TLC Vision to buy TruVision, expand services

TLC Vision Corp. agreed to acquire TruVision, a managed-care contractor for elective health-care services, for $17.5 million in cash and stock, it said Friday.

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Salt Lake City, Utah-based TruVision's services allow insurance health plans and large corporations to offer LASIK vision surgery to members at a reduced price. The company is projected to refer more than 23,000 LASIK procedures to its provider network this year. TLC Vision said the deal gives it immediate entry into the lower-cost market.
TLC also said Friday it plans to expand its highly profitable refractive business through a new brand, called LASIK Select, which will target the "value-priced" consumer segment.
The company plans 15 LASIK Select centers to be operating by the end of 2006. Five centers, part of the TruVision acquisition, will be operating by the end of this year. LASIK Select will target markets that don't compete with TLC Vision's existing TLC Laser Eye Centers and other lower-cost competitors.
"A broadened approach allows us to reach a different refractive patient, while continuing to realize the strong earnings and cash-flow contribution from our existing TLC Laser Eye Centers," said Jim Wachtman, president and chief executive, in a statement. "For our long-term growth, this refractive expansion strategy now gives us a business model that addresses all segments of the refractive market and continues to provide superior services to our surgeons, optometrists and the LASIK patient."
The TruVision acquisition is expected to close by mid-November.
Mississauga, Ontario -based TLC Vision Corp. (NASDAQ: TLCV) has its U.S. headquarters in St. Louis.

Now there will be 3 giant National Lasik Providers competing against one another in the value price lasik market: The Lasik Vision Institute , Lasik Plus and Lasik Select

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