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Side-by-side financial comparison of LENSAR, Inc. (LNSR) and SWK Holdings Corp (SWKH). Click either name above to swap in a different company.
LENSAR, Inc. is the larger business by last-quarter revenue ($14.3M vs $8.7M, roughly 1.6× SWK Holdings Corp). On growth, LENSAR, Inc. posted the faster year-over-year revenue change (-3.3% vs -29.7%). Over the past eight quarters, LENSAR, Inc.'s revenue compounded faster (28.8% CAGR vs -12.5%).
LENSAR, Inc. is a medical technology company specializing in the development and commercialization of advanced ophthalmic surgical systems. Its proprietary augmented reality-enabled devices deliver high precision for cataract surgery and refractive lens exchange procedures, distributed to ophthalmology clinics, surgical centers and hospitals across North America, Europe and key Asia-Pacific markets.
SWK Holdings Corp is a specialty finance firm focused on the healthcare and life sciences sectors. It provides tailored financing solutions including royalty monetization, structured debt, and asset-backed lending to biotech, pharmaceutical, medical device and diagnostic companies, with its core market centered in North America.
LNSR vs SWKH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $14.3M | $8.7M |
| Net Profit | $-1.5M | $-19.4M |
| Gross Margin | 36.6% | — |
| Operating Margin | -34.3% | 9.9% |
| Net Margin | -10.2% | — |
| Revenue YoY | -3.3% | -29.7% |
| Net Profit YoY | 92.2% | -430.2% |
| EPS (diluted) | $-0.09 | $-1.59 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $14.3M | $8.7M | ||
| Q3 25 | $12.8M | $10.9M | ||
| Q2 25 | $12.3M | $10.1M | ||
| Q1 25 | $12.3M | $11.8M | ||
| Q4 24 | $14.8M | $12.4M | ||
| Q3 24 | $11.8M | $10.4M | ||
| Q2 24 | $10.7M | $10.8M | ||
| Q1 24 | $8.6M | $11.4M |
| Q4 25 | $-1.5M | $-19.4M | ||
| Q3 25 | $-3.7M | $8.8M | ||
| Q2 25 | $-1.8M | $3.5M | ||
| Q1 25 | $-27.3M | $4.5M | ||
| Q4 24 | $-18.7M | $5.9M | ||
| Q3 24 | $-1.5M | $3.5M | ||
| Q2 24 | $-9.0M | $3.7M | ||
| Q1 24 | $-2.2M | $468.0K |
| Q4 25 | 36.6% | — | ||
| Q3 25 | 35.1% | — | ||
| Q2 25 | 43.8% | — | ||
| Q1 25 | 42.7% | — | ||
| Q4 24 | 35.1% | — | ||
| Q3 24 | 38.4% | — | ||
| Q2 24 | 45.5% | — | ||
| Q1 24 | 43.0% | — |
| Q4 25 | -34.3% | 9.9% | ||
| Q3 25 | -59.4% | 61.3% | ||
| Q2 25 | -51.2% | 46.1% | ||
| Q1 25 | -47.2% | 68.6% | ||
| Q4 24 | -8.7% | 44.7% | ||
| Q3 24 | -10.5% | 39.2% | ||
| Q2 24 | -49.4% | 8.3% | ||
| Q1 24 | -33.0% | 9.5% |
| Q4 25 | -10.2% | — | ||
| Q3 25 | -29.1% | 80.7% | ||
| Q2 25 | -14.4% | 35.2% | ||
| Q1 25 | -222.8% | 38.4% | ||
| Q4 24 | -126.2% | 47.5% | ||
| Q3 24 | -12.7% | 33.3% | ||
| Q2 24 | -84.6% | 33.9% | ||
| Q1 24 | -25.0% | 4.1% |
| Q4 25 | $-0.09 | $-1.59 | ||
| Q3 25 | $-0.31 | $0.72 | ||
| Q2 25 | $-0.15 | $0.29 | ||
| Q1 25 | $-2.32 | $0.37 | ||
| Q4 24 | $-1.62 | $0.47 | ||
| Q3 24 | $-0.13 | $0.28 | ||
| Q2 24 | $-0.79 | $0.30 | ||
| Q1 24 | $-0.19 | $0.04 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $18.0M | $42.8M |
| Total DebtLower is stronger | — | $33.0M |
| Stockholders' EquityBook value | $-26.0M | $235.1M |
| Total Assets | $71.4M | $272.4M |
| Debt / EquityLower = less leverage | — | 0.14× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $18.0M | $42.8M | ||
| Q3 25 | $16.9M | $10.2M | ||
| Q2 25 | $20.3M | $8.0M | ||
| Q1 25 | $25.2M | $29.8M | ||
| Q4 24 | $22.5M | $5.9M | ||
| Q3 24 | $18.1M | $17.2M | ||
| Q2 24 | $14.2M | $5.5M | ||
| Q1 24 | $17.9M | $5.5M |
| Q4 25 | — | $33.0M | ||
| Q3 25 | — | $33.0M | ||
| Q2 25 | — | $33.0M | ||
| Q1 25 | — | $33.0M | ||
| Q4 24 | — | $33.0M | ||
| Q3 24 | — | $33.0M | ||
| Q2 24 | — | $33.0M | ||
| Q1 24 | — | $33.0M |
| Q4 25 | $-26.0M | $235.1M | ||
| Q3 25 | $-25.9M | $254.2M | ||
| Q2 25 | $-23.1M | $246.5M | ||
| Q1 25 | $-22.1M | $292.7M | ||
| Q4 24 | $4.9M | $288.7M | ||
| Q3 24 | $22.7M | $283.4M | ||
| Q2 24 | $23.6M | $282.8M | ||
| Q1 24 | $31.8M | $279.9M |
| Q4 25 | $71.4M | $272.4M | ||
| Q3 25 | $70.2M | $289.4M | ||
| Q2 25 | $70.4M | $285.7M | ||
| Q1 25 | $73.0M | $331.3M | ||
| Q4 24 | $66.3M | $332.2M | ||
| Q3 24 | $62.0M | $321.3M | ||
| Q2 24 | $61.4M | $321.0M | ||
| Q1 24 | $66.1M | $322.0M |
| Q4 25 | — | 0.14× | ||
| Q3 25 | — | 0.13× | ||
| Q2 25 | — | 0.13× | ||
| Q1 25 | — | 0.11× | ||
| Q4 24 | — | 0.11× | ||
| Q3 24 | — | 0.12× | ||
| Q2 24 | — | 0.12× | ||
| Q1 24 | — | 0.12× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $618.0K | $27.3M |
| Free Cash FlowOCF − Capex | — | $26.8M |
| FCF MarginFCF / Revenue | — | 308.1% |
| Capex IntensityCapex / Revenue | 0.0% | 5.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $43.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $618.0K | $27.3M | ||
| Q3 25 | $-3.5M | $906.0K | ||
| Q2 25 | $-5.0M | $7.8M | ||
| Q1 25 | $-6.9M | $8.3M | ||
| Q4 24 | $3.7M | $23.0M | ||
| Q3 24 | $3.2M | $6.3M | ||
| Q2 24 | $-3.8M | $5.4M | ||
| Q1 24 | $-5.3M | $4.4M |
| Q4 25 | — | $26.8M | ||
| Q3 25 | — | $557.0K | ||
| Q2 25 | $-5.1M | $7.7M | ||
| Q1 25 | $-6.9M | $8.2M | ||
| Q4 24 | $3.7M | $22.9M | ||
| Q3 24 | $3.1M | $6.3M | ||
| Q2 24 | $-3.9M | $5.4M | ||
| Q1 24 | $-5.3M | — |
| Q4 25 | — | 308.1% | ||
| Q3 25 | — | 5.1% | ||
| Q2 25 | -41.3% | 77.0% | ||
| Q1 25 | -56.6% | 69.1% | ||
| Q4 24 | 24.7% | 185.3% | ||
| Q3 24 | 26.5% | 60.4% | ||
| Q2 24 | -36.4% | 49.7% | ||
| Q1 24 | -61.6% | — |
| Q4 25 | 0.0% | 5.9% | ||
| Q3 25 | 0.0% | 3.2% | ||
| Q2 25 | 0.6% | 0.6% | ||
| Q1 25 | 0.0% | 0.8% | ||
| Q4 24 | 0.0% | 1.1% | ||
| Q3 24 | 0.2% | 0.3% | ||
| Q2 24 | 1.1% | 0.2% | ||
| Q1 24 | 0.2% | 0.0% |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.10× | ||
| Q2 25 | — | 2.21× | ||
| Q1 25 | — | 1.82× | ||
| Q4 24 | — | 3.93× | ||
| Q3 24 | — | 1.82× | ||
| Q2 24 | — | 1.47× | ||
| Q1 24 | — | 9.47× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LNSR
| Products | $12.7M | 89% |
| Services | $1.6M | 11% |
SWKH
| Finance Receivables Segment | $8.4M | 96% |
| Other | $329.0K | 4% |
