FOOTHILL RANCH, Calif.,
Aug. 12, 2021 /PRNewswire/ --
BIOLASE, Inc. (NASDAQ: BIOL), the global leader in dental
lasers, today announced its financial results for its second
quarter ended June 30, 2021 and
provided third quarter 2021 revenue guidance.
2021 Second Quarter Operating Highlights (all
comparisons are on a year-over-year basis unless specified
otherwise):
- Net revenue grew 211% to $9.1
million:
-
- Over 70% of U.S. laser sales came from new customers,
continuing a positive trend
- Over 35% of U.S. Waterlase sales came from dental
specialists
- Net revenue was 6% higher than the pre-pandemic revenues during
the second quarter of 2019
- Laser system sales increased 424%
- Consumables and other revenue increased 173%
- U.S. and international revenue increased 167% and 340%,
respectively, as more dental practices were operating during the
2021 second quarter compared to the year-ago second quarter due to
the COVID-19 pandemic
- Gross margin was 44%, up 1,200 basis points, due to the higher
year-over-year revenue, favorable revenue mix and higher average
selling prices for products sold during the quarter
- Net loss was $702,000 or
$0.00 per share, compared to a net
loss of $4.7 million or $0.12 per share a year ago
- Maintained strong balance sheet, as cash and cash equivalents
totaled $37.1 million at quarter
end
"Our strong second quarter performance is due to rising demand
for our industry-leading dental lasers as a result of our
intensified focus on education and training, the increased safety
our lasers provide to dentists and their patients, and the
published studies highlighting the improved results our laser
provides to treat perio-disease," commented John Beaver, President and Chief Executive
Officer.
"With over 70% of our U.S. laser sales being generated from new
customers during the quarter, and over 35% of our U.S. Waterlase
sales coming from dental specialists, it's clear our messaging,
marketing, educational and training efforts are bearing
fruit. However, I believe this is only the beginning because
our industry-leading dental lasers provide a better standard of
care for dental procedures. In addition, they ensure a safer
environment for dental practitioners and patients by reducing
aerosolization to mitigate the spread of infectious pathogens, such
as COVID-19. Dental practitioners experienced a significant
disruption to their business during the peak pandemic period.
However, our lasers limit their exposure, from a health and
business perspective, which was another contributing factor to our
strong turnaround from one year ago."
"Our focus on educating and training dental specialists on the
benefits of our lasers is already leading to increased adoption
across these large and untapped markets. In fact, this momentum is
giving us greater visibility into Q3, and we feel comfortable
providing guidance regarding expected significant year-over-year
improvement across our key performance metrics, including revenue
and gross margin," concluded Mr. Beaver.
2021 Second Quarter Financial Results
Net revenue for the second quarter of 2021 was $9.1 million, an increase of 211% compared to net
revenue of $2.9 million for the
second quarter of 2020, which was the quarter impacted the most by
the COVID-19 pandemic as many dental practitioners were forced to
suspend procedures. U.S. laser revenue was $3.3 million for the second quarter of 2021, up
299% when compared to U.S. laser revenue of $0.8 million for the second quarter of 2020. U.S.
consumables and other revenue for the second quarter of 2021, which
consists of revenue from consumable products such as disposable
tips, increased 258% compared to the second quarter of 2020.
Outside the U.S., laser revenue increased 806% to $2.5 million for the second quarter of 2021,
compared to $0.3 million for the
second quarter of 2020, and consumables and other revenue increased
85% year over year as recovery from the pandemic improved
internationally.
Gross margin for the second quarter of 2021 was 44%, compared to
32% for the second quarter of 2020. The higher gross margin
reflects the impact of the increase in revenues and increased
average selling prices for products sold during the second quarter
of 2021. Total operating expenses were $7.3
million for the second quarter of 2021, compared to
$4.9 million for the second quarter
of 2020. Operating loss for the second quarter of 2021, was
$3.3 million, compared to an
operating loss of $4.0 million in the
second quarter of 2020. Net loss for the second quarter of 2021 was
$702,000, or $0.00 per share, compared to a net loss of
$4.7 million, or $0.12 per share, for the second quarter of 2020.
The improvement in net loss for the quarter was favorably impacted
by a $3.0 million gain due to the forgiveness of a
Paycheck Protection Program loan during the quarter.
Cash, cash equivalents, and restricted cash totaled $37.3 million as of June
30, 2021.
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 second quarter of 2021 was
$2.7 million, or $0.02 per share, compared to Adjusted EBITDA loss
of $2.9 million, or $0.08 per share, for the second quarter of
2020.
2021 Third Quarter Revenue Guidance
The Company continues to experience high demand for its dental
lasers and is currently forecasting revenue for the third quarter
ending September 30, 2021, to be
significantly above the year-ago third quarter despite the pent up
demand the Company experienced in last year's Q3 as procedure
volume dramatically improved from historically low levels in the
2020 second quarter. Even though the third quarter of the year is
seasonally our second weakest revenue quarter, we expect the third
quarter of 2021 to approach revenues we achieved in the second
quarter of 2021.
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 second quarter ended June
30, 2021, 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) 367-2403. For
international participants outside the U.S./Canada, the dial-in number is (334) 777-6978.
For all callers, refer to the Conference ID 9019839. 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 the anticipated effects of our messaging, marketing,
educational and training efforts; BIOLASE's expected revenue,
revenue growth and gross margin for the third quarter of 2021; and
anticipated cash needs. 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. 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 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 AND COMPREHENSIVE LOSS
(Unaudited, in
thousands, except per share data)
|
|
|
|
Three Months
Ended
|
|
|
Six Months
Ended
|
|
|
|
June 30,
|
|
|
June 30,
|
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
Net
revenue
|
|
$
|
9,134
|
|
|
$
|
2,938
|
|
|
$
|
17,250
|
|
|
$
|
7,721
|
|
Cost of
revenue
|
|
|
5,093
|
|
|
|
1,997
|
|
|
|
10,469
|
|
|
|
5,427
|
|
Gross
profit
|
|
|
4,041
|
|
|
|
941
|
|
|
|
6,781
|
|
|
|
2,294
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and
marketing
|
|
|
3,311
|
|
|
|
2,093
|
|
|
|
6,864
|
|
|
|
4,797
|
|
General and
administrative
|
|
|
2,779
|
|
|
|
2,137
|
|
|
|
6,134
|
|
|
|
5,147
|
|
Engineering and
development
|
|
|
1,162
|
|
|
|
690
|
|
|
|
2,966
|
|
|
|
1,680
|
|
Loss on patent
litigation settlement
|
|
|
72
|
|
|
|
—
|
|
|
|
161
|
|
|
|
—
|
|
Total operating
expenses
|
|
|
7,324
|
|
|
|
4,920
|
|
|
|
16,125
|
|
|
|
11,624
|
|
Loss from
operations
|
|
|
(3,283)
|
|
|
|
(3,979)
|
|
|
|
(9,344)
|
|
|
|
(9,330)
|
|
(Gain) Loss on foreign
currency transactions
|
|
|
(69)
|
|
|
|
40
|
|
|
|
136
|
|
|
|
126
|
|
Interest expense,
net
|
|
|
582
|
|
|
|
625
|
|
|
|
1,157
|
|
|
|
1,214
|
|
Gain on debt
forgiveness
|
|
|
(3,014)
|
|
|
|
—
|
|
|
|
(3,014)
|
|
|
|
—
|
|
Non-operating (gain)
loss, net
|
|
|
(2,501)
|
|
|
|
665
|
|
|
|
(1,721)
|
|
|
|
1,340
|
|
Loss before income
tax provision (benefit)
|
|
|
(782)
|
|
|
|
(4,644)
|
|
|
|
(7,623)
|
|
|
|
(10,670)
|
|
Income tax provision
(benefit)
|
|
|
(80)
|
|
|
|
53
|
|
|
|
(20)
|
|
|
|
34
|
|
Net loss
|
|
|
(702)
|
|
|
|
(4,697)
|
|
|
|
(7,603)
|
|
|
|
(10,704)
|
|
Other comprehensive
loss items:
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustments
|
|
|
65
|
|
|
|
74
|
|
|
|
(83)
|
|
|
|
56
|
|
Comprehensive
loss
|
|
$
|
(637)
|
|
|
$
|
(4,623)
|
|
|
$
|
(7,686)
|
|
|
$
|
(10,648)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(702)
|
|
|
$
|
(4,697)
|
|
|
$
|
(7,603)
|
|
|
$
|
(10,704)
|
|
Deemed dividend on
convertible preferred stock
|
|
|
(6)
|
|
|
|
—
|
|
|
|
(538)
|
|
|
|
—
|
|
Net loss attributable
to common stockholders
|
|
$
|
(708)
|
|
|
$
|
(4,697)
|
|
|
$
|
(8,141)
|
|
|
$
|
(10,704)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share
attributable to common stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.00)
|
|
|
$
|
(0.12)
|
|
|
$
|
(0.06)
|
|
|
$
|
(0.31)
|
|
Diluted
|
|
$
|
(0.00)
|
|
|
$
|
(0.12)
|
|
|
$
|
(0.06)
|
|
|
$
|
(0.31)
|
|
Shares used in the
calculation of net loss per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
150,665
|
|
|
|
37,990
|
|
|
|
142,693
|
|
|
|
34,709
|
|
Diluted
|
|
|
150,665
|
|
|
|
37,990
|
|
|
|
142,693
|
|
|
|
34,709
|
|
BIOLASE,
INC.
CONSOLIDATED
BALANCE SHEETS
(Unaudited, in
thousands, except per share data)
|
|
|
|
June 30,
|
|
|
December 31,
|
|
|
|
2021
|
|
|
2020
|
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
37,081
|
|
|
$
|
17,564
|
|
Restricted
cash
|
|
|
204
|
|
|
|
312
|
|
Accounts receivable,
less allowance of $3,908 and $4,017 in 2021 and 2020,
respectively
|
|
|
3,819
|
|
|
|
3,059
|
|
Inventory
|
|
|
12,715
|
|
|
|
11,157
|
|
Prepaid expenses and
other current assets
|
|
|
1,521
|
|
|
|
3,018
|
|
Total current
assets
|
|
|
55,340
|
|
|
|
35,110
|
|
Property, plant, and
equipment, net
|
|
|
916
|
|
|
|
782
|
|
Goodwill
|
|
|
2,926
|
|
|
|
2,926
|
|
Right of use
asset
|
|
|
1,842
|
|
|
|
1,976
|
|
Other
assets
|
|
|
225
|
|
|
|
231
|
|
Total
assets
|
|
$
|
61,249
|
|
|
$
|
41,025
|
|
LIABILITIES,
REDEEMABLE PREFERRED STOCK AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
3,502
|
|
|
$
|
2,651
|
|
Accrued
liabilities
|
|
|
6,461
|
|
|
|
6,667
|
|
Deferred revenue,
current portion
|
|
|
2,056
|
|
|
|
1,905
|
|
Term loan, net of
discount
|
|
|
700
|
|
|
|
—
|
|
Total current
liabilities
|
|
|
12,719
|
|
|
|
11,223
|
|
Deferred
revenue
|
|
|
333
|
|
|
|
374
|
|
Warranty
accrual
|
|
|
507
|
|
|
|
384
|
|
Non current term
loans, net of discount
|
|
|
12,703
|
|
|
|
16,186
|
|
Non current operating
lease liability
|
|
|
1,602
|
|
|
|
1,774
|
|
Other
liabilities
|
|
|
129
|
|
|
|
1,056
|
|
Total
liabilities
|
|
|
27,993
|
|
|
|
30,997
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
Series F Preferred
stock, par value $0.001 per share
|
|
|
35
|
|
|
|
118
|
|
Common stock, par
value $0.001 per share
|
|
|
151
|
|
|
|
98
|
|
Additional paid-in
capital
|
|
|
292,517
|
|
|
|
261,573
|
|
Accumulated other
comprehensive loss
|
|
|
(468)
|
|
|
|
(385)
|
|
Accumulated
deficit
|
|
|
(258,979)
|
|
|
|
(251,376)
|
|
Total stockholders'
equity
|
|
|
33,256
|
|
|
|
10,028
|
|
Total liabilities,
redeemable preferred stock and stockholders' equity
|
|
$
|
61,249
|
|
|
$
|
41,025
|
|
BIOLASE,
INC.
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Unaudited, in
thousands)
|
|
|
|
Six Months
Ended
|
|
|
|
June 30,
|
|
|
|
2021
|
|
|
2020
|
|
Cash Flows from
Operating Activities:
|
|
|
|
|
|
|
Net loss
|
|
$
|
(7,603)
|
|
|
$
|
(10,704)
|
|
Adjustments to
reconcile net loss to net cash and cash equivalents used in
operating activities:
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
176
|
|
|
|
488
|
|
Provision for bad
debts
|
|
|
(79)
|
|
|
|
1,008
|
|
Inventory write-offs
and disposals
|
|
|
(103)
|
|
|
|
—
|
|
Amortization of
discount on lines of credit
|
|
|
84
|
|
|
|
74
|
|
Amortization of debt
issuance costs
|
|
|
193
|
|
|
|
121
|
|
Patent litigation
mark-to-market
|
|
|
161
|
|
|
|
—
|
|
Stock-based
compensation
|
|
|
1,297
|
|
|
|
1,519
|
|
Gain on debt
forgiveness
|
|
|
(3,014)
|
|
|
|
—
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
(682)
|
|
|
|
3,633
|
|
Inventory
|
|
|
(1,455)
|
|
|
|
(937)
|
|
Prepaid expenses and
other current assets
|
|
|
438
|
|
|
|
(14)
|
|
Accounts payable and
accrued liabilities
|
|
|
471
|
|
|
|
(3,835)
|
|
Deferred
revenue
|
|
|
108
|
|
|
|
(692)
|
|
Net cash and cash
equivalents used in operating activities
|
|
|
(10,008)
|
|
|
|
(9,339)
|
|
Cash Flows from
Investing Activities:
|
|
|
|
|
|
|
Purchases of property,
plant, and equipment
|
|
|
(311)
|
|
|
|
(81)
|
|
Net cash and cash
equivalents used in investing activities
|
|
|
(311)
|
|
|
|
(81)
|
|
Cash Flows from
Financing Activities:
|
|
|
|
|
|
|
Proceeds from the sale
of common stock
|
|
|
13,291
|
|
|
|
3,881
|
|
Proceeds from the sale
of common stock warrants
|
|
|
—
|
|
|
|
3,031
|
|
Payments of equity
offering costs
|
|
|
(6)
|
|
|
|
(991)
|
|
Borrowings on other
long-term loans
|
|
|
—
|
|
|
|
3,140
|
|
Borrowings on credit
facility
|
|
|
—
|
|
|
|
3,000
|
|
Repayment of credit
facility
|
|
|
—
|
|
|
|
(3,000)
|
|
Fees paid for debt
instruments
|
|
|
—
|
|
|
|
(50)
|
|
Proceeds from the
exercise of common stock warrants
|
|
|
16,550
|
|
|
|
—
|
|
Payment of debt
issuance costs
|
|
|
(24)
|
|
|
|
—
|
|
Net cash and cash
equivalents provided by financing activities
|
|
|
29,811
|
|
|
|
9,011
|
|
Effect of exchange
rate changes
|
|
|
(83)
|
|
|
|
57
|
|
Increase (decrease) in
cash, cash equivalents and restricted cash
|
|
|
19,409
|
|
|
|
(352)
|
|
Cash, cash equivalents
and restricted cash, beginning of period
|
|
|
17,876
|
|
|
|
6,101
|
|
Cash, cash equivalents
and restricted cash, end of period
|
|
$
|
37,285
|
|
|
$
|
5,749
|
|
Supplemental cash flow
disclosure:
|
|
|
|
|
|
|
Cash paid for
interest
|
|
$
|
886
|
|
|
$
|
466
|
|
Cash received for
interest
|
|
$
|
29
|
|
|
$
|
—
|
|
Cash paid for income
taxes
|
|
$
|
130
|
|
|
$
|
26
|
|
Cash paid for
operating leases
|
|
$
|
263
|
|
|
$
|
188
|
|
Non-cash accrual for
capital expenditures
|
|
$
|
—
|
|
|
$
|
35
|
|
Non-cash settlement of
liability
|
|
$
|
510
|
|
|
$
|
—
|
|
Non-cash right-of-use
assets obtained in exchange for lease obligation
|
|
$
|
48
|
|
|
$
|
570
|
|
Warrants issued in
connection with debt instruments
|
|
$
|
—
|
|
|
$
|
67
|
|
Non-GAAP Financial Measures
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.
Adjusted EBITDA is defined as net income (loss) before interest,
taxes, depreciation and amortization, loss on patent litigation
settlement, stock-based and other non-cash compensation, debt
forgiveness, 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 and
GAAP Net Loss Per
Share to Adjusted EBITDA Per Share
(Unaudited, in
thousands, except per share data)
|
|
|
|
Three Months
Ended
|
|
|
Six Months
Ended
|
|
|
|
June 30,
|
|
|
June 30,
|
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
GAAP net loss
attributable to common stockholders
|
|
$
|
(708)
|
|
|
$
|
(4,697)
|
|
|
$
|
(8,141)
|
|
|
$
|
(10,704)
|
|
Deemed dividend on
convertible preferred stock
|
|
|
6
|
|
|
|
—
|
|
|
|
538
|
|
|
|
—
|
|
GAAP net
loss
|
|
$
|
(702)
|
|
|
$
|
(4,697)
|
|
|
$
|
(7,603)
|
|
|
$
|
(10,704)
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
|
582
|
|
|
|
625
|
|
|
|
1,157
|
|
|
|
1,214
|
|
Income tax provision
(benefit)
|
|
|
(80)
|
|
|
|
53
|
|
|
|
(20)
|
|
|
|
34
|
|
Depreciation and
amortization
|
|
|
91
|
|
|
|
307
|
|
|
|
176
|
|
|
|
488
|
|
Change in allowance
for doubtful accounts
|
|
|
27
|
|
|
|
22
|
|
|
|
(79)
|
|
|
|
1,008
|
|
Loss on patent
litigation settlement
|
|
|
72
|
|
|
|
—
|
|
|
|
161
|
|
|
|
—
|
|
Stock-based and other
non-cash compensation
|
|
|
369
|
|
|
|
801
|
|
|
|
1,297
|
|
|
|
1,519
|
|
Gain on debt
forgiveness
|
|
|
(3,014)
|
|
|
|
—
|
|
|
|
(3,014)
|
|
|
|
—
|
|
Adjusted
EBITDA
|
|
$
|
(2,655)
|
|
|
$
|
(2,889)
|
|
|
$
|
(7,925)
|
|
|
$
|
(6,441)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net loss
attributable to common stockholders
per share, basic and diluted
|
|
$
|
—
|
|
|
$
|
(0.12)
|
|
|
$
|
(0.06)
|
|
|
$
|
(0.31)
|
|
Deemed dividend on
convertible preferred stock
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
GAAP net loss per
share, basic and diluted
|
|
$
|
—
|
|
|
$
|
(0.12)
|
|
|
$
|
(0.06)
|
|
|
$
|
(0.31)
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
|
—
|
|
|
|
0.02
|
|
|
|
0.01
|
|
|
|
0.03
|
|
Income tax provision
(benefit)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Depreciation and
amortization
|
|
|
—
|
|
|
|
0.01
|
|
|
|
—
|
|
|
|
0.01
|
|
Change in allowance
for doubtful accounts
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.03
|
|
Loss on patent
litigation settlement
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Stock-based and other
non-cash compensation
|
|
|
—
|
|
|
|
0.01
|
|
|
|
0.02
|
|
|
|
0.05
|
|
Gain on debt
forgiveness
|
|
|
(0.02)
|
|
|
|
—
|
|
|
|
(0.02)
|
|
|
|
—
|
|
Adjusted EBITDA per
share, basic and diluted
|
|
$
|
(0.02)
|
|
|
$
|
(0.08)
|
|
|
$
|
(0.05)
|
|
|
$
|
(0.19)
|
|
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SOURCE BIOLASE, Inc.