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- Is Laser Eye Surgery Too New to Value?
- Saj Karsan submits: LCA-Vision LCAV and TLC Vision TLCV compete in an otherwise highly fragmented laser vision correction industry. Because the surgery is elective, expensive, and not generally covered by insurance companies, demand for the surgery is cyclical. As a result, this is a tough time for these companies, and...
- External links 2008-11-09
- LCA-Vision: Good Long-Term Investment
- Saj Karsan submits: LCA-Vision LCAV provides laser vision corrective surgery at 76 locations in the United States. Demand for this surgery comes from those wishing to lose the glasses and contact lenses and get back to 20/20 vision. LCAV's stock has taken a huge beating as a result of the...
- External links 2008-11-14
- LCA-Vision: Have Revenues Bottomed?
- Saj Karsan submits: Last week, LCA Vision LCAV reported results for its fourth quarter ending Dec 31, 2008. Demand for its LASIK eye procedure dropped a staggering 50% from one year ago. However, this should not come as a big surprise, since we saw earlier that demand for this surgery...
- External links 2009-02-19
- Don't Lose Sight of LCA Vision's Value
- Saj Karsan submits: LCA Vision LCAV is a provider of laser vision corrective surgeries. Demand for these non-essential, expensive surgeries is strongly correlated to levels of consumer confidence. As one can imagine, this correlation has resulted in the number of surgeries performed this year being slashed in half as compared...
- External links 2009-05-17
- When Is a Stock Really Defensive?
- Saj Karsan submits: Companies will often take credit when revenue growth outperforms economic growth, using sentences beginning with "Despite the current situation, we...". But these same companies will be quick to blame the economy in the face of lower than expected results (e.g. "The economic crisis caused..."). Therefore, the investor...
- External links 2009-07-15
- LCA-Vision: An Illustration of Earnings Power
- Saj Karsan submits: Last week, we discussed a method for estimating a company's earnings power after it has undergone a restructuring. In such cases, the company's past earnings may not serve as the best proxy for its future earnings, as capacity reductions shrink the company's ability to derive profits. Today,...
- External links 2009-08-31
- Value Investors Know Insmed's Cash Wealth Offers No Margin of Safety
- Saj Karsan submits: As value investors, we often foray into areas of investment that nobody else will. Current earnings may be poor, the outlook uncertain, and the returns not expected for several years. In return for these sacrifices, we require one attribute on which we are unwilling to compromise: A...
- External links 2009-11-24
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