John R. Beaver Promoted To President And Chief Executive Officer Of BIOLASE; Will Leverage Dental Knowledge And Management Expertise To Achieve Growth Objectives

Rhea-AI Summary

BIOLASE, Inc. (NASDAQ: BIOL) has appointed John R. Beaver as President and CEO, effective February 23, 2021. Beaver, previously EVP and COO, succeeds Todd Norbe, who resigned to pursue other interests. Beaver's hands-on experience in the dental industry and financial expertise are expected to drive growth, with the company boasting a cash position of approximately $40 million. The leadership change comes at a critical time as BIOLASE aims to support dental practices in adapting to challenges posed by the COVID-19 pandemic.

Positive

• Appointment of John R. Beaver as President and CEO to leverage his extensive dental industry experience.
• Company has approximately $40 million in cash to support growth initiatives.
• Beaver's previous roles indicate strong leadership and a hands-on approach to business.

Negative

• None.

FOOTHILL RANCH, Calif., Feb. 23, 2021 /PRNewswire/ -- BIOLASE, Inc. (NASDAQ: BIOL), a global leader in dental lasers, today announced that the Board of Directors has appointed John R. Beaver, the Company's current Executive Vice President, Chief Operating Officer and Chief Financial Officer as its President and Chief Executive Officer, effective February 23, 2021. Todd Norbe, who has served as President and CEO since August 2018, has resigned from his position, including his board seat, to pursue other interests.

"John's knowledge of the dental industry, combined with his executive management and financial expertise, make him ideal to lead BIOLASE as we pursue our growth plans," said Jonathan T. Lord, Chairman of the Board of Directors. "Since joining BIOLASE in 2017, John has spent considerable time in the field with dentists and our sales team ensuring that we are meeting the needs of the dental market. It is this hands-on approach that enabled John to develop and lead our Waterlase Exclusive Trial Program, which is off to a great start in 2021. Additionally, he has been heavily involved in our marketing efforts, and most recently launched our collaboration with the BMW Performance Center West. He has continuously demonstrated his strategic capabilities and has showcased his team-player approach with distinction since joining the Company. Further, John's leadership skills were on full display as he was primarily responsible for strengthening our balance sheet, resulting in current cash on hand of approximately $40 million. On behalf of the Board of Directors, we congratulate John on this well-deserved recognition, and we look forward to working with him to achieve our shared vision and goals. I would also like to thank Todd for his efforts in helping turn around BIOLASE and wish him well in his future pursuits."

"This is a critically important time for BIOLASE, and I want to thank the Board of Directors for entrusting me to lead the Company during this growth phase," commented Mr. Beaver. "As dental practitioners adapt to the current COVID-19 pandemic, it is clear they are turning to BIOLASE to help them ensure their patients are being cared for in a safe environment, as well as to help them grow their business. The success of our recent financings ensures we have the resources to execute our growth plan. We are well-positioned with our industry-leading products and the strong team we have assembled.  I look forward to working closely with them to achieve BIOLASE's full potential." 

Mr. Beaver joined BIOLASE in 2017 as Senior Vice President and Chief Financial Officer. He assumed roles of varying responsibilities over the past few years, including Interim Chief Executive Officer of BIOLASE from April 2017 until the hiring of Mr. Norbe.

Mr. Beaver has a Bachelor of Business Administration degree in Accounting from the University of Texas at Austin and is a Certified Public Accountant.

About BIOLASE, Inc.
BIOLASE is a medical device company that develops, manufactures, markets, and sells laser systems in dentistry and medicine. BIOLASE's products advance the practice of dentistry and medicine for patients and healthcare professionals. BIOLASE's proprietary laser products incorporate approximately 271 patented and 40 patent-pending technologies designed to provide biologically and clinically superior performance with less pain and faster recovery times. BIOLASE's innovative products provide cutting-edge technology at competitive prices to deliver superior results for dentists and patients. BIOLASE's principal products are revolutionary dental laser systems that perform a broad range of dental procedures, including cosmetic and complex surgical applications.  BIOLASE has sold over 41,200 laser systems to date in over 80 countries around the world. Laser products under development address BIOLASE's core dental market and other adjacent medical and consumer applications.

For updates and information on Waterlase iPlus®, Waterlase Express™, and laser dentistry, find BIOLASE online at www.biolase.com, Facebook at www.facebook.com/biolase, Twitter at www.twitter.com/biolaseinc, Instagram at www.instagram.com/waterlase_laserdentistry, and LinkedIn at www.linkedin.com/company/biolase.

BIOLASE®, Waterlase® and Waterlase iPlus® are registered trademarks of BIOLASE, Inc.

Note on Forward-looking Statements
This press release contains forward-looking statements, as that term is defined in the Private Litigation Reform Act of 1995, that involve significant risks and uncertainties, including statements regarding anticipated fourth-quarter results. Forward-looking statements can be identified through the use of words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," "may," "will," "should," and variations of these words or similar expressions. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect BIOLASE's current expectations and speak only as of the date of this release. Actual results may differ materially from BIOLASE's current expectations depending upon a number of factors. These factors include, among others, adverse changes in general economic and market conditions, competitive factors including but not limited to pricing pressures and new product introductions, uncertainty of customer acceptance of new product offerings and market changes, risks associated with managing the growth of the business, and those other risks and uncertainties that are described, from time-to-time, in the "Risk Factors" section of BIOLASE's annual reports filed on Form 10-K with the Securities and Exchange Commission. Except as required by law, BIOLASE does not undertake any responsibility to revise or update any forward-looking statements.

 

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SOURCE BIOLASE, Inc.

FAQ

Who is the new CEO of BIOL as of February 23, 2021?

John R. Beaver has been appointed as the new CEO of BIOLASE, Inc. effective February 23, 2021.

What role did John R. Beaver hold before becoming CEO of BIOL?

Before becoming CEO, John R. Beaver served as Executive Vice President, Chief Operating Officer, and Chief Financial Officer.

Why did Todd Norbe resign from BIOL?

Todd Norbe resigned from his position to pursue other interests.

What financial position does BIOL have?

BIOLASE has approximately $40 million in cash on hand.

What challenges is BIOL facing during the COVID-19 pandemic?

BIOLASE aims to help dental practitioners adapt to changes brought on by the COVID-19 pandemic.