SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
January 7, 1999
LCA-Vision Inc.
(Exact name of Registrant as specified in its Charter)
Delaware 0-27610 11-2882328
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File No.) Identification Number)
7840 Montgomery Road, Cincinnati, Ohio 45236
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (513)792-9292
N/A
(Former name or former address, if changed since last report)
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Item 5. Other Events
On January 7, 1999 the Registrant issued the attached press release
announcing another sharp increase in quarterly procedure volume.
Item 7. Financial Statements and Exhibits
(a) Exhibits
99.1 Press Release dated January 7, 1999
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
LCA-VISION INC.
Date: January 11, 1999 By:/s/Larry P. Rapp
Larry P. Rapp,
Chief Financial Officer
<PAGE>
Exhibit 99.1
Headline: ----------------------------------------------
Contacts: Dr. Stephen N. Joffe or Ken DiPaola or
Larry Rapp Joel Pomerantz
LCA-Vision Inc. The Dilenschneider
(513) 792-9292 Group, Inc.
(212) 922-0900
LCA-VISION PERFORMED A RECORD 6,791 LASER VISION CORRECTION
PROCEDURES IN FOURTH QUARTER, NEARLY DOUBLE A YEAR AGO
Procedures Grow 137% in 1998 to a Record 23,080;
Annual U.S. Wholly-Owned, Same-Center Volume Up 219 Percent
CINCINNATI, January 7, 1999 -- 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.
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