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): November 7, 1997
(November 5, 1997)
LASERSIGHT INCORPORATED
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Exact name of registrant as specified in its charter
Delaware
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State or other jurisdiction of incorporation
0-19671 65-0273162
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Commission File Number I.R.S. Employer
Identification No.
12161 Lackland Road, St. Louis, Missouri 63146
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Address of Principal Executive Offices
Registrant's telephone number, including area code: (314) 469-3220
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Item 5. Other Events.
The press release issued by LaserSight Incorporated dated November 5, 1997 is
incorporated by reference herein.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits
Exhibit 99. Press Release dated November 5, 1997
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.
LaserSight Incorporated
Date: November 7, 1997 By: /s/ Michael R. Farris
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Michael R. Farris
Chief Executive Officer
EXHIBIT 99
NASDAQ SYMBOL: LASE
LASERSIGHT ANNOUNCES THIRD QUARTER RESULTS;
REPORTS EVENTS OF ANNUAL MEETING OF THE
AMERICAN ACADEMY OF OPHTHALMOLOGY
St. Louis, MO -- November 5, 1997 -- (NASDAQ: LASE) LaserSight Incorporated
today reported a third quarter net loss of $2.4 million or $0.25 per share
compared with a $0.28 per share loss or $2.1 million for the third quarter of
1996. Revenues for the third quarter were $6.2 million compared with $4.5
million for the same period in 1996. The Company sold ten lasers in the third
quarter of 1997 compared with nine lasers, net of returns, in the third quarter
of 1996, an increase over the eight units sold in the second quarter of 1997.
Fourth quarter unit sales are expected to show continued improvement because the
Company expects to begin shipping the LaserScan LSX, the most recent advancement
in LaserSight's laser product offering.
Michael R. Farris, chief executive officer of LaserSight said, "We believe we
are strengthening our strategic competitive position through:
* the launch of the Automated Disposable Keratome planned for fourth quarter,
* increased laser sales as a result of shipping the LSX model,
* patent rights enforcement and licensing initiatives,
* progress toward FDA approval of our laser system, and
* a focus on education and training of ophthalmologists for LASIK.
"With LASIK emerging as the procedure of choice we are uniquely positioned in
the industry with a strong patent position, disposable keratome and a scanning
refractive laser system."
For the nine months ended September 30, 1997 the Company reported a loss of $5.5
million or $0.59 per share compared with a $0.51 per share loss or $3.3 million
in the same period the year prior. Revenues increased 20 percent for the first
nine months of 1997 to $18.1 million compared with $15.1 million for the same
period in 1996.
Selling, general and administrative expenses decreased as a percent of revenues
to 76 percent for the three months ended September 30, 1997 as compared to 100
percent for the same period of 1996. As expected, research, development and
regulatory expenses represented the most significant increase in operating
expenses totaling $817,000 for the third quarter compared with $326,000 during
the same period of 1996.
LaserSight's Technology segment reported revenues of $2.7 million for the three
months ended September 30, 1997 compared with $1.8 million in the same period of
1996. The Health Services segment remained profitable with third quarter
revenues increasing by 30 percent to $3.5 million compared with $2.7 million for
the third quarter of 1996.
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Highlights for the third quarter include:
* The Company completed the purchase of fundamental claim patents for $14.9
million from International Business Machines Corporation (NYSE: IBM)
relating to the ablation of tissue using ultraviolet light. The Company
financed this transaction through a Regulation D private placement of $16
million of its convertible preferred stock to accredited investors.
* Three weeks after the closing the patent acquisition, LaserSight sold an
exclusive license for the vascular and cardiovascular rights to these
patents for $4 million.
* The Company announced a plan to use $3.2 million of the license agreement
proceeds to redeem approximately 19 percent of the convertible preferred
stock issued to purchase the patents. The redemption occurred on October
28, 1997.
* LaserSight continued discussions with other potential patent licensees and
may use a substantial portion of any lump sum royalty payments it may
receive from such arrangements to redeem additional preferred stock. There
can be no assurance as to whether or when any such additional voluntary
redemptions may occur, however, any redemption must occur on or before
January 26, 1998.
* The Company purchased a patent covering the keratome, a surgical instrument
necessary to perform the LASIK procedure from Dr. Frederic B. Kremer. This
patent includes features the Company believes have been incorporated into
keratome instruments currently available for sale by others.
* The Company purchased a license and worldwide distribution rights to the
keratome patents held by Dr. Luis Ruiz of Bogota, Colombia leading to the
development of the Automated Disposable Keratome and the accompanying
console to be distributed both domestically and internationally subject to
510(k) approval for domestic market distribution.
* LaserSight sold its first laser system into Russia where it is believed
only eight laser systems are now in place. LaserSight also received
Kai-Tech (Korean regulatory) approval to sell its laser systems into Korea.
American Academy of Ophthalmology
LaserSight was pleased with the reception it received regarding its refractive
laser systems and keratome technology at the Annual Meeting of the American
Academy of Ophthalmology. Some of the events included the following:
* World renowned ophthalmologists J. Charles Casebeer, M.D. and Luis Ruiz,
M.D. made presentations each day at the LaserSight booth regarding the
launch of the Company's newest product, the Automated Disposable Keratome
(ADK).
* The Company took orders for keratome consoles and over 3,000 disposable
keratomes.
* Dr. Ruiz presented the results of a study performed on 50 patients/100 eyes
in which each patient had bilateral LASIK. As part of the study, one eye
had the keratectomy using the Automated Corneal Shaper (distributed by
Chiron Vision) and the fellow eye had the keratectomy using the new ADK.
Postoperative refractive errors, visual acuities, both corrected and
uncorrected were monitored for six months. The ADK provided equivalent to
better clinical results than the ACS, the most widely used keratome
currently available. The Company believes these clinical results coupled
with the safety, simplicity and efficiency of use make the Automated
Disposable Keratome a significant improvement in keratome technology.
* Surgeons were intrigued by the ADK's easy adaptation to existing ACS power
consoles.
<PAGE>
* The Company's newest model laser system, the LaserScan LSX, was
demonstrated at the AAO and the first units are scheduled for shipment in
the fourth quarter.
* The introduction of the latest version of software for the Company's laser
systems, version 9.0, provided opportunities for customer upgrades.
* The company took orders for laser systems at the AAO including the
LaserScan LSX, LaserScan 2000+ and the LaserScan 2000. This mix
demonstrates the Company's strategy to provide ophthalmologists a variety
of choices based upon price and system configuration was favorably
received.
LaserSight Incorporated is a holding company with operating subsidiaries engaged
in the business of ophthalmic laser manufacturing and international sales,
third-party managed vision care administration, ophthalmic practice management,
and health and vision care consulting services.
This press release contains forward-looking statements regarding future events
and future performance of the Company that involve risks and uncertainties that
could materially affect actual results, including risks and uncertainties
relating to the introduction of a new product, such as unforeseen product delays
and the need for unanticipated corrections or improvements. Investors should
refer to documents that the Company files from time to time with the Securities
and Exchange Commission for a description of certain factors that could cause
actual results to vary from current expectations and the forward-looking
statements contained in this press release. Such filings include, without
limitation, the Company's Form 10-K, Form 10-Q and Form 8-K reports.
<PAGE>
<TABLE>
Following are selected financial results:
<CAPTION>
Three Months Ended Nine Months Ended
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(In 000's Except Per Share Data) (In 000's Except Per Share Data)
9/30/97 9/30/96 9/30/97 9/30/96
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<S> <C> <C> <C> <C>
Total Revenues $6,156 $4,494 $18,083 $15,070
Cost of Sales/Provider Payments 2,699 1,864 7,385 5,258
Gross Profit 3,457 2,630 10,698 9,812
Research, Development and Regulatory 816 326 1,729 1,374
Selling, General & Administrative Expenses 4,660 4,504 13,568 12,598
Operating Loss (2,019) (2,200) (4,599) (4,160)
Other Expense (390) (313) (900) (269)
Income Tax Benefit - 459 - 1,119
Net Loss (2,409) (2,054) (5,499) (3,310)
Preferred Stock Accretions/Dividends (41) (77) (55) (346)
Loss Applicable to
Common Shareholders (2,450) (2,131) (5,554) (3,656)
Loss Per
Common Share - Primary $(0.25) $(0.28) $(0.59) $(0.51)
Weighted Average Number
of Common Shares and
Equivalents Outstanding - Primary 9,812 7,639 9,342 7,238
Selected Balance Sheet Data:
September 30, 1997 December 31, 1996
(In 000's) (In 000's)
Cash and Equivalents $1,164 $2,004
Accounts and Notes Receivable (Current), Net 7,552 8,618
Total Current Assets 13,877 15,643
Total Current Liabilities 9,351 5,622
Long Term Obligations 971 642
Redeemable Convertible Preferred Stock 14,374 -
Stockholders' Equity 28,736 26,769
</TABLE>
For additional information please contact: Marti Benfield
Manager, Investor Relations
LaserSight Incorporated
(314) 469-3220
