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LCA Vision reports increased revenues for second quarter

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CINCINNATI — Revenues for LCA Vision increased 53% to $48.4 million in the second quarter of 2005, up from $31.6 million in the second quarter of 2004, the company announced in a press release.

The laser vision correction company said surgical procedure volume also rose, up 49% to 36,010 during the second quarter of 2005 from 24,093 in the second quarter of 2004. Revenue per procedure also increased slightly, up 3% from 2004 levels to $1,344 per procedure.

Net income for the quarter was about $7.8 million, down from $10.8 million in 2004, the company said. The decrease was attributed to a reversal and usage of the valuation allowance against deferred tax assets.

“We continue to see strong demand for laser vision correction procedures at our LasikPlus vision centers, and we believe our growth rates will continue to exceed market growth rates,” Stephen N. Joffe, LCA Vision’s chairman and chief executive officer, said in the release.

During the quarter, same-store revenues increased 39% at vision centers that had been open at least 12 months. LCA Vision also opened two new LasikPlus centers, one in Virginia and one in Connecticut.