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LaserSight delisted from NASDAQ; reports poor Q1 results

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WINTER PARK, Fla. — Without an immediate cash infusion, refractive laser manufacturer LaserSight will be forced into bankruptcy, the company announced along with its first quarter earnings this week.

Although revenues for the first quarter were $2.3 million, up from $2 million in the comparable quarter in 2002, the company still reported a loss for the quarter of $2.9 million.

The company blames its “significant losses and negative cash flows” on delays by the Food and Drug Administration in granting regulatory approval to its laser system. Late last month the company’s stock was delisted from NASDAQ for failure to maintain a stock price of at least $1 per share. The stock is currently trading on the over-the-counter bulletin board.