LENSAR

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LENSAR, Inc., is a global leader in next generation femtosecond cataract laser technology for refractive cataract surgery. The LENSAR Laser System with Streamline III offers cataract surgeons automation and customization for their astigmatism treatment planning and other essential steps of the refractive cataract surgery procedure with the highest levels of precision, accuracy, and efficiency. These features assist surgeons in managing astigmatism treatment for optimal overall visual outcomes.

The LENSAR Laser System has been cleared by the U.S. Food and Drug Administration for anterior capsulotomy, lens fragmentation, and corneal and arcuate incisions. For other indications, it is an investigational device limited by U.S. law to investigational use only.

LENSAR is a wholly owned subsidiary of PDL

LENSAR and PDL announced the completion of LENSAR’s financial restructuring with a court-approved exit plan finalized on May 11, 2017. As part of the plan, PDL converted most of its debt to an equity ownership position and LENSAR became a wholly-owned subsidiary of PDL and, as a result, PDL will begin to consolidate LENSAR’s financial statements beginning in Q2 2017.

With the debt reduction, the LENSAR company balance sheet is significantly strengthened and, under PDL’s new ownership, LENSAR is well positioned to support its future growth and continued leadership in the femtosecond laser assisted refractive cataract surgery sector. The reorganization agreement was confirmed by the bankruptcy court in Wilmington, Delaware.

Prior to the finalization of the plan of reorganization LENSAR maintained its normal business operations, including the commercial roll out in January 2017 of LENSAR’s third system upgrade in less than two years.

In addition to the hard assets of the LENSAR Laser System, its installed base of systems and customers, its patents and know-how and its people, LENSAR has an estimated $130 million in net operating losses.