Needham & Company Maintains a 'Buy' on Biolase Technology (BLTI); Q4 Shortfall, But Outlook Strong

Needham & Company maintains a 'Buy' on Biolase Technology (NASDAQ: BLTI) price target of $6.00.

Analyst, Dalton Chandler, said, "This morning BLTI announced 4Q11 revenue would be about $13.1M compared to our estimate of $16.3 M. Despite the shortfall this performance still represents 35% Y/Y growth. Management attributed the shortfall to former exclusive distributor Henry Schein (Nasdaq: HSIC)(nr) releasing its WaterLase inventory on the market ahead of new product launches by BLTI. HSIC has now agreed to sell its remaining inventory back to BLTI at a substantial discount, thus ending the pricing war and positioning BLTI for a strong year in 2012.zz'

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 $2.72 yesterday.

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