LENSAR, Inc. (NASDAQ: LNSR) reported that it has issued a new update on its pending acquisition by Alcon Research, LLC, confirming that the transaction is still progressing toward a first‑half 2026 closing, subject to the satisfaction of all closing conditions and regulatory approval from the U.S. Federal Trade Commission (FTC).
The deal values LENSAR at $14 in cash per share, with an additional contingent value right of up to $2.75 per share tied to the achievement of 614,000 cumulative cataract procedures between January 1, 2026 and December 31, 2027. The total potential consideration therefore reaches $16.75 per share, or roughly $430 million in aggregate value for LENSAR shareholders.
FTC staff has issued a “Second Request” for additional information and documentary material, indicating a thorough review of the transaction’s competitive impact. The request has shifted the expected closing window from the mid‑to‑late 2025 period originally announced in March 2025 to the first half of 2026, reflecting the time required for the FTC to complete its analysis and approve the deal.
LENSAR’s standalone financial performance provides context for the transaction. In the third quarter of 2025, the company generated $14.3 million in revenue, a 6% increase from the $13.5 million reported in the same quarter of 2024. Selling, general, and administrative expenses rose in Q3 2025, largely due to acquisition‑related costs, but the company maintained a healthy cash position of $16.9 million, exceeding its debt obligations and providing financial flexibility as the deal progresses.
CEO Nick Curtis said, “Our focus has been on providing surgeons with breakthrough laser technology in cataract surgery for today and tomorrow. Thanks to the continued passion and commitment of LENSAR associates, customers, and our investors, we are excited about the potential Alcon has to advance the industry in next‑generation laser technology for refractive cataract surgery, furthering our and their mission to meet the needs of both surgeons and their cataract patients.”
Strategically, the acquisition will allow Alcon to integrate LENSAR’s ALLY Robotic Cataract Laser System, proprietary Streamline software, and legacy laser platforms into its femtosecond laser‑assisted cataract surgery (FLACS) portfolio. The move expands Alcon’s global reach in a market that sees more than 5 million cataract procedures in the United States and roughly 32 million worldwide, positioning the combined entity to capture a larger share of the growing cataract surgery market.
The transaction’s implications extend beyond the immediate financial terms. LENSAR’s strong cash position and the contingent value right provide upside potential tied to post‑acquisition performance, while the FTC’s ongoing review introduces regulatory risk that could delay or alter the deal. Nonetheless, the integration of LENSAR’s technology is expected to enhance Alcon’s product offering and accelerate growth in the cataract surgery segment, offering a compelling value proposition for both companies’ stakeholders.
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