Hot Growth Special Report 2006 >



LCA-Vision (LCAV)

A little drama can really shake up a small company, as LCA Vision learned the hard way. In February, founder Stephen N. Joffe -- a pioneer in the field of Lasik vision correction and founder of LCA -- bought a 7.7% stake of competitor TLC Vision Corp. (TLCV). Ultimately he left LCA and was replaced by none other than his own son, Craig, who is serving as interim CEO. The incident added to a continuing stock price decline, from $55 in February to just over $40 in mid-March. Now the stock has recovered, thanks to the junior Joffe's reassurances that the company's growth is solidly on track. LCA, which operates a chain of LasikPlus eye surgery clinics, is experiencing such strong demand for the procedure that its profits have grown an average of 109% a year for the past three years, as sales have jumped 47% a year.

Company Info

2005 Rank


Market Value*
($ Millions)


($ Millions)


Sales Growth
(3-yr. avg. annual)

47.0 %

($ Millions)


Profit Growth
(3-yr. avg. annual)

108.7 %

Return on Inv. Capital (3-yr.)

19.8 %

Share Price
12-Mo. Hi/Lo


Share Price
As of 4/28/06


Return on Equity

23.4 %

P/E Ratio


No. of Employees


Industry Health Care Facilities


Location Cincinnati
Phone 513 792-9292
*Trailing 12 months
Stock price data as of 4/28/06
DATA: Standard & Poor's Compustat

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Company Snapshot

LCA-Vision engages in the development and operation of fixed-site laser vision correction services at its LasikPlus vision centers. Its vision centers provide staff, facilities, equipment, and support services for performing laser vision correction that employ laser technologies to correct nearsightedness, farsightedness, and astigmatism. These vision centers are supported primarily by independent ophthalmologists and optometrists, as well as other health-care professionals. Ophthalmologists perform the laser vision correction surgery in vision centers, and either ophthalmologists or optometrists conduct preprocedure evaluations and post-operative follow-ups in-center. As of April, 2006, the company owned and operated 52 LasikPlus fixed-site laser vision correction centers in the U.S., and had a joint venture in Canada. LCA-Vision was founded in 1985 and is headquartered in Cincinnati.

Data provided by Capital IQ
Craig P. R. Joffe

Craig P. R. Joffe, 33

Interim Chief Executive Officer and Director

Total Compensation*

$ 320,000

Total Options Value*

$ 4,793,810

* Fiscal Year 2005

Harvard Law School - Bachelor's Degree, Columbia University NYC - BA

Executive Bio

Craig Joffe joined LCA-Vision in March, 2003, as senior vice-president, general counsel, and secretary. In September, 2005, Joffe was promoted to chief operating officer, general counsel, and secretary. In March, 2006, he began serving as interim chief executive officer. Prior to joining LCA-Vision, he served as assistant general counsel from September, 2000, until February, 2003, at InterActiveCorp, a leading publicly traded interactive commerce company. Prior to joining InterActiveCorp, he was corporate finance attorney in the New York and London offices of the law firm Sullivan & Cromwell for more than three years. A graduate of Harvard Law School, he is the son of Stephen Joffe, LCA-Vision's founder. Joffe also serves on the board of directors of LCA-Vision.

Management Team

Key Executives

Craig P. R. Joffe; Kevin M. Hassey; Alan H. Buckey

Board Directors

William F. Bahl; Thomas G. Cody; John Gutfreund; John C. Hassan; E. Anthony Woods; Craig P. R. Joffe; Joffe, David W. Whiting

Executive Data provided by Capital IQ