Needham & Company Reiterates a 'Buy' on Biolase Technology (BLTI); Great Qtr of Domestic Sales Signals Continued Turnaround

Needham & Company reiterates a 'Buy' on Biolase Technology (NASDAQ: BLTI), PT $7.

Needham analyst says, "We think quarterly results confirm the turnaround at BLTI is continuing as the company posted very strong sales in the U.S., showing sequential growth despite the fact the fourth quarter is seasonally strongest while the first is seasonally the weakest. Overall sales, while stronger than we had initially forecast, were constrained by a decline in international results as the HSIC international distribution agreement was unwound in the quarter. BLTI has already announced plans to go direct in Germany, the world’s third largest laser market, and we expect other geographic strategies to take shape over the next few quarters. BLTI clearly has momentum with two hot products, iPlus and iLase, and we expect continuing growth."

For more ratings news on Biolase Technology click here and for the rating history of Biolase Technology click here.

Shares of Biolase Technology closed at $4.72 yesterday.

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