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Shares of laser vision correction specialist LCA-Vision (LCAV) remain largely unchanged since the 4/25/13 release of LCA-Vision: The Case For Calculated Optimism. In the following overview, I will briefly recap the past six months and provide a progress reports to the LCAV long-term recovery thesis.

Q3 Earnings Highlights

  • Revenues increased +3.2%. Procedure volume +3.7% to 11,932 in Q3. This is the first YOY volume increase in 5 quarters. YTD revenue of $71m and procedure volume of 41,198 remain depressed YOY due to tough 1H comps (FSA reductions). Q3 net loss of $1.6m, an improvement from a loss of $3.5m in 2012.
  • Average revenue per procedure of $1,718, slightly higher than expected.
  • Balance Sheet: Their financial

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