Is LENSAR, Inc. overvalued or undervalued?

As of 9 November 2020, LENSAR, Inc. has moved from a "does not qualify" grade to "risky." The company appears to be overvalued given its negative valuation metrics, including a Price to Book Value of -18.68 and an EV to EBITDA of -22.68. Additionally, its P/E ratio is not applicable due to the company being loss-making, which further complicates its valuation.
In comparison to its peers, LENSAR's EV to EBITDA ratio of -12.34 is significantly worse than Neuronetics, Inc. at -7.61 and electroCore, Inc. at -2.55, indicating a more pronounced risk in its valuation. Despite the overvaluation, LENSAR has shown strong recent performance, with a year-to-date return of 38.7%, significantly outperforming the S&P 500's 12.22% return. However, the overall financial health and valuation metrics suggest caution for potential investors.