Remove the battery cover and take the batteries out of the unit.
Remove the case screws holding the two halves of the laser together with a Phillips screwdriver.
Heat the soldering iron and de-solder the solder connections of the old laser diode. Do this by touching the tip of the iron to the old solder and then using the squeeze-bulb on the back side of the soldering iron to suck the old solder off. Pull the old laser diode with a pair of needle-nose pliers.
Attach the diode terminals to their corresponding posts on the laser's circuit board.
Hold the solder just above the connections, and then touch the tip of the solder with the soldering iron. Allow a small drop of solder to fall on each connection. Allow a few minutes for the connection to harden.
Close the laser, insert the retaining screws and tighten them with the screwdriver.
Replace the batteries and battery cover and then turn on the unit to test the new laser diode.