Exhibit 99.1

 

BIOLASE REPORTS 2017 FOURTH QUARTER AND FULL-YEAR RESULTS

 

IRVINE, CA (March 14, 2018) - BIOLASE, Inc. (NASDAQ:BIOL), the global leader in dental lasers, today

reported its financial results for its fourth quarter and year ended December 31, 2017.

Net revenue was $46.9 million in 2017, a decrease of 9% from the prior year; however, despite the decrease, the Company made substantial progress on several key fronts in 2017. It continued its strategy of increasing its focus on obtaining new customers, which resulted in new customers in direct markets buying approximately 80% of the all-tissue laser systems sold during the 2017 fourth quarter.  

Driven by increased market acceptance and sales of its new Waterlase Express™ system and while continuing to restructure its sales organization, BIOLASE also produced solid increases in the number of placements of Waterlase® all-tissue lasers in the fourth quarter of 2017 compared to the fourth quarter of 2016 and the third quarter of 2017.

2017 Fourth Quarter Highlights include:

 

 

Worldwide revenue of $12.6 million during the fourth quarter of 2017 decreased $1.2 million, or 8%, from the fourth quarter of 2016

 

o

Total Waterlase placements increased by 18% over the fourth quarter of 2016

 

Worldwide revenue of $12.6 million during the fourth quarter of 2017 increased $1.8 million, or 17%, over the third quarter of 2017

 

o

Placements of our newest product, Waterlase Express increased by 33% over the third quarter of 2017

 

o

Total Waterlase placements increased by 32% over the third quarter of 2017

 

Total operating expenses decreased by $1.2 million, or 12%, over the fourth quarter of 2016

 

Bolstered efforts in Southern California to significantly enhance the region's oral health and dental care by increasing awareness and education in laser dentistry

 

Continued restructuring of sales team with the appointment of a new sales leader and with enhanced training and development for field-based sales leaders that included a focus on change management

 

Completed a rights offering to existing stockholders, with net proceeds of $11.4 million

 

Subsequent to December 31, 2017, executed a $6 million credit facility to support the Company’s strategic goals of returning BIOLASE to a successful growing, profitable company

 

 

President and CEO Harold C. Flynn, Jr. said, “While we are encouraged by our Waterlase growth sequentially, with an increase of 32% in units sold during the fourth quarter of 2017 compared to the third quarter of 2017, we were disappointed with our sales trajectory and have accelerated the pace of change to our sales force. We continued to improve our sales teams both in the U.S. and internationally and expect to see the benefits of these changes resulting in higher revenue during 2018.”

As previously announced, the Company is bolstering its efforts in Southern California to significantly enhance the region’s oral health and dental care by increasing awareness and education in laser dentistry. The Company is adding local specialists to its staff to offer dentists more support in maximizing the use of their lasers. In addition, the Company plans to offer more educational courses, informational events and community activities to help ensure that dentists and their patients are provided with the latest information in laser dentistry. BIOLASE has also developed a local advisory board of dentistry veterans whose collective expertise should serve as an excellent resource that will help propel Southern California forward.

“We are proud of our developments and contributions to paving the path for minimally invasive and pain free dentistry over the last 30 years and look forward to continuing our support of dentists around the world, starting with those in our backyard, where nearly 10% of the dental practices in the United States are located,” said Flynn. “Prioritizing our local community is important to our legacy and our mission as a company. As we continue to build


The following information was filed by Biolase, Inc (BIOL) on Wednesday, March 14, 2018 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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