LENSAR : LNSR Corporate Presentation November 2023

Changing the Paradigm

Premium Cataract Procedure with Premium Patient Outcomes and Experience

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. While we are not aware of any misstatements regarding industry data provided herein, our estimates involve risks and uncertainties and are subject to change based upon various factors, including those discussed in our filings with the Securities and Exchange Commission ("SEC"). We have not independently verified data from third-party sources and cannot guarantee their accuracy or completeness.

This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this presentation that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding the Company's development and commercialization of the ALLY™ Adaptive Cataract Treatment System® ("ALLY System"), benefits of femtosecond laser assisted surgery, the ALLY System's performance, potential efficiencies and cost savings, and market trends and opportunity. In some cases, you can identify forward-looking statements by terms such as "aim," "anticipate," "approach," "believe," "contemplate," "could," "estimate," "expect," "goal," "intend," "look," "may," "mission," "plan," "possible," "potential," "predict," "project," "pursue," "should," "target," "will," "would," or the negative thereof and similar words and expressions.

Forward-looking statements are based on management's current expectations, beliefs and assumptions and on information currently available to us. Such statements are subject to a number of known and unknown risks, uncertainties and assumptions, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various important factors, including, but not limited to, the important factors that are disclosed under the heading "Risk Factors" contained in the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2023, filed with the Securities and Exchange Commission ("SEC"), as such factors may be updated from time to time in our other filings with the SEC, each accessible on the SEC's website at www.sec.gov and the Investor Relations section of the Company's website at https://ir.lensar.com.

All forward-looking statements are expressly qualified in their entirety by such factors. Except as required by law, the Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. These forward-looking statements should not be relied upon as representing LENSAR's views as of any date subsequent to the date of this presentation.

The Company prepares and analyzes operating and financial data and non-GAAP measures to assess the performance of its business, make strategic and offering decisions and build its financial projections. The key non-GAAP measures it uses are EBITDA and Adjusted EBITDA. EBITDA is defined as net income (loss) before interest expense, interest income, income tax expense, depreciation and amortization expenses. EBITDA is a non-GAAP financial measure. EBITDA is included in this filing 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 is defined as EBITDA and further excluding stock-based compensation expense, change in fair value of warrant liabilities, and income from the Employee Retention Credit, provides meaningful supplemental information for investors when evaluating our results and comparing us to peer companies as stock-based compensation expense and change in fair value of warrant liabilities are significant non-cash charges and the Employee Retention Credit is not recurring. 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. Investors should not consider our non-GAAP financial measures in isolation or as a substitute for an analysis of our results as reported under GAAP.

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MARKET OPPORTUNITY

1	31
Million*	Million*
Global FLACS	Global Cataract
Procedures	Procedures
In 2023	In 2023
7% CAGR 2023-2028	3.7% CAGR 2023-2028

* 2023 Cataract Surgical Equipment Market Report: A Global Analysis for 2022 - 2028, Market Scope LLC

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UNMET NEED

19.3M - 24.9M

Cataract Patients Have Treatable Astigmatism -

Majority of Patients Go Untreated*

TECHNOLOGY OVERVIEW

Premium/patient-pay	First and only dual-pulse, tissue
procedure	specific femtosecond laser

Delivers faster procedure times	Employs superior imaging system and
vs. competition	AI to optimize treatment

Enables a sterile, single step	Guides astigmatic correction for a
procedure	refractive cataract procedure

Enables more procedures to be performed

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ALLY GUIDESS SURGEONS TO DELIVER BETTER OUTCOMES

AcrySof Toric*

• 98% of eyes with toric IOL treatment were ≤0.5 D

Visco DM. Iris Registration-Guided Femtosecond Laser-Assisted Capsular Marks To Guide Toric IOL Alignment During Cataract Surgery. Paper presented at ASCRS-ASOA Annual Meeting: San Diego, CA; May 3-7, 2019.

Symfony Toric*

• 94% of eyes that received an EDOF toric IOL were ≤0.5 D post-op and MRSE was -0.14± 0.44 D (N=115)

Rebenitsch RL. Visual and Refractive Outcomes of Femtosecond Laser-Assisted Refractive Lens Exchange (RLE) in 590 Eyes. Paper presented at AAO Annual Meeting: San Francisco, CA; October 12-15, 2019.

TRULIGN Toric*

• 95% of eyes with toric IOL treatment were ≤0.5 D
• 81% of eyes had no residual astigmatism

Stephenson D. Laser-Assisted Capsular Marks and Intraoperative Abberometry to Guide Toric IOL Alignment During Cataract Surgery. Paper presented at AAO Annual Meeting: San Francisco, CA; October 12-15, 2019.

Arcuate Incisions Results

• 95.8% of eyes were ≤ 0.5 D
• 80.1% of eyes were ≤ 0.25 D
• 90.5% of eyes had astigmatism angle of error ≤15°

Visco DM. Femtosecond Laser-Assisted Arcuate Keratotomy At The Time Of Cataract Surgery For The

Management Of Pre-Existing Astigmatism. Journal of Cataract & Refractive Surgery (2019).

* Trademarks belong to their respective owners

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ALLY DELIVERS BETTER SURGEON, STAFF, AND PATIENT EXPERIENCE*

Surgeon Experience

Staff Experience

Patient Experience

7 Minute Savings 18 Minute Savings 51 Minute Savings

* Time and Motion Studies from Three Surgical Facilities. Data on File, LENSAR 2023

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ALLY DELIVERS BETTER BUSINESS OPPORTUNITY

Time and Motion Study

Beverly Hills, CA

September 2023

ALLY saved 7 minutes per case

Can add 5 cases/day or 180 cases/year

Annual ASC

Revenue Opportunity

$198,720*

Annual Practice

Revenue Opportunity

$329,940**

* Assumes 180 cases @ $1,104 per case ASC Medicare reimbursement per OOSS
** Assumes 180 cases @ $548 (national average of surgeon Medicare reimbursement for cataract surgery per CMS + 180 cases @ $1,285 patient pay for astigmatism	8
management per Market Scope

No surgeon was compensated to provide a quote; however, some of these surgeons are LENSAR consultants.

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No surgeon was compensated to provide a quote; however, some of these surgeons are LENSAR consultants.

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