To All,
The following is a 1/7/99 verbatim news release from LCA Vision. The news looks good.
Harry
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Thursday January 7, 08:31 AM Eastern time
Company Press Release
LCA-Vision Performed a Record 6,791 Laser Vision Correction
Procedures in Fourth Quarter, Nearly Double a Year Ago
CINCINNATI--(BUSINESS WIRE)--Jan. 7, 1999--
Procedures Grow 137 in 1998 to a Record 23,080
Annual U.S. Wholly-Owned, Same-Center Volume Up 219 Percent
LCA-Vision Inc. (NASDAQ:LCAV), one of the largest U.S.-based corporate providers of laser vision correction
services, today reported another sharp increase in quarterly procedure volume. System-wide procedures in the
fourth quarter nearly doubled to a record 6,791, up from 3,400 procedures for the same period a year ago.
For all of 1998, system-wide procedures performed at LCA-Vision centers rose 137.6 percent to a record
23,080, up from 9,715 procedures in 1997. Growth was even more dramatic for LCA-Vision's wholly owned
U.S. centers, where 1998 procedure volume grew 170.5 percent to 18,479, versus 6,832 procedures in 1997.
(Annual growth rates reflect, in part, the addition of centers acquired from Summit Technologies in August 1997.)
On a same-center basis, LCA-Vision's wholly owned centers in the U.S recorded the strongest growth.
Fourth-quarter procedures for this segment of the business rose 135.3 percent to 5,224, ending the full year with
17,549 procedures, a year-over-year increase of 219 percent.
Dr. Stephen Joffe, LCA-Vision chairman and chief executive officer, commented: "Fourth-quarter procedure
volume was the highest in the company's history. That healthy trend should continue unabated in 1999, and with it
a steady, sustainable improvement in profitability. Cash flow continues to be strong and positive, and financially we
have never been in a better position to capitalize on the robust growth we see ahead. We remain confident we will
achieve positive earnings per share in 1999 -- our breakout year.
"The steady quarter-over-quarter growth we are seeing in the number of laser vision correction procedures reflects
an accelerating rate of patient acceptance across the country," Dr. Joffe noted. "According to 1998 analyst
estimates, over 400,000 laser vision correction procedures were performed in the U.S. alone, and that represents
a 75 percent increase over 1997. With a pool of over 162 million Americans in 1998 who could have benefited
from laser vision correction, market penetration to date is well below 1 percent of the potential market. With the
FDA's recent approval of laser vision correction for farsightedness, an additional 20 million potential patients will
be eligible for treatment in 1999.
"The potential market for laser vision correction is huge. Today, we believe enthusiastic patient acceptance,
positive word of mouth and more effective marketing techniques are steadily building the kind of critical mass that
will ignite the explosive growth heralded by industry sages in 1996."
LCA-Vision, which operates laser vision correction centers in the U.S., Canada, and Europe, is supported by a
network of 600 physicians and 800 referring optometrists. Since inception, more than 45,000 laser vision
correction procedures have been performed at the company's centers.
LCA-Vision also manages laser, and minimally invasive, multi-specialty programs for major hospitals across the
country. For additional news and information about LCA-Vision and laser vision correction, please visit the
company's website at www.lca-vision.com.
Safe Harbor Statement: This release contains forward-looking statements that are subject to risks and
uncertainties, including, but not limited to, the impact of competition and pricing, procedure demand and
marketplace acceptance, and unforeseen fluctuations in operating results and other risks detailed from time to time
in the company's filings with the Securities and Exchange Commission.
Contact:
LCA-Vision Inc., Cincinnati
Dr. Stephen N. Joffe/Larry Rapp, 513/792-9292
or
The Dilenschneider Group, Inc., New York
Ken DiPaola/Joel Pomerantz, 212/922-0900
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