Biolase, Inc (BIOL) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2019

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Biolase, Inc
Ticker: BIOL CIK: 811240

Exhibit 99.1

BIOLASE REPORTS 2019 FOURTH QUARTER; NET REVENUE INCREASED 18% SEQUENTIALLY

–Full Year Gross Margin Increased by 120 Basis Points Year Over Year

–Fourth Quarter Operating Loss Improves by $3.5 Million Year Over Year

–Conference Call Today at 4:30pm ET

IRVINE, Calif., March 26, 2020

– BIOLASE, Inc. (NASDAQ: BIOL), the global leader in dental lasers, today reported net revenue of $10.2 million and $37.8 million for the fourth quarter and year ended December 31, 2019, respectively.

Sequential Fourth Quarter Results Demonstrate Sequential Operating Momentum

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Net revenue increased 18% sequentially

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U.S. laser revenue increased 44% sequentially

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International laser revenue increased 2% sequentially

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Worldwide consumables and other revenue increased 1% sequentially

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GAAP net loss decreased 48% year over year to $3.6 million

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Adjusted EBITDA loss decreased 39% year over year to $1.6 million

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Epic Hygiene laser for dental hygienists received FDA clearance in U.S.

“We made significant progress in 2019 as we continued to transition BIOLASE from an R&D-centric company into a commercially-focused business,” commented Todd Norbe, President and Chief Executive Officer. “I believe the sequential improvement in the fourth quarter demonstrates the early success of our go-to-market strategy, under which we continue to rationalize our cost structure and rebuild our salesforce into a more disciplined customer-centric organization that is beginning to create positive change. I believe we have the right leadership team in place to achieve our growth and profitability objectives going forward.

“In December 2019, we received FDA clearance for our Epic Hygiene laser for dental hygienists, representing the achievement of another significant regulatory milestone, and just this week we received FDA clearance for LBR (laser bacterial reduction). This new laser system provides dental professionals a total solution to effectively manage non-surgical periodontitis. Our goal is to expand the reach of this great technology through increased awareness and improved sales and marketing execution.

The following information was filed by Biolase, Inc (BIOL) on Thursday, March 26, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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