FOOTHILL RANCH, Calif.,
March 25, 2021 /PRNewswire/
-- BIOLASE, Inc. (NASDAQ: BIOL), the global leader in
dental lasers, today announced its financial results for the fourth
quarter and full year ended December 31,
2020.
2020 Fourth Quarter Operating Highlights and Recent
Developments:
- Total revenue was $8.5 million,
representing sequential quarterly growth of 31%.
- U.S. revenue exceeded the prior-year fourth quarter, despite
COVID-19 headwinds.
- 78% of sales came from new users, continuing a positive
trend.
- 40% of sales came from dental specialists, a significant
increase compared to recent prior periods.
- Several Dental Services Organizations ("DSOs") purchased
BIOLASE products in the fourth quarter, including Heartland Dental,
Dental Care Alliance, Aspen Dental and Virginia Family
Dentistry.
- BIOLASE significantly bolstered its balance sheet during the
COVID-19 pandemic as cash and cash equivalents totaled $17.9 million on December
31, 2020.
- The Company completed a $14.4
million bought deal in February
2021 increasing its current cash and cash equivalents to
approximately $40.0 million as of
February 28, 2021, including the
proceeds from the exercise of warrants sold in the Company's
July 2020 rights offering.
"Our strong fourth quarter revenue performance is our second
consecutive quarter of significant sequential growth and was driven
by sales to new customers, dental specialists and DSOs in the
U.S.," commented John Beaver,
President and Chief Executive Officer. "Dental specialists, such as
endodontist and periodontists, comprised 40% of our U.S. laser
sales in the fourth quarter, reflecting our ongoing efforts to
educate and train these dental specialists on the benefits of our
lasers to drive increased adoption. Our industry-leading dental
lasers provide a new, improved and better standard of care for
dental procedures while ensuring a safer environment for dental
practitioners and patients by reducing aerosolization to mitigate
the spread of infectious pathogens, such as COVID-19. We are
experiencing high demand from dental specialists for our advanced
dental lasers because these products provide the opportunity they
seek for safer, more advanced alternatives to grow their
practices.
"We have continued to make adjustments to our go-to-market
approach during the pandemic, and the momentum we are seeing in the
current 2021 first quarter gives us greater confidence that we are
nearing a resumption of the growth we were generating prior to
COVID-19. Specifically, despite the ongoing impact of the pandemic,
we expect to report total revenue growth of approximately 65% for
the current first quarter compared to the same quarter a year
ago."
2020 Fourth Quarter Financial Results
Net revenue for the fourth quarter of 2020 was $8.5 million, an increase of 31% sequentially
from third quarter revenue of $6.5
million. Compared to the year-ago fourth quarter, which was
the last full quarter prior to the impact of the COVID-19 pandemic,
revenue decreased 17% from $10.2
million. U.S. laser revenue was $3.8
million for the fourth quarter of 2020, up 15% when compared
to U.S. laser revenue of $3.3 million
for the fourth quarter of 2019. U.S. consumables and other revenue
for the fourth quarter of 2020, which consists of revenue from
consumable products such as disposable tips, decreased 10% compared
to the fourth quarter of 2019. Outside the U.S., laser revenue
declined 52% to $1.7 million for the
fourth quarter of 2020 compared to $3.5
million for the fourth quarter of 2019, and consumables and
other revenue decreased 13% year over year as recovery from the
pandemic has come slower internationally.
Gross margin for the fourth quarter of 2020 was 19%, compared to
43% for the fourth quarter of 2019. The lower gross margin reflects
the impact of a decline in revenues relative to our fixed costs and
a $1.0 million expense for inventory
obsolescence. These impacts were partially offset by higher average
U.S. selling prices of our lasers. Total operating expenses were
$7.1 million for the fourth quarter
of 2020 compared to $7.5 million for
the fourth quarter of 2019, a decrease of approximately 5%.
Operating loss for the fourth quarter of 2020, was $5.5 million, compared to an operating loss of
$3.0 million in the fourth quarter of
2019. Net loss for the fourth quarter of 2020 was $6.1 million, or $0.07 per share, compared to a net loss of
$3.6 million, or $0.13 per share, for the fourth quarter of
2019.
Full Year 2020 Financial Results
Net revenue for the year ended December
31, 2020 was $22.8 million, a
decrease of 40% compared to net revenue of $37.8 million for the year ended December 31, 2019. U.S. laser revenue was
$8.3 million for the year ended
December 31, 2020, a decrease of 25%
compared to U.S. laser revenue of $11.1
million for the year ended December
31, 2019. U.S. consumables and other revenue for the year
ended December 31, 2020, which
consists of revenue from consumable products such as disposable
tips, decreased 29% year over year. International laser revenue
decreased to $4.0 million for the
year ended December 31, 2020 compared
to $11.7 million for the year ended
December 31, 2019.
Gross margin for the year ended December
31, 2020 was 27% compared to 38% for the year ended
December 31, 2019. Total operating
expenses were $24.7 million for the
year ended December 31, 2020 compared
to $29.9 million for the year ended
December 31, 2019, a decrease of
$5.2 million, or 17%, year over year.
Operating loss for the year ended December
31, 2020 was $18.5 million,
compared to an operating loss of $15.6
million for the year ended December
31, 2019, an increase of $2.9
million year over year. Net loss for the year ended
December 31, 2020 was $16.8 million, or $0.28 per share, compared to a net loss of
$17.9 million, or $0.77 per share, for the year ended December 31, 2019.
Adjusted EBITDA – Use of Non-GAAP Measures
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.
Adjusted EBITDA loss for the fourth quarter of 2020 was
$4.5 million, or $0.05 per share, compared with Adjusted EBITDA
loss of $1.7 million, or $0.05 per share, for the fourth quarter of
2019.
Adjusted EBITDA for the year ended December 31, 2020 was a loss of $13.4 million, or $0.22 per share, compared with an Adjusted EBITDA
loss of $10.3 million, or
$0.45 per share, for the year ended
December 31, 2019.
2021 First Quarter Revenue Guidance
For the first quarter ending March 31,
2021, the Company expects total revenue of $7.5 million to $8.0
million, which would represent growth between 60% and 70%
year over year.
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 fourth quarter and full year ended December 31, 2020, 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 800-353-6461. For international participants outside the
U.S./Canada, the dial-in number is
334-323-0501. For all callers, refer to the Conference ID 7623727.
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 271 patented
and 40 patent-pending technologies designed to provide biologically
and clinically superior performance with less pain and faster
recovery times. BIOLASE's innovative products provide cutting-edge
technology at competitive prices to deliver superior 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. BIOLASE has sold over 41,200 laser systems
to date in over 80 countries around the world. Laser products under
development address BIOLASE's 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 BIOLASE's expected revenue and revenue growth during the
first quarter of 2021. Forward-looking statements can be identified
through the use of words such as may," "might," "will," "intend,"
"should," "could," "can," "would," "continue," "expect," "believe,"
"anticipate," "estimate," "predict," "outlook," "potential,"
"plan," "seek," and similar expressions and variations or the
negatives of these terms or other comparable terminology. 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, the
coronavirus (COVID-19) and the effects of the outbreak and actions
taken in connection therewith, 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 in the "Risk Factors" section of BIOLASE's most recent
annual report filed on Form 10-K and quarterly report filed on Form
10-Q filed 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.
Tables to Follow
BIOLASE,
INC.
|
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
|
(Unaudited)
|
|
(In thousands,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
Twelve Months
Ended
|
|
|
|
December
31,
|
|
|
December
31,
|
|
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
Net
revenue
|
|
$
|
|
8,520
|
|
|
$
|
|
10,182
|
|
|
$
|
|
22,780
|
|
|
$
|
|
37,799
|
|
Cost of
revenue
|
|
|
|
6,915
|
|
|
|
|
5,765
|
|
|
|
|
16,607
|
|
|
|
|
23,511
|
|
Gross
profit
|
|
|
|
1,605
|
|
|
|
|
4,417
|
|
|
|
|
6,173
|
|
|
|
|
14,288
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and
marketing
|
|
|
|
3,767
|
|
|
|
|
3,731
|
|
|
|
|
11,242
|
|
|
|
|
14,396
|
|
General and
administrative
|
|
|
|
2,326
|
|
|
|
|
2,634
|
|
|
|
|
9,772
|
|
|
|
|
10,748
|
|
Engineering and
development
|
|
|
|
1,051
|
|
|
|
|
1,100
|
|
|
|
|
3,695
|
|
|
|
|
4,765
|
|
Total operating
expenses
|
|
|
|
7,144
|
|
|
|
|
7,465
|
|
|
|
|
24,709
|
|
|
|
|
29,909
|
|
Loss from
operations
|
|
|
|
(5,539)
|
|
|
|
|
(3,048)
|
|
|
|
|
(18,536)
|
|
|
|
|
(15,621)
|
|
(Gain) loss on foreign
currency transactions
|
|
|
|
(47)
|
|
|
|
|
53
|
|
|
|
|
21
|
|
|
|
|
121
|
|
Interest expense,
net
|
|
|
|
577
|
|
|
|
|
598
|
|
|
|
|
2,359
|
|
|
|
|
2,157
|
|
Other (income)
expense, net
|
|
|
|
(6)
|
|
|
|
|
—
|
|
|
|
|
(4,215)
|
|
|
|
|
—
|
|
Non-operating (loss)
gain
|
|
|
|
524
|
|
|
|
|
651
|
|
|
|
|
(1,835)
|
|
|
|
|
2,278
|
|
Loss before income
tax provision
|
|
|
|
(6,063)
|
|
|
|
|
(3,699)
|
|
|
|
|
(16,701)
|
|
|
|
|
(17,899)
|
|
Income tax provision
(benefit)
|
|
|
|
79
|
|
|
|
|
(112)
|
|
|
|
|
128
|
|
|
|
|
(44)
|
|
Net loss
|
|
$
|
|
(6,142)
|
|
|
$
|
|
(3,587)
|
|
|
$
|
|
(16,829)
|
|
|
$
|
|
(17,855)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
|
(6,142)
|
|
|
$
|
|
(3,587)
|
|
|
$
|
|
(16,829)
|
|
|
$
|
|
(17,855)
|
|
Deemed dividend on
convertible preferred stock
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(17,378)
|
|
|
|
|
—
|
|
Net loss attributable
to common stockholders
|
|
$
|
|
(6,142)
|
|
|
$
|
|
(3,587)
|
|
|
$
|
|
(34,207)
|
|
|
$
|
|
(17,855)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share
attributable to common stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
|
(0.07)
|
|
|
$
|
|
(0.13)
|
|
|
$
|
|
(0.56)
|
|
|
$
|
|
(0.77)
|
|
Diluted
|
|
$
|
|
(0.07)
|
|
|
$
|
|
(0.13)
|
|
|
$
|
|
(0.56)
|
|
|
$
|
|
(0.77)
|
|
Shares used in the
calculation of net loss per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
93,211
|
|
|
|
|
28,118
|
|
|
|
|
61,136
|
|
|
|
|
23,201
|
|
Diluted
|
|
|
|
93,211
|
|
|
|
|
28,118
|
|
|
|
|
61,136
|
|
|
|
|
23,201
|
|
BIOLASE,
INC.
|
|
CONSOLIDATED
BALANCE SHEETS
|
|
(In thousands,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
|
December
31,
|
|
|
|
2020
|
|
|
2019
|
|
|
|
(Unaudited)
|
|
|
(Audited)
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
|
17,564
|
|
|
$
|
|
5,789
|
|
Restricted
cash
|
|
|
|
312
|
|
|
|
|
312
|
|
Accounts receivable,
less allowance of $4,017 and $2,531 in 2020 and 2019, respectively
|
|
|
|
3,059
|
|
|
|
|
8,760
|
|
Inventory
|
|
|
|
11,157
|
|
|
|
|
10,995
|
|
Prepaid expenses and
other current assets
|
|
|
|
3,018
|
|
|
|
|
1,163
|
|
Total current
assets
|
|
|
|
35,110
|
|
|
|
|
27,019
|
|
Property, plant and
equipment, net
|
|
|
|
782
|
|
|
|
|
1,193
|
|
Goodwill
|
|
|
|
2,926
|
|
|
|
|
2,926
|
|
Right of use
asset
|
|
|
|
1,976
|
|
|
|
|
276
|
|
Other
assets
|
|
|
|
231
|
|
|
|
|
433
|
|
Total
assets
|
|
$
|
|
41,025
|
|
|
$
|
|
31,847
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES,
REDEEMABLE PREFERRED STOCK AND
STOCKHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
|
2,651
|
|
|
$
|
|
5,332
|
|
Accrued
liabilities
|
|
|
|
6,667
|
|
|
|
|
4,744
|
|
Deferred revenue,
current portion
|
|
|
|
1,905
|
|
|
|
|
2,237
|
|
Total current
liabilities
|
|
|
|
11,223
|
|
|
|
|
12,313
|
|
Deferred
revenue
|
|
|
|
374
|
|
|
|
|
358
|
|
Warranty
accrual
|
|
|
|
384
|
|
|
|
|
245
|
|
Non current term
loans, net of discount
|
|
|
|
16,186
|
|
|
|
|
13,466
|
|
Non current operating
lease liability
|
|
|
|
1,774
|
|
|
|
|
4
|
|
Other
liabilities
|
|
|
|
1,056
|
|
|
|
|
1,119
|
|
Total
liabilities
|
|
|
|
30,997
|
|
|
|
|
27,505
|
|
Redeemable preferred
stock:
|
|
|
|
|
|
|
|
|
|
|
Series E Preferred
stock, par value $0.001 per share
|
|
|
|
—
|
|
|
|
|
3,965
|
|
Total redeemable
preferred stock
|
|
|
|
—
|
|
|
|
|
3,965
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
|
|
|
Series F Preferred
stock, par value $0.001 per share
|
|
|
|
118
|
|
|
|
|
—
|
|
Common stock, par
value $0.001 per share
|
|
|
|
98
|
|
|
|
|
31
|
|
Additional paid-in
capital
|
|
|
|
261,573
|
|
|
|
|
235,594
|
|
Accumulated other
comprehensive loss
|
|
|
|
(385)
|
|
|
|
|
(701)
|
|
Accumulated
deficit
|
|
|
|
(251,376)
|
|
|
|
|
(234,547)
|
|
Total stockholders'
equity
|
|
|
|
10,028
|
|
|
|
|
377
|
|
Total liabilities,
redeemable preferred stock and stockholders' equity
|
|
$
|
|
41,025
|
|
|
$
|
|
31,847
|
|
BIOLASE,
INC.
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
(Unaudited, in
thousands)
|
|
|
|
Twelve Months
Ended
|
|
|
|
December
31,
|
|
|
|
2020
|
|
|
|
|
2019
|
|
Cash Flows from
Operating Activities:
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(16,829)
|
|
|
|
|
$
|
(17,855)
|
|
Adjustments to
reconcile net loss to net cash and cash equivalents used in
operating activities:
|
|
|
|
|
|
|
|
|
|
|
Depreciation
and amortization
|
|
|
499
|
|
|
|
|
|
982
|
|
Provision for
bad debts
|
|
|
1,328
|
|
|
|
|
|
1,695
|
|
Provision for
sales returns
|
|
|
87
|
|
|
|
|
|
—
|
|
Provision for
inventory excess and obsolescence
|
|
|
(591)
|
|
|
|
|
|
413
|
|
Inventory
disposals
|
|
|
1,300
|
|
|
|
|
|
15
|
|
Amortization of
discounts on lines of credit
|
|
|
165
|
|
|
|
|
|
140
|
|
Amortization of
debt issuance costs
|
|
|
331
|
|
|
|
|
|
188
|
|
Change in fair
value of warrants
|
|
|
(5,850)
|
|
|
|
|
|
—
|
|
Issuance costs
for common stock warrants
|
|
|
1,641
|
|
|
|
|
|
—
|
|
Stock-based
compensation
|
|
|
3,370
|
|
|
|
|
|
2,742
|
|
Warrants issued
to consultants
|
|
|
—
|
|
|
|
|
|
48
|
|
Deferred income
taxes
|
|
|
—
|
|
|
|
|
|
7
|
|
Earned interest
income
|
|
|
—
|
|
|
|
|
|
2
|
|
Changes in
operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
4,286
|
|
|
|
|
|
655
|
|
Inventory
|
|
|
(871)
|
|
|
|
|
|
825
|
|
Prepaid
expenses and other current assets
|
|
|
825
|
|
|
|
|
|
439
|
|
Accounts
payable and accrued liabilities
|
|
|
(2,107)
|
|
|
|
|
|
(3,156)
|
|
Deferred
revenue
|
|
|
(379)
|
|
|
|
|
|
114
|
|
Net cash and cash
equivalents used in operating activities
|
|
|
(12,795)
|
|
|
|
|
|
(12,746)
|
|
Cash Flows from
Investing Activities:
|
|
|
|
|
|
|
|
|
|
|
Purchases of
property, plant, and equipment
|
|
|
(96)
|
|
|
|
|
|
(207)
|
|
Net cash and cash
equivalents used in investing activities
|
|
|
(96)
|
|
|
|
|
|
(207)
|
|
Cash Flows from
Financing Activities:
|
|
|
|
|
|
|
|
|
|
|
Proceeds from
the issuance of common stock
|
|
|
6,912
|
|
|
|
|
|
9,171
|
|
Proceeds from
the issuance of Series F Convertible Preferred Stock
|
|
|
2,700
|
|
|
|
|
|
—
|
|
Proceeds from
the issuance of July 2020 Warrants
|
|
|
15,300
|
|
|
|
|
|
—
|
|
Payments of
equity offering costs
|
|
|
(1,281)
|
|
|
|
|
|
(821)
|
|
Payments of
warrant issuance costs
|
|
|
(1,640)
|
|
|
|
|
|
—
|
|
Borrowings on
other long-term loans
|
|
|
3,140
|
|
|
|
|
|
—
|
|
Borrowings
under term loan
|
|
|
—
|
|
|
|
|
|
2,500
|
|
Principal
payment on term loan
|
|
|
(700)
|
|
|
|
|
|
—
|
|
Borrowings on
credit facility
|
|
|
3,000
|
|
|
|
|
|
—
|
|
Repayment of
credit facility
|
|
|
(3,000)
|
|
|
|
|
|
—
|
|
Payment of debt
issuance costs
|
|
|
(128)
|
|
|
|
|
|
(133)
|
|
Proceeds from
the exercise of common stock warrants
|
|
|
46
|
|
|
|
|
|
—
|
|
Proceeds from
exercise of stock options
|
|
|
—
|
|
|
|
|
|
4
|
|
Net cash and cash
equivalents provided by financing activities
|
|
|
24,349
|
|
|
|
|
|
10,721
|
|
Effect of
exchange rate changes
|
|
|
317
|
|
|
|
|
|
(23)
|
|
Decrease in
cash, cash equivalents and restricted cash
|
|
|
11,775
|
|
|
|
|
|
(2,255)
|
|
Cash, cash equivalents
and restricted cash, beginning of period
|
|
|
6,101
|
|
|
|
|
|
8,356
|
|
Cash, cash equivalents
and restricted cash, end of period
|
|
$
|
17,876
|
|
|
|
|
$
|
6,101
|
|
Supplemental cash flow
disclosure:
|
|
|
|
|
|
|
|
|
|
|
Cash paid for
interest
|
|
$
|
1,881
|
|
|
|
|
$
|
1,784
|
|
Cash received
for interest
|
|
$
|
11
|
|
|
|
|
$
|
—
|
|
Cash paid for
income taxes
|
|
$
|
22
|
|
|
|
|
$
|
35
|
|
Cash paid for
operating leases
|
|
$
|
489
|
|
|
|
|
$
|
797
|
|
Non-cash
accrual for capital expenditures
|
|
$
|
—
|
|
|
|
|
$
|
18
|
|
Non-cash
settlement of performance award liability
|
|
$
|
151
|
|
|
|
|
$
|
201
|
|
Non-cash
right-of-use assets obtained in exchange for lease
obligation
|
|
$
|
2,037
|
|
|
|
|
$
|
276
|
|
Equity
financing costs in accounts payable
|
|
$
|
74
|
|
|
|
|
$
|
129
|
|
Deemed dividend
on convertible preferred stock
|
|
$
|
17,378
|
|
|
|
|
$
|
—
|
|
Forgiveness of
debt
|
|
$
|
10
|
|
|
|
|
$
|
—
|
|
Warrants
exercised in other receivables
|
|
$
|
1,498
|
|
|
|
|
$
|
—
|
|
Warrants issued
in connection with debt instruments
|
|
$
|
67
|
|
|
|
|
$
|
161
|
|
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 its
loan covenants and how management evaluates business
performance.
Adjusted EBITDA is defined as net income (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
|
|
|
Twelve Months
Ended
|
|
|
December
31,
|
|
|
December
31,
|
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
GAAP net loss
attributable to common stockholders
|
$
|
|
(6,142)
|
|
|
$
|
|
(3,587)
|
|
|
$
|
|
(34,207)
|
|
|
$
|
|
(17,855)
|
|
Deemed dividend on
convertible preferred stock
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
17,378
|
|
|
|
|
—
|
|
GAAP net income
(loss)
|
$
|
|
(6,142)
|
|
|
$
|
|
(3,587)
|
|
|
$
|
|
(16,829)
|
|
|
$
|
|
(17,855)
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
|
577
|
|
|
|
|
598
|
|
|
|
|
2,359
|
|
|
|
|
2,157
|
|
Income tax (benefit)
provision
|
|
|
79
|
|
|
|
|
(112)
|
|
|
|
|
128
|
|
|
|
|
(44)
|
|
Depreciation and
amortization
|
|
|
(28)
|
|
|
|
|
228
|
|
|
|
|
499
|
|
|
|
|
982
|
|
Change in allowance
for doubtful accounts
|
|
|
65
|
|
|
|
|
452
|
|
|
|
|
1,328
|
|
|
|
|
1,695
|
|
Stock-based
compensation
|
|
|
1,003
|
|
|
|
|
768
|
|
|
|
|
3,370
|
|
|
|
|
2,742
|
|
Other (income)
expense, net
|
|
|
(6)
|
|
|
|
|
—
|
|
|
|
|
(4,215)
|
|
|
|
|
—
|
|
Adjusted
EBITDA
|
$
|
|
(4,452)
|
|
|
$
|
|
(1,653)
|
|
|
$
|
|
(13,360)
|
|
|
$
|
|
(10,323)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net loss
attributable to common stockholders per share, basic and diluted
|
$
|
|
(0.07)
|
|
|
$
|
|
(0.13)
|
|
|
$
|
|
(0.56)
|
|
|
$
|
|
(0.77)
|
|
Deemed dividend on
convertible preferred stock
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
0.28
|
|
|
|
|
—
|
|
GAAP net income
(loss) per share, basic and diluted
|
$
|
|
(0.07)
|
|
|
$
|
|
(0.13)
|
|
|
$
|
|
(0.28)
|
|
|
$
|
|
(0.77)
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
|
0.01
|
|
|
|
|
0.02
|
|
|
|
|
0.04
|
|
|
|
|
0.09
|
|
Income tax (benefit)
provision
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
Depreciation and
amortization
|
|
|
—
|
|
|
|
|
0.01
|
|
|
|
|
0.01
|
|
|
|
|
0.04
|
|
Change in allowance
for doubtful accounts
|
|
|
—
|
|
|
|
|
0.02
|
|
|
|
|
0.02
|
|
|
|
|
0.07
|
|
Stock-based
compensation
|
|
|
0.01
|
|
|
|
|
0.03
|
|
|
|
|
0.06
|
|
|
|
|
0.12
|
|
Other (income)
expense, net
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(0.07)
|
|
|
|
|
—
|
|
Adjusted EBITDA per
share, basic and diluted
|
$
|
|
(0.05)
|
|
|
$
|
|
(0.05)
|
|
|
$
|
|
(0.22)
|
|
|
$
|
|
(0.45)
|
|
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SOURCE BIOLASE, Inc.