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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, the leader in dental lasers, will release its second quarter 2022 financial results on August 11, 2022, after U.S. market close. A conference call will follow at 4:30 p.m. ET to discuss these results and corporate developments. Investors can participate by calling 877-545-0320 (U.S.) or +1 973-528-0002 (International) with the earnings code: 838343. The call will be accessible via a live and archived webcast on the BIOLASE Investor Relations Page. BIOLASE focuses on developing innovative dental laser systems for improved patient outcomes.
BIOLASE (NASDAQ: BIOL) strengthens its position in the dental laser industry with the acquisition of five new U.S. patents and seven foreign patents in the past year, maintaining a total of 302 issued and 31 pending patents.
Significant additions include a patent for Pre-Initiated Optical Fibers for Medical Applications from Korea and a Dual Wavelength Laser Treatment Device from Canada. The company’s innovative laser products are designed for superior clinical performance and patient comfort, ensuring long-term protection of its intellectual property.
BIOLASE, Inc. (NASDAQ: BIOL) has initiated a pilot program with Einstein Healthcare Network to train General Dentistry residents in utilizing Waterlase dental laser technology. This program aims to equip future dentists with hands-on experience in laser-assisted dentistry, integral for modern practices. The collaboration emphasizes BIOLASE's commitment to advancing dental education, enhancing patient experiences, and fostering efficient practices. Einstein's General Dentistry residency, recognized by the American Dental Association, supports this initiative as part of its curriculum to prepare residents for effective general dental practice.
BIOLASE, Inc. (NASDAQ: BIOL) announced the immediate appointments of Jennifer Bright as Chief Financial Officer and Steven Sandor as Chief Operating Officer, both reporting to President John Beaver. Bright, previously Vice President of Finance, aims to drive financial strategy and investor relations, leveraging her extensive experience in corporate finance. Sandor, who joined in 2019, focuses on improving processes and driving results across sales, marketing, and service sectors. These leadership changes are expected to enhance collaboration and market focus, particularly on the Dental Service Organization sector.
BIOLASE, Inc. (NASDAQ: BIOL) announced a partnership with TeamSmile to provide free dental care to children using Waterlase technology. This initiative aims to deliver pain-free, minimally invasive dental treatments at TeamSmile events across the U.S. Since its inception, TeamSmile has treated over 45,000 children and provided over $18 million in dental care. BIOLASE's iPlus Waterlase laser systems will enhance the quality of care offered, allowing for cavity removals without the need for drills or anesthetics. This partnership highlights BIOLASE's commitment to improving oral health in underserved communities.
On June 30, 2022, BIOLASE entered into an amendment to its senior secured term loan with SWK Funding LLC, extending the interest-only period by two quarters to November 2023. The amendment also reduces the minimum Consolidated Unencumbered Liquid Assets from $7.5 million to $5.5 million. Using proceeds from a recent equity offering, BIOLASE prepaid $1 million of the loan balance, aiming to lower interest expenses and enhance liquidity. This partnership with SWK supports BIOLASE's mission to advance dental laser technology.
BIOLASE, a leader in dental lasers, has entered into a securities purchase agreement with an institutional investor to raise $6.5 million through a registered direct offering and concurrent private placement. The transaction involves the sale of 1,405,405 shares of common stock and warrants priced at $4.625 each. The offering is anticipated to close by June 30, 2022, pending customary closing conditions. Maxim Group LLC is the lead placement agent. The shares are offered under an effective shelf registration statement with the SEC.
BIOLASE (NASDAQ: BIOL) has partnered with Project HOME, a Philadelphia-based organization dedicated to providing dental and healthcare services to individuals in need, regardless of their ability to pay. As part of this collaboration, BIOLASE donated an iPlus Waterlase laser system and will offer training to Project HOME staff. This initiative aims to enhance the quality of dental care provided and improve health outcomes for underserved populations. BIOLASE's commitment underscores its mission to deliver advanced dental laser technology and contribute positively to community health.
BIOLASE (NASDAQ: BIOL) has extended its digital learning webinar series, Advancing Dentistry, through Q3 2022. The series aims to provide remote training and CE credits for dental professionals, featuring key opinion leaders sharing insights on laser integration in practice. Events will take place from July to August 2022, covering various dental specialties. These webinars are designed to promote the adoption of laser technology, enhancing patient care. This initiative highlights BIOLASE's commitment to education and innovation in the dental field.
BIOLASE (NASDAQ: BIOL) has launched the Advancing Dentistry Podcast in response to increasing demand for its laser technology. The podcast features interviews with dental experts discussing advanced laser protocols and improving dental care. Hosted by Dr. Stephen John, the series is designed to educate listeners on the benefits of Waterlase and Epic laser technology, with 7 episodes currently available. BIOLASE aims to enhance the standard of dental care through this educational platform, showcasing its commitment to innovation and customer education.
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