FOOTHILL RANCH, Calif.,
Nov. 10, 2021 /PRNewswire/
-- BIOLASE, Inc. (NASDAQ: BIOL), the global leader in
dental lasers, today announced its financial results for its third
quarter ended September 30, 2021 and
provided fourth quarter 2021 revenue guidance.
2021 Third Quarter Operating Highlights (all
comparisons are on a year-over-year basis unless specified
otherwise):
- Net revenue grew 46% to $9.5
million:
-
- 78% of U.S. laser sales came from new customers, continuing a
positive trend
- Approximately 35% of U.S. Waterlase sales came from dental
specialists
- Net revenue was 10% higher than third quarter of 2019, which
was the last pre-pandemic comparable period
- Laser system sales increased 64%
- Consumables and other revenue increased 21%
- U.S. and international revenue increased 25% and 101%,
respectively, as more dental practices were operating during the
2021 third quarter compared to the year-ago third quarter due to
the COVID-19 pandemic
- Gross margin was 51%, up 1,600 basis points, due to the higher
year-over-year revenue, favorable revenue mix and higher average
selling prices for products sold during the quarter
- Maintained strong balance sheet, as cash and cash equivalents
totaled $33.4 million at quarter
end
"Our strong third quarter performance continues to reflect the
rising demand for our industry-leading dental lasers," commented
John Beaver, President and Chief
Executive Officer. "Our efforts to both educate and train
dental specialists is leading to increased adoption across these
large and largely untapped markets. In today's environment, the
fact that BIOLASE lasers provide increased safety to dentists and
their patients is generating a high level of acceptance by dental
practitioners - and we expect this to be a driving force for the
foreseeable future. Our industry-leading dental lasers aim to
provide a better standard of care for dental procedures and seek to
ensure a safer experience while reducing the risk of future
procedure and business disruptions by reducing aerosolization to
mitigate the spread of infectious pathogens, such as COVID-19.
Looking ahead, we expect significant year-over-year improvement
across our key performance metrics, including revenue and gross
margin in the fourth quarter as we continue to gain momentum with
new customers and dental specialists."
2021 Third Quarter Financial Results
Net revenue for the third quarter of 2021 was $9.5 million, an increase of 46% compared to net
revenue of $6.5 million for the third
quarter of 2020, which was impacted by the COVID-19 pandemic as
many dental practitioners were forced to suspend procedures. U.S.
laser revenue was $3.4 million for the third quarter of 2021,
up 25% when compared to U.S. laser revenue of $2.7 million for the third quarter of 2020. U.S.
consumables and other revenue for the third quarter of 2021, which
consists of revenue from consumable products such as disposable
tips, increased 26% compared to the third quarter of 2020. Outside
the U.S., laser revenue increased 168% to $2.7 million for the third quarter of 2021,
compared to $1.0 million for the
third quarter of 2020, and consumables and other revenue increased
13% year over year as recovery from the pandemic improved
internationally.
Gross margin for the third quarter of 2021 was 51%, compared to
35% for the third 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 third quarter of 2021.
Total operating expenses were $7.5
million for the third quarter of 2021, compared to
$5.9 million for the third quarter of
2020. Operating loss for the third quarter of 2021, was
$2.7 million, compared to an
operating loss of $3.7 million in the
third quarter of 2020. Net loss for the third quarter of 2021 was
$3.3 million, or $0.02 per share, compared to a net income of
$12,000, or less than $0.01 per share, for the third quarter of
2020.
Adjusted EBITDA loss for the third quarter of 2021 was
$2.5 million, or $0.02 per share, compared to Adjusted EBITDA loss
of $2.5 million, or $0.03 per share, for the third quarter of
2020.
Cash and cash equivalents totaled $33.4
million as of September 30,
2021. Due to the proactive and strategic decisions the
Company took over the past year, BIOLASE's balance sheet remains
historically strong, and is providing it with the resources the
Company believes it needs to execute its growth strategies for
several years without having to access the capital
markets.
2021 Fourth Quarter Revenue Guidance
The Company continues to experience high demand for its dental
lasers and is currently forecasting revenue for the fourth quarter
ending December 31, 2021 to be above
the pre-pandemic revenue in the fourth quarter of 2019 of
$10.2 million.
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 third quarter ended September 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
3599686. 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 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 future revenue, gross margin and other
key metrics; anticipated demand for BIOLASE's products and
anticipated driving forces such as demand; 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," "forecast,"
"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 BIOLASE's
quarterly report for the second quarter of 2021 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
|
|
|
Nine Months
Ended
|
|
|
|
September 30,
|
|
|
September 30,
|
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
Net
revenue
|
|
$
|
9,531
|
|
|
$
|
6,539
|
|
|
$
|
26,780
|
|
|
$
|
14,260
|
|
Cost of
revenue
|
|
|
4,689
|
|
|
|
4,265
|
|
|
|
15,157
|
|
|
|
9,692
|
|
Gross
profit
|
|
|
4,842
|
|
|
|
2,274
|
|
|
|
11,623
|
|
|
|
4,568
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and
marketing
|
|
|
3,451
|
|
|
|
2,678
|
|
|
|
10,315
|
|
|
|
7,475
|
|
General and
administrative
|
|
|
2,479
|
|
|
|
2,300
|
|
|
|
8,613
|
|
|
|
7,446
|
|
Engineering and
development
|
|
|
1,540
|
|
|
|
963
|
|
|
|
4,506
|
|
|
|
2,644
|
|
Loss on patent
litigation settlement
|
|
|
29
|
|
|
|
—
|
|
|
|
190
|
|
|
|
—
|
|
Total operating
expenses
|
|
|
7,499
|
|
|
|
5,941
|
|
|
|
23,624
|
|
|
|
17,565
|
|
Loss from
operations
|
|
|
(2,657)
|
|
|
|
(3,667)
|
|
|
|
(12,001)
|
|
|
|
(12,997)
|
|
Gain (Loss) on foreign
currency transactions
|
|
|
(36)
|
|
|
|
53
|
|
|
|
(172)
|
|
|
|
(68)
|
|
Interest expense,
net
|
|
|
(569)
|
|
|
|
(568)
|
|
|
|
(1,727)
|
|
|
|
(1,782)
|
|
Gain on debt
forgiveness
|
|
|
—
|
|
|
|
—
|
|
|
|
3,014
|
|
|
|
—
|
|
Other income,
net
|
|
|
—
|
|
|
|
4,209
|
|
|
|
—
|
|
|
|
4,209
|
|
Non-operating gain
(loss), net
|
|
|
(605)
|
|
|
|
3,694
|
|
|
|
1,115
|
|
|
|
2,359
|
|
Loss before income
tax (provision) benefit
|
|
|
(3,262)
|
|
|
|
27
|
|
|
|
(10,886)
|
|
|
|
(10,638)
|
|
Income tax
(provision) benefit
|
|
|
(14)
|
|
|
|
(15)
|
|
|
|
7
|
|
|
|
(49)
|
|
Net income
(loss)
|
|
|
(3,276)
|
|
|
|
12
|
|
|
|
(10,879)
|
|
|
|
(10,687)
|
|
Other comprehensive
loss items:
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustments
|
|
|
(90)
|
|
|
|
111
|
|
|
|
(173)
|
|
|
|
167
|
|
Comprehensive income
(loss)
|
|
$
|
(3,366)
|
|
|
$
|
123
|
|
|
$
|
(11,052)
|
|
|
$
|
(10,520)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
|
(3,276)
|
|
|
$
|
12
|
|
|
$
|
(10,879)
|
|
|
$
|
(10,687)
|
|
Deemed dividend on
convertible preferred stock
|
|
|
(9)
|
|
|
|
(17,378)
|
|
|
|
(546)
|
|
|
|
(17,378)
|
|
Net loss attributable
to common stockholders
|
|
$
|
(3,285)
|
|
|
$
|
(17,366)
|
|
|
$
|
(11,425)
|
|
|
$
|
(28,065)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share
attributable to common stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.02)
|
|
|
$
|
(0.21)
|
|
|
$
|
(0.08)
|
|
|
$
|
(0.56)
|
|
Diluted
|
|
$
|
(0.02)
|
|
|
$
|
(0.21)
|
|
|
$
|
(0.08)
|
|
|
$
|
(0.56)
|
|
Shares used in the
calculation of net loss per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
151,941
|
|
|
|
81,341
|
|
|
|
145,809
|
|
|
|
50,366
|
|
Diluted
|
|
|
151,941
|
|
|
|
81,341
|
|
|
|
145,809
|
|
|
|
50,366
|
|
BIOLASE,
INC.
CONSOLIDATED
BALANCE SHEETS
(Unaudited, in
thousands, except per share data)
|
|
|
September 30,
|
|
|
December 31,
|
|
|
|
2021
|
|
|
2020
|
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
33,385
|
|
|
$
|
17,564
|
|
Restricted
cash
|
|
|
204
|
|
|
|
312
|
|
Accounts receivable,
less allowance of $2,871 and $4,017 as of September 30, 2021
and
December 31, 2020, respectively
|
|
|
3,637
|
|
|
|
3,059
|
|
Inventory
|
|
|
14,062
|
|
|
|
11,157
|
|
Prepaid expenses and
other current assets
|
|
|
1,366
|
|
|
|
3,018
|
|
Total current
assets
|
|
|
52,654
|
|
|
|
35,110
|
|
Property, plant, and
equipment, net
|
|
|
889
|
|
|
|
782
|
|
Goodwill
|
|
|
2,926
|
|
|
|
2,926
|
|
Right of use
asset
|
|
|
1,823
|
|
|
|
1,976
|
|
Other
assets
|
|
|
222
|
|
|
|
231
|
|
Total
assets
|
|
$
|
58,514
|
|
|
$
|
41,025
|
|
LIABILITIES,
REDEEMABLE PREFERRED STOCK AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
3,597
|
|
|
$
|
2,651
|
|
Accrued
liabilities
|
|
|
6,182
|
|
|
|
6,667
|
|
Deferred revenue,
current portion
|
|
|
2,278
|
|
|
|
1,905
|
|
Term loan, net of
discount
|
|
|
1,400
|
|
|
|
—
|
|
Total current
liabilities
|
|
|
13,457
|
|
|
|
11,223
|
|
Deferred
revenue
|
|
|
294
|
|
|
|
374
|
|
Warranty
accrual
|
|
|
472
|
|
|
|
384
|
|
Non current term
loans, net of discount
|
|
|
12,114
|
|
|
|
16,186
|
|
Non current operating
lease liability
|
|
|
1,557
|
|
|
|
1,774
|
|
Other
liabilities
|
|
|
298
|
|
|
|
1,056
|
|
Total
liabilities
|
|
|
28,192
|
|
|
|
30,997
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
Series F Preferred
stock, par value $0.001 per share
|
|
|
34
|
|
|
|
118
|
|
Common stock, par
value $0.001 per share
|
|
|
153
|
|
|
|
98
|
|
Additional paid-in
capital
|
|
|
292,948
|
|
|
|
261,573
|
|
Accumulated other
comprehensive loss
|
|
|
(558)
|
|
|
|
(385)
|
|
Accumulated
deficit
|
|
|
(262,255)
|
|
|
|
(251,376)
|
|
Total stockholders'
equity
|
|
|
30,322
|
|
|
|
10,028
|
|
Total liabilities,
redeemable preferred stock and stockholders' equity
|
|
$
|
58,514
|
|
|
$
|
41,025
|
|
BIOLASE,
INC.
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Unaudited, in
thousands)
|
|
|
Nine Months
Ended
|
|
|
|
September 30,
|
|
|
|
2021
|
|
|
2020
|
|
Cash Flows from
Operating Activities:
|
|
|
|
|
|
|
Net loss
|
|
$
|
(10,879)
|
|
|
$
|
(10,687)
|
|
Adjustments to
reconcile net loss to net cash and cash equivalents used in
operating activities:
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
281
|
|
|
|
527
|
|
Provision for bad
debts
|
|
|
(162)
|
|
|
|
1,263
|
|
Provision for sales
returns
|
|
|
—
|
|
|
|
87
|
|
Inventory write-offs
and disposals
|
|
|
(117)
|
|
|
|
—
|
|
Amortization of
discount on lines of credit
|
|
|
126
|
|
|
|
123
|
|
Amortization of debt
issuance costs
|
|
|
290
|
|
|
|
240
|
|
Patent litigation
mark-to-market
|
|
|
190
|
|
|
|
—
|
|
Change in fair value
of warrants
|
|
|
—
|
|
|
|
(5,850)
|
|
Issuance of restricted
shares
|
|
|
164
|
|
|
|
—
|
|
Issuance costs for
common stock warrants
|
|
|
—
|
|
|
|
1,640
|
|
Stock-based
compensation
|
|
|
1,488
|
|
|
|
2,367
|
|
Gain on debt
forgiveness
|
|
|
(3,014)
|
|
|
|
—
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
(417)
|
|
|
|
4,017
|
|
Inventory
|
|
|
(2,788)
|
|
|
|
(1,597)
|
|
Prepaid expenses and
other current assets
|
|
|
235
|
|
|
|
430
|
|
Accounts payable and
accrued liabilities
|
|
|
705
|
|
|
|
(3,445)
|
|
Deferred
revenue
|
|
|
292
|
|
|
|
(562)
|
|
Net cash and cash
equivalents used in operating activities
|
|
|
(13,606)
|
|
|
|
(11,447)
|
|
Cash Flows from
Investing Activities:
|
|
|
|
|
|
|
Purchases of property,
plant, and equipment
|
|
|
(396)
|
|
|
|
(78)
|
|
Net cash and cash
equivalents used in investing activities
|
|
|
(396)
|
|
|
|
(78)
|
|
Cash Flows from
Financing Activities:
|
|
|
|
|
|
|
Proceeds from the sale
of common stock
|
|
|
13,291
|
|
|
|
6,912
|
|
Proceeds from the sale
of common stock warrants
|
|
|
—
|
|
|
|
15,300
|
|
Proceeds from the
issuance of Series F Convertible Preferred Stock
|
|
|
—
|
|
|
|
2,700
|
|
Payments of equity
offering costs
|
|
|
(6)
|
|
|
|
(1,281)
|
|
Payment of July 2020
Warrant issuance costs
|
|
|
—
|
|
|
|
(1,640)
|
|
Borrowings on other
long-term loans
|
|
|
—
|
|
|
|
3,140
|
|
Principal payment on
loan
|
|
|
—
|
|
|
|
(700)
|
|
Borrowings on credit
facility
|
|
|
—
|
|
|
|
3,000
|
|
Repayment of credit
facility
|
|
|
—
|
|
|
|
(3,000)
|
|
Proceeds from the
exercise of common stock warrants
|
|
|
16,560
|
|
|
|
46
|
|
Payment of debt
issuance costs
|
|
|
(25)
|
|
|
|
(75)
|
|
Proceeds from exercise
of stock options
|
|
|
66
|
|
|
|
—
|
|
Net cash and cash
equivalents provided by financing activities
|
|
|
29,886
|
|
|
|
24,402
|
|
Effect of exchange
rate changes
|
|
|
(171)
|
|
|
|
181
|
|
Increase in cash, cash
equivalents and restricted cash
|
|
|
15,713
|
|
|
|
13,058
|
|
Cash, cash equivalents
and restricted cash, beginning of period
|
|
|
17,876
|
|
|
|
6,101
|
|
Cash, cash equivalents
and restricted cash, end of period
|
|
$
|
33,589
|
|
|
$
|
19,159
|
|
Supplemental cash flow
disclosure:
|
|
|
|
|
|
|
Cash paid for
interest
|
|
$
|
1,328
|
|
|
$
|
1,438
|
|
Cash received for
interest
|
|
$
|
44
|
|
|
$
|
—
|
|
Cash paid for income
taxes
|
|
$
|
154
|
|
|
$
|
21
|
|
Cash paid for
operating leases
|
|
$
|
185
|
|
|
$
|
417
|
|
Non-cash settlement of
liability
|
|
$
|
510
|
|
|
$
|
151
|
|
Non-cash right-of-use
assets obtained in exchange for lease obligation
|
|
$
|
48
|
|
|
$
|
2,037
|
|
Deemed dividend on
preferred stock
|
|
$
|
546
|
|
|
$
|
17,378
|
|
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, other net income, 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
|
|
|
Nine Months
Ended
|
|
|
|
September 30,
|
|
|
September 30,
|
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
GAAP net loss
attributable to common stockholders
|
|
$
|
(3,285)
|
|
|
$
|
(17,366)
|
|
|
$
|
(11,425)
|
|
|
$
|
(28,065)
|
|
Deemed dividend on
convertible preferred stock
|
|
|
9
|
|
|
|
17,378
|
|
|
|
546
|
|
|
|
17,378
|
|
GAAP net income
(loss)
|
|
$
|
(3,276)
|
|
|
$
|
12
|
|
|
$
|
(10,879)
|
|
|
$
|
(10,687)
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
|
569
|
|
|
|
568
|
|
|
|
1,727
|
|
|
|
1,782
|
|
Income tax provision
(benefit)
|
|
|
14
|
|
|
|
15
|
|
|
|
(7)
|
|
|
|
49
|
|
Depreciation and
amortization
|
|
|
101
|
|
|
|
46
|
|
|
|
281
|
|
|
|
527
|
|
Change in allowance for
doubtful accounts
|
|
|
(83)
|
|
|
|
256
|
|
|
|
(162)
|
|
|
|
1,263
|
|
Loss on patent
litigation settlement
|
|
|
29
|
|
|
|
—
|
|
|
|
190
|
|
|
|
—
|
|
Stock-based and other
non-cash compensation
|
|
|
192
|
|
|
|
847
|
|
|
|
1,488
|
|
|
|
2,367
|
|
Gain on debt
forgiveness
|
|
|
—
|
|
|
|
—
|
|
|
|
(3,014)
|
|
|
|
—
|
|
Other (income) expense,
net
|
|
|
—
|
|
|
|
(4,209)
|
|
|
|
—
|
|
|
|
(4,209)
|
|
Adjusted
EBITDA
|
|
$
|
(2,454)
|
|
|
$
|
(2,465)
|
|
|
$
|
(10,376)
|
|
|
$
|
(8,908)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net loss
attributable to common stockholders
per
share, basic and diluted
|
|
$
|
(0.02)
|
|
|
$
|
(0.21)
|
|
|
$
|
(0.08)
|
|
|
$
|
(0.56)
|
|
Deemed dividend on
convertible preferred stock
|
|
|
—
|
|
|
|
0.21
|
|
|
|
—
|
|
|
|
0.35
|
|
GAAP net loss per
share, basic and diluted
|
|
$
|
(0.02)
|
|
|
$
|
—
|
|
|
$
|
(0.08)
|
|
|
$
|
(0.21)
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
|
—
|
|
|
|
0.01
|
|
|
|
0.01
|
|
|
|
0.04
|
|
Income tax provision
(benefit)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Depreciation and
amortization
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.01
|
|
Change in allowance for
doubtful accounts
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.03
|
|
Loss on patent
litigation settlement
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Stock-based and other
non-cash compensation
|
|
|
—
|
|
|
|
0.01
|
|
|
|
0.01
|
|
|
|
0.05
|
|
Gain on debt
forgiveness
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.02)
|
|
|
|
—
|
|
Other (income) expense,
net
|
|
|
—
|
|
|
|
(0.05)
|
|
|
|
—
|
|
|
|
(0.10)
|
|
Adjusted EBITDA per
share, basic and diluted
|
|
$
|
(0.02)
|
|
|
$
|
(0.03)
|
|
|
$
|
(0.08)
|
|
|
$
|
(0.18)
|
|
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SOURCE BIOLASE, Inc.