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 the market has punished the stocks.

LCA Vision is super cheap and should be able to return to 2005-2007 levels of profitability once the general consumer outlook improves. It could be as much as 75% undervalued.