LCA-Vision Performed 4,451 Laser Vision Correction Procedures in First Quarter, Up 98
Percent Over a Year Ago
Volume Increase At Company's Original Centers Tops 200%
CINCINNATI--(BUSINESS WIRE)--April 8, 1998--LCA-Vision Inc. (NASDAQ:LCAV - news), the leading U.S.-based company in the fast-growing laser
vision correction sector, today reported that first-quarter volume at its 30 centers rose 98 percent to 4,451 procedures, up from 2,248 for the same period a year
ago and the same 30 centers.
Excluding the centers acquired from Summit Technology in August of 1997, first-quarter volume at LCA-Vision's 11 original, wholly-owned locations grew 206
percent to 2,759 laser vision correction procedures versus 903 procedures in the first quarter of 1997. The largest number of laser eye surgeries (448) during the
quarter were performed at the company's Cincinnati center, a gain of 287 percent over the same period last year.
Of the 4,451 laser vision correction procedures performed in the first quarter, the centers acquired from Summit accounted for 1,098. Total procedures for those
locations grew 132 percent over a year ago, and 35 percent compared with the fourth quarter of 1997.
Commenting on LCA-Vision's robust first-quarter numbers, Chairman and CEO Dr. Stephen Joffe said: ''Growth in the number of procedures is running well ahead
of our projections of several months ago. We are beginning to see the ratcheting up in sustained demand that we, and others in our industry, have long predicted.
''The strong gains we've made at our original centers demonstrate that we have created a business model that can sustain profitable growth as procedure volume and
public acceptance accelerates. We are also very pleased with the progress we've made in turning around the former Summit centers that were under-performing.''
Amplifying on the surge in demand, Dr. Joffe noted: ''Enthusiastic patient word-of-mouth and the renewed attention the media has focused on laser vision correction
have given the procedure a real boost. Despite the significant financial investment patients must make, many consider it a positive, life-altering experience well worth
the price. This is particularly true of the state-of-the-art surgical technique called LASIK, which allows a highly-trained ophthalmic surgeon to correct both eyes
consecutively and achieve near-instantaneous vision improvement with minimal discomfort and post-op care.''
LCA-Vision currently operates 27 laser vision correction centers in the U.S., two in Canada, and one in Helsinki, Finland. Nearly 25,000 successful procedures
have now been performed at all of the company's sites which have more than 600 physicians and 800 referring optometrists affiliated with them.
LCA-Vision also manages laser, and minimally invasive, multi-specialty programs for major hospitals across the country. |
