LENSAR makes robotic laser systems for cataract surgery. Its two products are the LENSAR Laser System and the ALLY Robotic Cataract Laser System, with ALLY being the next-generation flagship. Cataract surgery removes the eye's clouded natural lens and replaces it with an artificial lens; LENSAR's systems enable more precise incisions and better lens positioning, with a particular focus on correcting astigmatism, which affects 70-90% of cataract patients. The ALLY's key design advantage is its compact footprint, allowing it to sit in the same operating room as the surgeon's other equipment — most competing systems require moving the patient between rooms, adding significant time. LENSAR claims the ALLY saves surgeons up to 17 minutes per procedure. LENSAR sells directly to ambulatory surgery centers, hospitals, and physician practices in the U.S. through a direct sales force, and uses third-party distributors internationally. As of year-end 2025, LENSAR had roughly 435 systems installed across 17 countries. LENSAR's business model has two revenue streams: capital equipment revenue from system sales or leases, and recurring per-procedure fees each time a surgeon uses the system. Procedure revenue grows as the installed base expands and utilization increases. Notably, laser-assisted cataract surgery is elective and patient-pay — insurers only reimburse standard surgery — so LENSAR's revenue is not subject to reimbursement risk but is sensitive to patients' willingness to pay for premium outcomes.