Lasik Industry Growth and the Economy
-38% (2009). Size of the drop in laser eye surgery business. “Laser vision-correction surgery has fallen 38 percent in the past six months, according to a MarketScope survey of ophthalmologists.” (Karen Garloch, “Fewer Opt For Optional Surgery - Doctors Who Perform Cosmetic And Elective Procedures See a Big Drop In Demand.,” The Charlotte Observer, Charlotte, North Carolina, February 8, 2009, p 7A)
-40% (2008). Drop in total volume of Lasik procedures reported by LCA-Vision. "Macro-economic conditions continue to negatively impact consumer confidence and discretionary spending, leading to continued softness in LasikPlus® appointments by prospective patients and disappointing show rates," said Steven C. Straus, Chief Executive Officer of LCA-Vision. "We also believe that media coverage leading up to and following the April 25, 2008 Food and Drug Administration Ophthalmic Devices Panel negatively impacted our business in May and June. Our total procedure volume for the second quarter of 2008 is expected to be down approximately 40% compared with the second quarter of 2007. (LCA-Vision, Inc., press release, “LCA-Vision Provides Business Update and Market Review,” PRNewsire-FirstCall, June 25, 2008)
-15% (2008). Drop in Lasik revenue 2008 reported by one Charlotte Lasik surgeon. "We've definitely felt it," said Dr. Reza Mozayeni,
a Charlotte ophthalmologist. His revenue from LASIK and other surgery
dropped about 15 percent in 2008, and he expects a further drop this
year, depending on the economy. Still, he's doing better than the
average in the Southeast region, which saw a 25 percent drop in
surgical volume in 2008. Mozayeni noticed a dramatic drop - 40 percent
- in phone calls from patients seeking new appointments in September
and October, around the time Wachovia and other banks were failing.
Everyone just got shellshocked and stopped calling,’ Mozayeni said.
‘But November and December saw a "substantial bump upward.’" (Karen Garloch, “Fewer Opt For Optional Surgery - Doctors Who Perform Cosmetic And Elective Procedures See a Big Drop In Demand.,” The Charlotte Observer, Charlotte, North Carolina, February 8, 2009, p 7A)
-17% (Forecast for 2008). Projected drop in laser eye surgery growth forecast for 2008. “Call it the Lasik indicator. With the weak economy forcing consumers to cut back on discretionary spending, the number of laser vision-correction surgeries has been falling -- as it did during the last recession. More than 800,000 Americans underwent Lasik surgery in 2007, a slight increase from 2006. But the numbers started slumping along with the economy in the second half of last year. And industry analysts are now predicting a Lasik recession. ‘We're forecasting a 17 percent drop for 2008,’ said David Harmon, president of Market Scope, an eye surgery market research house.” Lasik economy. (Barnaby J. Feder, “As Economy Slows, So Do Laser Eye Surgeries, The New York Times, April 24, 2008)
FDA Lasik Hearings - Lasik Industry Impact
FDA Lasik hearings could hurt Lasik companies. “Stock analysts have said the FDA focus on the procedure could further hurt LASIK companies, which have already seen the softening U.S. economy dampen demand for the elective surgery that is usually not covered by health insurance. … LASIK device makers include Advanced Medical Optics Inc, Alcon Inc and Bausch & Lomb, among others. TLC Vision Corp and LCA-Vision Inc run LASIK clinics.” (Susan Heavey, “Unhappy LASIK patients urge FDA to take action,” Reuters, Friday, April 25, 2008, 12:23 PM ET)
