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)
October 4, 1999
LCA-Vision Inc.
(Exact name of Registrant as specified in its Charter)
Delaware 0-27610 11-2882328
(State or other (Commission (IRS Employer
jurisdiction File No.) Identification Number)
of incorporation)
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)
Item 5. Other Events
LCA-Vision Inc. issued a press release announcing its procedure
volume for the quarter ended September 30, 1999.
Item 7. Financial Statements and Exhibits
(a) Exhibits
99.1 Press Release dated October 4, 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: October 4, 1999 By:/s/Larry P. Rapp
-----------------------------
Larry P. Rapp,
Chief Financial Officer
<PAGE>
COMPANY CONTACTS INVESTOR RELATIONS CONTACTS
LCA-Vision Inc. Lippert/Heilshorn & Associates, Inc.
Stephen N. Joffe, Chairman & Ruth Abeshaus ([email protected])
CEO (212) 838-3777
Larry Rapp, VP-Finance & CFO Bruce Voss ([email protected])
(513) 792-9292 (310) 575-4848
Media Contact
Elissa Grabowski ([email protected])
(212) 838-3777
FOR IMMEDIATE RELEASE
THIRD QUARTER VOLUME AT LCA-VISION'S MARYLAND CENTERS UP 152%
- Quarterly Same-Center Volume Increases 51%, LasikPlus to
Expand into California,
National Lasik Network Assembled -
CINCINNATI (October 4, 1999) - LCA-Vision Inc. (NASDAQ NM: LCAV),
a leading U.S.-based provider of laser vision correction services,
today reported that procedure volume for the three months ended
September 30, 1999 at the Company's Baltimore and Annapolis,
Maryland centers increased 152% compared with the three months
ended September 30, 1998, and increased 38% compared with the
three months ended June 30, 1999.
Third quarter 1999 same-center procedure volume for the Company's
21 U.S. and Canadian centers increased 51% to 8,769 procedures,
compared with 5,818 procedures for the comparable 1998 period.
This marks the Company's 12th consecutive quarter of procedure
volume growth during what is a somewhat seasonally slow quarter.
Nine-month 1999 same center procedure volume increased 77% to
27,107 procedures, compared with 15,283 procedures for the 1998
nine-month period.
The Company's plan for growth is to increase utilization of
existing capacity and to expand its geographic presence. Based on
initial successes, LCA-Vision will expand the testing of the
LasikPlus model to its California markets beginning in October.
The Company will continue testing the "value pricing" model
pending positive consumer reaction and favorable business results.
To establish LasikPlus in new markets, marketing expenses are
elevated in the short term. After a period of high-impact
advertising and marketing programs, the expenditures are expected
to return to traditional levels.
Commenting on the LasikPlus "value pricing" model being tested in
these Maryland markets, Stephen N. Joffe, Chairman and CEO,
stated, "Our initial test has proven to be very successful. In
the 10 weeks since we introduced LasikPlus in Maryland, the
program has exceeded our most aggressive expectations and
accounted for the highest center procedure volume in the quarter.
While our per procedure contribution margin was comparable to that
under our "open access" model, more importantly we have maintained
clinical outcomes and patient satisfaction. These results support
our belief that 'value pricing' expands the market because it
lowers the affordability bar."
LCA-Vision also announced that it has completed physician
enrollment in its National Lasik Network, a network of laser
vision correction providers formed to support the Company's
recently announced agreement with Cole National Corporation (NYSE:
CNJ). "We are ready to begin bringing the benefit of laser vision
correction surgery to the 50 million Cole Managed Vision members
beginning January 2000," said Joffe.
The following table provides the quarterly and nine-month
procedure comparisons, which include the Baltimore and Annapolis
centers:
LCA-Vision Inc. Same-Center Growth
Three Three Nine Nine
months months months months
ended ended % ended ended %
9/30/99 9/30/98* Change 9/30/99 9/30/98* Change
-------- ------- ------ -------- -------- ------
Procedures 8,769 5,818 51% 27,107 15,283 77%
* Note: Figures exclude procedures performed at centers
subsequently closed.
The Company expects to announce 1999 third quarter financial
results and to hold an investor conference call on Thursday,
October 28, 1999. The conference call will begin at 4:45 p.m.
Eastern Time. To participate, a few minutes prior to the start
time professional investors and analysts are invited to dial (800)
263-9163. Those unable to participate are invited to listen to a
recording of the call and Q&A through 5:00 p.m. Eastern Time,
Monday, November 1, 1999 by dialing (800) 633-8284 or for
international callers please dial (619) 812-6440, access code
13269727.
Individual investors will have the opportunity to listen to the
conference call over the Internet through Investor Broadcast
Network at www.vcall.com. To listen to the live call, please go
to the Web site a few minutes prior to the start of the call to
register, download and install the necessary audio software. For
those who cannot listen to the live broadcast, a replay will begin
shortly after the call has ended and will be available for 90
days.
LCA-Vision operates 22 laser vision correction centers in the US,
Canada, and Europe, which are supported by a network of more than
2,200 ophthalmologists and optometrists.
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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