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BIOLASE Inc. (BIOL) pioneers advanced laser solutions transforming dental care through minimally invasive technologies. This dedicated news hub provides investors and dental professionals with essential updates on product innovations, financial performance, and clinical developments.
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Key updates cover regulatory milestones, patent filings, clinical trial results, and executive commentary. Discover how BIOLASE's Waterlase technology and Epic X platform continue redefining standards in laser dentistry through reduced recovery times and enhanced precision.
Bookmark this page for structured access to verified corporate communications. Monitor BIOLASE's progress in expanding global adoption of dental lasers while maintaining compliance with SEC disclosure requirements and medical device regulations.
BIOLASE, Inc. (NASDAQ:BIOL), a global leader in dental lasers, has voluntarily initiated Chapter 11 proceedings in the United States Bankruptcy Court for the District of Delaware. The company is pursuing a sale process under Section 363 of the Bankruptcy Code and has entered into an asset purchase agreement with Sonendo Inc. for $14.0 million in cash, subject to conditions.
BIOLASE will seek Court approval to continue operating during the proceedings. The company has received a commitment from SWK Funding for no less than $2.5 million in Debtor-in-Possession (DIP) financing, including a $1.43 million interim advance, to maintain business operations. SSG Capital Advisors, has been engaged to advise on strategic options, including potential asset sales.
BIOLASE (NASDAQ:BIOL) reported its Q2 2024 financial results, highlighting a 40% gross margin, up from 33% in Q1 2024. The company achieved its second-highest consumable revenue ever, with over 600 recurring subscriptions. Net revenue was $11.6 million, down from $14.3 million in Q2 2023. U.S. laser revenue decreased to $3.6 million from $6.3 million year-over-year. Operating loss improved by 17% to $3.2 million. Net loss was $2.8 million or $0.08 per share, compared to $14.2 million or $26.14 per share in Q2 2023. Adjusted EBITDA loss was $2.5 million. BIOLASE updated its 2024 guidance, expecting full-year revenue similar to 2023 and an Adjusted EBITDA loss between $6-8 million.
BIOLASE, a leader in dental lasers, announced its delisting from Nasdaq due to non-compliance with listing requirements, such as maintaining a $1.00 minimum bid price and $2.5 million in stockholders' equity. Trading on Nasdaq will halt on June 20, 2024. CEO John Beaver emphasized that despite this setback, BIOLASE remains committed to expanding laser adoption in dental care. The company's stock will start trading on the OTC Markets Group platform under the symbol "BIOL" and aims to move to the OTCQB Market shortly.
Biolase (NASDAQ: BIOL) reported its Q1 2024 results, with increased adoption of dental lasers and a reiterated full-year guidance for revenue growth and profitability.
Key highlights include:
- 67% of U.S. Waterlase sales from new customers and 42% from dental specialists.
- Consumables sales up 14% year over year, marking the third strongest quarter.
- Gross margin improved by 1% year over year to 33%, with a 7% sequential increase.
- Adjusted EBITDA loss reduced by 21% year over year.
Full-year 2024 guidance expects net revenue growth of 6%-8%, totaling $52M-$53M, and positive Adjusted EBITDA. Despite a 3% decline in Q1 net revenue to $10.1M, expenses were cut by 9%, reducing the operating loss by 15%.
U.S. laser revenue fell 22%, while consumable revenue grew 17%. International laser revenue dropped 12%, but consumables rose 8%. Net loss for Q1 was $6.5M, or $0.36 per share.
BIOLASE, Inc. (NASDAQ:BIOL) will release its first quarter 2024 financial and operating results on May 13, 2024. The company will host a conference call and webcast to discuss the results and corporate developments. Investors can access the live call and archived webcast on the BIOLASE Investor Relations Page.
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