Biolase (BIOL) Misses Q1 EPS by 1c

Biolase (NASDAQ: BIOL) reported Q1 EPS of ($0.06), $0.01 worse than the analyst estimate of ($0.05). Revenue for the quarter came in at $8.1 million versus the consensus estimate of $7.79 million.

"Our strong first quarter revenue performance reflects increased awareness and pent up demand for our industry-leading dental lasers as dental offices in the U.S. and abroad continue to reopen and patient volumes return to near pre-COVID-19 levels," commented John Beaver, President and Chief Executive Officer.

"The high demand for our advanced lasers from new users, especially dental specialists, reflects the success of our efforts to educate and train these specialists on the benefits of our lasers to drive increased adoption. We believe recent launches of our specialist academies for endodontists, periodontists and pediatric dentists will drive continued further adoption of our products as our industry-leading dental lasers provide a new, improved and better standard of care for dental procedures, while ensuring a safer environment for dental practitioners and patients by reducing aerosolization to mitigate the spread of infectious pathogens, such as COVID-19. Our positive performance to date in our second quarter, which has already exceeded the entire revenue we reported in the second quarter last year, gives us confidence that our products and go-to-market strategy continue to gain momentum, putting us on a positive growth trajectory.

"We ended the quarter with over $40 million in cash and cash equivalents, representing one of the strongest balance sheets in BIOLASE's history, which we believe provides us with the resources to execute our growth strategies for several years without having to access the capital markets," continued Mr. Beaver.

The Company's board of directors has recommended that, at the Company's annual meeting of stockholders scheduled to be held on May 26, 2021, the Company's stockholders vote FOR the amendment to the Company's long-term incentive plan to increase the number of shares available for issuance under the plan. This amendment is conditioned on obtaining stockholder approval for the increase in authorized shares under the Company's certificate of incorporation. Mr. Beaver stated, "If the Company's stockholders do not approve both amendments, we expect to pay employees cash bonuses in lieu of granting equity awards, which will negatively impact cash and EBITDA in future periods." The Company's board of directors urges stockholders to vote FOR the amendment to the equity incentive plan and FOR the amendment of the Company's certificate of incorporation to increase the number of authorized shares.

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

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