Carlsmed vs Lensar
Lensar is the larger business, with $58.4m of revenue in fiscal 2025 against $50.5m for Carlsmed (1.2 times as much). Carlsmed grew faster (85.9% against 9.2%). Lensar kept more of each dollar of sales as profit: a net margin of -58.7% against -58.7%.
| Latest fiscal year | CarlsmedCARL, 2025 | LensarLNSR, 2025 |
|---|---|---|
| Revenue | $50.5m | $58.4m |
| Revenue growth | 85.9% | 9.2% |
| Net income | −$29.6m | −$34.3m |
| Operating margin | -60.5% | -42.1% |
| Net margin | -58.7% | -58.7% |
| Return on equity | — | — |
| Free cash flow | −$29.6m | −$14.9m |
| Cash | $85.8m | $13.0m |
| Total debt | $15.6m | $0 |
| Debt to equity | 15.8% | — |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | — | — |
| Employees | 127 | 150 |
| Market value | $397m | $68.3m |
| Price vs our value range | — | — |
| Moat score | — | 32 (Weak) |
| Insider trades, 12 months | 0 buys, 4 sales | 0 buys, 0 sales |