LENSAR : Corporate Presentation

Changing the Cataract Surgery Paradigm

Always Surgeon Centric

August 2021

Disclaimer

This presentation includes estimates regarding market and industry data. Unless otherwise indicated, information concerning the industry and the markets in which LENSAR, Inc. (the "Company," "we," "our" or "us") operates, including management's general expectations, market position, market opportunity and market size, are based on management's knowledge and experience in the markets in which the Company operates, together with currently available information obtained from various sources, including publicly available information, industry reports and publications, surveys, customers, trade and business organizations and other contacts in the markets in which the Company operates. Certain information is based on management estimates, which have been derived from third-party sources, as well as data from internal research, and are based on certain assumptions that management believes to be reasonable.

We have made statements in this presentation that are forward-looking statements. In some cases, you can identify these statements by forward-looking words such as "may," "might," "will," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential" or "continue," the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to risks, uncertainties and assumptions about us, may include, including with respect to future financial and operating objectives, anticipated trends for our industry, market size and costs associated with being a standalone public company. Any estimates and forward-looking statements contained in this presentation speak only as of the date of this presentation and are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements. For a discussion of such factors, please refer to the Annual Report on Form 10-K we have filed with the Securities and Exchange Commission.

The forward-looking statements made in this presentation relate only to events as of the date on which the statements are made. Although we believe the expectations reflected in the forward- looking statements are reasonable, we cannot guarantee future results, level of activity, performance or achievements. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. We are under no duty to update any of these forward-looking statements after the date of this presentation to conform our prior statements to actual results or revised expectations.

EBITDA is defined as net loss before interest expense, income tax expense, interest income, depreciation and amortization expenses. EBITDA is a non-GAAP financial measure. EBITDA is included in this presentation because we believe that EBITDA provides meaningful supplemental information for investors regarding the performance of our business and facilitates a meaningful evaluation of actual results on a comparable basis with historical results. Adjusted EBITDA is also a non-GAAP financial measure. We believe Adjusted EBITDA, which excludes stock-based compensation expense, provides meaningful supplemental information for investors when evaluating our results and comparing us to peer companies as stock-based compensation expense is a significant non-cash charge due to the recapitalization of the Company. We use these non-GAAP financial measures in order to have comparable financial results to analyze changes in our underlying business from quarter to quarter. However, there are a number of limitations related to the use of non-GAAP measures and their nearest GAAP equivalents. For example, other companies may calculate non-GAAP measures differently, or may use other measures to calculate their financial performance and, therefore, any non-GAAP measures we use may not be directly comparable to similarly titled measures of other companies.

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Investment Highlights

Leading Femtosecond Laser (FLS) Innovator in Growing Cataract Surgery Market

Proprietary, best-in-class laser system growing share in current market

• • Next-generationsystem, ALLY, represents revolutionary offering addressing unmet needs of surgeons and patients
• Large Market Opportunity; Favorable Demographic, 29M+ Procedures
• • Cataract surgery is the most common ophthalmic procedure performed in older adults
• Significant Unmet Need
• • 70 - 90% of patients present with astigmatism that goes largely untreated and requires glasses after surgery
• Positioned for Significant Growth with ALLY Launch in 2022

Market Conditions and Revolutionary Technology Provide Significant Growth Opportunity

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Cataract Surgery

Most Common Eye Surgery in Older Adults

Cataracts are a natural condition that affect nearly everyone by age 80

Source: https://www.medscape.com/viewarticle/579850

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Cataract Surgery: Covered & Non-Covered

Covered Cataract Surgery		Non-Covered Services

Manual removal of the cataract

Basic lens implantation

Glasses needed after surgery

Femtosecond laser-assisted cataract surgery (FLACS) Premium lens implantation or astigmatism treatment

Limited/no glasses needed after surgery

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