FOOTHILL RANCH,
Calif., Jan. 10,
2022 /PRNewswire/ -- BIOLASE, Inc. (NASDAQ:
BIOL), the global leader in dental lasers, today announced
preliminary 2021 fourth quarter revenue results that are
significantly above fourth quarter revenue for both 2020 and
pre-COVID 2019. The Company will announce the results for the
fourth quarter and full year ended December
31, 2021 in the first half of March 2022.
The Company believes it is well positioned with its
industry-leading dental lasers to leverage and capitalize upon the
momentum it generated throughout 2021. Below are preliminary fourth
quarter results along with a recap of the Company's 2021 key
accomplishments and anticipated operational and product milestones
as the Company looks to execute its business plan to increase
adoption of BIOLASE's laser products by new and existing customers
and dental specialists.
Preliminary 2021 Fourth Quarter Results
- Revenue is expected to be in the range of $12.2 million to $12.5
million, up 44% to 47% over the fourth quarter 2020 results
and up 20% to 23% over the fourth quarter 2019 pre-COVID
results
- BIOLASE continued to gain momentum with new customers and
dental specialists during the quarter
- Approximately 90% of BIOLASE's sales territories were fully
staffed at the end of the quarter
- BIOLASE received approval for its new EdgePRO laser, which it
developed with EdgeEndo, a global leader in commercializing
products for the endodontics market
- Cash and cash equivalents are expected to be approximately
$30.0 million at year end, which the
Company believes will be sufficient to execute BIOLASE's multi-year
growth strategy
Meaningful Accomplishments Throughout 2021
- Executed agreement with Dental Care Alliance (DCA), one of the
largest dental support organizations (DSO) in the United States with more than 330
affiliated practices in 20 states, to expand laser adoption and
hands-on training programs in targeted geographies
- Demonstrated leadership in creating awareness of the benefits
of laser dentistry through over 400 webinars, events, study clubs
and trainings in 2021
- Two prestigious dental journals, the International Journal of
Periodontics & Restorative Dentistry and Lasers in Medical
Science, demonstrated that BIOLASE's Waterlase Er,Cr:YSGG laser
technology can be beneficial for the management of
peri-implantitis
- Strengthened balance sheet with $14M of funding to further drive long-term growth
strategy
- John Beaver, who was critical in
driving the effort to strengthen the Company's balance sheet, was
named CEO and President, and is spearheading the current growth
strategy
- Launched several Specialist Communities – Waterlase Perio,
Waterlase Pediatric Dental, Waterlase Endo, and Epic Hygiene
Academies – to expand the awareness of the benefits of dental
lasers to dental specialists' communities
- Collaborated with EdgeEndo on the co-development of the
EdgePro, BIOLASE's first OEM project, and a next-generation
Laser-Assisted Microfluidic Irrigation device for endodontists
- Received FDA clearance for EdgePro, expanding the Company's
presence and relationships with the endodontists that we believe
will further the Company's goal of making Waterlase technology the
standard of care in endodontics
- Completed the newest version of the RAPID endo protocol, the
first update of our endo protocol since 2007
- Formed a clinical advisory partnership with Dr. L. Stephen Buchanan to help expand laser adoption
and increase hands-on training programs with one of the global
leaders in endodontics
- Appointed three new members of our Board of Directors: Drs.
Kathleen T. O'Loughlin, Carol Gomez Summerhays, and Martha Somerman
Anticipated 2022 Key Operational and Product Milestones to
Position the Company for Long-Term Growth and Success
The Company expects to:
- Continue to grow laser and consumable revenue in 2022 through
continued adoption by the dental community including general
dentists, dental specialists, dental hygienists, and group practice
entities
- Expand participation in our dental specialist and hygiene
academies to expand awareness of BIOLASE lasers
- Increase sales and marketing efforts through more education
regarding the benefits of BIOLASE technology for patients
- Enhance continued support of quality research with five
sponsored studies expected to be published in 2022
- Sign at least one more significant DSO customer in 2022
- Expand its revenue base through its OEM partnership with
EdgeEndo
"Our anticipated strong fourth quarter performance reflects the
rising demand for our industry-leading dental lasers and increased
adoption by new customers including general dentists and
specialists," commented John Beaver, President and Chief
Executive Officer.
"Over the past 12 months, we have formed specialist academies to
expand the awareness of the benefits of our laser to dental
specialists. Specifically, we have launched specialist academies
for endodontists, periodontists, pediatric dentists, and dental
hygienists to drive further adoption of our laser technology. The
market opportunity that exists for BIOLASE within each of these
communities is very meaningful. I believe these initiatives, along
with continued success of our Waterlase Exclusive Trial Programs
and our continued penetration into the DSO market, positions us
well for significant revenue growth in 2022.
"We remain excited because only about 7% of the U.S. dental
community currently uses dental lasers, and with every one
percentage point increase in adoption of laser technology, we
estimate it can generate an additional $50
million in potential revenue for BIOLASE," concluded Mr.
Beaver.
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 300 patented
and 35 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 the expected timing of the release of fourth quarter and
full year 2021 results, estimated fourth quarter 2021 results,
anticipated cash needs, the anticipated effects of BIOLASE's
relationships with endodontists, anticipated 2022 key operational
and product milestones and expectations with respect to future
revenue growth. 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," "guidance,"
"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. In
particular, there can be no assurance that BIOLASE's actual fourth
quarter 2021 results will not differ, perhaps substantially, from
the preliminary results contained in this press release.
BIOLASE has not completed its fourth quarter and full year 2021
closing and review process, and the final results for the fourth
quarter 2021 may differ, perhaps substantially, from the statements
made in this press release. During the course of preparing
our financial statements and during our review process, we may
identify items that would require us to make adjustments that may
be material to the amounts described in this press release.
These adjustments may also affect the expectations discussed in
this press 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 pandemic 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 on Form 10-K and quarterly
report on Form 10-Q for the quarter ended June 30, 2021 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.
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SOURCE BIOLASE, Inc.