IRVINE, Calif.--(BUSINESS WIRE)--BIOLASE, Inc. (NASDAQ:BIOL), the global leader in dental lasers, today reported its financial results for the third quarter and nine months ended September 30, 2016.
2016 Third Quarter highlights with comparisons to 2015 Third Quarter include:
- Worldwide revenue of $13.2 million increased $2.0 million, or 18%, with a 33% increase in U.S. sales and a 4% decrease internationally
- WaterLase® revenue increased 77% in the U.S. and decreased 1% internationally
- EPIC® revenue increased 10% in the U.S. and 2% internationally
- Quarterly average selling price of flagship WaterLase® iPlus continued to improve
- Operating loss decreased by 41%
- Gross margin of 42%, increased more than 1220 basis points due to improved pricing and geographic sales mix
- Cash burn rate decreased 53% to $2.2 million, which included $0.8 million of increased inventory related to new product development
- Made significant progress in the Company’s internal and external new product development programs
- Successfully completed a $10 million private placement
- Recruited dental industry veteran Holger Arens to the newly created position of Vice President and Managing Director for Europe, the Middle East and Africa (EMEA)
- Subsequent to the quarter, recruited renowned dental educator and periodontist Samuel B. Low, D.D.S. to the newly created position of Vice President, Dental and Clinical Affairs and Chief Dental Officer
2016 Nine Month highlights with comparisons to 2015 Nine Months include:
- Worldwide revenue of $38.0 million increased $4.1 million, or 12%, driven by U.S. sales
- WaterLase® revenue increased 43% in the U.S. and 2% internationally
- Worldwide EPIC® revenue increased 8%, driven by a 21% increase in the U.S.
- Operating loss decreased by 39%
- Gross margin of 39%, increased more than 880 basis points due to improved pricing and geographic sales mix
- Operating expenses decreased by $2.2 million, or 8%
- Cash burn rate decreased by 45% to $9.0 million
President and CEO Harold Flynn, Jr. said, “We had a solid third quarter overall with continued operational improvements and excellent financial results. In what is seasonally a weak quarter in the dental industry, total worldwide revenues grew 18 percent, gross margins improved materially and our cash burn decreased significantly. We also completed a $10 million private placement, providing us funds to further the ongoing transition of BIOLASE into a successful, disciplined commercial enterprise. The exceptional work of our U.S. team continued to be a highlight. In the U.S., our largest and most profitable geographic market, the team grew overall revenues by 33 percent and our flagship Waterlase product revenues by 77 percent. International revenues were down slightly, but we are taking the necessary steps to build a substantial international enterprise, which we believe is an important and significant opportunity in the longer term. To help lead our international expansion program, we recruited veteran dental industry executive Holger Arens to fill the newly-created position of Vice President and Managing Director for EMEA. Holger joined our leadership team in early October and is already making important contributions to our efforts to grow and improve our business in EMEA.
