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LCA-Vision reports $6.9 million net loss for second quarter, continued decline in laser procedures

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CINCINNATI — LCA-Vision reported a second quarter net loss of $6.9 million, or $0.37 per share, compared with a net loss of $573,000, or $0.03 per share, recorded during the second quarter of 2008, the company announced.

LCA-Vision recorded an $11.8 million operating loss for the quarter, compared with an operating loss of $3 million reported during the same period last year. The company's second-quarter adjusted operating loss totaled $13.9 million, compared with an adjusted operating loss of $7.4 million for the second quarter of 2008. These operating and adjusted operating losses included $1.6 million in restructuring and impairment charges, according to a press release.

Second-quarter revenue totaled $31.7 million, down from $54.2 million during last year's second quarter. Adjusted second-quarter revenue totaled $29.4 million, down from $49.2 million in the comparable period last year.

The company performed a total of 17,864 laser procedures during the second quarter, down from 30,086 procedures performed during the second quarter of 2008. The company attributed the deficit in procedure volume to a reluctance of Americans to invest in elective, self-pay surgical procedures — a reluctance the company expects to persist at its LasikPlus vision centers throughout the remainder of the year.

In an effort to adapt to the adverse economic environment, LCA-Vision has enacted a number of initiatives to improve procedure volume, reduce expenses and conserve capital. These initiatives include the June reduction of its workforce by 9%, the extension of wage freezes, the closing of three vision centers and one preoperative center, the reduction of excimer laser platforms from three to two in all of its LasikPlus vision centers, as well as a reduction in capital expenditures, according to the release.

The company anticipates its capital expenditures to total approximately $1 million for the full-year 2009, down significantly from $14.9 million in 2008.