EX-99.1

ST. LOUIS, MO, November 5, 2007: TLC Vision Corporation (NASDAQ:TLCV; TSX:TLC), North America’s premier eye care services company, today announced results for the third quarter ended September 30, 2007.

•

Revenue for the third quarter was $70.7 million, a 10% increase over prior year revenue of $64.5 million.

•

Consolidated net loss for the third quarter was ($21.5) million ($0.43 per diluted share), compared to net income of $0.3 million from the prior year period. The quarterly net loss includes charges totaling $16.2 million related principally to the impairment of the Company’s investments in stand-alone ambulatory surgery centers (which TLC Vision is in advanced discussions to sell), and one time non-cash income tax expenses.

•

Pro forma net loss before AMD, excluding non-cash losses from the Company’s interest in OccuLogix, Inc., and the charges noted above, as well as normalizing interest expense and income taxes, was ($3.7) million, or ($0.07) per diluted share, compared to income of $0.8 million, or $0.02 per diluted share, in the prior year period. Pro forma results are presented to facilitate a comparison of current year and prior year results. A reconciliation of reported net income to pro forma net income for both the quarter and the nine months is included in the attached Consolidated Statements of Operations.

•

Third quarter operating cash flow was $8.2 million, or $0.16 per share, compared to $7.7 million, or $0.11 per share, in the prior year period.

Jim Wachtman, President and Chief Executive Officer of TLCVision, commented, “The overall company strategy continues to gain traction as evidenced by the procedure and revenue growth announced today. We remain very focused on continuing to improve the performance of our refractive centers while leveraging the strength of the doctor services and eye care businesses.

Consistent with that mission, today we are announcing that the company is in advanced discussions to sell our stand-alone ambulatory surgery business. The potential sale of these facilities will provide a better overall strategic alignment for TLCV. We are confident that these initiatives will drive increased shareholder value for the long-term.”

•

Refractive Centers includes the Company’s 80 centers that provide laser vision correction surgery. Total centers revenues were up 13% to $39.8 million. Total procedures of 28,700, including minority-owned centers, growing 6% overall and growing 7% on a same store basis.

•

Doctor Services revenues increased 4.9% to $24.8 million, led by an 8.7% increase in mobile cataract access revenue.

•

Eye Care revenues grew 10% over prior year as a result of new franchises and higher fees per franchisee.

•

Revenue for the nine months ended September 30, 2007, was $235.0 million, compared to $218.3 million for the prior year period, an increase of 8%.

•

Consolidated net loss was ($17.1) million ($0.27 per fully diluted share) compared to net income of $13.9 million, or $0.20 per fully diluted share, for the prior year period, and reflects the impact of the non-cash charges in the third quarter.

•

Pro forma net income before AMD, excluding non-cash losses from the Company’s interest in OccuLogix, Inc., and the charges noted above, as well as normalizing interest expense and income taxes, was $5.7 million, or $0.09 per diluted share, compared to $14.7 million, or $0.24 per diluted share in the prior year period.

•

Year-to-date operating cash flow was $29.9 million, or $0.48 per share, compared to $35.3 million, or $0.51 per share, in the prior year period. The primary reason for the decrease was the incremental investment in the Refractive Centers business.

*The unaudited, interim consolidated financial statements for the three and nine months ended September 30, 2006 include certain reclassifications to conform with the business-line and segment classifications for the three and nine months ended September 30, 2007.

TLCVision invites all interested parties to participate in a conference call during which time the financial and operating results will be discussed. The call will be held today, at 10:00 a.m. Eastern Standard Time. To participate, please dial 888-575-8232 or 416-406-6419 (international callers). The call will be broadcast live on the Company’s web site at www.tlcv.com under the “Webcasts” link in the Investor Relations section.

A replay of the conference call will be available until November 19, 2007. To access the replay, dial 800-408-3053 or 416-695-5800 (international callers) and enter the pass code: 3238933. The call will also be archived on the Company’s web site at www.tlcv.com under the “Webcasts” link in the Investor Relations section.

This press release contains certain forward looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934, which statements can be identified by the use of forward looking terminology, such as “may”, “will”, “expect”, ”intend”, “anticipate”, “estimate”, “predict”, “plans” or “continue” or the negative thereof or other variations thereon or comparable terminology referring to future events or results. The Company’s actual results could differ materially from those anticipated in these forward looking statements as a result of numerous factors, including the timing of expenditures, effects of competition, changes to pricing, acquisitions and expansion opportunities, any of which could cause actual results to vary materially from current results or TLCVision’s anticipated future results. See the Company’s reports filed with the Canadian Securities Regulators and the U.S. Securities and Exchange Commission from time to time for cautionary statements identifying important factors with respect to such forward looking statements, including certain risks and uncertainties, that could cause actual results to differ materially from results referred to in forward looking statements. TLCVision assumes no obligation to update the information contained in this press release.

About TLCVision
TLCVision is North America’s premier eye care services company, providing eye doctors with the tools and technologies needed to deliver high-quality patient care. Through its centers management, and technology access service models, extensive optometric relationships, aggressive consumer advertising and managed care contracting strength, TLCVision maintains leading positions in Refractive, Cataract and Eye Care markets. More information about TLCVision can be found on the website at www.tlcv.com. Information about vision correction surgery can be found on the TLC Laser Eye Centers website at www.tlcvision.com.


TLC VISION CORPORATION
CONSOLIDATING STATEMENTS OF OPERATIONS (UNAUDITED)
(In thousands, except per share amounts)
					Three Months Ended September 30, 2007									Three Months Ended September 30, 2006

		Results Before AMD												Results Before AMD
		Segment			AMD Segment						Total TLCVision			Segment				AMD Segment					Total TLCVision

	Revenues:
	Refractive centers	$	39,849					$	—		$	39,849				$	35,397			$	—				$	35,397
	Doctor services		24,755						-			24,755		23,602					-							23,602
	Eye care		6,062						-			6,062		5,490					-							5,490

	Total revenues		70,666						-			70,666		64,489					-							64,489

Cost of revenues (excluding amortization):
	Refractive centers		30,568						-			30,568		26,268					-							26,268
	Doctor services		18,093						-			18,093		16,960					-							16,960
	Eye care		2,624						-			2,624		2,304					-							2,304

Total cost of revenues (excluding amortization)			51,285						-			51,285		45,532					-							45,532


	Gross profit		19,381						-			19,381		18,957					-							18,957


General and administrative			7,492						-			7,492		8,066					-							8,066
	Marketing and sales		11,469						-			11,469		6,649					-							6,649
Research and development, clinical and regulatory			-						-			-			-				-							-
Amortization of intangibles			860						-			860		873					-							873
	Goodwill impairment		12,400						—			12,400			—				—							—
	Other expenses, net		417						-			417		(230)					-							(230	)

	Total operating costs		32,638						-			32,638		15,358					-							15,358

	Operating income		(13,257	)					-			(13,257	)	3,599					-							3,599

Gain on sale of Occulogix, Inc. stock			-						-			-			-				-							-
	Interest income		246						-			246		568					-							568
	Interest expense		(2,280	)					-			(2,280	)	(387)					-							(387	)
	Minority interests		(1,975	)					-			(1,975	)	(2,210)					-							(2,210	)
Earnings (losses) from equity investments			(199	)					(1,561	)		(1,760	)	849				(1,453)								(604	)

Income (loss) before income taxes			(17,465	)					(1,561	)		(19,026	)	2,419				(1,453)								966

Income tax benefit (expense)			(2,427	)					-			(2,427	)	(665)					-							(665	)


	Net income (loss)	$	(19,892	)				$	(1,561	)	$	(21,453	)			$	1,754			$	(1,453	)			$	301


Earnings (loss) per share — diluted		$	(0.40	)				$	(0.03	)	$	(0.43	)			$	0.03			$	(0.03	)			$	0.00


Weighted average number of common shares outstanding
- diluted			49,758			49,758						49,758		69,737				69,737						69,737

Calculation of Pro Forma Net Income and EPS

Net income (loss) , as reported			(19,892	)										1,754
	Add: Non-recurring costs		12,817											(188)
Interest expense from Dutch tender			0											(1,173)
Adjust income tax expense to 21%			3,403											429

Pro forma net (loss) income			(3,672	)										822

Pro forma earnings (loss) per share		$	(0.07	)												$	0.02


Note: The AMD segment includes the Company’s interest in OccuLogix, Inc.

	TLC VISION CORPORATION
CONSOLIDATING STATEMENTS OF OPERATIONS (UNAUDITED)
(In thousands, except per share amounts)
					Nine Months Ended September 30, 2007									Nine Months Ended September 30, 2006

		Results Before AMD												Results Before AMD
		Segment			AMD Segment						Total TLCVision			Segment				AMD Segment					Total TLCVision

	Revenues:
	Refractive centers	$	138,505					$	—		$	138,505				$	127,170			$	—				$	127,170
	Doctor services		76,636						-			76,636		73,901					-							73,901
	Eye care		19,849						-			19,849		17,214					-							17,214

	Total revenues		234,990									234,990		218,285					-							218,285


Cost of revenues (excluding amortization):
	Refractive centers		97,421						-			97,421		88,228					-							88,228
	Doctor services		54,732						-			54,732		51,741					-							51,741
	Eye care		9,059						-			9,059		7,307				1,659								8,966
Total cost of revenues (excluding amortization)			161,212						-			161,212		147,276				1,659								148,935


	Gross profit (loss)		73,778						-			73,778		71,009				(1,659)								69,350


General and administrative			26,356						-			26,356		24,219				1,759								25,978
	Marketing and sales		30,591						-			30,591		20,155				169								20,324
Research and development, clinical and regulatory			-						-			-			-			1,475								1,475
Amortization of intangibles			2,579						-			2,579		2,611					-							2,611
	Goodwill impairment		12,400						—			12,400			—				—							—
	Other expenses, net		982						-			982		(756)				849								93
	Total operating costs		72,908						-			72,908		46,229				4,252								50,481

	Operating income (loss)		870						-			870		24,780				(5,911)								18,869

Gain on sale of Occulogix, Inc. stock			-						933			933			-			1,450								1,450
	Interest income		1,394						-			1,394		1,437				366								1,803
	Interest expense		(3,408	)					-			(3,408	)	(1,066)					-							(1,066	)
	Minority interests		(7,275	)					-			(7,275	)	(7,677)				2,715								(4,962	)
Earnings (losses) from equity investments			1,110						(5,692	)		(4,582	)	2,723				(3,303)								(580	)

Income (loss) before income taxes			(7,309	)					(4,759	)		(12,068	)	20,197				(4,683)								15,514

	Income tax expense		(5,031	)					-			(5,031	)	(1,634)					-							(1,634	)


	Net income (loss)	$	(12,340	)				$	(4,759	)	$	(17,099	)			$	18,563			$	(4,683	)			$	13,880


Earnings (loss) per share — diluted		$	(0.20	)				$	(0.07	)	$	(0.27	)			$	0.27			$	(0.07	)			$	0.20


Weighted average number of common shares outstanding
- diluted			62,243						62,243			62,243		69,833				69,833								69,833

Calculation of Pro Forma Net Income and EPS

Net income (loss) , as reported			(12,340	)										18,563
	Add: Non-recurring costs		14,536											(188)
Interest expense from Dutch tender			0											(1,437)
Adjust income tax expense to 21%			3,514											(2,281)

	Pro forma net income		5,710											14,657

Pro forma earnings (loss) per share		$	0.09													$	0.24


Note: The AMD segment includes the Company’s interest in OccuLogix, Inc.

	TLC VISION CORPORATION
CONSOLIDATING BALANCE SHEETS
	(In thousands)

					September 30, 2007
					(Unaudited)													December 31, 2006

		Results Before AMD												Results Before AMD
		Segment			AMD Segment						Total TLCVision			Segment (Unaudited)				AMD Segment (Unaudited)					Total TLCVision

	ASSETS
	Current assets
	Cash and cash equivalents	$	17,097					$	—		$	17,097				$	28,917		—						$	28,917
	Short-term investments		-						-			-		11,575					-							11,575
	Accounts receivable, net		21,092						-			21,092		19,315					-							19,315
	Deferred tax asset		5,032						-			5,032		7,153					-							7,153
Prepaid expenses, inventory and other			14,337						-			14,337		13,911					-							13,911

	Total current assets		57,558						-			57,558		80,871					-							80,871

	Intercompany		—						—						—				—							—
	Restricted cash		1,087						-			1,087		1,035												1,035
Investments and other assets			25,542						7,603			33,145		24,495				14,362								38,857
	Goodwill		85,234						-			85,234		96,148												96,148
Other intangible assets, net			17,891						-			17,891		20,503												20,503
	Fixed assets, net		63,184						-			63,184		56,888												56,888

	Total assets	$	250,496					$	7,603		$	258,099				$	279,940			$	14,362				$	294,302


	LIABILITIES
	Current liabilities
	Accounts payable	$	17,575					$	—			17,575				$	12,314		—							12,314
	Accrued liabilities		19,142						-			19,142		20,231					-							20,231
Current maturities of long-term debt			10,490						-			10,490		8,311					-							8,311

	Total current liabilities		47,207						-			47,207		40,856					-							40,856

Long-term debt, less current maturities			101,949						-			101,949		15,122					-							15,122
Other long-term liabilities			4,977						-			4,977		4,442					-							4,442
	Minority interests		15,466						-			15,466		14,583					-							14,583

	Total liabilities		169,599						-			169,599		75,003					-							75,003


	STOCKHOLDERS' EQUITY
	Common stock		308,441						28,366			336,807		419,767				30,366								450,133
	Option and warrant equity		981						-			981		1,806												1,806
Other comprehensive income			(299	)								(299	)
	Accumulated deficit		(228,226	)		(20,763	)					(248,989	)	(216,636)				(16,004)					(232,640)

Total stockholders’ equity			80,897						7,603			88,500		204,937				14,362								219,299


Total liabilities and stockholders’ equity		$	250,496					$	7,603		$	258,099				$	279,940			$	14,362				$	294,302


Note: The AMD segment includes the Company’s interest in OccuLogix, Inc.

	TLC VISION CORPORATION
CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED)
(In thousands, except per share amounts)
					Nine Months Ended September 30, 2007									Nine Months Ended September 30, 2006

		Results Before AMD												Results Before AMD
		Segment			AMD Segment						Total TLCVision			Segment				AMD Segment					Total TLCVision

	OPERATING ACTIVITIES
	Net income (loss)	$	(12,340	)				$	(4,759	)	$	(17,099	)			$	18,563			$	(4,683	)			$	13,880

Adjustments to reconcile net income (loss) to net
cash from operating activities:
Depreciation and amortization			13,828						-			13,828		11,764					34							11,798
Amortization of deferred finance costs			-
Reimbursements from investments in research and
development
	arrangements		-						-			-		(300)					-							(300	)
	Impairment of goodwill		12,400									12,400			—				—							—
	Minority interests		7,275						-			7,275		7,677				(2,715)								4,962
(Earnings) losses from equity investments			(1,111	)					5,692			4,581		(2,723)				3,303								580
	Deferred taxes		3,511						-			3,511		2,744					-							2,744
Loss (gain) on sales and disposals of fixed assets			137									137		(12)					29							17
Gain on sale of Occulogix, Inc. stock			-						(933	)		(933	)		-			(1,450)								(1,450	)
Write-down of OccuLogix, Inc. inventory			-						-			-			-			1,625								1,625
Loss (gain) on sale of business			171									171		(188)												(188	)
Non-cash compensation expense			960						-			960		1,120				186								1,306
	Other		199						—			199			—				26							26
Changes in operating assets and liabilities, net of
acquisitions and dispositions:			4,821									4,821		(3,310)				(1,225)								(4,535	)

Cash from operating activities			29,851						-			29,851		35,335				(4,870)								30,465


	INVESTING ACTIVITIES
	Purchases of fixed assets		(11,106	)					-			(11,106	)	(8,140)					-							(8,140	)
Proceeds from sales of fixed assets			1,038						-			1,038		635					-							635
Distributions and loan payments received from equity
investments			2,368						-			2,368		2,662					-							2,662
Reimbursements from investments in research and
development
	arrangements		-						-			-		300					-							300
Acquisitions and equity investments			(4,815	)					-			(4,815	)	(4,859)					-							(4,859	)
Proceeds from sales of short-term investments			17,375						-			17,375		300				9,925								10,225
Purchases of short-term investments			(5,800	)					-			(5,800	)	(3,775)					-							(3,775	)
Proceeds from sale of Occulogix, Inc. stock, net			2,000						-			2,000			-			2,226								2,226
	Divestitures of business		584						—			584			—				—							—
Occulogix, Inc. cash balance at time of
deconsolidation			-						-			-			-			(14,814)								(14,814	)
	Other		187						-			187			80			(71)								9

Cash from investing activities			1,831						-			1,831		(12,797)				(2,734)								(15,531	)


	FINANCING ACTIVITIES
	Restricted cash movement		(52	)					-			(52	)	(60)					-							(60	)
Principal payments of debt financing and capital
leases			(4,506	)					-			(4,506	)	(4,019)					-							(4,019	)
Proceeds from debt financing			85,317						-			85,317		441					-							441
	Capitalized debt costs		(1,951	)					—			(1,951	)		—				—							—
Distributions to minority interests			(7,199	)					-			(7,199	)	(6,668)					-							(6,668	)
Proceeds from issuances of common stock			2,422						-			2,422		467					-							467
Proceeds from issuances of OccuLogix, Inc. stock			-						-			-			-			233								233
	Transfer from AMD segment		-						-			-		2,226				(2,226)								-
Purchases of treasury stock			(117,533	)					-			(117,533	)		-				-							-

Cash from financing activities			(43,502	)					-			(43,502	)	(7,613)				(1,993)								(9,606	)


Net increase in cash and cash equivalents during the
period			(11,820	)					-			(11,820	)	14,925				(9,597)								5,328
Cash and cash equivalents, beginning of period			28,917									28,917		22,122				9,607								31,729

Cash and cash equivalents, end of period		$	17,097					$	-		$	17,097				$	37,047			$	10				$	37,057


Operating cash flow per diluted share		$	0.48					$	-		$	0.48				$	0.51			$	(0.07	)			$	0.44


News Release		Contact:
For Immediate Release		James J. Hyland, VP Investor Relations (636) 534-2369 Email: investor.relations@tlcvision.com