TLC Vision reports revenue increase for second quarter

ST. LOUIS — TLC Vision reported a 3% increase in revenue in the second quarter of 2005, to $66.8 million, up 1.7 million from the same quarter last year.

Revenues from TLC Vision refractive centers’ were up 4.5% during the second quarter of 2005 compared with the second quarter of 2004, to $38 million, according to a press release from the company.

The company attributed the growth to a higher volume of customized LASIK procedures – 61% of its overall refractive surgery business – which contributed to higher prices per procedure. Procedure volume grew 1% during the quarter, but procedure growth was 6.3% higher in year-to-year comparisons, the company stated.

“The access business revenues declined 6.8% during the quarter, as stronger mobile volumes were more than offset by lower fixed-site volume. Resulting overall refractive procedures were 49,900, down 3.3% vs. the prior year,” the press release said. Other health care revenue grew by 4% and Midwest Surgical Services mobile cataract revenues grew by 17%, the company said.

Other highlights during the quarter included the acquisition of Millenium Laser Eye in Washington and Kremer Laser Eye Center in Philadelphia.

Earlier this week, TLC received regulatory approval to buy back 2 million shares of the 70.6 million common shares currently outstanding.