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Biolase, Inc (BIOL) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

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Biolase, Inc

HISTORY TOOLS
CIK: 811240 Ticker: BIOL

 

Exhibit 99.1

 

BIOLASE Reports 2018 Fourth Quarter and Full Year Results

- Fourth Quarter U.S. Laser Revenue Increased 51% Year Over Year -

- Fourth Quarter U.S. Consumables and Other Revenue Increased 13% Year Over Year -

- 2018 Gross Margin Increased by nearly 1,500 Basis Points Year Over Year -

- Conference Call Today at 4:30pm ET / 1:30pm PT -

IRVINE, Calif., March 5, 2019

– BIOLASE, Inc. (NASDAQ: BIOL), the global leader in dental lasers, today reported net revenue of $13.0 million and $46.2 million for the fourth quarter and year ended December 31, 2018, respectively. Excluding revenue from the Company’s non-core imaging business, net revenue for the fourth quarter and year ended December 31, 2018 increased 9% and 3%, respectively, on a year over year basis.

Fourth Quarter Highlights

 

●

U.S. laser revenue increased 51% year over year

 

●

U.S. consumables and other revenue increased 13% year over year

 

●

Southern California model market laser revenue increased 600% year over year

 

●

New customer growth, reduced expenses and a favorable change in product mix led to gross margin expansion of almost 1,500 basis points

“Our strong revenue results for the fourth quarter reflect solid execution of our go-to-market sales initiatives and our steadfast commitment to growing and expanding the adoption of our all tissue lasers throughout the dental industry,” commented Todd Norbe, President and Chief Executive Officer. “As a result, we are seeing increases in the adoption and utilization of BIOLASE’s all tissue lasers, including the better-than-expected early response to our model market initiatives in the Southern California and Dallas/Fort Worth markets. These ongoing efforts, combined with our focus on improving our efficiency, have enabled us to significantly improve our gross margin, which gives us increased confidence that we will achieve our goal of becoming EBITDA positive in the fourth quarter of 2019.”

2018 Fourth Quarter Financial Results

Net revenue for the three months ended December 31, 2018 was $13.0 million, an increase of 3%, compared to net revenue of $12.6 million for the three months ended December 31, 2017. Excluding the non-core imaging business, revenue for the fourth quarter of 2018 increased 9% to $12.7 million from $11.6 million for the fourth quarter of 2017.  U.S. laser revenue was $5.6 million for the fourth quarter of 2018, a 51% increase compared to U.S. laser revenue of $3.7 million in the fourth quarter of 2017. U.S. consumables and other revenue from the fourth quarter of 2018, which consists of revenue from consumable products such as disposable tips, increased 13% compared to the fourth quarter of 2017.

The following information was filed by Biolase, Inc (BIOL) on Tuesday, March 5, 2019 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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Inside Biolase, Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations And Comprehensive Loss
Consolidated Statements Of Shareholders' Equity
Consolidated Statements Of Shareholders' Equity (Parenthetical)
Assumptions Used In Estimating Fair Value Of Stock Options Granted (Detail)
Basis Of Presentation
Basis Of Presentation - Additional Information (Detail)
Cash Proceeds Along With Fair Value Disclosures Related To Grants, Exercises, And Vesting Options (Detail)
Changes In Initial Product Warranty Accrual And Expenses Under Initial And Extended Warranties (Detail)
Classification Of Compensation Expense Associated With Share-Based Payments (Detail)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Additional Information (Detail)
Components Of Accounts Receivable, Net Of Allowance (Detail)
Components Of Accrued Liabilities (Detail)
Components Of Inventory (Detail)
Concentrations
Concentrations (Tables)
Concentrations - Additional Information (Detail)
Concentrations - Summary Of Net Revenue From Various Products (Detail)
Consolidated Valuation And Qualifying Accounts And Reserves (Detail)
Debt
Debt (Tables)
Debt - Additional Information (Detail)
Debt - Summary Of Future Minimum Principal Payments (Detail)
Debt - Summary Of Principal Outstanding And Unamortized Discount (Detail)
Estimated Useful Lives Of Property, Plant And Equipment (Detail)
Federal Income Tax Provision Compared With Statutory Rates (Detail)
Future Minimum Rental Commitments Under Lease Agreements (Detail)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Detail)
Intangible Assets And Goodwill
Intangible Assets And Goodwill (Tables)
Intangible Assets And Goodwill - Additional Information (Detail)
Intangible Assets And Related Accumulated Amortization (Detail)
Options Outstanding And Exercisable (Detail)
Schedule Ii-Consolidated Valuation And Qualifying Accounts And Reserves
Schedule Of Reconciliation Of Cash, Cash Equivalents, And Restricted Cash (Detail)
Segment Information
Segment Information (Tables)
Segment Information - Additional Information (Detail)
Stockholders' Equity
Stockholders' Equity (Tables)
Stockholders' Equity - Additional Information (Detail)
Subsequent Events (Unaudited)
Subsequent Events (Unaudited) - Additional Information (Detail)
Summary Of Disaggregation Of Revenues Related To Geographic Areas (Detail)
Summary Of Income Tax Current And Deferred Provision (Detail)
Summary Of Long-Lived Assets By Geographic Location (Detail)
Summary Of Net Deferred Tax Assets And Net Deferred Tax Liabilities (Detail)
Summary Of Opening And Closing Balances Of Contract Liabilities (Detail)
Summary Of Option Activity (Detail)
Summary Of Property, Plant, And Equipment (Detail)
Summary Of Revenues Disaggregated By Timing Of Goods And Services Transferred (Detail)
Summary Of Sales By End Market (Detail)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Additional Information (Detail)
Summary Of Unrecognized Tax Benefits (Detail)
Summary Of Unvested Restricted Stock Units (Detail)
Summary Of Warrant Activity (Detail)
Supplementary Balance Sheet Information
Supplementary Balance Sheet Information (Tables)
Supplementary Balance Sheet Information - Additional Information (Detail)
Ticker: BIOL
CIK: 811240
Form Type: 10-K Annual Report
Accession Number: 0001564590-19-006918
Submitted to the SEC: Fri Mar 08 2019 7:33:08 AM EST
Accepted by the SEC: Fri Mar 08 2019
Period: Monday, December 31, 2018
Industry: Dental Equipment And Supplies

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