New York, May 25, 2026, 13:05 (EDT)
LENSAR Inc. shares carried a steady five-session climb into the Memorial Day break, closing Friday at $6.09, their high for the week. The cataract-surgery device maker rose each day from Monday’s $5.63 close, a gain of about 8.2%, while Friday volume was 44,984 shares.
That is the news because there is no regular U.S. stock trading on Monday. Nasdaq lists Memorial Day, May 25, 2026, as a closed market day, leaving Tuesday’s session as the next test of whether the move has any follow-through.
The timing matters. LENSAR is being valued again as a standalone small medical-device company, not as an acquisition target, after its planned sale to Alcon fell apart in March. The stock now trades around operating data, cash use and adoption of its ALLY robotic cataract laser system, rather than a firm takeover price.
There was no fresh company event on the calendar to carry into the week; LENSAR’s investor-relations page said no upcoming events were scheduled. The next normal core trading session for U.S. stocks runs from 9:30 a.m. to 4:00 p.m. ET.
The latest company update was its May 8 first-quarter report. LENSAR posted revenue of $13.4 million, down 5% from a year earlier, while recurring revenue — money from procedures, leases and service rather than new system sales — rose 9% to $12.6 million and made up 94% of total revenue. The company placed seven ALLY systems in the quarter and reported an 11-system backlog as of March 31.
Chief Executive Nick Curtis said in that release that “the core business in recurring revenue is solid” and that merger-related uncertainty was “in the rear view mirror.” Net income of $36.3 million looked strong, but the company said it was mainly driven by a $10 million acquisition-related item and $23.9 million of non-cash income tied to warrant liabilities, not a clean surge in underlying operating profit. Lensar, Inc.
The Alcon overhang is still part of the story. Alcon had agreed in 2025 to buy LENSAR for $14 a share in cash, plus a contingent value right of up to $2.75 a share if certain procedure targets were met. That price now sits well above Friday’s close.
Alcon and LENSAR later agreed to terminate the merger. Alcon CEO David Endicott said the “delay and associated costs” of the regulatory review had made the deal “unattractive to pursue further” after Federal Trade Commission opposition. Business Wire
Competition remains tight. The FTC described Alcon and LENSAR as the two most significant players in FLACS, or femtosecond laser-assisted cataract surgery, a procedure that uses ultrafast laser systems to help perform parts of cataract operations. The agency said their rivalry had helped pricing and innovation.
But the rally has a clear risk. LENSAR had $13.5 million in cash, cash equivalents and investments at March 31, said tariffs were already hurting gross margin because it had not passed all added costs to customers, and said it may seek more funds if needed. Management said current resources should fund operations for at least 12 months, but that is a runway, not a guarantee.
The week ahead is therefore fairly simple. With the holiday shutting the market Monday and no scheduled LENSAR event, traders will first watch whether the stock can hold the $6 area after last week’s climb. After that, the harder question returns: whether procedure growth and recurring revenue can offset lower system sales, competition from Alcon and other eye-care equipment makers, and the loss of the Alcon bid floor.
