the past several months is that the market demand for Ally is as strong as ever. Our team remains focused on supporting our surgeon partners, advancing the adoption of Ally and continuing to execute our strategy. Their diligence, pride, and deep commitment enabled us to quickly reset, and I'm really proud of what we've accomplished in Q2. While quarterly financial performance will always be critical and important, I've said before that our success over the next several quarters should be measured by more than just the numbers on the income statement. The metrics we're focused on are the ones that position us for sustainable long-term growth. Rebuilding our commercial momentum, expanding our installed base, increasing utilization across that base, growing recurring revenue, and continuing to strengthen our relationships in addition to building new relationships with surgeons around the world. Now diving into the quarter, we're very pleased with our performance in the second quarter. We delivered 18% total revenue growth with Q2 revenue of $16.5 million, 20% recurring revenue growth, or $13.7 million, and 23% procedure revenue growth to $10.2 million, while also achieving our strongest adjusted EBITDA performance to date. Overall, it was another quarter that demonstrated the strength and resilience of our business model, continued demand for the Ally system, and early evidence of renewed momentum across the business. One of the things I'm most encouraged by is the continued growth of our current revenue. As we said before, the long-term value of our business isn't simply measured by the number of systems we place in any given quarter. It's measured by what happens after those systems are installed as the practices get comfortable with the ally, see the outcomes they deliver for their patients, and ramp up their conversions to laser-assisted cataract surgery. This quarter is another great example of that. Lensar Laser Systems performed 31% more procedures as compared to MarketScope's stated national average of installed systems. As a result, procedure revenue increased 23% year over year, driving recurring revenue to 83% of total revenue. As our installed base continues to expand and utilization increases, recurring revenue becomes an even more meaningful driver of long-term growth and creates greater visibility into our financial performance. We're also beginning to see those operating trends translate into improved profitability. Delivering our strongest adjusted EBITDA performance reflects not only higher revenue but also the operating leverage we're realizing as recurring revenue becomes a larger portion of our business. That's exactly the type of financial profile we're working to build as we continue to scale. Another metric we're encouraged by is our continued market share expansion. In the U.S., Procedural market share increased to 24.1% in the second quarter as compared to 23.4% in the first quarter and 21.4% in the second quarter of last year. Those gains are as a result of the continued growth of our installed base, increasing utilization across existing customers, and an increasingly relevant market segment installations of lasers into accounts that heretofore have not performed laser-assisted cataract surgery. This is a direct reflection of the value and technology differentiation surgeons are seeing from the Ally system. As the recurring revenue increased, procedure volume was another highlight this quarter. We performed more than 58,600 procedures, up 13% from the second quarter of last year and a solid 8% over the first quarter. As we continue expanding our installed base and supporting our surgeon partners, we believe we're well positioned to build on these gains and further strengthen our competitive position in the quarters ahead. We continue to make solid progress in growing our installed base. During the quarter, we placed 10 ally systems up from seven placements in the first quarter, bringing our installed base to approximately 215 ally systems worldwide. Combined with our legacy Lensar laser systems, Our global installed base reached 445 systems, up from approximately 410 systems a year ago. We also exited the quarter with 13 Ally systems in backlog. One data point I'd like to highlight is that Ally now accounts for nearly half of our global installed base. That's a significant milestone and reflects the continued adoption we're seeing from our next generation platform. More importantly, every new Ally installation creates another long-term recurring revenue opportunity to strengthen the base of business and contribution to our gross margins. As we stated previously, our strategy is consistent. Expand our installed base, support our surge in partners with best-in-market education, training, and service, which is resulting in increased utilization on systems in the field and continuing to grow our recurring revenue business. The progress we've made this quarter from higher sold system placements and procedure growth to expanding recurring revenue and building a healthy installation backlog gives us confidence that we're executing well against those priorities. Overall, we're very pleased with the momentum we carried through the second quarter. An expanding install base, increasing utilization, growing recurring revenue, and our strongest adjusted EBITDA performance to date all reinforce we're building a stronger, more durable business. We remain focused on creating long-term value for our shareholders while continuing to support our surgeon partners and the patients they serve. As we continue to engage with our partner customers and prospective partner customers, we've expanded our meeting presence to include the ESCRS in Q3 2026 Europe. Europe has the potential to be an increasingly important market for us, and this will be the first time we've taken a direct presence at this meeting. We're making this investment to continue to educate surgeons in the region and further increase interest in the Ally robotic laser cataract system. Before I hand things over to Mike, I'd just like to emphasize that we're exactly where we want to be. We've put the uncertainty of the past year behind us, and we're fully focused on executing our strategy, and we see evidence of this execution in our top line growth. The progress we've made this quarter from growing our install base and recurring revenue to increasing utilization and building our backlog gives us confidence that we're rebuilding the momentum we had before the merger announcement and positioning the business for sustainable long-term growth. It is too early to tell, however important to note, that historically cataract surgery procedures are the lowest of the year in the third quarter given extended holidays in various regions of the world and summer vacations in the U.S. We continue to work tirelessly to deliver the results we expect and continue to be proud of. I would also like to thank all of our partner customers for their continued support and of course, all the Lensar employees for their commitment and dedication to excellence as well as continuous improvement. And with that, I'll turn the call over to Mike to walk through the financial results in more detail.