LENSAR (LNSR) 10-Q 9 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	Apr. 30, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Registrant Name	LENSAR, INC.
Entity Central Index Key	0001320350
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		10,984,813
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	LNSR
Security Exchange Name	NASDAQ
Entity File Number	001-39473
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	32-0125724
Entity Address, Address Line One	2800 Discovery Drive
Entity Address, City or Town	Orlando
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32826
City Area Code	888
Local Phone Number	536-7271
Document Quarterly Report	true
Document Transition Report	false

CONDENSED STATEMENTS OF OPERATI

CONDENSED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue
Product and service revenue	$ 7,941	$ 5,932
Lease	1,399	1,111
Total revenue	9,340	7,043
Cost of revenue (exclusive of amortization)
Total cost of revenue	4,648	3,149
Operating expenses
Selling, general and administrative expenses	6,278	6,035
Research and development expenses	4,788	2,746
Amortization of intangible assets	309	313
Operating loss	(6,683)	(5,200)
Other income
Other income, net	9	18
Net loss	$ (6,674)	$ (5,182)
Net loss per share:
Basic and diluted	$ (0.67)	$ (0.56)
Weighted-average number of shares used in calculation of net loss per share:
Basic and diluted	9,967	9,187
Product
Revenue
Product and service revenue	$ 6,969	$ 5,158
Cost of revenue (exclusive of amortization)
Total cost of revenue	2,694	2,090
Service
Revenue
Product and service revenue	972	774
Cost of revenue (exclusive of amortization)
Total cost of revenue	1,480	808
Lease
Cost of revenue (exclusive of amortization)
Total cost of revenue	$ 474	$ 251

CONDENSED BALANCE SHEETS (Unaud

CONDENSED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 28,984	$ 31,637
Accounts receivable, net of allowance of $34 and $47, respectively	3,585	4,638
Notes receivable, net of allowance of $180 and $61, respectively	194	350
Inventories	4,279	6,488
Prepaid and other current assets	1,508	1,700
Total current assets	38,550	44,813
Property and equipment, net	755	756
Equipment under lease, net	7,289	6,690
Notes and other receivables, long-term, net of allowance of $1 and $2, respectively	62	121
Intangible assets, net	10,561	10,870
Other assets	3,082	3,215
Total assets	60,299	66,465
Current liabilities:
Accounts payable	2,852	2,694
Accrued liabilities	3,406	4,604
Deferred revenue	989	904
Operating lease liabilities	516	512
Total current liabilities	7,763	8,714
Long-term operating lease liabilities	2,672	2,803
Other long-term liabilities	52	69
Total liabilities	10,487	11,586
Commitments and contingencies (Note 8)
Stockholders’ equity:
Preferred stock, par value $0.01 per share, 10,000 shares authorized at March 31, 2022 and December 31, 2021; no shares issued and outstanding at March 31, 2022 and December 31, 2021
Common stock, par value $0.01 per share, 150,000 shares authorized at March 31, 2022 and December 31, 2021; 10,985 and 10,990 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively	110	110
Additional paid-in capital	133,970	132,363
Accumulated deficit	(84,268)	(77,594)
Total stockholders’ equity	49,812	54,879
Total liabilities and stockholders’ equity	$ 60,299	$ 66,465

CONDENSED BALANCE SHEETS (Una_2

CONDENSED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Statement Of Financial Position [Abstract]
Accounts receivable, allowance	$ 34	$ 47
Notes receivable, allowance	180	61
Notes and other receivables, long-term, allowance	$ 1	$ 2
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	10,985,000	10,990,000
Common stock, shares outstanding	10,985,000	10,990,000

CONDENSED STATEMENTS OF CASH FL

CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities
Net loss	$ (6,674)	$ (5,182)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	541	328
Amortization of intangible assets	309	313
Non-cash operating lease cost	130	129
Provision for expected credit losses	134
Write-down of inventory		4
Loss on disposal of property and equipment		120
Stock-based compensation expense	1,607	2,320
Changes in operating assets and liabilities:
Accounts receivable	1,037	(95)
Prepaid and other current assets	192	33
Inventories	1,116	12
Accounts payable	158	(778)
Accrued liabilities	(1,198)	(1,828)
Other	41	5
Net cash used in operating activities	(2,607)	(4,619)
Cash flows from investing activities
Purchase of property and equipment	(46)	(114)
Net cash used in investing activities	(46)	(114)
Net decrease in cash and cash equivalents	(2,653)	(4,733)
Cash and cash equivalents at beginning of the period	31,637	40,599
Cash and cash equivalents at end of the period	28,984	35,866
Supplemental schedule of non-cash investing and financing activities
Transfer from Inventories to Equipment under lease, net	1,060	$ 435
Transfer from Inventories to Property and equipment, net	$ 34

CONDENSED STATEMENTS OF CHANGES

CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit
Beginning Balance at Dec. 31, 2020	$ 67,210	$ 109	$ 125,094	$ (57,993)
Beginning Balance, Shares at Dec. 31, 2020		10,933
Stock-based compensation	2,301		2,301
Net loss	(5,182)			(5,182)
Ending Balance at Mar. 31, 2021	64,329	$ 109	127,395	(63,175)
Ending Balance, Shares at Mar. 31, 2021		10,933
Beginning Balance at Dec. 31, 2021	54,879	$ 110	132,363	(77,594)
Beginning Balance, Shares at Dec. 31, 2021		10,990
Stock-based compensation	1,607		1,607
Restricted stock awards cancelled, Shares		(5)
Net loss	(6,674)			(6,674)
Ending Balance at Mar. 31, 2022	$ 49,812	$ 110	$ 133,970	$ (84,268)
Ending Balance, Shares at Mar. 31, 2022		10,985

Overview and Basis of Presentat

Overview and Basis of Presentation	3 Months Ended
	Mar. 31, 2022
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Overview and Basis of Presentation	Note 1. Overview and Basis of Presentation Overview and Organization LENSAR, Inc. (“LENSAR” or the “Company”) is a global medical device business focused on the design, development and commercialization of advanced technology for the treatment of cataracts and management of astigmatism to achieve improved visual outcomes for patients. The Company’s revenue is derived from the sale and lease of the LENSAR Laser System, which may include equipment, a consumable referred to as the Patient Interface Device (“PID”), procedure licenses, training, installation, limited warranty and maintenance agreements through extended warranty. LENSAR has developed its next-generation ALLY™ Adaptive Cataract Treatment System (“ALLY” or “ALLY System”), the first platform to integrate its proprietary imaging with an optimized femtosecond laser and phacoemulsification technology in a single, compact system. The U.S. Food and Drug Administration “FDA” has accepted the Company’s 510(k) submission of the ALLY System for substantive review. This submission is the first stage of a planned, two step commercial release strategy. If this submission is cleared by the FDA, ALLY will launch as a next generation femtosecond laser. Subject to FDA clearance, the Company expects to begin commercialization of ALLY in the second half of 2022. The Company anticipates the launch will be followed by an additional 510(k) application seeking clearance for the phacoemulsification features within the integrated and combined ALLY System later in 2022. If cleared, the Company will begin commercialization of ALLY in a controlled launch and ALLY will have the phacoemulsification features integrated as part of the system; however, these features will not be activated for use until the Company receives FDA clearance on these aspects of the combined system from the planned second 510(k) submission to occur late in 2022. LENSAR is a public company whose stock is listed and trading under the symbol “LNSR” on The Nasdaq Stock Market LLC (“Nasdaq”). The Company has incurred recurring losses and operating cash outflows since its inception and, as of March 31, 2022, had an accumulated deficit of $84,268. The Company expects to continue to incur losses and cash outflows from operating activities for the foreseeable future. In addition, the Company’s results of operations, financial condition and cash flows have been adversely affected by the COVID-19 pandemic, including supply chain shortages and price increases. The extent to which the COVID-19 outbreak, and current or future variants, will further negatively impact the Company’s business or operating results cannot be determined with certainty at this time. In geographies in which the Company or its customers, partners and service providers operate, health concerns as well as political or governmental developments in response to COVID-19 could result in further economic, social or labor instability or prolonged contractions in the industries in which the Company’s customers or partners operate, slow the sales process, result in customers not purchasing or renewing the Company’s products or failing to make payments, and could otherwise have a material adverse effect on the Company’s business and results of operations and financial condition. The Company has also experienced some supply chain disruptions, and increased costs of various component parts needed for the development of the ALLY System as a result of COVID-19, including increasing lead times required for the ordering of component parts to meet targeted production goals and unpredictability with respect to the availability and delivery timing of these parts. To date, the Company has maintained sufficient inventory to mitigate significant adverse impact from such disruptions and unavailability in the near-term and to facilitate the initial launch of the ALLY System assuming regulatory clearance; however, the Company is continuing to monitor developments with respect to such disruptions and their potential impact on the Company’s business, results of operations and financial condition. If these supply chain shortages and disruptions continue or worsen, or the Company is unable to find suitable alternative component parts, there is no guarantee the Company will be able to meet customer demand for the ALLY System following its initial launch, assuming regulatory clearance. In addition, pricing increases in component parts for the ALLY System may necessitate an increase in overall cost to customers, which in turn may have an adverse impact on customer demand. Management believes the Company’s cash and cash equivalents on hand provide sufficient liquidity to meet the Company’s projected obligations for a period of at least twelve months from the date of issuance of these condensed financial statements. As the Company gets closer to the planned commercial launch of the ALLY System, anticipated to be in the second half of 2022, it expects annual revenue and selling, general and administrative expenses to increase from current levels. Clearance of the ALLY System and its subsequent anticipated launch in the second half of 2022 is contingent on the regulatory review and discretion of the FDA and is not entirely within the Company’s control. In addition, the successful commercialization of the ALLY System depends in part on the Company’s ability to produce the ALLY System in sufficient quantities and within requested timelines to satisfy customer demand. The Company expects cash and cash equivalents, together with cash generated from the sale and lease of products, to be sufficient to operate through the anticipated clearance and launch of ALLY and into 2023. The Company’s liquidity needs will be largely determined by the success of its operations regarding the successful commercialization of its existing products and the progression, clearance and launch of ALLY in the future. Such success will depend on the availability of the necessary component parts for the ALLY System. The Company expects it will need to raise additional capital through equity or debt financings or from other sources to continue its operations beyond 2023. The Company may issue securities, including common stock, preferred stock, warrants, and/or debt securities through private placement transactions or registered public offerings in the future. The Company’s ability to raise additional funds will depend, among other factors, on financial, economic and market conditions, many of which are outside of the Company’s control and the Company may be unable to raise financing when needed, or on terms favorable to the Company. If the necessary funds are not available from these sources, the Company may have to delay, reduce or suspend the scope of its sales and marketing efforts, research and development activities, or other components of its operations. Basis of Presentation These condensed financial statements of the Company are unaudited and have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and pursuant to the regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial information and, therefore, omit or condense certain footnotes and other information normally included. The condensed financial statements include all adjustments (consisting only of normal recurring adjustments), that management of the Company believes are necessary for a fair statement of the periods presented. These interim financial results are not necessarily indicative of results expected for the full fiscal year. The December 31, 2021 condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. The accompanying unaudited condensed financial statements and related financial information should be read in conjunction with the Company’s annual audited financial statements and the related notes thereto for the fiscal year ended December 31, 2021, included in the Annual Report on Form 10-K (the “Annual Report”) as filed with the SEC.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies Other than policies noted below, there have been no significant changes to the significant accounting policies disclosed in Note 2, Summary of Significant Accounting Policies Accounting Estimates The preparation of condensed financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed financial statements and accompanying notes to the condensed financial statements. The accounting estimates that require management’s most significant, difficult and subjective judgments include, but are not limited to, revenue recognition and allowance for expected credit losses, the valuation of notes receivable and inventory, the assessment of recoverability of intangible assets and their estimated useful lives, the valuation and recognition of stock-based compensation, operating lease right-of-use assets and liabilities, and the recognition and measurement of current and deferred income tax assets and liabilities. Management evaluates its estimates on an ongoing basis as there are changes in circumstances, facts, and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from these estimates. The COVID-19 pandemic continues to directly and indirectly impact the Company’s business, results of operations and financial condition, including revenue, expenses, reserves and allowances. The Company continues to monitor developments that are highly uncertain, including supply chain disruptions and price increases, as well as the economic impact on domestic and international suppliers, customers, and markets. The Company assessed certain accounting matters that require consideration of forecasted financial information, including, but not limited to, its current expected credit losses, the carrying value of the Company's intangible assets and other long-lived assets, and valuation allowances in context with the information reasonably available to the Company and the unknown future impacts of COVID-19 as of March 31, 2022 and through the date of this report. As a result of these assessments, there were no impairments or material increases in expected credit losses or valuation allowances that impacted the Company's condensed financial statements as of and for the three months ended March 31, 2022 and 2021. However, the Company's future assessment of the magnitude and duration of COVID-19, as well as other factors, could result in material impacts to the condensed financial statements in future reporting periods. As of the date of issuance of these unaudited condensed interim financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update estimates, judgments or revise the carrying value of any assets or liabilities. Fair Value Measurement The fair value of the Company’s financial instruments are estimates of the amounts that would be received if the Company were to sell an asset or the Company paid to transfer a liability in an orderly transaction between market participants at the measurement date or exit price. The assets and liabilities are categorized and disclosed in one of the following three categories: • Level 1—based on quoted market prices in active markets for identical assets and liabilities. • Level 2—based on observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3—based on unobservable inputs using management’s best estimate and assumptions when inputs are unavailable. Fair value measurements are classified in their entirety based on the lowest level of input that is significant to their fair value measurement. The carrying value of the Company’s cash, cash equivalents, accounts receivable, accounts payable, accrued liabilities, and other current liabilities approximate fair value based on the short-term maturities of these instruments. The carrying value of the Company’s notes receivable also approximates fair value based on the associated credit risk. Income Taxes Income tax expense/(benefit) from continuing operations for the three months ended March 31, 2022 and 2021 was $0 in each period, which resulted primarily from maintaining a full valuation allowance against the Company’s deferred tax assets. Recently Issued Accounting Pronouncements Not Yet Adopted The Company reviewed recent pronouncements issued by the FASB and other authoritative standards groups with future effective dates and concluded the pronouncements are either not applicable to the Company or are not expected to have a material impact on the Company’s financial position or results of operations.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	3 Months Ended
	Mar. 31, 2022
Revenue From Contract With Customer [Abstract]
Revenue from Contracts with Customers	Note 3. Revenue from Contracts with Customers Disaggregation of Revenue The following table summarizes the Company’s product and service revenue disaggregated by geographic region, which is determined based on customer location, for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 United States $ 3,970 $ 3,438 South Korea 1,434 998 Europe 1,619 889 Asia (excluding South Korea) 780 542 Other 138 65 Total 1 $ 7,941 $ 5,932 1 Leases Contract Balances The following table provides information about receivables and contract liabilities from contracts with customers: Classification As of March 31, 2022 As of December 31, 2021 Accounts receivable, current Accounts receivable, net $ 3,585 $ 4,638 Notes receivable, current Notes receivable, net $ 194 $ 350 Notes receivable, long-term Notes and other receivables, long-term, net $ 62 $ 121 Contract liability, current Deferred revenue $ 989 $ 904 Contract liability, non-current Other long-term liabilities $ 52 $ 66 Accounts Accounts receivables, net, include amounts billed and due from customers. The amounts due are stated at their net estimated realizable value and are classified as current or noncurrent based on the timing of when the Company expects to receive payment. Most customers are on pre-paid or 30-day payment terms, depending on the product purchased. The Company maintains an allowance for expected credit losses to provide for the estimated amount of receivables that will not be collected. The allowance is based upon an assessment of customer credit worthiness, historical payment experience, the age of outstanding receivables, collateral to the extent applicable and reflects the possible impact of current conditions and reasonable forecasts not already reflected in historical loss information. The following table summarizes the activity in the allowance for accounts receivable: Amount Accounts receivable, allowance for credit losses as of December 31, 2021 $ 47 Provision for credit losses 3 Write-offs (16 ) Accounts receivable, allowance for credit losses as of March 31, 2022 $ 34 Accounts receivable, allowance for credit losses as of December 31, 2020 $ 19 Provision for credit losses 2 Write-offs — Accounts receivable, allowance for credit losses as of March 31, 2021 $ 21 Notes Receivables, Net – Notes receivable, net includes amounts billed and due from customers under extended payment terms with a significant financing component. Interest rates on notes receivable range from 5.0% to 5.75%. The Company recorded interest income on notes receivable during the three months ended March 31, 2022 and 2021 of $6 and $10, respectively, in other income, net in the statement of operations. The following table summarizes the activity in the allowance for notes receivable: Amount Notes receivable, allowance for credit losses as of December 31, 2021 $ 63 Provision for credit losses 129 Write-offs (11 ) Notes receivable, allowance for credit losses as of March 31, 2022 $ 181 Notes receivable, allowance for credit losses as of December 31, 2020 $ 18 Provision for credit losses (2 ) Write-offs — Notes receivable, allowance for credit losses as of March 31, 2021 $ 16 Contract Liabilities – The Company’s contract liabilities consist of deferred revenue related to services and products sold to customers for which the performance obligation has not been completed by the Company. The Company classifies deferred revenue as current or noncurrent based on the timing of when it expects to recognize revenue. The noncurrent portion of deferred revenue is included in other long-term liabilities in the Company’s condensed balance sheets. The following table provides information about contract liabilities from contracts with customers: Amount Contract liabilities as of December 31, 2021 $ 970 Billings not yet recognized as revenue 432 Beginning contract liabilities recognized as revenue (361 ) Contract liabilities as of March 31, 2022 $ 1,041 Contract liabilities as of December 31, 2020 $ 1,051 Billings not yet recognized as revenue 373 Beginning contract liabilities recognized as revenue (360 ) Contract liabilities as of March 31, 2021 $ 1,064 Transaction Price Allocated to Future Performance Obligations At March 31, 2022, the revenue expected to be recognized in future periods related to performance obligations that are unsatisfied for executed contracts with an original duration of one year or more was approximately $5,871. The Company expects to satisfy its remaining performance obligations by December 31, 2026, with $3,618 to be satisfied by December 31, 2022, $1,763 to be satisfied by December 31, 2023, $309 to be satisfied by December 31, 2024 and $181 to be satisfied thereafter. The Company does not disclose the value of unsatisfied performance obligations for (i) contracts with original expected lengths of one year or less or (ii) contracts for which the Company recognizes revenue at the amount to which it has the right to invoice for the products delivered or services performed.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2022
Inventory Disclosure [Abstract]
Inventories	Note 4. Inventories Inventory balances were as follows: As of March 31, 2022 As of December 31, 2021 Finished Goods $ 2,207 $ 4,319 Work-in-process 19 173 Raw Materials 2,053 1,996 Total $ 4,279 $ 6,488

Leases

Leases	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Leases	Note 5. Leases Lessor Arrangements The Company has operating leases for the LENSAR Laser System. The Company’s leases have remaining lease terms of less than one year to four years. Lease revenue for the three months ended March 31, 2022 and 2021 was as follows: Three Months Ended March 31, 2022 2021 Lease revenue $ 1,399 $ 1,111

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2022
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible Assets	Note 6. Intangible Assets The components of intangible assets were as follows: As of March 31, 2022 As of December 31, 2021 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Finite-lived intangible assets: Customer relationships 1,2 $ 4,292 $ (1,773 ) $ 2,519 $ 4,292 $ (1,685 ) $ 2,607 Acquired technology 1,3 11,500 (3,467 ) 8,033 11,500 (3,275 ) 8,225 Acquired trademarks 1 570 (561 ) 9 570 (532 ) 38 $ 16,362 $ (5,801 ) $ 10,561 $ 16,362 $ (5,492 ) $ 10,870 1 Certain intangible assets were established upon PDL BioPharma, Inc.’s acquisition of LENSAR in May 2017. They are being amortized on a straight-line basis over a period of 15 years. The intangible assets for customer relationships are amortized on a straight-line basis or a double declining basis over their estimated useful lives up to 20 years based on the method that better represents the economic benefits to be obtained. 2 LENSAR acquired certain intangible assets for customer relationships from a domestic distributor in an asset acquisition, which are being amortized on a straight-line basis over a period of 10 years. 3 LENSAR acquired certain intangible assets from a medical technology company in an asset acquisition, which are being amortized on a straight-line basis over a period of 15 years. Amortization expense for three months ended March 31, 2022 and 2021 was $309 and $313, respectively. Based on the intangible assets recorded at March 31, 2022, and assuming no subsequent additions to or impairment of the underlying assets, the remaining amortization expense is expected to be as follows: Fiscal Year Amount Remainder of 2022 840 2023 1,097 2024 1,085 2025 1,074 2026 1,064 2027 1,055 Thereafter 4,346 Total remaining estimated amortization expense $ 10,561

Accrued Liabilities

Accrued Liabilities	3 Months Ended
	Mar. 31, 2022
Accrued Liabilities Current [Abstract]
Accrued Liabilities	Note 7. Accrued Liabilities Accrued liabilities consist of the following: As of March 31, 2022 As of December 31, 2021 Compensation $ 1,993 $ 3,375 Professional services 542 526 Warranty 34 45 Other 837 658 Total $ 3,406 $ 4,604

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 8. Commitments and Contingencies Purchase Obligation LENSAR entered into various supply agreements for the manufacture and supply of certain components. The supply agreements commit LENSAR to a minimum purchase obligation of approximately $4,278 by December 31, 2022. LENSAR expects to meet these requirements. Royalty and Milestone Payments In connection with the exclusive license of certain intellectual property the Company could be required to make milestone payments in the amount of $2,400, which are contingent upon the regulatory clearance and commercialization of ALLY Legal Matters The medical device market in which LENSAR participates is largely technology driven. As a result, intellectual property rights, particularly patents and trade secrets, play a significant role in product development and differentiation. The Company makes provisions for liabilities when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Management believes that there are currently no claims or legal actions that would reasonably be expected to have a material adverse effect on the Company’s results of operations, financial condition or cash flows.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Stockholders' Equity	Note 9. Stockholders’ Equity Preferred Stock The Company has a single class of preferred stock, of which no shares were issued and outstanding. Common Stock The Company has a single class of common stock in which stockholders are entitled to one vote for each share of common stock. No cash dividend was declared on common stock during the three months ended March 31, 2022 and 2021.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	Note 10. Stock-Based Compensation Stock-Based Incentive The 2020 Plan In July 2020, the Board of Directors approved the LENSAR Inc. 2020 Incentive Award Plan (the “2020 Plan”). The 2020 Plan provides for the grant of stock options, restricted stock, restricted stock unit awards and other stock-based awards to recipients. The amount and terms of grants are determined by the Company’s Board of Directors or a duly authorized committee thereof. Participants must pay the Company, or make provisions to pay, any required withholding taxes by the date of the event creating the tax liability. Participants may satisfy the tax liability in cash or in stock. A total of 3,333 shares of common stock were initially reserved for issuance pursuant to the 2020 Plan. The number of shares available for issuance under the 2020 Plan includes an annual increase on the first day of each fiscal year beginning fiscal 2021, equal to the lesser of (i) 5% of the aggregate number of shares outstanding on the final day of the immediately preceding calendar year and (ii) such smaller number of shares as determined by the Board of Directors. As of March 31, 2022 the Company has reserved 4,429 shares of common stock for issuance under the 2020 Plan. A summary of the shares available for issuance under the 2020 Plan is as follows: Number of Shares Balance at December 31, 2021 1,082 Authorized 549 Granted/Awarded (536 ) Cancelled 32 Balance at March 31, 2022 1,127 Stock Options The exercise price of incentive stock options (“ISOs”) and nonqualified stock options (“NSOs”) shall not be less than 100% of the fair market value on the grant date of the option and the term may not exceed 10 years. The exercise price of ISOs granted to a 10% stockholder shall not be less than 110% of the estimated fair market value on the grant date of the option and the term may not exceed five years. To date, options have a term of 10 years and generally vest over one to four years from the grant date. Option award activity under the 2020 Plan is set forth below: Options Outstanding Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (In Years) Aggregate Intrinsic Value Outstanding at December 31, 2021 653 $ 7.57 9.3 $ — Options granted 476 $ 6.04 Options exercised — $ — Options cancelled (27 ) $ 6.88 Outstanding at March 31, 2022 1,102 $ 6.92 9.3 $ 752 Vested and expected to vest at March 31, 2022 1,102 $ 6.92 9.3 $ 752 Vested and exercisable at March 31, 2022 203 $ 7.71 9.0 $ 11 The weighted average grant date fair value of options granted during the three months ended March 31, 2022 was $3.79. The total fair value of options vested during the three months ended March 31, 2022 was approximately $534. Total unrecognized compensation expense of $3,471 related to stock options will be recognized over a weighted average period of 3.2 years. The Company estimated the fair value of stock-options using the Black-Scholes option pricing model. The fair value of stock options is being amortized on a straight-line basis over the requisite service period of the awards. The fair value of stock options was estimated using the following assumptions for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 Risk-free interest rate 1.5 - 1.6% 0.6 - 1.1% Expected term (years) 6 6 Expected volatility 70% 72 - 73% Dividends 0.0% 0.0% Expected term : The expected term for the Company’s stock-based compensation awards was based on an index of the expected terms of a group of comparable publicly-traded medical device and other peer companies, which the Company believed was representative of the expected term of its awards. Risk-free interest rate : The risk-free interest rate was based on the rates paid on securities issued by the U.S. Treasury with a term approximating the expected term. Expected volatility : The expected volatility for the Company’s stock-based compensation awards was based on an index of the historical volatilities of a group of comparable publicly-traded medical device and other peer companies, which the Company believed was representative of the volatility of its common stock. Expected dividend yield : The Company does not intend to pay dividends for the foreseeable future. Accordingly, the Company used a dividend yield of zero in the assumptions Restricted Stock Awards Restricted stock has the same rights as other issued and outstanding shares of the Company’s common stock. The compensation expense related to these awards is determined using the fair market value of the Company’s common stock on the date of the grant. Under the Company’s restricted stock plans, restricted stock awards typically vest over three years and compensation expense associated with these awards is recognized on a straight-line basis over the vesting period. Restricted stock award activity under the 2020 Plan is set forth below: Restricted Stock Awards Outstanding Number of Units Weighted Average Grant Date Fair Value Per Share Non-vested at December 31, 2021 1,332 $ 10.29 Restricted stock awards granted — $ — Restricted stock awards vested (338 ) $ 10.38 Restricted stock awards cancelled (5 ) $ 10.81 Non-vested at March 31, 2022 989 $ 10.26 The total fair value of restricted stock awards vested during the three months ended March 31, 2022 was approximately $3,512. At March 31, 2022 there was approximately $6,294 of total unrecognized compensation expense related to restricted stock awards, which is expected to be recognized over a weighted-average period of 1.4 years. The number of restricted stock awards that are expected to vest are as follows: 140 in the quarter ending June 30, 2022; 113 in the quarter ending September 30, 2022; 113 in the quarter ending December 31, 2022; 237 in the quarter ending March 31, 2023; 136 in the quarter ending June 30, 2023; 175 in the quarter ending September 30, 2023; and 75 in the quarter ending December 31, 2023. These are based on restricted stock awards outstanding at March 31, 2022 and assumes the requisite service period is fulfilled for all awards outstanding. Actual vesting in future periods may vary from those reflected above. Restricted Stock Units Restricted stock units granted to employees generally vest over four years in annual equal increments. The fair value of restricted stock units is based on the Company’s closing stock price on the date of grant. Restricted stock unit activity under the 2020 Plan is set forth below: Restricted Stock Units Outstanding Number of Units Weighted Average Grant Date Fair Value Per Share Non-vested at December 31, 2021 — $ — Restricted stock units granted 60 $ 6.04 Restricted stock units vested — $ — Restricted stock units cancelled — $ — Non-vested at March 31, 2022 60 $ 6.04 At March 31, 2022 there was approximately $343 of total unrecognized compensation expense related to restricted stock units, which is expected to be recognized over a weighted-average period of 3.8 years. 2020 Employee Stock Purchase Plan In September 2020, the Board of Directors approved the LENSAR, Inc. 2020 Employee Stock Purchase Plan (the “2020 ESPP”), under which eligible employees are permitted to purchase common stock at a discount through payroll deductions. A total of 340 shares of common stock are reserved for issuance and will be increased on the first day of each fiscal year, beginning in 2022, by an amount equal to the lesser of (i) 1.0% of the outstanding shares of common stock as of the last day of the immediately preceding fiscal year; or (ii) a lesser amount as determined by the Board of Directors. The price of the common stock purchased will be the lower of 85% of the fair market value of the common stock at the beginning of an offering period or at the end of a purchase period. The 2020 ESPP is intended to qualify as an "employee stock purchase plan" within the meaning of Section 423 of the IRC. As of March 31, 2022, 57 shares of common stock have been issued to employees participating in the 2020 ESPP and 283 shares were available for future issuance under the 2020 ESPP. The grant date fair value of the shares to be issued under the Company’s 2020 ESPP was estimated using the Black-Scholes valuation model. The following table sets forth the total stock-based compensation expense recognized under the 2020 Plan and the 2020 ESPP in the Company’s condensed statements of operations: Three Months Ended March 31, 2022 2021 Cost of revenue – product $ 52 $ 75 Cost of revenue – service 30 41 Selling, general and administrative expenses 1,377 1,984 Research and development expenses 148 220 Total $ 1,607 $ 2,320 Total unrecognized stock-based compensation expense is expected to be amortized as follows: Fiscal Year Amount 2022 4,498 2023 3,988 2024 984 2025 625 2026 13 Thereafter — Total unrecognized stock-based compensation expense $ 10,108 The amounts included in this table are based on restricted stock awards, restricted stock units, and stock options outstanding at March 31, 2022 and assumes the requisite service period is fulfilled for all awards outstanding. Actual stock-based compensation expense in future periods may vary from those reflected in the table.

Net Loss per Share

Net Loss per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Net Loss per Share	Note 11. Net Loss per Share The following is a reconciliation of the numerator (net loss) and the denominator (number of shares) used in the basic and diluted net loss per share calculations: Three Months Ended March 31, 2022 2021 Net loss $ (6,674 ) $ (5,182 ) Weighted average number of shares of common stock 9,967 9,187 Basic and diluted net loss per share $ (0.67 ) $ (0.56 ) The Company’s basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. As the Company has reported a net loss for all periods presented, basic and diluted net loss per share attributable to common stockholders are the same for those periods. The Company excluded 1,049 shares of underlying unvested restricted stock awards and units and 1,102 outstanding stock options for the three months ended March 31, 2022 and 1,708 shares of underlying unvested restricted stock awards and 290 outstanding stock options for the three months ended March 31, 2021 from its net loss per diluted share calculations because their effect was anti-dilutive. The anti-dilutive weighted average shares excluded from the net loss per share diluted shares calculations were: Three Months Ended March 31, 2022 2021 Restricted stock awards and units 1,073 1,746 Outstanding stock options 1,052 — Total 2,125 1,746

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Accounting Estimates	Accounting Estimates The preparation of condensed financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed financial statements and accompanying notes to the condensed financial statements. The accounting estimates that require management’s most significant, difficult and subjective judgments include, but are not limited to, revenue recognition and allowance for expected credit losses, the valuation of notes receivable and inventory, the assessment of recoverability of intangible assets and their estimated useful lives, the valuation and recognition of stock-based compensation, operating lease right-of-use assets and liabilities, and the recognition and measurement of current and deferred income tax assets and liabilities. Management evaluates its estimates on an ongoing basis as there are changes in circumstances, facts, and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from these estimates. The COVID-19 pandemic continues to directly and indirectly impact the Company’s business, results of operations and financial condition, including revenue, expenses, reserves and allowances. The Company continues to monitor developments that are highly uncertain, including supply chain disruptions and price increases, as well as the economic impact on domestic and international suppliers, customers, and markets. The Company assessed certain accounting matters that require consideration of forecasted financial information, including, but not limited to, its current expected credit losses, the carrying value of the Company's intangible assets and other long-lived assets, and valuation allowances in context with the information reasonably available to the Company and the unknown future impacts of COVID-19 as of March 31, 2022 and through the date of this report. As a result of these assessments, there were no impairments or material increases in expected credit losses or valuation allowances that impacted the Company's condensed financial statements as of and for the three months ended March 31, 2022 and 2021. However, the Company's future assessment of the magnitude and duration of COVID-19, as well as other factors, could result in material impacts to the condensed financial statements in future reporting periods. As of the date of issuance of these unaudited condensed interim financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update estimates, judgments or revise the carrying value of any assets or liabilities.
Fair Value Measurement	Fair Value Measurement The fair value of the Company’s financial instruments are estimates of the amounts that would be received if the Company were to sell an asset or the Company paid to transfer a liability in an orderly transaction between market participants at the measurement date or exit price. The assets and liabilities are categorized and disclosed in one of the following three categories: • Level 1—based on quoted market prices in active markets for identical assets and liabilities. • Level 2—based on observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3—based on unobservable inputs using management’s best estimate and assumptions when inputs are unavailable. Fair value measurements are classified in their entirety based on the lowest level of input that is significant to their fair value measurement. The carrying value of the Company’s cash, cash equivalents, accounts receivable, accounts payable, accrued liabilities, and other current liabilities approximate fair value based on the short-term maturities of these instruments. The carrying value of the Company’s notes receivable also approximates fair value based on the associated credit risk.
Income Taxes	Income Taxes Income tax expense/(benefit) from continuing operations for the three months ended March 31, 2022 and 2021 was $0 in each period, which resulted primarily from maintaining a full valuation allowance against the Company’s deferred tax assets.
Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Issued Accounting Pronouncements Not Yet Adopted The Company reviewed recent pronouncements issued by the FASB and other authoritative standards groups with future effective dates and concluded the pronouncements are either not applicable to the Company or are not expected to have a material impact on the Company’s financial position or results of operations.

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	3 Months Ended
	Mar. 31, 2022
Revenue From Contract With Customer [Abstract]
Summary of Product and Service Revenue Disaggregated by Geographic Region	The following table summarizes the Company’s product and service revenue disaggregated by geographic region, which is determined based on customer location, for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 United States $ 3,970 $ 3,438 South Korea 1,434 998 Europe 1,619 889 Asia (excluding South Korea) 780 542 Other 138 65 Total 1 $ 7,941 $ 5,932 1 Leases
Summary of Information about Receivables and Contract Liabilities from Contracts with Customers	The following table provides information about receivables and contract liabilities from contracts with customers: Classification As of March 31, 2022 As of December 31, 2021 Accounts receivable, current Accounts receivable, net $ 3,585 $ 4,638 Notes receivable, current Notes receivable, net $ 194 $ 350 Notes receivable, long-term Notes and other receivables, long-term, net $ 62 $ 121 Contract liability, current Deferred revenue $ 989 $ 904 Contract liability, non-current Other long-term liabilities $ 52 $ 66 The following table provides information about contract liabilities from contracts with customers: Amount Contract liabilities as of December 31, 2021 $ 970 Billings not yet recognized as revenue 432 Beginning contract liabilities recognized as revenue (361 ) Contract liabilities as of March 31, 2022 $ 1,041 Contract liabilities as of December 31, 2020 $ 1,051 Billings not yet recognized as revenue 373 Beginning contract liabilities recognized as revenue (360 ) Contract liabilities as of March 31, 2021 $ 1,064
Summary of Allowance for Accounts Receivable	The following table summarizes the activity in the allowance for accounts receivable: Amount Accounts receivable, allowance for credit losses as of December 31, 2021 $ 47 Provision for credit losses 3 Write-offs (16 ) Accounts receivable, allowance for credit losses as of March 31, 2022 $ 34 Accounts receivable, allowance for credit losses as of December 31, 2020 $ 19 Provision for credit losses 2 Write-offs — Accounts receivable, allowance for credit losses as of March 31, 2021 $ 21
Summary of Allowance for Notes Receivable	The following table summarizes the activity in the allowance for notes receivable: Amount Notes receivable, allowance for credit losses as of December 31, 2021 $ 63 Provision for credit losses 129 Write-offs (11 ) Notes receivable, allowance for credit losses as of March 31, 2022 $ 181 Notes receivable, allowance for credit losses as of December 31, 2020 $ 18 Provision for credit losses (2 ) Write-offs — Notes receivable, allowance for credit losses as of March 31, 2021 $ 16

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2022
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventory balances were as follows: As of March 31, 2022 As of December 31, 2021 Finished Goods $ 2,207 $ 4,319 Work-in-process 19 173 Raw Materials 2,053 1,996 Total $ 4,279 $ 6,488

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Schedule of Lease Revenue	Lease revenue for the three months ended March 31, 2022 and 2021 was as follows: Three Months Ended March 31, 2022 2021 Lease revenue $ 1,399 $ 1,111

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2022
Goodwill And Intangible Assets Disclosure [Abstract]
Components of Intangible Assets	The components of intangible assets were as follows: As of March 31, 2022 As of December 31, 2021 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Finite-lived intangible assets: Customer relationships 1,2 $ 4,292 $ (1,773 ) $ 2,519 $ 4,292 $ (1,685 ) $ 2,607 Acquired technology 1,3 11,500 (3,467 ) 8,033 11,500 (3,275 ) 8,225 Acquired trademarks 1 570 (561 ) 9 570 (532 ) 38 $ 16,362 $ (5,801 ) $ 10,561 $ 16,362 $ (5,492 ) $ 10,870 1 Certain intangible assets were established upon PDL BioPharma, Inc.’s acquisition of LENSAR in May 2017. They are being amortized on a straight-line basis over a period of 15 years. The intangible assets for customer relationships are amortized on a straight-line basis or a double declining basis over their estimated useful lives up to 20 years based on the method that better represents the economic benefits to be obtained. 2 LENSAR acquired certain intangible assets for customer relationships from a domestic distributor in an asset acquisition, which are being amortized on a straight-line basis over a period of 10 years. 3 LENSAR acquired certain intangible assets from a medical technology company in an asset acquisition, which are being amortized on a straight-line basis over a period of 15 years.
Schedule of Impairment of Underlying Assets, Remaining Amortization Expense	Based on the intangible assets recorded at March 31, 2022, and assuming no subsequent additions to or impairment of the underlying assets, the remaining amortization expense is expected to be as follows: Fiscal Year Amount Remainder of 2022 840 2023 1,097 2024 1,085 2025 1,074 2026 1,064 2027 1,055 Thereafter 4,346 Total remaining estimated amortization expense $ 10,561

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2022
Accrued Liabilities Current [Abstract]
Schedule of Accrued Liabilities	As of March 31, 2022 As of December 31, 2021 Compensation $ 1,993 $ 3,375 Professional services 542 526 Warranty 34 45 Other 837 658 Total $ 3,406 $ 4,604

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
Summary of Shares Available for Issuance Under 2020 Plan	A summary of the shares available for issuance under the 2020 Plan is as follows: Number of Shares Balance at December 31, 2021 1,082 Authorized 549 Granted/Awarded (536 ) Cancelled 32 Balance at March 31, 2022 1,127
Summary of Option Award Activity	Option award activity under the 2020 Plan is set forth below: Options Outstanding Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (In Years) Aggregate Intrinsic Value Outstanding at December 31, 2021 653 $ 7.57 9.3 $ — Options granted 476 $ 6.04 Options exercised — $ — Options cancelled (27 ) $ 6.88 Outstanding at March 31, 2022 1,102 $ 6.92 9.3 $ 752 Vested and expected to vest at March 31, 2022 1,102 $ 6.92 9.3 $ 752 Vested and exercisable at March 31, 2022 203 $ 7.71 9.0 $ 11
Summary of Fair Value of Stock Options was Estimated Using Assumptions	The Company estimated the fair value of stock-options using the Black-Scholes option pricing model. The fair value of stock options is being amortized on a straight-line basis over the requisite service period of the awards. The fair value of stock options was estimated using the following assumptions for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 Risk-free interest rate 1.5 - 1.6% 0.6 - 1.1% Expected term (years) 6 6 Expected volatility 70% 72 - 73% Dividends 0.0% 0.0%
Summary of Total Stock-Based Compensation Expense Recognized	The following table sets forth the total stock-based compensation expense recognized under the 2020 Plan and the 2020 ESPP in the Company’s condensed statements of operations: Three Months Ended March 31, 2022 2021 Cost of revenue – product $ 52 $ 75 Cost of revenue – service 30 41 Selling, general and administrative expenses 1,377 1,984 Research and development expenses 148 220 Total $ 1,607 $ 2,320
Summary of Unrecognized Stock-based Compensation Expense Expected to be Amortized	Total unrecognized stock-based compensation expense is expected to be amortized as follows: Fiscal Year Amount 2022 4,498 2023 3,988 2024 984 2025 625 2026 13 Thereafter — Total unrecognized stock-based compensation expense $ 10,108
Restricted Stock Awards
Summary of Restricted Stock Award and Restricted Stock Units Activity	Restricted stock award activity under the 2020 Plan is set forth below: Restricted Stock Awards Outstanding Number of Units Weighted Average Grant Date Fair Value Per Share Non-vested at December 31, 2021 1,332 $ 10.29 Restricted stock awards granted — $ — Restricted stock awards vested (338 ) $ 10.38 Restricted stock awards cancelled (5 ) $ 10.81 Non-vested at March 31, 2022 989 $ 10.26
Restricted Stock Units
Summary of Restricted Stock Award and Restricted Stock Units Activity	Restricted stock units granted to employees generally vest over four years in annual equal increments. The fair value of restricted stock units is based on the Company’s closing stock price on the date of grant. Restricted stock unit activity under the 2020 Plan is set forth below: Restricted Stock Units Outstanding Number of Units Weighted Average Grant Date Fair Value Per Share Non-vested at December 31, 2021 — $ — Restricted stock units granted 60 $ 6.04 Restricted stock units vested — $ — Restricted stock units cancelled — $ — Non-vested at March 31, 2022 60 $ 6.04

Net Loss per Share (Tables)

Net Loss per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Reconciliation of Numerator and Denominator Used in Calculation of Basic and Diluted Net Loss Per Share	The following is a reconciliation of the numerator (net loss) and the denominator (number of shares) used in the basic and diluted net loss per share calculations: Three Months Ended March 31, 2022 2021 Net loss $ (6,674 ) $ (5,182 ) Weighted average number of shares of common stock 9,967 9,187 Basic and diluted net loss per share $ (0.67 ) $ (0.56 )
Schedule of Anti-Dilutive Weighted Average Shares Excluded From Net Loss Per Share Diluted Shares Calculation	The anti-dilutive weighted average shares excluded from the net loss per share diluted shares calculations were: Three Months Ended March 31, 2022 2021 Restricted stock awards and units 1,073 1,746 Outstanding stock options 1,052 — Total 2,125 1,746

Overview and Basis of Present_2

Overview and Basis of Presentation - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Accumulated deficit	$ (84,268)	$ (77,594)

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Accounting Policies [Abstract]
Income tax expense/(benefit) from continuing operations	$ 0	$ 0

Revenue From Contracts With C_3

Revenue From Contracts With Customers - Summary of Product and Service Revenue Disaggregated by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation Of Revenue [Line Items]
Product and service revenue	$ 7,941	$ 5,932
United States
Disaggregation Of Revenue [Line Items]
Product and service revenue	3,970	3,438
South Korea
Disaggregation Of Revenue [Line Items]
Product and service revenue	1,434	998
Europe
Disaggregation Of Revenue [Line Items]
Product and service revenue	1,619	889
Asia (Excluding South Korea)
Disaggregation Of Revenue [Line Items]
Product and service revenue	780	542
Other
Disaggregation Of Revenue [Line Items]
Product and service revenue	$ 138	$ 65

Revenue From Contracts With C_4

Revenue From Contracts With Customers - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue From Contracts With Customers [Line Items]
Lease revenue	$ 1,399	$ 1,111
Accounts receivables payment terms	30 days
Revenue remaining performance obligation amount	$ 5,871
Other Income, Net
Revenue From Contracts With Customers [Line Items]
Interest income on notes receivable	$ 6	$ 10
Minimum
Revenue From Contracts With Customers [Line Items]
Notes receivable interest rate	5.00%
Maximum
Revenue From Contracts With Customers [Line Items]
Notes receivable interest rate	5.75%

Revenue From Contracts With C_5

Revenue From Contracts With Customers - Summary of Information about Receivables and Contract Liabilities from Contracts with Customers (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Schedule Of Contract Balances [Line Items]
Accounts receivable, current	$ 3,585	$ 4,638
Notes receivable, current	194	350
Notes receivable, long-term	62	121
Contract liability, current	989	904
Notes and Other Receivables, Long-Term, Net
Schedule Of Contract Balances [Line Items]
Notes receivable, long-term	62	121
Deferred Revenue
Schedule Of Contract Balances [Line Items]
Contract liability, current	989	904
Other Long-Term Liabilities
Schedule Of Contract Balances [Line Items]
Contract liability, non-current	$ 52	$ 66

Revenue From Contracts With C_6

Revenue From Contracts With Customers - Summary of Allowance for Accounts Receivable (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue From Contract With Customer [Abstract]
Beginning balance	$ 47	$ 19
Provision for credit losses	3	2
Write-offs	(16)
Ending balance	$ 34	$ 21

Revenue From Contracts With C_7

Revenue From Contracts With Customers - Summary of Allowance for Notes Receivable (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Financing Receivable Allowance For Credit Losses [Line Items]
Beginning balance	$ 63	$ 18
Provision for credit losses	129	(2)
Write-offs	(11)
Ending balance	$ 181	$ 16

Revenue From Contracts With C_8

Revenue From Contracts With Customers - Schedule of Information About Contract Liabilities from Contracts with Customers (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue From Contract With Customer [Abstract]
Beginning balance	$ 970	$ 1,051
Billings not yet recognized as revenue	432	373
Beginning contract liabilities recognized as revenue	(361)	(360)
Ending balance	$ 1,041	$ 1,064

Revenue From Contracts With C_9

Revenue From Contracts With Customers - Additional Information (Details 1) $ in Thousands	Mar. 31, 2022USD ($)
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation amount	$ 5,871
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation amount	$ 3,618
Revenue remaining performance obligation expected timing of satisfaction period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation amount	$ 1,763
Revenue remaining performance obligation expected timing of satisfaction period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation amount	$ 309
Revenue remaining performance obligation expected timing of satisfaction period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation amount	$ 181
Revenue remaining performance obligation expected timing of satisfaction period	1 year

Inventories - Schedule of Inven

Inventories - Schedule of Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Inventory Net [Abstract]
Finished Goods	$ 2,207	$ 4,319
Work-in-process	19	173
Raw Materials	2,053	1,996
Total	$ 4,279	$ 6,488

Leases - Additional Information

Leases - Additional Information (Details)	Mar. 31, 2022
Minimum
Lessor Lease Description [Line Items]
Lessor, operating leases, remaining lease terms	1 year
Maximum
Lessor Lease Description [Line Items]
Lessor, operating leases, remaining lease terms	4 years

Leases - Schedule of Lease Reve

Leases - Schedule of Lease Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Lease	$ 1,399	$ 1,111

Intangible Assets - Components

Intangible Assets - Components of Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 16,362	$ 16,362
Accumulated Amortization	(5,801)	(5,492)
Net Carrying Amount	10,561	10,870
Customer Relationships
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	4,292	4,292
Accumulated Amortization	(1,773)	(1,685)
Net Carrying Amount	2,519	2,607
Acquired Technology
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	11,500	11,500
Accumulated Amortization	(3,467)	(3,275)
Net Carrying Amount	8,033	8,225
Acquired Trademarks
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	570	570
Accumulated Amortization	(561)	(532)
Net Carrying Amount	$ 9	$ 38

Intangible Assets - Component_2

Intangible Assets - Components of Intangible Assets (Parenthetical) (Details)	3 Months Ended
	Mar. 31, 2022
Finite Lived Intangible Assets [Line Items]
Acquired intangible assets weighted average amortization period	15 years
Customer Relationships
Finite Lived Intangible Assets [Line Items]
Acquired intangible assets weighted average amortization period	10 years
Acquired Technology
Finite Lived Intangible Assets [Line Items]
Acquired intangible assets weighted average amortization period	15 years
Maximum | Customer Relationships
Finite Lived Intangible Assets [Line Items]
Intangible assets estimated useful life	20 years

Intangible Assets - Additional

Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 309	$ 313

Intangible Assets - Schedule of

Intangible Assets - Schedule of Impairment of Underlying Assets, Remaining Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Finite Lived Intangible Assets Future Amortization Expense [Abstract]
Remainder of 2022	$ 840
2023	1,097
2024	1,085
2025	1,074
2026	1,064
2027	1,055
Thereafter	4,346
Net Carrying Amount	$ 10,561	$ 10,870

Accrued Liabilities - Schedule

Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Accrued Liabilities Current [Abstract]
Compensation	$ 1,993	$ 3,375
Professional services	542	526
Warranty	34	45
Other	837	658
Total	$ 3,406	$ 4,604

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Commitments And Contingencies Disclosure [Line Items]
Contingent milestone payments	$ 2,400
Additional royalty payments rate	3.00%
Supply Agreement
Commitments And Contingencies Disclosure [Line Items]
Purchase obligation	$ 4,278

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Equity [Abstract]
Preferred stock, shares issued	0		0
Preferred stock, shares outstanding	0		0
Common stock voting rights	The Company has a single class of common stock in which stockholders are entitled to one vote for each share of common stock
Cash dividend declared on common stock	$ 0	$ 0

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Jul. 31, 2020	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average grant date fair value of options granted		$ 3.79
Total fair value of options vested		$ 534
Total unrecognized compensation expense		$ 3,471
Total unrecognized compensation expense, weighted-average period of recognition		3 years 2 months 12 days
Dividends		0.00%	0.00%
Common stock, shares authorized		150,000,000									150,000,000
2020 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of outstanding shares of common stock		1.00%
Exercise price of option on fair value (as a percent)		85.00%
Common stock, shares authorized		340,000
Incentive Stock Options | Share-based Payment Arrangement, Tranche Two
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting percentage		10.00%
Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total unrecognized compensation expense, weighted-average period of recognition		1 year 4 months 24 days
Total fair value of restricted stock awards vested		$ 3,512
Total unrecognized compensation expense		$ 6,294
Restricted Stock Awards | Forecast
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of restricted stock awards are expected to vest				75,000	175,000	136,000	237,000	113,000	113,000	140,000
Minimum | Incentive Stock Options And Nonqualified Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		1 year
Minimum | Incentive Stock Options And Nonqualified Stock Options | Share-based Payment Arrangement, Tranche One
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Exercise price of option on fair value (as a percent)		100.00%
Minimum | Incentive Stock Options | Share-based Payment Arrangement, Tranche Two
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Exercise price of option on fair value (as a percent)		110.00%
Maximum | Incentive Stock Options And Nonqualified Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Term of contract		10 years
Vesting period		4 years
Maximum | Incentive Stock Options And Nonqualified Stock Options | Share-based Payment Arrangement, Tranche One
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Term of contract		10 years
Maximum | Incentive Stock Options | Share-based Payment Arrangement, Tranche Two
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Term of contract		5 years
2020 Incentive Award Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for issuance	3,333,000	4,429,000
Percentage of outstanding shares of common stock	5.00%
2020 Incentive Award Plan | Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total unrecognized compensation expense		$ 343
Total unrecognized compensation expense, weighted-average period of recognition		3 years 9 months 18 days

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Shares Available for Issuance Under 2020 Plan (Details) - 2020 Incentive Award Plan	3 Months Ended
	Mar. 31, 2022shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Balances	1,082,000
Authorized	549,000
Granted/Awarded	(536,000)
Cancelled	32,000
Balances	1,127,000

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Option Award Activity (Details) - 2020 Incentive Award Plan - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding at December 31, 2021	653,000
Options granted	476,000
Options cancelled	(27,000)
Outstanding at March 31, 2022	1,102,000	653,000
Vested and expected to vest at March 31, 2022	1,102,000
Vested and exercisable at March 31, 2022	203,000
Outstanding at beginning of period, Weighted Average Exercise Price	$ 7.57
Options granted, Weighted Average Exercise Price	6.04
Options cancelled, Weighted Average Exercise Price	6.88
Outstanding at end of period, Weighted Average Exercise Price	6.92	$ 7.57
Vested and expected to vest at March 31, 2022, Weighted Average Exercise Price	6.92
Vested and exercisable at March 31, 2022, Weighted Average Exercise Price	$ 7.71
Options Outstanding, Weighted Average Remaining Contractual Term (in Years)	9 years 3 months 18 days	9 years 3 months 18 days
Vested and expected to vest at March 31, 2022, Weighted Average Remaining Contractual Term (in Years)	9 years 3 months 18 days
Vested and exercisable at March 31, 2022, Weighted Average Remaining Contractual Term (in Years)	9 years
Outstanding at March 31, 2022, Aggregate Intrinsic Value	$ 752
Vested and expected to vest at March 31, 2022, Aggregate Intrinsic Value	752
Vested and exercisable at March 31, 2022, Aggregate Intrinsic Value	$ 11

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of Fair Value of Employee and Non-Employee Stock Options was Estimated Using Assumptions (Details)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Risk-free interest rate, minimum	1.50%	0.60%
Risk-free interest rate, maximum	1.60%	1.10%
Expected term (years)	6 years	6 years
Expected volatility	70.00%
Expected volatility, minimum		72.00%
Expected volatility, maximum		73.00%
Dividends	0.00%	0.00%

Stock-Based Compensation - Su_4

Stock-Based Compensation - Summary of Restricted Stock Award Activity (Details) - Restricted Stock Awards - 2020 Incentive Award Plan shares in Thousands	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-vested at December 31, 2021 | shares	1,332
Restricted stock awards vested | shares	(338)
Restricted stock awards cancelled | shares	(5)
Non-vested at March 31, 2022 | shares	989
Non-vested at December 31, 2021 | $ / shares	$ 10.29
Restricted stock awards vested | $ / shares	10.38
Restricted stock awards cancelled | $ / shares	10.81
Non-vested at March 31, 2022 | $ / shares	$ 10.26

Stock-Based Compensation - Su_5

Stock-Based Compensation - Summary of Restricted Stock Units Activity (Details) - Restricted Stock Units - 2020 Incentive Award Plan shares in Thousands	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock awards granted | shares	60
Non-vested at March 31, 2022 | shares	60
Restricted stock awards granted | $ / shares	$ 6.04
Non-vested at March 31, 2022 | $ / shares	$ 6.04

Stock-Based Compensation - Su_6

Stock-Based Compensation - Summary of Total Stock-Based Compensation Expense Recognized (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 1,607	$ 2,320
Cost of Sales | Product
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	52	75
Cost of Sales | Service
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	30	41
Selling, General and Administrative Expenses
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	1,377	1,984
Research and Development Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 148	$ 220

Stock-Based Compensation - Su_7

Stock-Based Compensation - Summary of Unrecognized Stock-based Compensation Expense Expected to be Amortized (Details) $ in Thousands	Mar. 31, 2022USD ($)
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
2022	$ 4,498
2023	3,988
2024	984
2025	625
2026	13
Total unrecognized stock-based compensation expense	$ 10,108

Net Loss per Share - Reconcilia

Net Loss per Share - Reconciliation of Numerator and Denominator Used in Calculation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Net loss	$ (6,674)	$ (5,182)
Weighted average number of shares of common stock	9,967	9,187
Basic and diluted net loss per share	$ (0.67)	$ (0.56)

Net Loss per Share - Additional

Net Loss per Share - Additional Information (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Restricted Stock Awards and Units
Earnings Per Share Basic [Line Items]
Shares excluded from the calculation of net loss per diluted share	1,049
Restricted Stock Awards
Earnings Per Share Basic [Line Items]
Shares excluded from the calculation of net loss per diluted share		1,708
Stock Options
Earnings Per Share Basic [Line Items]
Shares excluded from the calculation of net loss per diluted share	1,102	290

Net Loss per Share - Schedule o

Net Loss per Share - Schedule of Anti-Dilutive Weighted Average Shares Excluded From Net Loss Per Share Diluted Shares Calculation (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Restricted stock awards and units	2,125	1,746
Restricted Stock Awards and Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Restricted stock awards and units	1,073	1,746
Outstanding Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Restricted stock awards and units	1,052