LENSAR, Inc.

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. If you would like to ask a question during this time, simply press the star key followed by the number 1 on your telephone keypad. If you would like to withdraw your question, press star 1 again. As a reminder, this conference call will be recorded. 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.

Good morning, everyone, and welcome to the Lensar Third Quarter Financial Results Conference Call. Earlier this morning, we issued a press release providing an overview of our financial results for the third quarter of 2026, ended September 30th. 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, operational highlights, 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 our future results, unaudited and forward-looking financial information, as well as information on our 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 during this call. You should not place any under-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, Tuesday, November 10th, 2026. LENZAR undertakes no obligation to revise or otherwise update any forward-looking statements to reflect events or circumstances that occur after the date of this live call. With that said, it's now my pleasure to turn the call over to our CEO, Nick Curtis.

Nick? Thank you, Lee. Before getting into the quarter, I'd really like to put our results into context. As we discussed on our second quarter call in August, the third quarter is historically the slowest period of the year in our space, reflecting summer vacations and extended holidays in various regions of the world and the timing of surgical schedules, including purchasing decisions. In addition, timing-wise, we were just getting back on track after the disruption earlier this year. No surprise that seasonality was evident in our results. particularly compared to what was an extremely solid second quarter against a year-ago period that saw a bolus of Ally system sales and placements. To be clear, this performance was consistent with what we had anticipated. More importantly, the underlying indicators we focus on to assess the foundational health of the business including procedure volume, recurring revenue, and the growth of our installed base continue to move in the positive direction on a year-over-year basis. Total revenue in the third quarter was $14.1 million, a 1% decline from the $14.3 million a year ago, primarily reflecting lower capital system sales revenue against a strong prior year comparison. At the same time, recurring revenue increased 17% to $12.6 million, procedure revenue grew 17% to $9.2 million, and procedure volume increased 12% to 52,545 procedures. We also continued to gain market share during the quarter, reaching 24.5% up from 24.1% in the second quarter. This market share growth continued to come from a combination of competitive femtosecond users making the switch to Ally and femtosecond naive surgeons adopting our technology. Importantly, 42% of our installs over the last 12 months have been with these surgeons that were heretofore not using lasers. As we continue to move forward, this segment represents a significant sales channel opportunity for overall market growth and the continued growth of our install base and revenues. As I've said before and would like to emphasize, the long-term value of our business is not simply measured by how many systems we place in any one quarter. It is measured by what happens after the installation, how surgeons incorporate Ally into their practices, how utilization develops, and how those procedures translate into a growing base of recurring revenue. It is this practice-procedure integration that aligns Lensar with both the surgeon and patient interests. Surgeons using Ally are able to deliver better outcomes to the patient with much higher efficiencies, benefiting the patient, surgeon, and staff, and in turn, Lensar. in the third quarter recurring revenue represented 89% of total revenue compared to 75% a year ago. While this number fluctuates based on the volume of system sales in any given quarter, the current revenue mix represents significant progress in optimizing the composition of our business which further strengthens the foundation on which we can continue to grow. We placed 10 ally systems during the quarter bringing the global Ally installed base to approximately 225 systems compared with approximately 185 a year ago. Our total laser installed base reached approximately 450 systems worldwide and we exited September with 12 Ally systems in backlog awaiting installation. Each Ally installation expands our opportunity to support our surgeon partners in performing more refractive cataract procedures while continuing to increase recurring revenue over time. In addition to these ongoing efforts, we're committed to identifying additional avenues for growth and extending the reach of our technology. We believe there are meaningful opportunities to build on our existing presence, both domestically and internationally, and further strengthen our competitive position over time. One of the things I'd like to emphasize is that Lensar was built on innovation. We maintained a strong presence at key medical conferences throughout the third quarter, which provided valuable opportunities to engage directly with surgeons and prospective customers. These interactions have led to active discussions with several high volume accounts and are creating opportunities for additional competitive wins as we continue to demonstrate the differentiated capabilities of Ally. Innovation puts us in a position we are in today, and it remains central to how we intend to compete and gain further ground in the cataract surgery market. We're going to continue to advance the capabilities of Ally, support our surgeon partners with education, training and service, as well as deepen our relationships with distributors and prospective customers. Efforts that we expect will contribute to growing adoption, continued expansion in the footprint of our market leading technology and even greater utilization as our users become familiar with the numerous advantages Ally brings to their practice and business. Looking ahead, we're also excited about the next phase of innovation for the Ally platform. During the quarter, we had the opportunity to showcase our newest robotic docking capabilities at the AAO annual meeting, generating enthusiasm, interest, and engagement from surgeons and prospective customers. Building on that momentum, we anticipate introducing these features by the end of the first quarter of 2027. We believe these advancements will further enhance the surgical experience, strengthen the differentiation of our robotic laser technology, and support our continued efforts to expand adoption of Ally. What continues to give us this confidence is that our installed base is continuing to expand, our systems are supporting more procedures than they did a year ago, and recurring revenue continues to grow. Those are the critical building blocks of the durable business we're working to create. Our commitment remains steadfast. Grow the install base, drive increased utilization, expand recurring revenue, and continue investing strategically in the innovation and commercial capabilities that differentiate Lensar. I really want to thank our surgeon partners for their continued support and faith in us and our technology, as well as our employees for their dedication to excellence. Lensar remains a surgeon-centric organization We increase the efficiencies, improving the outcomes, and experience for the surgeon, staff, and the patients they serve. And with that, I'm going to turn the call over to Mike, and he's going to walk you through the financial results in more detail. Mike?