Biolase, Inc (BIOL) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

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Biolase, Inc
Ticker: BIOL CIK: 811240

Exhibit 99.1

BIOLASE REPORTS 2016 FULL YEAR AND FOURTH QUARTER RESULTS

IRVINE, CA (March 8, 2017) - BIOLASE, Inc. (NASDAQ:BIOL), the global leader in dental lasers, today

reported its financial results for its full year and fourth quarter ended December 31, 2016.

2016 Full Year highlights with comparisons to 2015 Full Year include:

•

Worldwide revenue of $51.8 million, an increase of $3.3 million, or 7%, driven by U.S. sales

Worldwide Waterlase® revenue increased 8%, driven by a 15% increase in the U.S.

Worldwide EPIC® revenue increased 8%, driven by a 21% increase in U.S. sales

Worldwide imaging revenue increased $829,000, or 37%

•

Operating loss declined 25%

Gross margin increased to 39%, up 630 basis points due to improved pricing, geographic sales mix and increased absorption of service infrastructure expense

Operating expenses decreased by $595,000, or 2%

•

Cash burn rate decreased by 36% to $12.8 million for the year even with investment in new product inventories

•

Key leadership additions included: Chief Dental Officer, Vice President of Europe, the Middle East and Africa (“EMEA”), Vice President of Marketing, and Vice President of Human Resources

•

Subsequent to yearend:

In January 2017, received FDA clearance and launched Epic Pro™, a powerful and innovative dental diode laser system

In February 2017, launched Waterlase Express®, the fifth generation of the world’s most widely used all-tissue dental laser wavelength

2016 Fourth Quarter highlights with comparisons to 2015 Fourth Quarter include:

•

Worldwide revenue of $13.8 million, a decline of 5%, due to a 3% decline in U.S. sales and a 9% decline internationally

Worldwide Epic® revenue increased 7%, driven by a 21% increase in the U.S.

Worldwide imaging revenue increased $695,000, or 108%, due to high demand for intra-oral scanners

Quarterly average selling price of flagship Waterlase® iPlus improved

International decline largely driven by high prior year comparisons in China

•

Consistent gross margin of 39%, due to improved pricing and geographic sales mix

•

Internal commercial and operational readiness and reliability testing for Waterlase Express®

•

Encouraging early signs of improved growth of 32% in Germany, led by Vice President of EMEA, who joined in September 2016

President and CEO Harold Flynn, Jr. said “We made significant progress throughout 2016 in our most important strategic and operational goal—transforming BIOLASE into an expansive and disciplined commercial enterprise. Although lumpy, we achieved 7% revenue growth globally for the year, highlighted by double-digit revenue growth in the U.S., our most important market, within all of our core laser business. We expanded our margins and significantly cut our operating cash burn rate while building out the leadership team to take us through the next phase of development. Perhaps the best evidence of transformation is our successful execution in product development. Today, we are off and running with two new laser systems that hold promise to significantly increase the global penetration of dental lasers: the Waterlase Express, our smallest, easiest to use, most-educational, customer supportive and affordable all-tissue laser system ever; and the Epic Pro, a diode laser system created through our promising collaboration with IPG Medical that offers advancements in cutting speed, control, and precision as well as improvements in consistency and predictability.

The following information was filed by Biolase, Inc (BIOL) on Wednesday, March 8, 2017 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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