Exhibit 99.1

 

 

BIOLASE REPORTS THIRD QUARTER 2019 RESULTS

Third Quarter Net Revenue of $8.6 Million

Company Continues to Drive Down Expenses as it Expects to Achieve Adjusted EBITDA break-even in the 2019 Fourth Quarter

Conference Call Today at 4:30pm ET

IRVINE, Calif., November 6, 2019 – BIOLASE, Inc. (NASDAQ: BIOL), the global leader in dental lasers, today reported net revenue of $8.6 million for the third quarter ended September 30, 2019.

 

Third Quarter and Recent Operating and Financial Highlights

 

The Company’s Inaugural Advancing Dentistry Symposium attracted over 250 professionals in the dental field, providing an opportunity for collaboration and immersive education around technologies and techniques that are advancing dentistry  

 

During the symposium, a first-of-its-kind landmark study by the McGuire Institute on the clinical efficacy of Waterlase-assisted treatment of periodontitis versus open-flap gum surgery was previewed

 

Waterlase dental lasers received clearance in the U.S. and Canada for crown and veneer removal

 

Increased financial flexibility and working capital with new credit facility and bolstered balance sheet with $8.5 million equity offering

 

“Despite being a transition year for BIOLASE as we migrate from an R&D centric company to a full-scale commercial operation, we are progressing as expected, and I am pleased with the team’s overall performance,” commented Todd Norbe, President and Chief Executive Officer.  “We recently achieved a significant regulatory milestone in the U.S. and Canada as our Waterlase dental lasers received clearance for crown and veneer removal, and we successfully hosted our inaugural two-day Advancing Dentistry symposium with over 250 dental professionals in attendance. At the event, Dr. Donald Clem previewed a first-of-its-kind landmark study by the McGuire Institute on the clinical efficacy of Waterlase-assisted treatment of periodontitis versus traditional open-flap gum surgery. We expect the six-month interim data will be published by the end of 2019 and anticipate the full study data will be published in a scientific journal during the first half of 2020. I continue to believe we have developed the best product to advance dentistry and believe this data will be a positive catalyst for our business. Our focus now is on expanding the reach of this great technology.”  

 

2019 Third Quarter Financial Results

 

Net revenue for the third quarter of 2019 was $8.6 million, in-line with the Company’s previously disclosed revenue estimate, compared to net revenue of $10.9 million for the third quarter of 2018. U.S. laser revenue was $2.3 million for the third quarter of 2019 compared to U.S. laser revenue of $3.8 million for the third quarter of 2018, due to the U.S. sales force realignment announced last quarter. U.S. consumables and other revenue for the third quarter of 2019, which consists of revenue from consumable products such as disposable tips, decreased 5.8% compared to the third


quarter of 2018. Outside the U.S., laser revenue declined to $2.8 million for the third quarter of 2019 compared to $3.3 million for the third quarter of 2018, primarily due to generating an order backlog from international distributors as we continue to seek more favorable pricing and payment terms.

 

Gross margin for the third quarter of 2019 was 34% compared to 36% for the third quarter of 2018. The lower gross margin reflects the impact of fixed costs on lower net revenues, partially offset by operating cost efficiencies. Total operating expenses were $7.9 million for the third quarter of 2019 compared to $8.5 million for the third quarter of 2018, a decrease of $0.6 million despite an increase in provision for bad debt relating to our former distributor in China. Operating loss for the third quarter of 2019, was $4.9 million, compared to an operating loss of $4.5 million for the third quarter of 2018, a decrease of $0.4 million year over year. As previously announced, the net loss for the third quarter of 2019 was $5.5 million, or $0.25 per share compared to a net loss of $4.7 million, or $0.23 per share for the third quarter of 2018.

The Reconciliation of GAAP Net Loss to Adjusted EBITDA at the end of this news release provides the details of the Company’s non-GAAP disclosures and the reconciliation of GAAP net loss and net loss per share to the Company’s Adjusted EBITDA and Adjusted EBITDA per share.

The Adjusted EBITDA for the third quarter of 2019 was $2.7 million, or $0.12 per share compared with Adjusted EBITDA of $3.7 million, or $0.18 per share for the third quarter of 2018.

 

Cash, cash equivalents, and restricted cash totaled $2.4 million as of September 30, 2019.

 

Subsequent to the end of the third quarter, on October 29, 2019, the Company completed an $8.5 million public offering of common stock and a private placement of convertible preferred stock, strengthening its balance sheet.  On October 31, 2019, the Company secured a $3.0 million revolving line of credit from Pacific Mercantile Bank, the wholly-owned subsidiary of Pacific Mercantile Bancorp, increasing the Company’s financial flexibility and for working capital purposes.

"The new line of credit and recently completed equity offering are significant developments for BIOLASE as they significantly improve our working capital, strengthen our balance sheet and allow us to enter 2020 in a far stronger position,” added John Beaver, Executive Vice President and Chief Financial Officer.  “We now have the financial flexibility and resources to execute our business plan to return to sustainable, profitable revenue growth and we remain committed to achieving adjusted EBITDA break-even in the current fourth quarter.”

Conference Call Information

BIOLASE, Inc. will host a conference call today at 4:30 p.m. Eastern Time to discuss its operating results for the third quarter ended September 30, 2019, and to answer questions. For both “listen-only” participants and those participants who wish to take part in the question-and-answer portion of the call, the dial-in number in the U.S./Canada is 800-458-4148. For international participants outside the U.S./Canada, the dial-in number is 323-794-2093. For all callers, refer to the Conference ID 9068935. To access the live webcast, visit the Investor Relations section of the BIOLASE website at www.biolase.com and see “Investor Events”.

An audio archive of the webcast will be available for 30 days on the Investor Relations section of the BIOLASE website.

About BIOLASE

BIOLASE is a medical device company that develops, manufactures, markets, and sells laser systems in dentistry and medicine.  BIOLASE’s products advance the practice of dentistry and medicine for patients and healthcare professionals. BIOLASE’s proprietary laser products incorporate approximately patented 138 and 81 patent-pending technologies designed to provide


biologically clinically superior performance with less pain and faster recovery times. BIOLASEs innovative products provide cutting-edge technology at competitive prices to deliver superior results for dentists and patients. BIOLASEs principal products are revolutionary dental laser systems that perform a broad range of dental procedures, including cosmetic and complex surgical applications, and a full line of dental imaging equipment. BIOLASE has sold over 40,000 laser systems to date in over 80 countries around the world. Laser products under development address BIOLASEs core dental market and other adjacent medical and consumer applications.

For updates and information on Waterlase iPlus®, Waterlase Express™, and laser dentistry, find BIOLASE online at www.biolase.com, Facebook at www.facebook.com/biolase, Twitter at www.twitter.com/biolaseinc, Instagram at www.instagram.com/waterlase_laserdentistry, and LinkedIn at www.linkedin.com/company/biolase.

BIOLASE®, Waterlase® and Waterlase iPlus® are registered trademarks of BIOLASE, Inc.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements, as that term is defined in the Private Litigation Reform Act of 1995, that involve significant risks and uncertainties, including statements regarding the anticipated roll out of new go-to-market sales strategies, the Company’s efforts to achieve its goal of becoming EBITDA positive. Forward-looking statements can be identified through the use of words such as “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “may,” “will,” “should,” and variations of these words or similar expressions. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect BIOLASE’s current expectations and speak only as of the date of this release. Actual results may differ materially from BIOLASE’s current expectations depending upon a number of factors. These factors include, among others, adverse changes in general economic and market conditions, competitive factors including but not limited to pricing pressures and new product introductions, uncertainty of customer acceptance of new product offerings and market changes, risks associated with managing the growth of the business, and those other risks and uncertainties that are described, from time-to-time, in the "Risk Factors" section of BIOLASE's annual reports filed on Form 10-K with the Securities and Exchange Commission. Except as required by law, BIOLASE does not undertake any responsibility to revise or update any forward-looking statements.

For further information, please contact:

BIOLASE, Inc.

John R. Beaver, Executive Vice President and Chief Financial Officer

833-BIOLASE

jbeaver@biolase.com

or

EVC Group LLC

Michael Polyviou / Todd Kehrli

(732) 933-2754

mpolyviou@evcgroup.com / tkehrli@evcgroup.com

 

Tables to Follow


 

BIOLASE, INC.

 

CONSOLIDATED STATEMENTS OF OPERATIONS

 

(Unaudited)

 

(In thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30

 

 

September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net revenue

 

$

 

8,646

 

 

$

 

10,936

 

 

$

 

27,617

 

 

$

 

33,110

 

Cost of revenue

 

 

 

5,677

 

 

 

 

6,995

 

 

 

 

17,746

 

 

 

 

21,828

 

Gross profit

 

 

 

2,969

 

 

 

 

3,941

 

 

 

 

9,871

 

 

 

 

11,282

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales and marketing

 

 

 

3,515

 

 

 

 

4,489

 

 

 

 

10,665

 

 

 

 

13,037

 

General and administrative

 

 

 

3,210

 

 

 

 

2,685

 

 

 

 

8,114

 

 

 

 

8,691

 

Engineering and development

 

 

 

1,126

 

 

 

 

1,277

 

 

 

 

3,665

 

 

 

 

3,927

 

Total operating expenses

 

 

 

7,851

 

 

 

 

8,451

 

 

 

 

22,444

 

 

 

 

25,655

 

Loss from operations

 

 

 

(4,882

)

 

 

 

(4,510

)

 

 

 

(12,573

)

 

 

 

(14,373

)

Loss on foreign currency transactions

 

 

 

19

 

 

 

 

73

 

 

 

 

68

 

 

 

 

53

 

Interest expense, net

 

 

 

551

 

 

 

 

33

 

 

 

 

1,559

 

 

 

 

80

 

Non-operating loss

 

 

 

570

 

 

 

 

106

 

 

 

 

1,627

 

 

 

 

133

 

Loss before income tax provision

 

 

 

(5,452

)

 

 

 

(4,616

)

 

 

 

(14,200

)

 

 

 

(14,506

)

Income tax provision

 

 

 

26

 

 

 

 

49

 

 

 

 

68

 

 

 

 

91

 

Net loss

 

$

 

(5,478

)

 

$

 

(4,665

)

 

$

 

(14,268

)

 

$

 

(14,597

)

Net loss per share attributable to common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

 

(0.25

)

 

$

 

(0.23

)

 

$

 

(0.66

)

 

$

 

(0.71

)

Diluted

 

$

 

(0.25

)

 

$

 

(0.23

)

 

$

 

(0.66

)

 

$

 

(0.71

)

Shares used in the calculation of net loss per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

 

21,898

 

 

 

 

20,610

 

 

 

 

21,545

 

 

 

 

20,539

 

Diluted

 

 

 

21,898

 

 

 

 

20,610

 

 

 

 

21,545

 

 

 

 

20,539

 


 

BIOLASE, INC.

 

CONSOLIDATED BALANCE SHEETS

 

(In thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30

 

 

December 31,

 

 

 

2019

 

 

2018

 

 

 

(unaudited)

 

 

(unaudited)

 

ASSETS

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

 

2,091

 

 

$

 

8,044

 

Restricted cash

 

 

 

312

 

 

 

 

312

 

Accounts receivable, less allowance of $952 and $850 in 2019 and

   2018, respectively

 

 

 

8,474

 

 

 

 

11,112

 

Inventory

 

 

 

11,537

 

 

 

 

12,248

 

Prepaid expenses and other current assets

 

 

 

875

 

 

 

 

1,591

 

Total current assets

 

 

 

23,289

 

 

 

 

33,307

 

Property, plant and equipment, net

 

 

 

1,340

 

 

 

 

1,975

 

Goodwill

 

 

 

2,926

 

 

 

 

2,926

 

Other assets

 

 

 

718

 

 

 

 

308

 

Total assets

 

$

 

28,273

 

 

$

 

38,516

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

 

6,604

 

 

$

 

5,953

 

Accrued liabilities

 

 

 

4,950

 

 

 

 

7,538

 

Deferred revenue

 

 

 

2,512

 

 

 

 

2,476

 

Total current liabilities

 

 

 

14,066

 

 

 

 

15,967

 

Deferred income taxes, net

 

 

 

71

 

 

 

 

77

 

Warranty accrual

 

 

 

701

 

 

 

 

447

 

Other liabilities

 

 

 

1,145

 

 

 

 

100

 

Term loan

 

 

 

13,356

 

 

 

 

10,836

 

Total liabilities

 

 

 

29,339

 

 

 

 

27,427

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

 

 

Preferred stock, par value $0.001 per share

 

 

 

 

 

 

 

 

Common stock, par value $0.001 per share

 

 

 

22

 

 

 

 

21

 

Additional paid-in capital

 

 

 

230,712

 

 

 

 

228,430

 

Accumulated other comprehensive loss

 

 

 

(840

)

 

 

 

(670

)

Accumulated deficit

 

 

 

(230,960

)

 

 

 

(216,692

)

Total stockholders’ (deficit) equity

 

 

 

(1,066

)

 

 

 

11,089

 

Total liabilities and stockholders’ (deficit) equity

 

$

 

28,273

 

 

$

 

38,516

 


 

BIOLASE, INC.

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

(Unaudited, in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended

 

 

 

 

September 30

 

 

 

 

2019

 

 

2018

 

Cash Flows from Operating Activities:

 

 

 

 

 

 

 

 

 

Net loss

 

 

$

(14,268

)

 

$

(14,597

)

Adjustments to reconcile net loss to net cash and cash equivalents

   used in operating activities:

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

 

754

 

 

 

712

 

Gain on disposal of assets, net

 

 

 

 

 

 

 

(12

)

Provision for bad debts

 

 

 

1,243

 

 

 

316

 

Provision for inventory excess and obsolescence

 

 

 

 

 

 

59

 

Amortization of debt discounts

 

 

 

103

 

 

 

31

 

Amortization of debt issuance costs

 

 

 

130

 

 

 

43

 

Stock-based compensation

 

 

 

1,974

 

 

 

1,862

 

Deferred income taxes

 

 

 

(6

)

 

 

1

 

Earned interest income, net

 

 

 

2

 

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

 

Accounts receivable

 

 

 

1,393

 

 

 

(1,591

)

Inventory

 

 

 

711

 

 

 

(1,184

)

Prepaid expenses and other current assets

 

 

 

1,011

 

 

 

940

 

Accounts payable and accrued liabilities

 

 

 

(1,157

)

 

 

3,200

 

Deferred revenue

 

 

 

36

 

 

 

(370

)

Net cash and cash equivalents used in operating activities

 

 

 

(8,074

)

 

 

(10,590

)

Cash Flows from Investing Activities:

 

 

 

 

 

 

 

 

 

Purchases of property, plant, and equipment

 

 

 

(138

)

 

 

(110

)

Proceeds from disposal of property, plant, and equipment

 

 

 

 

 

 

36

 

Net cash and cash equivalents used in investing activities

 

 

 

(138

)

 

 

(74

)

Cash Flows from Financing Activities:

 

 

 

 

 

 

 

 

 

Principal payments under capital lease obligation

 

 

 

 

 

 

(46

)

Borrowings under lines of credit

 

 

 

 

 

 

3,323

 

Payments under line of credit

 

 

 

 

 

 

(1,823

)

Borrowings under term loan

 

 

 

2,500

 

 

 

 

Payments of debt issuance costs

 

 

 

(38

)

 

 

(87

)

Payments of equity offering costs

 

 

 

(50

)

 

 

(138

)

Proceeds from exercise of stock options

 

 

 

4

 

 

 

2

 

Net cash and cash equivalents provided by (used in) financing activities

 

 

 

2,416

 

 

 

1,231

 

Effect of exchange rate changes

 

 

 

(157

)

 

 

(23

)

Decrease in cash, cash equivalents and restricted cash

 

 

 

(5,953

)

 

 

(9,456

)

Cash, cash equivalents and restricted cash, beginning of period

 

 

 

8,356

 

 

 

11,896

 

Cash, cash equivalents and restricted cash, end of period

 

 

$

2,403

 

 

$

2,440

 

Supplemental cash flow disclosure:

 

 

 

 

 

 

 

 

 

Cash paid for interest

 

 

$

1,315

 

 

$

 

Cash paid for income taxes

 

 

$

19

 

 

$

31

 

Cash paid for operating leases

 

 

$

414

 

 

$

 

Non-cash accrual for capital expenditures

 

 

$

4

 

 

$

3

 

Non-cash accrual for equity offering costs

 

 

$

191

 

 

$

 

Non-cash right-of-use assets obtained in exchange for lease obligation

 

 

$

824

 

 

$

 

Warrants issued in connection with debt instruments

 

 

$

209

 

 

$

 


Non-GAAP Disclosure

 

In addition to the financial information prepared in conformity with generally accepted accounting principles in the U.S. (“GAAP”), this press release includes certain historical non-GAAP financial information. Management believes that these non-GAAP financial measures assist investors in making comparisons of period-to-period operating results and that, in some respects, these non-GAAP financial measures are more indicative of the Company’s ongoing core operating performance than their GAAP equivalents. In 2019, the Company revised its non-GAAP financial measures to include the change in allowance for doubtful accounts in an effort to better align its Adjusted EBITDA with our loan covenants and how management evaluates business performance. Prior year non-GAAP disclosures have been revised to conform to the current definition of Adjusted EBITDA.

 

Adjusted EBITDA is defined as net loss before interest, taxes, depreciation and amortization, stock-based compensation and allowance for doubtful accounts. Management uses adjusted EBITDA in its evaluation of the Company’s core results of operations and trends between fiscal periods and believes that these measures are important components of its internal performance measurement process. Therefore, investors should consider non-GAAP financial measures in addition to, and not as a substitute for, or as superior to, measures of financial performance prepared in accordance with GAAP. Further, the non-GAAP financial measures presented by the Company may be different from similarly named non-GAAP financial measures used by other companies.

 

BIOLASE, INC.

 

Reconciliation of GAAP Net Loss to Adjusted EBITDA

 

(Unaudited)

 

(In thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

GAAP net loss attributable to common stockholders

 

$

 

(5,478

)

 

$

 

(4,665

)

 

$

 

(14,268

)

 

$

 

(14,597

)

Deemed dividend on convertible preferred stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP net loss

 

$

 

(5,478

)

 

$

 

(4,665

)

 

$

 

(14,268

)

 

$

 

(14,597

)

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

 

551

 

 

 

 

33

 

 

 

 

1,559

 

 

 

 

80

 

Income tax provision

 

 

 

26

 

 

 

 

49

 

 

 

 

68

 

 

 

 

91

 

Depreciation and amortization

 

 

 

268

 

 

 

 

202

 

 

 

 

754

 

 

 

 

712

 

Change in allowance for doubtful accounts

 

 

 

1,131

 

 

 

 

87

 

 

 

 

1,243

 

 

 

 

316

 

Stock-based compensation

 

 

 

770

 

 

 

 

604

 

 

 

 

1,974

 

 

 

 

1,862

 

Adjusted EBITDA

 

$

 

(2,732

)

 

$

 

(3,690

)

 

$

 

(8,670

)

 

$

 

(11,536

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP net loss attributable to common stockholders

   per share, basic and diluted

 

$

 

(0.25

)

 

$

 

(0.23

)

 

$

 

(0.66

)

 

$

 

(0.71

)

Deemed dividend on convertible preferred stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP net loss per share, basic and diluted

 

$

 

(0.25

)

 

$

 

(0.23

)

 

$

 

(0.66

)

 

$

 

(0.71

)

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

 

0.03

 

 

 

 

 

 

 

 

0.07

 

 

 

 

 

Income tax provision

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

 

0.01

 

 

 

 

0.01

 

 

 

 

0.03

 

 

 

 

0.04

 

Change in allowance for doubtful accounts

 

 

 

0.05

 

 

 

 

0.01

 

 

 

 

0.06

 

 

 

 

0.02

 

Stock-based compensation

 

 

 

0.04

 

 

 

 

0.03

 

 

 

 

0.10

 

 

 

 

0.09

 

Adjusted EBITDA, basic and diluted

 

$

 

(0.12

)

 

$

 

(0.18

)

 

$

 

(0.40

)

 

$

 

(0.56

)

 

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SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
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SEC Filing Disclosures
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FREE Financial Statements


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Intrinsic Value Calculator
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Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
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