BIOLASE Announces Preliminary Fourth Quarter Revenue Results And Current Cash Position
FOOTHILL RANCH, Calif., Jan. 26, 2021 /PRNewswire/ -- BIOLASE, Inc. (NASDAQ: BIOL), the global leader in dental lasers, today announced unaudited preliminary revenue results for its fourth quarter ended December 31, 2020. The Company also announced its current cash position of approximately $25 million, providing it with the resources to execute its revenue growth strategy.
Preliminary 2020 Fourth Quarter Operating Highlights:
- Total revenue is expected to be in the range of $8.2 million to $8.5 million, which would represent sequential growth of 26-31%
- U.S. revenue exceeded the prior-year fourth quarter, despite COVID-19 headwinds
- 78% of sales came from new users, continuing a positive trend
- 40% of sales came from specialists; a significant increase compared to recent prior periods
- ASPs for U.S Waterlase iPlus® increased 22% versus the prior-year period
- Four different DSOs acquired BIOLASE technology in the fourth quarter
"Our preliminary fourth-quarter revenue, which now represents two consecutive quarters of meaningful improvement, is being driven by sales to new customers, specialists and DSOs in the U.S. as they seek safer and advanced alternatives to grow their practices while ensuring their patients are being cared for in a safe environment," commented Todd Norbe, President and Chief Executive Officer. "As we have demonstrated throughout the second half of the year, and the fourth quarter is no exception, we are continuing to execute on our revenue growth plan. Specifically, we launched the Waterlase Endo Academy, and our joint marketing program with BMW for the Waterlase Mentoring Experience. Our industry-leading dental lasers allow us to provide a new, better standard of care while ensuring a safer environment by reducing aerosolization to mitigate the spread of infectious pathogens, such as COVID-19. We believe our recent performance and these industry and company-specific growth drivers will allow us to resume the pre-COVID momentum that our growth strategy was demonstrating and increase shareholder value."
The Company expects to report its final financial results for the fourth quarter and full year 2020 in March.
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.
Cautionary Statement Regarding 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.
Estimates of financial results are inherently uncertain and subject to change, and actual results may differ materially due to the completion of management's final review, final adjustments, and other developments that may arise before the Company's financial results for the quarter ended December 31, 2020 are finalized.
SOURCE BIOLASE, Inc.
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