Exhibit 99.1

 

 

 

BIOLASE REPORTS STRONG SEQUENTIAL REVENUE GROWTH IN THIRD QUARTER 2020

 

 

Reopening of Dental Practices Drives Sequential Revenue Growth

 

Clinically Proven Product Portfolio Reduces Potential Risk of Infectious Pathogens; Creates Significant Growth Opportunities as Dental Professionals Seek Safer Technologies to Treat Patients

 

Foothill Ranch, Calif., November 12, 2020

– BIOLASE, Inc. (NASDAQ: BIOL), the global leader in dental lasers, today announced its financial results for the third quarter ended September 30, 2020.

 

Third Quarter 2020 Financial Highlights:

 

 

U.S. laser revenue increased 16% year over year

 

U.S. consumables and other revenue increased 25% year over year

 

New customers represented over 90% of U.S. laser sales in the quarter

 

Total revenue more than doubled sequentially, while down 24% year over year

 

Operating expenses decreased 24% year over year

 

Significantly strengthened balance sheet with an $18.0 million equity raise

“Our significantly improved third quarter revenue was driven by several factors, including 95% of dental offices having reopened in the United States, dental procedure levels having reached 70-80% of their pre-Covid-19 levels, and the fact that our product portfolio reduces the risk of infectious pathogens,” said Todd Norbe, President and Chief Executive Officer. “Our Epic Hygiene dental laser meets the Centers for Disease Control and Prevention (CDC) guidelines to minimize the risk of COVID-19, while our all-tissue Waterlase dental lasers create 98% less aerosol than traditional dental handpieces, meeting the American Dental Association’s recommendation of reduced aerosol production to limit the spread of infectious pathogens, such as COVID-19. These unique attributes meet the rising needs of both dentists and patients as they look for solutions that allow them to provide and receive dental treatment in the safest way possible.”  

2020 Third Quarter Financial Results

Net revenue for the third quarter of 2020 was $6.5 million an increase of 124% sequentially from second quarter revenue of $2.9 million, and a decrease of 24%, compared to net revenue of $8.6 million for the third quarter of 2019. U.S. laser revenue was $2.7 million in the third quarter of 2020 up 16% when compared to U.S. laser revenue of $2.3 million for the third quarter of 2019. This increase is due to higher average selling prices in the third quarter of 2020 than in 2019. U.S. consumables and other revenue for the third quarter of 2020, which consists of revenue from consumable products such as disposable tips, increased 25% compared to the third quarter of 2019. Outside the U.S., laser revenue declined 64% to $1.0 million for the third quarter of 2020 compared to $2.8 million for the third quarter of 2019.


The following information was filed by Biolase, Inc (BIOL) on Thursday, November 12, 2020 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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