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LCA-Vision posts net loss for fourth quarter, full-year 2009
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CINCINNATI — LCA-Vision reported a fourth-quarter net loss of $3.6 million, or $0.19 per share, compared with a net loss of $8.2 million, or $0.44 per share, reported during the fourth quarter of 2008, LCA-Vision announced in a press release.
The company primarily attributed the loss reduction to a charge of $2.1 million incurred during the fourth quarter of 2008 for impaired investments, as well as a $930,000 reduction in restructuring and asset impairment fees.
Fourth-quarter revenue totaled $22 million, down from $34 million during the same period a year ago. Likewise, adjusted revenue declined from $30.3 million during 2008's fourth quarter to $20.1 million for the fourth quarter of 2009.
The company performed a total of 11,718 laser procedures during the fourth quarter, down from 19,424 performed during 2008's fourth quarter, according to the release.
For the full-year 2009, LCA-Vision posted a net loss of $33.2 million, or $1.79 per share, compared with a net less of $6.6 million, or $0.36 per share, reported for the full-year 2008. The deficit included a charge of $12.2 million, or $0.66 per share, stemming from a valuation allowance for deferred tax assets, the release said.
Full-year 2009 revenue totaled $129.2 million, down from $205.2 million reported for the full-year 2008. Adjusted revenues were $120.1 million in 2009, down from $186.5 million in 2008.
The company performed a total of 72,776 laser procedures during the full-year 2009 compared with 115,153 laser procedures performed in 2008.
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