eyesmart.com.au

Vision Eye Institute's revenue increased to $56.5m for the last half year which is up 5.2% from the previous year. The increase in operating revenues during the period came from an increase in consulting, surgical and theatre revenue, which was partially offset by a decline in discretionary refractive revenue. EBITDA was $13.9m up 31.1%. The increase in EBITDA is primarily attributable to a solid increase in organic revenue, improved earnings in the day surgeries, lower share based payments expense, and lower advisory fees and litigation related legal fees.  Doctor Partner costs increased in line with the EBIT based remuneration equivalent model. Indirect labour costs also increased as a consequence of strengthening the management capability.

The Directors of Vision Eye Institute have taken into account the results for the half year to 31 December 2011, the operating result for the month of January 2012 and the forecast for the period February to June 2012. As a consequence, the company revises its guidance upwards for the full year with projected revenue of $112m, EBITDA of $27m, and an EBITDA margin of 24%.