Welcome to our dedicated page for BIOLASE news (Ticker: BIOL), a resource for investors and traders seeking the latest updates and insights on BIOLASE stock.
Biolase, Inc. (NASDAQ: BIOL) is a leading medical device company specializing in the development, manufacturing, marketing, and sales of advanced laser systems used in dentistry and medicine. Based in the United States, the company is recognized globally for its innovative dental laser technologies that enhance dental care by enabling clinicians to perform a wide range of minimally invasive procedures, reducing patient pain, fear, and anxiety typically associated with dental treatments.
Biolase’s flagship products are categorized into two primary groups: Waterlase (all-tissue) systems and Diode (soft-tissue) systems. These products cater to various dental professionals, including general dentists, periodontists, endodontists, and oral surgeons, allowing them to execute procedures ranging from simple restorations to complex surgical interventions. The company’s revenue is predominantly derived from the U.S. market, but its impact is felt worldwide, having sold over 47,700 laser systems across more than 80 countries.
In recent developments, Biolase has expanded its educational initiatives, recognizing the growing demand for knowledge in dental laser technologies. The company launched new courses through its Education.Biolase.com portal, offering both in-person and virtual training through the Waterlase Academy and Epic Diode Academy. This educational expansion includes specialized courses in endodontics, periodontics, pediatric dentistry, and facial esthetics. Notably, Biolase unveiled the Waterlase iPlus Premier Edition at the Chicago Midwinter Meeting 2024, which represents a significant innovation in all-tissue laser systems.
Financially, Biolase has shown resilience amidst challenging market conditions. For the year ending December 31, 2023, the company reported net revenues of $49.2 million, a slight increase compared to the previous year. Despite a decrease in U.S. laser sales, the company saw a 31% increase in U.S. consumables and other revenue. The company is actively optimizing its operations and has undertaken cost-reduction measures, including a workforce reduction projected to save approximately $2.5 million annually.
Looking ahead, Biolase continues to focus on driving the adoption of its dental laser systems and expanding its educational offerings. The company aims to achieve long-term growth and profitability through strategic initiatives and product innovations. For further updates and information, visit www.biolase.com or follow Biolase on various social media platforms.
BIOLASE, Inc. (NASDAQ:BIOL), a global leader in dental lasers, has voluntarily initiated Chapter 11 proceedings in the United States Bankruptcy Court for the District of Delaware. The company is pursuing a sale process under Section 363 of the Bankruptcy Code and has entered into an asset purchase agreement with Sonendo Inc. for $14.0 million in cash, subject to conditions.
BIOLASE will seek Court approval to continue operating during the proceedings. The company has received a commitment from SWK Funding for no less than $2.5 million in Debtor-in-Possession (DIP) financing, including a $1.43 million interim advance, to maintain business operations. SSG Capital Advisors, has been engaged to advise on strategic options, including potential asset sales.
BIOLASE (NASDAQ:BIOL) reported its Q2 2024 financial results, highlighting a 40% gross margin, up from 33% in Q1 2024. The company achieved its second-highest consumable revenue ever, with over 600 recurring subscriptions. Net revenue was $11.6 million, down from $14.3 million in Q2 2023. U.S. laser revenue decreased to $3.6 million from $6.3 million year-over-year. Operating loss improved by 17% to $3.2 million. Net loss was $2.8 million or $0.08 per share, compared to $14.2 million or $26.14 per share in Q2 2023. Adjusted EBITDA loss was $2.5 million. BIOLASE updated its 2024 guidance, expecting full-year revenue similar to 2023 and an Adjusted EBITDA loss between $6-8 million.
BIOLASE, a leader in dental lasers, announced its delisting from Nasdaq due to non-compliance with listing requirements, such as maintaining a $1.00 minimum bid price and $2.5 million in stockholders' equity. Trading on Nasdaq will halt on June 20, 2024. CEO John Beaver emphasized that despite this setback, BIOLASE remains committed to expanding laser adoption in dental care. The company's stock will start trading on the OTC Markets Group platform under the symbol "BIOL" and aims to move to the OTCQB Market shortly.
Biolase (NASDAQ: BIOL) reported its Q1 2024 results, with increased adoption of dental lasers and a reiterated full-year guidance for revenue growth and profitability.
Key highlights include:
- 67% of U.S. Waterlase sales from new customers and 42% from dental specialists.
- Consumables sales up 14% year over year, marking the third strongest quarter.
- Gross margin improved by 1% year over year to 33%, with a 7% sequential increase.
- Adjusted EBITDA loss reduced by 21% year over year.
Full-year 2024 guidance expects net revenue growth of 6%-8%, totaling $52M-$53M, and positive Adjusted EBITDA. Despite a 3% decline in Q1 net revenue to $10.1M, expenses were cut by 9%, reducing the operating loss by 15%.
U.S. laser revenue fell 22%, while consumable revenue grew 17%. International laser revenue dropped 12%, but consumables rose 8%. Net loss for Q1 was $6.5M, or $0.36 per share.
BIOLASE, Inc. (NASDAQ:BIOL) will release its first quarter 2024 financial and operating results on May 13, 2024. The company will host a conference call and webcast to discuss the results and corporate developments. Investors can access the live call and archived webcast on the BIOLASE Investor Relations Page.
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