LENSAR Inc. (NASDAQ: LNSR) and Alcon Research LLC mutually agreed to terminate their merger agreement after the Federal Trade Commission indicated it would seek to block the transaction.

The Orlando-based medical technology company said the required regulatory approvals were unlikely to be obtained by the merger agreement's deadline of April 23, 2026, or a potential extended date of July 23, 2026. LENSAR will retain a $10 million deposit from the terminated deal.

The company develops robotic laser systems for cataract surgery, including its ALLY Robotic Cataract Laser System that was commercially introduced in 2022. LENSAR plans to continue operating independently and focus on expanding its global market presence.

"While we are disappointed with this outcome and the FTC's intention to challenge the proposed transaction, we remain committed to advancing the field of cataract surgery through the continued market growth of our ALLY Robotic Cataract Laser System," said Nick Curtis, president and CEO of LENSAR.

LENSAR will report its fourth quarter and full-year 2025 financial results on March 31, 2026, when it plans to provide additional details about its strategy. The company will host a conference call that day at 8:30 a.m. Eastern Time.

The termination follows the FTC's stated intention to challenge the acquisition, which would have combined two companies in the cataract surgery equipment market.