Needham & Company Maintains a 'Buy' on Biolase Technology (BLTI); Poised for Better 2012 After HSIC Entanglement Done

Needham & Company maintains a 'Buy' on Biolase Technology (NASDAQ: BLTI) price target cut $1 to $5.00.

Needham analyst said, "We applauded BLTI’s decision to end its exclusive relationship with Henry Schein (Nasdaq: HSIC) (notrated), but we had no idea how messy the break-up could get. However, we do believe that the BLTI revenue miss this quarter, driven, in our view, by HSIC releasing inventory on the market ahead of BLTI’s launch of new, more fully featured laser products, is the last of it. With an agreement reached for BLTI to buy back the last of HSIC’s WaterLase inventory BLTI should be positioned for a much better year in 2012. However, management guidance was below our previous estimates, so we are lowering our numbers and price target, but maintaining our rating."

FY12 EPS estimate cut from $0.15 to $0.00 & revenues cut from $69.5 mln to $58.5 mln.

For an analyst ratings summary and ratings history on Biolase Technology click here. For more ratings news on Biolase Technology click here.

Shares of Biolase Technology closed at $2.54 yesterday.

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