Expects Continued Revenue Growth in 2024 and
Takes Steps to Further Improve Operating Efficiency as the Company
Pursues Profitability Goals
LAKE
FOREST, Calif., Jan. 29,
2024 /PRNewswire/ -- BIOLASE, Inc. (NASDAQ:
BIOL), the global leader in dental lasers, announced preliminary
unaudited revenue results for 2023 based on currently available
information and expects to report year-over-year growth as it
continues to generate interest among dental practitioners for its
industry leading lasers. The Company is also taking additional
steps to optimize operations and believes its revenue-generating
strategies and prudent management of its expenses will enable it to
achieve its sales and profitability goals in 2024.
Below are preliminary full-year revenue results, a recap of the
Company's 2023 key accomplishments, and anticipated operational and
product milestones for 2024.
Preliminary Full-Year 2023 Results
- Full-year 2023 revenue is expected to be in the range of
$48.9 million to $49.2 million, achieving 1% growth over 2022
despite the industry headwinds and interest rate environment
- The Company generated increased adoption of its
industry-leading dental laser, with approximately 71% of U.S.
Waterlase sales in full-year 2023 coming from new customers
- The Company delivered an increased sales conversion rate of 45%
in 2023, with the continued success of its Waterlase Trial
Program
- Achieved record consumable sales in 2023, an increase of
approximately 20% over 2022
- The Company believes it is well positioned with its
industry-leading dental lasers and broad intellectual property
("IP") portfolio to capitalize on the significant market
opportunity for dental laser adoption and, with the year-end cash
and cash equivalents balance of $6.6
million, execute its growth strategies throughout 2024
2023 Accomplishments
- Demonstrated leadership in creating awareness of the benefits
of laser dentistry through over 500 webinars, study clubs,
tradeshows, and training events in 2023
- Remained highly engaged with potential customers in 2023 with
marketing qualified leads increasing 5X over 2018 levels
- Opened a model dental office to increase marketing,
testimonial, and training opportunities
- Launched training centers to enhance sales and marketing
efforts and communicate the benefits of BIOLASE technology
- Launched BIOLASE'S education web portal
at Education.Biolase.com
- Realized cost savings and improved quality from in-house
manufacturing of key components
Anticipated 2024 Milestones Expected to Position BIOLASE for
Long-Term Growth and Success
The Company continues to remain committed to advancing the field
of dentistry through cutting-edge laser solutions while achieving
profitability. In January 2024, to
improve the Company's cost structure, it reduced its total
workforce by approximately 15%, resulting in a projected annualized
cost savings of approximately $2.5
million.
In 2024, the Company plans to:
- Grow total full-year 2024 revenue between 6% and 8% to between
$52 million and $53 million through the continued adoption of
lasers and consumables by the dental community, including general
dentists, dental specialists, dental hygienists, and group practice
entities (DSOs)
- Improve loss from operations by 50% to 60% for the full year
2024
- Achieve positive adjusted EBITDA results for the full year of
2024 (adjusted EBITDA is defined as net loss before interest,
taxes, depreciation and amortization, patent litigation
settlements, stock-based and other non-cash compensation, and the
change in allowance for doubtful accounts)
- Broaden participation in BIOLASE dental and hygiene academies
to expand awareness of the benefits of BIOLASE lasers to
patients
- Expand its educational offerings
through Education.Biolase.com, enabling dental clinicians to
elevate their standard of dental care and improve patient outcomes
through laser technology
- Increase the efficiency of our Waterlase Trial Program to drive
increased adoption
- Expand the DSO customer base and further penetrate the DSO
market
The Company will report its fourth quarter and full-year 2023
financial results in March 2024.
About BIOLASE
BIOLASE is a medical device company that develops, manufactures,
markets, and sells laser systems in dentistry and medicine.
BIOLASE's products advance the practice of dentistry and medicine
for patients and healthcare professionals. As of December 31, 2023, BIOLASE's proprietary laser
products incorporate approximately 241 patented and 21
patent-pending technologies designed to provide biologically and
clinically superior performance with less pain and faster recovery
times. BIOLASE's innovative products provide cutting-edge
technology at competitive prices to deliver superior results for
dentists and patients. BIOLASE's principal products are dental
laser systems that perform a broad range of dental procedures,
including cosmetic and complex surgical applications. From 1998
through December 31, 2023, BIOLASE
has sold over 47,700 laser systems in over 80 countries around the
world. Laser products under development address BIOLASE's core
dental market and other adjacent medical and consumer
applications.
For updates and information on Waterlase iPlus®, Waterlase
Express™, and laser dentistry, find BIOLASE online at
www.biolase.com, Facebook at www.facebook.com/biolase, Twitter
at www.twitter.com/biolaseinc, Instagram at
www.instagram.com/waterlase_laserdentistry, and LinkedIn at
www.linkedin.com/company/biolase.
BIOLASE®, Waterlase® and Waterlase iPlus® are registered
trademarks of BIOLASE, Inc.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements, as that
term is defined in the Private Litigation Reform Act of 1995, that
involve significant risks and uncertainties, including statements,
regarding BIOLASE's preliminary full-year 2023 unaudited revenue
results, beliefs relating to BIOLASE's ability to capitalize on the
significant market opportunity for dental laser adoption through
its industry-leading dental lasers and broad intellectual property
portfolio, expected 2024 revenue growth, anticipated decrease in
loss from operations, anticipated operational and product
milestones for 2024 and the expected effects, BIOLASE's ability to
expand its educational offerings enabling dental clinicians to
elevate their standard of dental care and improve patient outcomes
through laser technology and BIOLASE's plans for 2024.
Forward-looking statements can be identified through the use of
words such as "may," "might," "will," "intend," "should," "could,"
"can," "would," "continue," "expect," "believe," "anticipate,"
"estimate," "predict," "outlook," "potential," "plan," "seek," and
similar expressions and variations or the negatives of these terms
or other comparable terminology. Readers are cautioned not to place
undue reliance on these forward-looking statements, which reflect
BIOLASE's current expectations and speak only as of the date of
this release. Among other things, there can be no assurance that
BIOLASE's actual full-year 2023 financial and operating results
will not differ, perhaps substantially, from the preliminary
financial and operating results and expectations contained in this
press release. In addition, BIOLASE has not completed its fourth
quarter and full-year 2023 closing and review process, and the
final results for the full-year 2023 may differ, perhaps
substantially, from the statements made in this press release.
During the course of preparing BIOLASE's financial statements and
during the review process, management may identify items that would
require adjustments that may be material to the amounts described
in this press release. Actual results may also differ materially
from BIOLASE's current expectations depending upon a number of
other factors. These factors include, among others, those risks and
uncertainties that are described in the "Risk Factors" section of
BIOLASE's most recent annual report filed on Form 10-K filed with
the Securities and Exchange Commission (the "SEC") and risk factors
described in subsequent filings with the SEC. Except as required by
law, BIOLASE does not undertake any responsibility to revise or
update any forward-looking statements.
For further information, please contact:
EVC Group LLC
Michael Polyviou / Todd Kehrli
(732)
933-2754
mpolyviou@evcgroup.com
/ tkehrli@evcgroup.com
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SOURCE BIOLASE, Inc.
