Harry,
I appreciate your continual analysis although you are talking quite abit above my head.(but learning more everyday. The quarterly was released today after the market closed. I'm not sure what to take from it. Although another loss was reported the has been expanding causing these losses. What's your take on this.
Thanks,
Phil
CINCINNATI--(BUSINESS WIRE)--May 14--LCA-Vision Inc. (NASDAQ:LCAV), a
leading U.S. company in the rapidly-expanding laser refractive eye surgery sector, today reported
results for the first quarter ended March 31, 1997.
In the first quarter, total revenue was $2.8 million, compared with $3.7 million reported in the first
quarter of 1996. The net loss in the quarter was $1.8 million, or $0.09 per share, compared with
a net loss of $524,000, or $0.03 per share a year ago. The prior year loss figure was reduced by
a $546,000 gain from the sale of an investment.
Dr. Stephen Joffe, CEO of LCA-Vision, commented on the results, "As anticipated, cost
reduction programs instituted by health care providers impacted negatively on LCA's maturing,
hospital-based, multi-specialty laser surgery management programs, resulting in a decreasing
number of facilities under contract. In addition, the substantial start-up costs associated with the
opening of new laser eye surgery centers affected profitability during the first quarter. This
investment has made LCA a market leader, well- positioned to benefit from the steadily
escalating demand for laser eye surgery to correct near-sightedness and astigmatism.
"I'm pleased to report that the number of procedures performed in our centers opened a full year
have increased by 190 percent. In addition, the number of procedures performed since year-end
has increased by 34 percent. We are gratified by these signs of the growing public awareness and
acceptance of laser refractive surgery." On April 25, 1997, the U.S. Food and Drug
Administration approved the VISX excimer laser system for use in the treatment of astigmatism,
which should significantly expand use of lasers for eye surgery. LCA currently uses the VISX
system in seven of its centers. "Looking ahead," Dr. Joffe continued, "we will concentrate on
growing our existing business. This should reduce expenses involved in rolling out new centers as
we build a strong base for future profitable growth. We will continue to review opportunities to
open new centers and make selective acquisitions during the latter part of 1997."
Photorefractive keratectomy (PRK), as it is known medically, is a revolutionary advance in the
treatment of nearsightedness (myopia). It uses a quick burst of safe laser energy, which is painless
and requires no incisions, to re-shape the surface of the cornea. The procedure was formally
approved for the correction of mild-to-moderate myopia, by the FDA in October, l995, after a
rigorous multi-year investigation involving over 2,500 efficacy and safety clinical trials at major
medical centers across the nation.
More than 5,000 procedures, with a success rate of over 98 percent correcting eyesight to 20/40
or better, have been performed at LCA-Vision's Toronto site which opened in late 1991. The
total for all LCA-Vision centers in the U.S., Canada, and Europe is now almost 10,000 with
similar results.
LCA-Vision currently has sites in Albany, Baltimore, Buffalo, Charlotte, Cincinnati, Clearwater
(Florida), Cleveland, Columbus, Ft. Erie (Canada), Dayton, Helsinki (Finland), Mountain View
(Silicon Valley, California), New York City, Savannah, Toledo, Toronto, Warren (Ohio), and
Westchester County (New York).
Along with a fast-growing chain of laser eye surgery centers, LCA- Vision also manages laser,
and other minimally invasive, surgery programs in major medical hospitals and medical centers
across the U.S., providing cost- effective administrative, physician training, and marketing
support.
LCA-VISION INC. CONSOLIDATED STATEMENTS OF EARNINGS (000 omitted,
except per share amounts)
Three Months Three Months Ended 3/31/97 Ended 3/31/96 (Unaudited) (Unaudited) Revenues
$ 2,762 $ 3,686 Net income (loss) $ (1,784) $ (524) (a) Per share $ ( 0.09) $ ( 0.03) (b)
Average no. of shares 19,596 19,685 (b) (a) The loss amount was reduced by a $546,000 gain
on the sale of an investment. (b) Adjusted to reflect 1-for-4 reverse stock split effective 6/4/96.
CONTACT: LCA-Vision Inc. or The Dilenschneider Group, Inc.
Dr. Stephen N. Joffe, MD Joel Pomerantz
513/792-9292 212/922-0900 |
