IRVINE, CA--(Marketwired - June 17, 2013) - BIOLASE, Inc. (NASDAQ: BIOL), the world's leading manufacturer and distributor of dental lasers, announced that Friday, June 14th as of 6:00 pm NYT it has been disclosed by Russell to have been preliminarily chosen to be added to the 2013 versions of the Russell 3000 Index (Russell Ticker: RUA, Bloomberg Ticker: RAY) and the Russell Global Index (Russell Ticker: RGIUSD, Bloomberg Ticker: RGI). Russell captures 98% of the dollar volume of the tradable market for U.S. institutional equity products that report a benchmark. With $4.1 trillion in assets benchmarked, more U.S. institutional funds track Russell indexes than all other U.S. equity indexes combined.
The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies, with a mean market capitalization of $1.2 billion. It is constructed to provide a comprehensive, unbiased, and stable barometer of the broad market and is reconstituted annually to ensure new and growing equities are reflected. For the 2013 rebalancing, 64 companies had left the index via mergers or acquisition activity, 93 companies were deleted, and 157 new companies were added. BIOLASE is one of the 157 new companies added to the Index.
The Russell Global Index is intended to represent the investable global equity market by market capitalization. It includes some 10,000 securities in 47 countries. For the 2013 rebalancing, a net of 37 companies had left the index via mergers or acquisitions, 769 companies were deleted, and 806 new companies were added. BIOLASE is one of the 806 new companies added to the 2013 Russell Global Index.
"The inclusion of our company in the widely-followed Russell 3000 and Russell Global Indices is the result of the substantial growth in our business since new Management and Board of Directors took over in August 2010," said Federico Pignatelli, Chairman and CEO of BIOLASE. "We know that a number of institutional funds use these indices for their buying guidelines. Indeed, a May 31, 2013 research report from Cantor Fitzgerald predicted that if we are included in this year's Russell indices, an additional 2.5 million to 3.0 million BIOL shares will be purchased to be included by June 28th 2013 for Index-based funds' compliance with their own guidelines."
"We are honored to be included in the Russell 3000 because of the statement this makes about investor recognition of the prosperity and growth of BIOLASE. We also welcome the upcoming comparison that being in the index will bring us with last year's top-performing component companies, such as Affymax, Inc., Vanda Pharmaceuticals, and Mannkind Corp.," said Alexander Arrow, MD, President and COO of BIOLASE. "As our business progresses the way we strategically plan over the next twelve months and beyond, and BIOLASE is recognized by investors for the value we are creating, I anticipate that we will be named one of the year's top-performers by the time of next year's Russell Index rebalancing."
Please note: Russell's U.S. Indexes cover 98% of the U.S. equity investable universe and include companies determined to be part of the U.S. equity market according to Russell's robust country classification methodology. All Russell U.S. Indexes are subsets of the Russell 3000® Index, which includes the well-known large cap Russell 1000® Index and small cap Russell 2000® Index.
About BIOLASE, Inc.
BIOLASE, Inc. is a biomedical company that develops, manufactures, and markets innovative lasers in dentistry and medicine and also markets and distributes high-end 2D and 3D digital imaging equipment and CAD/CAM intraoral scanners; products that are focused on technologies that advance the practice of dentistry and medicine. The Company's proprietary laser products incorporate over 350 patented and patent-pending technologies designed to provide biologically clinically superior performance with less pain and faster recovery times. Its imaginative products provide cutting-edge technology at competitive prices to deliver the best results for dentists and patients. BIOLASE's 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 more than 22,500 lasers. Other laser products under development address ophthalmology and other medical and consumer markets.
For updates and information on WaterLase and laser dentistry, find BIOLASE online at www.biolase.com, Facebook at www.facebook.com/biolaseinc, Twitter at www.twitter.com/biolaseinc, Pinterest at www.pinterest.com/biolase, LinkedIn at www.linkedin.com/company/biolase, Instagram at www.instagram.com/biolaseinc and YouTube at www.youtube.com/biolasevideos.
BIOLASE® and WaterLase® are registered trademarks of BIOLASE, Inc.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements contained in this press release that refer to BIOLASE's estimated or anticipated future results or other non-historical facts are forward-looking statements, as are any statements in this press release concerning prospects related to BIOLASE's strategic initiatives, product introductions and anticipated financial performance. Forward-looking statements can also be identified through the use of words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," "may," "will," 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 perspective of existing trends and information 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 affecting BIOLASE's business. 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 may be detailed, from time-to-time, in BIOLASE's reports filed with the SEC. BIOLASE does not undertake any responsibility to revise or update any forward-looking statements contained herein.