NEW YORK (AP) ¿ Shares of LCA-Vision Inc. fell Wednesday, a day after the company said Lasik vision correction procedures were down 45 percent over the last two months.
The news, reported Tuesday morning, showed a steeper decline in procedure volumes than in the first three months of the year, when they were down 37 percent. Raymond James analyst John Ransom downgraded the stock to "Underperform" from "Market Perform."
Ransom said the results will probably prevent LCA-Vision shares from recovering further, and over time, the company may face financial pressure. The stock has tripled since reaching an annual low of $1.99 in early March. In Wednesday morning trading, shares of the Cincinnati company dropped 51 cents, or 7.8 percent, to $6.
The stock price currently includes a significant turnaround in demand, Ransom said.