Exhibit 99.1

 

BIOLASE Reports Second Quarter 2019 Results

Second Quarter Gross Margin Increased Almost 370 Basis Points Year-Over-Year

Second Quarter Operating Loss Decreased 29% Year-Over-Year

IRVINE, Calif., August 8, 2019

– BIOLASE, Inc. (NASDAQ: BIOL), the global leader in dental lasers, today reported net revenue of $8.7 million for the second quarter ended June 30, 2019, a decrease of 29% compared to the second quarter of 2018.

Second Quarter Highlights

 

New customer growth, reduced expenses and a favorable change in product mix led to gross margin expansion of almost 370 basis points

 

Operating expenses decreased 25% year over year

 

Operating loss decreased 29% year over year

 

U.S. consumables and other revenue increased 2% year over year

 

Model market laser revenue, which includes Southern California and Dallas/Ft. Worth, increased 31% year over year

 

“Our second quarter performance reflects the impact of changes we made to drive our go-to-market strategy and strengthen the long-term growth prospects and profitability of our business,” said Todd Norbe, President and Chief Executive Officer. “We are realigning our direct sales team to achieve these goals and have added new sales talent by actively recruiting through a new assessment process to hire the right personnel.  During the second quarter, we also discontinued our imaging business that was selling at a loss and took steps to hold pricing and eliminate extended payment terms in our international business.”  

 

“At the same time, we saw continued growth in our Model Market revenue, which increased 31% year over year in the second quarter. We had great success with a new go-to-market sales strategy that we rolled out to the pediatric markets in Los Angeles/Orange County and Dallas. For this new program, we increased training and collaboration with the customer that resulted in a more than 60% increase in our customer acquisition. We expect to roll out this initiative in additional select geographic areas in the U.S. in the fourth quarter and are optimistic about this exciting new sales program, which is about putting education first.”  

 

“Through the prudent cost reductions, we were able to reduce our operating expenses by 25% and increase gross margin by almost 370 basis points in the second quarter despite lower revenue. The combination of our revenue-driving initiatives, improved gross margin and operating performance positions us well to being EBITDA positive in the fourth quarter of this year.”

 


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

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