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Biolase (BIOL) Reports In-Line Q2 EPS, Revenues Miss

August 8, 2018 8:38 AM EDT

Biolase (NASDAQ: BIOL) reported Q2 EPS of ($0.20), in-line with the analyst estimate of ($0.20). Revenue for the quarter came in at $12.2 million versus the consensus estimate of $12.75 million.

Executive Vice President and Chief Financial Officer John Beaver said, "I am very pleased to report that, thanks to the superior efforts and total engagement of our employees, we had an encouraging second quarter, especially in our core business of lasers, consumables and services. I am also very happy with the 21 percent sequential increase in worldwide revenue from the first quarter of this year. We believe this is evidence of the momentum and growth we are building in all-tissue laser sales, new customers and consumables."

2018 Second Quarter Highlights Include:

  • Worldwide revenue was $12.2 million compared to $12.6 million in the second quarter of 2017, which included the large one-time purchase of non-core imaging products
  • Employee engagement and participation in improving BIOLASE performance increased significantly helping to generate increases in enthusiasm and momentum company-wide, helping to drive a 3X increase in laser revenue in the Southern California market
  • International revenue increased 13% to $5.0 million from the second quarter of 2017 driven by an increase of 7% in the Company\'s core dental laser business
  • U.S. Waterlase Express™ placements increased 10% compared to the second quarter of 2017
  • Worldwide Waterlase placements increased 5% compared to the second quarter of 2017
  • Consumables and other revenue increased by 12% from the 2017 second quarter, driven by a 6% increase in the U.S. and a 23% increase internationally due in large part to the Company\'s successful efforts in attracting new customers
  • Appointed veteran dental industry executives Garrett Sato and Todd A. Norbe and senior financial executive Jess Roper to the Board
  • Effected a 1 for 5 reverse stock split on May 10, 2018, and on May 30, the Company announced it had met the minimum bid price requirement for continued listing on the Nasdaq Capital Market
  • Subsequent to June 30, 2018:
    • Named Todd A. Norbe BIOLASE President and Chief Executive Officer on August 7, 2018
    • Promoted John Beaver to Executive Vice President and Chief Financial Officer on August 7, 2018

For earnings history and earnings-related data on Biolase (BIOL) click here.



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