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Total Number of Pages: 3
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UNITED STATES 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: December 23, 1999
Commission File Number: 0-26208
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KERAVISION, INC.
(Exact name of Registrant as specified in its Charter)
DELAWARE 77-0328942
(State of Incorporation) (I.R.S. Employer
Identification No.)
48630 MILMONT DRIVE
FREMONT, CA 94538
(Address of principal executive offices)
(510) 353-3000
(Registrant's telephone number)
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ITEM 5. OTHER EVENTS
On December 21, 1999, KeraVision, Inc. Announced Preliminary Fourth Quarter
Revenue and 1999 Procedure Volume. Further details regarding this announcement
are contained in the Comapny's news release dated December 21, 1999 attached as
exhibit hereto and incorporated reference herein.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(a) Exhibits:
99.34 KeraVision, Inc. News Release dated December 21, 1999
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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 thereunto duly authorized.
KERAVISION, INC.
/s/Mark Fischer-Colbrie
-----------------------
Mark Fischer-Colbrie
Vice President, Finance and
Administration and Chief Financial
Officer(Principal Financial and
Accounting Officer)
Date: December 23, 1999
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Exhibit 99.34
KeraVision Announces Preliminary Fourth Quarter Revenues and 1999 Procedure
Volume
Investments in U.S. market development to increase next year
FREMONT, CA (December 21, 1999) - Announcing that the
company surpassed the 2,000-procedure mark since receiving
FDA approval for IntacsT in April 1999, KeraVision (Nasdaq:
KERA), the vision correction company, said Intacs-related
surgical instrument sales will be lower in the fourth
quarter of 1999 compared to the third quarter. Revenues
for the quarter are expected to be in the range of $1.8
million to $2.2 million. The company also announced that
it trained more than 600 surgeons in the Intacs procedure
during 1999 - three times KeraVision's original surgeon-
training goal.
KeraVision Chairman and Chief Executive Officer Thomas M.
Loarie said, "Our goal is to build procedure volume. In
the fourth quarter, KeraVision moved from training surgeons
and selling start-up instrument kits to creating models
that are designed to integrate Intacs into surgeons'
practices and make Intacs the procedure of choice for mild
myopia in these practices. We also intend to support our
core surgeon group with cooperative advertising."
The company said that since the commercial launch of Intacs
in the U.S., clinical outcomes for Intacs users - including
visual recovery, high levels of acuity and minor patient
discomfort - appear to be generally consistent with
clinical results obtained in U.S. clinical trials for
Intacs, based on initial tracking analysis.
During the fourth quarter, more than 160 surgeons were
trained in the Intacs procedure, bringing the total number
since April 1999 to over 600 trained surgeons (vs. 200 as
originally planned). Most of the 160 were "associate"
surgeons, meaning they belong to medical provider groups
that already purchased surgical instruments for all of
their associate doctors. As a result, associates generate
less revenue than "primary" surgeons who pay for start-up
instrument kits.
Loarie said a number of marketing programs were initiated
during the quarter by KeraVision's new president and chief
operating officer, John Galantic, who joined from
SmithKline-Beecham in August. These include hiring
additional practice integration specialists to lead
surgeons and their employees through a process designed to
make Intacs the procedure of choice for mild myopia at all
levels of the practice. Other initiatives underway include
cooperative advertising programs and an Internet program to
educate consumers and connect them with Intacs surgeons.
Meanwhile, the company took steps during the fourth quarter
to begin eliminating a backlog of unproctored surgeons. For
quality control purposes, KeraVision requires surgeons to
perform a series of Intacs procedures under the supervision
of an Intacs proctor. The company hired additional
proctors to reduce the backlog.
KeraVision plans to disclose more details about these and
other marketing initiatives when fourth quarter and year-
end revenues are announced, which is scheduled to take
place in early February 2000.
KeraVision, founded in 1986, is the developer of Intacs,
the first FDA-approved non-laser option for surgically
treating mild myopia (nearsightedness). Intacs are a safe
and effective alternative to eyeglasses, contact lenses and
vision correction surgeries that permanently alter the
eye's central optical zone. The company's patented
technology platform is also being developed for the
possible treatment of other common vision problems
including mild hyperopia (farsightedness) and astigmatism.
Except for the historical information, the matters
discussed in this news release are forward-looking
statements. Actual results may differ materially due to a
variety of factors, including market acceptance of
KeraVision Intacs, complications relating to the product or
the surgical procedure, competitive products and
technologies, and other risk factors described under the
heading "Risk Factors Affecting the Company, Its Business
and Its Stock Price" contained in Form 10-Q for the quarter
ended Sept. 30, 1999, and under the heading "Risk Factors"
in the registration statement on Form S-3 dated Aug. 12,
1998, as well as in other SEC filings.
# # #
Note to Editors: Intacs are a registered trademark or
trademark of KeraVision, Inc. in the U.S. and foreign
countries
Contact:
KeraVision, Inc., Fremont
Mark Fischer-Colbrie, 510/353-3000 (Investors)
Mick Taylor, 510/353-3075 (Media)
www.keravision.com
Fax on Demand, 800/448-8559
