Exhibit 99.1

 

BIOLASE REPORTS 2018 second QUARTER RESULTS

Southern California Market Initiative Showing Early Signs of Success as

Core Laser Revenue in the Region Increased Almost 200% from Prior-Year Quarter

 

IRVINE, CA (August 8, 2018) - BIOLASE, Inc. (NASDAQ:BIOL), the global leader in dental lasers, today

reported its financial results for its second quarter and six months ended June 30, 2018.

 

Worldwide net revenue for the 2018 second quarter was $12.2 million compared to $12.6 million for the year-ago period, which included revenue from a large one-time purchase of non-core imaging products. Excluding the revenue from the one-time 2017 second quarter purchase of non-core imaging products, revenue from the Company’s core laser-related products in the second quarter of 2018 increased 1% quarter over quarter. Worldwide revenue for this year’s second quarter was up sequentially more than 21% from the first quarter of this year.  Net revenue from all-tissue lasers in the Southern California Market Initiative area increased nearly 200% from the second quarter of 2017.

 

BIOLASE continued to make progress in several key areas. The Company continued its strategy of increasing its focus on obtaining new customers, which resulted in new customers in direct markets buying more than 66% of the all-tissue laser systems sold during the second quarter of 2018. The average of new customers sold during the last four quarters is now nearly 75%, which is a meaningful improvement compared to 2016, when less than half of the Company’s sales were made to new customers.

 

Executive Vice President and Chief Financial Officer John Beaver said, “I am very pleased to report that, thanks to the superior efforts and total engagement of our employees, we had an encouraging second quarter, especially in our core business of lasers, consumables and services. I am also very happy with the 21 percent sequential increase in worldwide revenue from the first quarter of this year. We believe this is evidence of the momentum and growth we are building in all-tissue laser sales, new customers and consumables.”

 

2018 Second Quarter Highlights Include:

 

 

Worldwide revenue was $12.2 million compared to $12.6 million in the second quarter of 2017, which included the large one-time purchase of non-core imaging products

 

Employee engagement and participation in improving BIOLASE performance increased significantly helping to generate increases in enthusiasm and momentum company-wide, helping to drive a 3X increase in laser revenue in the Southern California market

 

International revenue increased 13% to $5.0 million from the second quarter of 2017 driven by an increase of 7% in the Company’s core dental laser business

 

U.S. Waterlase Express™ placements increased 10% compared to the second quarter of 2017

 

Worldwide Waterlase placements increased 5% compared to the second quarter of 2017

 

Consumables and other revenue increased by 12% from the 2017 second quarter, driven by a 6% increase in the U.S. and a 23% increase internationally due in large part to the Company’s successful efforts in attracting new customers

 

Appointed veteran dental industry executives Garrett Sato and Todd A. Norbe and senior financial executive Jess Roper to the Board

 

Effected a 1 for 5 reverse stock split on May 10, 2018, and on May 30, the Company announced it had met the minimum bid price requirement for continued listing on the Nasdaq Capital Market

 

Subsequent to June 30, 2018:

 

o

Named Todd A. Norbe BIOLASE President and Chief Executive Officer on August 7, 2018

 

o

Promoted John Beaver to Executive Vice President and Chief Financial Officer on August 7, 2018

 


The following information was filed by Biolase, Inc (BIOL) on Wednesday, August 8, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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