Filed pursuant to Rule 424(B)(3)
File No. 333-2198
PROSPECTUS SUPPLEMENT NO. 1 Dated June 2, 1997
(To Prospectus dated April 14, 1997)
Up to 1,921,313 Shares
LASERSIGHT INCORPORATED
Common Stock ($.001 par value)
This Prospectus Supplement updates the Prospectus dated April 14, 1997
("Prospectus") of LaserSight Incorporated, a Delaware corporation (the
"Company").
All of the text under the caption "The Offering" remains unchanged except
those items presented below (other than the footnotes thereto which remain
unchanged except that the maximum number of Common shares issuable upon the
conversion or exchange of outstanding Preferred Stock is now zero):
Common Stock outstanding as of May 30, 1997 9,423,907 shares
Shares Offered by Selling Shareholders:
Common Stock issued to date upon conversion
of, or as dividends on, Preferred Stock 975,261 shares
Common Stock issuable upon conversion
or exchange of outstanding shares of
Preferred Stock None
Common Stock issuable as dividends on
outstanding Preferred Stock None
All of the text under the option "Risk Factors--Company-Related
Uncertainties--Operating Results" should be deleted and replaced with the
following:
Operating Results. The Company incurred losses of $4,074,369 and
$648,022 during 1996 and the first quarter of 1997, respectively. In addition,
although the Company achieved profitability in 1995 and 1994, the Company
incurred losses in 1991 through 1993. As of March 31, 1997, the Company had an
accumulated deficit of $5,260,852. There can be no assurance that the Company
can regain or sustain profitability.
All of the text under the caption "Risk Factors--Company-Related
Uncertainties--Receivables" should be deleted and replaced with the following:
Receivables. At March 31, 1997, the Company's trade accounts and notes
receivable aggregated approximately $10,666,000 net of total allowances for
collection losses and returns of approximately $1,566,000. Accrued commissions,
the payment of which generally depends on the collection of such net trade
accounts and notes receivable, aggregated approximately $1,509,000 at March 31,
1997. Exposure to collection losses on technology-related receivables is
principally dependent on its customers' ongoing financial condition and their
ability to generate revenues from the Company's laser systems. The Company's
ability to evaluate the financial condition of prospective customers located
outside of the United States is generally more limited than for customers
located in the United States. The Company monitors the status of its receivables
and maintains a reserve for estimated losses. The Company's operating history
has been relatively short. There can be no assurance that the current reserves
for estimated losses ($1,409,000 at March 31, 1997) will be sufficient to cover
actual write-offs over time. Actual write-offs that materially exceed amounts
reserved could have a material adverse effect on the Company's consolidated
financial condition and results of operations.
<PAGE>
The following text should be added under the caption "Risk
Factors--Technology-Related Uncertainties":
New Products. There can be no assurance that the Company will not
experience difficulties that could delay or prevent the successful development,
introduction and marketing of its new LaserScan LSX excimer laser and other new
products and enhancements, or that its new products and enhancements will be
accepted in the marketplace. As is typical in the case of new and rapidly
evolving industries, demand and market acceptance for recently introduced
technology and products are subject to a high level of uncertainty. In addition,
announcements of currently planned or other new product offerings may cause
customers to defer purchasing existing Company products.
All of the text under the caption "Selling Shareholders" should be deleted and
replaced with the following:
SELLING SHAREHOLDERS
The following table sets forth certain information with regard to the
beneficial ownership by the Selling Shareholders of Preferred Stock and Common
Stock and the number of shares of Common Stock to be offered by the Selling
Shareholders.
<TABLE>
<CAPTION>
Common Stock Beneficially
Shares of Common Owned After the Offering
Prefered Stock Shares of -------------------------
Stock Beneficially Common
Presently Owned Prior Stock Number Percent of
Selling Shareholder Owned to Offering to be Sold of Shares Outstanding*
- ------------------- ----- ----------- ---------- --------- ------------
<S> <C> <C> <C> <C> <C>
Banque Edouard Constant (1) -- 466,947 466,947 -- --
Reg-S Investment Fund Ltd. -- 47,830 47,830 -- --
Wood Gundy London Ltd. -- 249,308 249,308 -- --
OTA Limited Partnership -- 26,747 26,747 -- --
Interportfolio -- 89,173 89,173 -- --
Selfridge Limited Partnership -- 16,637 16,637 -- --
Hull Overseas Ltd. -- 78,619 78,619 -- --
Spencer Trask Securities
Incorporated (2) N/A 9,630 9,630 -- --
Jules Marx (2) N/A 7,879 7,879 -- --
Mark B. Gordon, O.D N/A 271,732 160,109 111,623 1.2%
Howard H. Levin, O.D N/A 271,732 160,109 111,623 1.2%
<FN>
* Based on the number of shares outstanding as of May 30, 1997, and without
giving effect to the 1996 Warrants.
1 Based on information available to the Company and the representations of the
Selling Shareholder, such holdings of record are or were held for the
account of certain clients of Banque Edouard Constant, formerly known as
Banque Scandinave en Suisse.
2 Assumes the exercise in full by such Selling Shareholder of a warrant
to purchase Common Stock. See "Description of Capital Stock--Warrants."
</FN>
</TABLE>
