UPDATE 2-LCA-Vision posts Q1 loss; procedure volumes drop

* Q1 loss/shr 15 cents vs year-ago EPS 37 cents

* Q1 revenue $47.9 mln vs est $44.7 mln

* Shares down 17 percent (Adds analyst comments, stock movement)

April 28 (Reuters) - LCA-Vision Inc LCAV.O, a provider of laser vision correction services, swung to a first-quarter loss on lower revenue resulting from a 37 percent drop in procedure volumes.

Net loss for the first quarter was $2.8 million, or 15 cents a share, compared with earnings of $6.9 million, or 37 cents a share, in the year-ago period.

The stock will have a difficult time outperforming until concrete signs of an improved consumer environment appear, as LASIK is a more than $3,000 discretionary purchase, William Blair and Co analyst Ryan Daniels said in a note to clients.

LASIK, or laser-assisted in situ keratomileusis, is a procedure which cuts a flap in the eye then uses a laser to reshape the cornea, helping people with their vision problems.

LCA-Vision operates LasikPlus vision centers that offer eye-sight correction services in the United States.

The company said its current cash and investment resources can fund operations for more than three years even if annual procedure volumes decline 22 percent from 2008.

LCA-Vision said it plans to increase its part-time workforce to reduce compensation expenses throughout 2009.

Shares of the company were down 8 percent at $5.24 in Monday morning trade on Nasdaq.

For the alerts, please click [ID:nWNAB9066] (Reporting by Esha Dey in Bangalore; Editing by Anil D’Silva)