EXHIBIT 99
LASERSIGHT RPORTS SECOND QUARTER 2000 RESULTS
SECOND QUARTER REVENUES INCREASED BY 118% to $11.5 MILLION
COMPANY PROVIDES UPDATE ON PRODUCTS
Winter Park, FL. (August 14, 2000) - LaserSight Incorporated (NASDAQ:
LASE) today announced financial results for the three months and six months
ended June 30, 2000. Revenues for the second quarter increased approximately
118% to a record $11.5 million from $5.3 million in the second quarter of 1999.
Compared to the first quarter of 2000, revenues increased approximately 32% from
$8.7 million. Revenues for the six months ended June 30, 2000 increased
approximately 99% to $20.2 million from $10.2 million in the comparable period
of 1999.
For the quarter ended June 30, 2000, the Company reported a net loss of $2.1
million, or $0.10 per share, compared to a net loss of $3.5 million, or $0.21
per share, reported for the second quarter of 1999. The average common shares
outstanding were 20,340,000 during the second quarter of 2000 compared to
16,155,000 in the second quarter of 1999. The net loss for the second quarter of
2000 also compares favorably to the net loss of $2.8 million, or $0.14 per
share, reported in the first quarter of 2000.
The net loss for the six months ended June 30, 2000 was $4.9 million, or $0.25
per share, compared to a net loss of $6.8 million reported for the six months
ended June 30, 1999, or $0.46 per share. The average common shares outstanding
were 19,787,000 during the six months ended June 30, 2000 and 14,794,000
in the comparable period of 1999.
This continued improvement in revenue resulted from increased sales of the
Company's LaserScan LSX(R) excimer laser system. During the second quarter,
sales of the LSX increased 58% over the previous quarter and 88% over sales in
the comparable period in 1999. In the second quarter the Company sold a total of
30 LSX systems including 17 systems into the U.S. market. During the previous
quarter ending March 31, 2000, the Company sold a total of 19 LSX systems, with
6 of those systems sold in the U.S. The Company's sales of laser systems for the
six months ended June 30, 2000 were 49, an increase of approximately 48% from
the 33 systems sold in the comparable period of 1999.
"Interest in the LaserScan LSX state-of-the-art precision beam scanning laser
system remained high through the second quarter as represented by the dramatic
increase in U.S. sales. The second quarter was the first full quarter we were
able to offer the LSX for sale in the U.S. and we are pleased with the high
level of interest and acceptance of the LSX by individual physicians, academic
medical centers and corporate providers. We were pleased to add Laser Vision
Centers, Inc. (NASDAQ: LVCI), St. Louis, Missouri, one of the leading providers
of excimer lasers and related equipment for refractive surgery, to our family of
customers," commented Michael R. Farris, president and chief executive officer
of LaserSight.
During the second quarter LaserSight commenced the establishment of Regional
Reference Centers with leading ophthalmologists in community-based practices,
corporate centers and academic medical centers in the U.S. The Company has
delivered laser systems to six sites that are interested in participating in the
Reference Center program. These Reference Centers will be providing regional
leadership, participating in various clinical studies and presenting clinical
results at industry meetings. The Company's goal is to establish 30 Reference
Centers across the U.S. by the end of this year. Gale Martin, MD, of Carolina
Eye Associates, Southern Pines, North Carolina, a LaserSight Reference Center,
commented, "Based on three years experience working with LaserSight systems in
our hospitals in China, Carolina Eye Associates selected the LaserScan LSX as
<PAGE>
our laser for the future. The results we have obtained have been exceptional,
and have exceeded our expectations for a scanning laser. The LSX is a platform
that can be expanded to improve on the exceptional results we are currently
receiving."
Mr. Farris continued, "In order to continue expanding our market share we must
provide timely, top quality service and support for the LSX. Currently the
Company has targeted ten locations within the U.S. for placing regional-based
support personnel and has already staffed seven of those areas with full time
Field Service Engineers. In Europe, the Company has established the headquarters
for its European Operation in Munich, Germany and has staffed the organization
with sales and service personnel. As the Company continues to expand its
installed base of laser systems, these critical areas for customer support will
likewise be expanded."
"While we are pleased with the revenue levels that have been achieved from sales
of the LSX, we continue to experience delays in the commercial launch of the
Company's UltraShaper(TM) durable keratome," commented Mr. Farris. Sales of the
Company's MicroShape(TM) keratome products fell short of the Company's
expectations for the second quarter of 2000. The Company's MicroShape product
strategy has been to provide the refractive surgeon with a full complement of
keratome products centering around the UltraShaper durable keratome, supported
by the UniShaper(TM) single-use keratome and UltraEdge(TM) keratome blades.
Delays experienced in the commercial launch of the durable keratome impacted
second quarter sales of the MicroShape product line. The Company has implemented
design modifications to the UltraShaper, and it is currently undergoing further
series of clinical testing to validate these modifications. Mr. Farris reports
that, "LaserSight remains committed to not only matching, but to advancing
keratome technology and will not commercially ship its durable keratome until it
can satisfy this commitment."
"The Company's near term results may be affected by the fact that the LSX has
not yet been approved by the FDA to treat astigmatism," commented Mr. Farris.
"Some potential purchasers of the LSX have indicated they will delay their
purchase decision until the astigmatism approval is received. This could have
the result of delaying sales into a future quarter," reported Mr. Farris.
LaserSight originally anticipated that the LSX would be approved by the FDA to
treat astigmatism by the end of June 2000. In connection with the FDA's
review of this PMA supplement the FDA posed questions that have been
answered and requested information that has been submitted. "Since the
Company has supplied the FDA with all information the agency requested we
are in the position to merely await the astigmatism approval," continued
Mr. Farris. "It is not possible to know precisely when the FDA's approval will
be received, however, we believe the approval could come yet this quarter. We
are taking the necessary steps to ensure a timely commercial launch of this
software upgrade upon receipt of the approval."
The Company has spoken with the FDA regarding its submission requesting that the
LSX be approved to operate at a 200 Hz laser pulse repetition rate. Final FDA
approval is anticipated by the end of this month. Currently the LSX is approved
to operate at a 100Hz repetition rate which is faster than any other excimer
laser approved for use in the U.S.
The Company plans to submit the PMA supplement for its state of the art Eye
Tracker technology after receiving approval for the 200 Hz upgrade. In that
regard, the Company expects to submit the Eye Tracker PMA supplement by the end
of this month and anticipates approval will come late this quarter or early in
the fourth quarter.
LaserSight has completed treatment on all patients in its clinical trials for
the expanded indications utilizing LASIK to treat myopic astigmatism, hyperopic
astigmatism and mixed astigmatism. We are currently validating the data and the
submission for these LASIK indications will be sent to the FDA this quarter. FDA
approval is anticipated during the first quarter of 2001.
Progress on LaserSight's CustomEyes(TM) custom ablation products continues with
clinical research for its AstraPro(TM) custom ablation planning software to be
expanded in the international market during the third quarter. Jack T. Holladay,
MD, of International Eye Care, Houston, Texas and medical director of LaserSight
commented, "The LSX should be the surgeons choice since it is uniquely qualified
to perform custom ablations with the highest laser repetition rate, one of the
<PAGE>
smallest laser spots and a scanning laser system that incorporates active eye
tracking."
Dr. Holladay continued, "I have been preaching prolate corneas for almost 5
years and in late March we actually began performing custom ablation procedures
on patients with the LaserSight LSX in Monterrey, Mexico with Jesus Vidaurri,
MD. We have treated three groups of patients, the second group in May and the
third in July. We have now treated 20 eyes. The first group was made more
prolate than the standard treatment and the second group was made prolate to
match their preoperative value. In the third group, we matched their
preoperative prolate cornea and used their height data from a corneal
topographer to eliminate the asymmetric bowties in the corneas. We were
extremely delighted with the results of those patients in the final group with
irregular astigmatism because all patients had a significant improvement in
their uncorrected and best spectacle corrected visual acuity. We also achieved
much larger effective optical zones than with the standard treatment. In the
fourth quarter of this year we hope to open four international sites to further
evaluate the custom prolate ablation technique and begin an IDE in Houston to
use as a LaserSight training center and site for custom ablation. "
The Company intends to debut its Astra diagnostic products at the American
Academy of Ophthalmology Meeting in Dallas, Texas during October of this year.
Mr. Farris continued, "LaserSight intends to make a timely entry into the market
with the proper combination of laser system, custom ablation planning software,
and the diagnostic tools needed to meet the projected demand for this next phase
of refractive technology."
Mr. Farris concluded, "Our goal is simple and straightforward. We intend to
reach profitability by ramping up production to meet demand, providing world
class service and support and continuing the tradition of innovation and
leadership in product advancements."
LaserSight is a leading supplier of quality technology solutions for laser
vision correction. The Company markets its excimer laser systems and keratome
products in more than 30 countries. In the United States, the Company's
LaserScan LSX excimer laser system is approved for the treatment of low to
moderate myopia by photorefractive keratectomy.
This press release contains forward-looking statements regarding future events
and future performance of the Company, including statements with respect to
anticipated sales revenue, regulatory approvals and commercialization of
products, which involve risks and uncertainties that could materially affect
actual results. 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 the 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>
Following are selected LaserSight financial results (in 000s except per share
data):
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
6/30/00 6/30/99 6/30/00 6/30/99
------- ------- ------- -------
<S> <C> <C> <C> <C>
Total Revenues $ 11,461 $ 5,261 $ 20,156 $ 10,150
Cost of Revenues 4,272 2,337 7,765 4,417
Gross Profit 7,189 2,924 12,391 5,733
Research, Development & Regulatory 1,310 709 2,250 1,490
Selling, General & Administ0rative 8,223 5,856 15,506 11,260
Loss from Operations (2,344) (3,641) (5,365) (7,017)
Other Income, Net 229 190 491 246
Net Loss $ (2,115) $(3,451) $ (4,874) $ (6,771)
Loss per Common Share -
Basic and Diluted $ (0.10) $ (0.21) $ (0.25) $ (0.46)
Weighted Average Number of
Shares Outstanding 20,340 16,155 19,787 14,794
Selected Balance Sheet Data (in 000s):
June 30, 2000 December 31, 1999
------------- -----------------
Cash and Cash Equivalents $ 9,742 $ 11,248
Accounts and Notes Receivable
(Current), Net 17,537 10,511
Total Current Assets 37,376 30,632
Total Current Liabilities 12,235 8,984
Long-Term Obligations 105 100
Stockholders' Equity 47,950 39,578
</TABLE>
