LAKE
FOREST, Calif., Aug. 11,
2022 /PRNewswire/ -- BIOLASE, Inc. (NASDAQ: BIOL),
the global leader in dental lasers, today announced its financial
results for the second quarter ended June
30, 2022.
2022 Second Quarter and Recent Highlights
- Total revenue was $12.2 million,
up 34% year over year
- U.S. laser sales increased 70% year over year and U.S.
consumable sales increased 42% year over year, driven by increased
procedures using BIOLASE lasers
- International laser sales increased 2% year over year, while
international consumable sales increased 3% year over year
- Continued momentum with new customers and dental specialists
with 80% of U.S. Waterlase sales coming from new customers and over
50% of U.S. Waterlase sales coming from dental specialists
- Waterlase Exclusive Trial Program success rate of over 55% in
the second quarter, highlighting the program's success
- Strong balance sheet with $19.5
million of cash and cash equivalents on June 30, 2022
"I am pleased to report that continued execution of our growth
strategy enabled us to deliver one of the best second quarters we
have ever had for our laser and laser related sales – in fact our
second-best since 2013," commented John
Beaver, President and Chief Executive Officer. "Driven by
increasing demand for our industry leading lasers, our total
revenue increased 34% year over year and our consumable sales
surpassed $3.0 million for the first
time ever in a single quarter. Our strong performance reflects
positive momentum on several fronts, including continued progress
with our Waterlase Exclusive Trial Program, as our success rate
surpassed 55% in the second quarter. This initiative, along with
the launch of our specialist academies for endodontists,
periodontists, pediatric dentists, and dental hygienists, generated
increased adoption of our laser technology in the U.S. in the
second quarter with 80% of our U.S. Waterlase sales coming from new
customers and over 50% of U.S. Waterlase sales coming from dental
specialists. Additionally, we had 16 territory managers exceed
sales quotas for the quarter, highlighting the demand for our
products. And, for the first time in my almost five years at
BIOLASE, we have no open U.S. sales territories.
"With less than 10% of the U.S. dental community currently using
dental lasers, we are confident that we can leverage the enhanced
capabilities of our product to drive further adoption and become
the new standard of care. With every one percentage point increase
in market adoption of laser technology in the U.S. alone, we
estimate it will generate an additional $50.0 million in revenue for BIOLASE, assuming we
maintain our current 60% market share. With our strong start to the
year, and the continued success of our sales initiatives, we
believe we are well positioned for continued revenue growth in
2022."
2022 Second Quarter Financial Results
Net revenue for the second quarter of 2022 was $12.2 million, an increase of 34% year over year.
U.S. laser revenue was $5.5 million
for the second quarter of 2022, up 70% when compared to U.S. laser
revenue of $3.2 million for the
second quarter of 2021. U.S. consumables and other revenue for the
second quarter of 2022, which consists of revenue from consumable
products such as disposable tips, increased 42% compared to the
second quarter of 2021. Outside the U.S., laser revenue was
$2.5 million for the second quarter
of 2022 and remained consistent with the same quarter in 2021, and
consumables and other revenue held constant at $0.8 million when compared to the same quarter in
2021.
Gross margin for the second quarter of 2022 was 42%, compared to
44% for the second quarter of 2021. The lower gross margin in 2022
is a result of the impact of recent supply chain issues and an
Employee Retention Credit under the CARES Act received during the
three months ended June 30, 2021 that
did not occur in 2022. Total operating expenses were $10.2 million for the second quarter of 2022
compared to $7.3 million for the
second quarter of 2021. Operating loss for the second quarter of
2022 was $5.1 million, compared to an
operating loss of $3.3 million in the
second quarter of 2021.
The Company maintained a healthy balance sheet and had cash and
cash equivalents of $19.5 million on
June 30, 2022. The Company believes
it has sufficient financial resources to execute its near and
long-term growth strategies.
Net Loss and Adjusted EBITDA
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.
Net loss for the second quarter of 2022 was $5.6 million compared to a net loss of
$0.7 million for the second quarter
of 2021. In the year ago quarter, BIOLASE had a $3.0 million gain on debt forgiveness from the
Paycheck Protection Program loan, which positively impacted net
income. Net loss per share for the quarter was $0.91 compared to $0.12 for the second quarter of 2021 (as adjusted
for the reverse stock split). Adjusted EBITDA loss for the second
quarter of 2022 was $4.1 million
compared with Adjusted EBITDA loss of $2.7
million for the second quarter of 2021. Adjusted EBITDA
per share for the quarter was $0.67
compared to $0.44 for the second
quarter of 2021 (as adjusted for the reverse stock split).
2022 Third Quarter and Full Year Revenue Guidance
Based on currently available information and the continued
operating momentum the Company has experienced in the first half of
the year, BIOLASE is anticipating third quarter net revenue to
exceed $10.5 million, which would
represent growth of at least 10% year over year. The Company
continues to expect full year net revenue to increase at least 15%
from 2021 levels.
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, 2022, and to answer questions. To access the live call,
dial 1-877-545-0320 (U.S.) or +1 973-528-0002 (International) and
provide the following code: 838343.
A live and archived webcast of the conference call will be
accessible on the BIOLASE Investor Relations page. In addition, a
phone replay will be available approximately two hours following
the end of the call, and it will remain available for one week. To
access the call replay dial 1-877-481-4010 or +1 919-882-2331
(International) and enter replay passcode: 46222.
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 302 patented and 31
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 dental
laser systems that perform a broad range of dental procedures,
including cosmetic and complex surgical applications. From 1998
through December 31, 2021, BIOLASE
has sold over 43,300 laser systems 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 and beliefs
regarding its financial resources. 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 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.
For further information, please contact:
EVC Group LLC
Michael Polyviou / Todd Kehrli
(732) 933-2754
mpolyviou@evcgroup.com / tkehrli@evcgroup.com
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,
|
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
Net revenue
|
|
$
|
12,235
|
|
|
$
|
9,134
|
|
|
$
|
22,401
|
|
|
$
|
17,250
|
|
Cost of
revenue
|
|
|
7,094
|
|
|
|
5,093
|
|
|
|
12,531
|
|
|
|
10,469
|
|
Gross profit
|
|
|
5,141
|
|
|
|
4,041
|
|
|
|
9,870
|
|
|
|
6,781
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and
marketing
|
|
|
5,402
|
|
|
|
3,311
|
|
|
|
10,216
|
|
|
|
6,864
|
|
General and
administrative
|
|
|
3,141
|
|
|
|
2,779
|
|
|
|
5,717
|
|
|
|
6,134
|
|
Engineering and
development
|
|
|
1,653
|
|
|
|
1,162
|
|
|
|
3,197
|
|
|
|
2,966
|
|
Loss on patent
litigation settlement
|
|
|
—
|
|
|
|
72
|
|
|
|
—
|
|
|
|
161
|
|
Total operating
expenses
|
|
|
10,196
|
|
|
|
7,324
|
|
|
|
19,130
|
|
|
|
16,125
|
|
Loss from
operations
|
|
|
(5,055)
|
|
|
|
(3,283)
|
|
|
|
(9,260)
|
|
|
|
(9,344)
|
|
Gain (loss) on foreign
currency transactions
|
|
|
(103)
|
|
|
|
69
|
|
|
|
(223)
|
|
|
|
(136)
|
|
Interest expense,
net
|
|
|
(430)
|
|
|
|
(582)
|
|
|
|
(863)
|
|
|
|
(1,157)
|
|
Gain on debt
forgiveness
|
|
|
—
|
|
|
|
3,014
|
|
|
|
—
|
|
|
|
3,014
|
|
Non-operating income
(loss), net
|
|
|
(533)
|
|
|
|
2,501
|
|
|
|
(1,086)
|
|
|
|
1,721
|
|
Loss before income tax
provision
|
|
|
(5,588)
|
|
|
|
(782)
|
|
|
|
(10,346)
|
|
|
|
(7,623)
|
|
Income tax (provision)
benefit
|
|
|
(23)
|
|
|
|
80
|
|
|
|
(40)
|
|
|
|
20
|
|
Net loss
|
|
|
(5,611)
|
|
|
|
(702)
|
|
|
|
(10,386)
|
|
|
|
(7,603)
|
|
Other comprehensive
loss items:
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustments
|
|
|
(222)
|
|
|
|
65
|
|
|
|
(263)
|
|
|
|
(83)
|
|
Comprehensive
loss
|
|
$
|
(5,833)
|
|
|
$
|
(637)
|
|
|
$
|
(10,649)
|
|
|
$
|
(7,686)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(5,611)
|
|
|
$
|
(702)
|
|
|
$
|
(10,386)
|
|
|
$
|
(7,603)
|
|
Deemed dividend on
convertible preferred stock
|
|
|
—
|
|
|
|
(6)
|
|
|
|
(217)
|
|
|
|
(538)
|
|
Net loss attributable
to common stockholders
|
|
$
|
(5,611)
|
|
|
$
|
(708)
|
|
|
$
|
(10,603)
|
|
|
$
|
(8,141)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share
attributable to common stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
Diluted
|
|
$
|
(0.91)
|
|
|
$
|
(0.12)
|
|
|
$
|
(1.72)
|
|
|
$
|
(1.43)
|
|
Shares used in the
calculation of net loss per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
Diluted
|
|
|
6,192
|
|
|
|
6,027
|
|
|
|
6,176
|
|
|
|
5,708
|
|
BIOLASE,
INC.
|
CONSOLIDATED BALANCE
SHEETS
|
(Unaudited, in
thousands, except per share data)
|
|
|
|
June 30,
|
|
|
December 31,
|
|
|
|
2022
|
|
|
2021
|
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
19,549
|
|
|
$
|
29,972
|
|
Restricted
cash
|
|
|
—
|
|
|
|
203
|
|
Accounts receivable,
less allowance of $2,286 and $2,154 as of June 30, 2022
and
December 31, 2021, respectively
|
|
|
6,081
|
|
|
|
4,238
|
|
Inventory
|
|
|
16,573
|
|
|
|
12,929
|
|
Prepaid expenses and
other current assets
|
|
|
2,064
|
|
|
|
2,012
|
|
Total current
assets
|
|
|
44,267
|
|
|
|
49,354
|
|
Property, plant, and
equipment, net
|
|
|
1,373
|
|
|
|
1,067
|
|
Goodwill
|
|
|
2,926
|
|
|
|
2,926
|
|
Right of use
asset
|
|
|
2,047
|
|
|
|
1,717
|
|
Other
assets
|
|
|
241
|
|
|
|
220
|
|
Total
assets
|
|
$
|
50,854
|
|
|
$
|
55,284
|
|
LIABILITIES,
REDEEMABLE PREFERRED STOCK AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
4,961
|
|
|
$
|
3,309
|
|
Accrued
liabilities
|
|
|
6,498
|
|
|
|
8,276
|
|
Deferred revenue,
current portion
|
|
|
2,492
|
|
|
|
2,259
|
|
Total current
liabilities
|
|
|
13,951
|
|
|
|
13,844
|
|
Deferred
revenue
|
|
|
325
|
|
|
|
329
|
|
Warranty
accrual
|
|
|
431
|
|
|
|
521
|
|
Non current term
loans, net of discount
|
|
|
12,730
|
|
|
|
13,603
|
|
Non current operating
lease liability
|
|
|
1,592
|
|
|
|
1,449
|
|
Other
liabilities
|
|
|
210
|
|
|
|
330
|
|
Total
liabilities
|
|
|
29,239
|
|
|
|
30,076
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
Series F Preferred
stock, par value $0.001 per share
|
|
|
—
|
|
|
|
34
|
|
Common stock, par
value $0.001 per share
|
|
|
7
|
|
|
|
6
|
|
Additional paid-in
capital
|
|
|
300,414
|
|
|
|
293,325
|
|
Accumulated other
comprehensive loss
|
|
|
(886)
|
|
|
|
(623)
|
|
Accumulated
deficit
|
|
|
(277,920)
|
|
|
|
(267,534)
|
|
Total stockholders'
equity
|
|
|
21,615
|
|
|
|
25,208
|
|
Total liabilities,
redeemable preferred stock and stockholders' equity
|
|
$
|
50,854
|
|
|
$
|
55,284
|
|
BIOLASE,
INC.
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
(Unaudited, in
thousands)
|
|
|
|
Six Months
Ended
|
|
|
|
June 30,
|
|
|
|
2022
|
|
|
2021
|
|
Cash Flows from
Operating Activities:
|
|
|
|
|
|
|
Net loss
|
|
$
|
(10,386)
|
|
|
$
|
(7,603)
|
|
Adjustments to
reconcile net loss to net cash and cash equivalents used in
operating activities:
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
247
|
|
|
|
176
|
|
Provision for bad
debts
|
|
|
143
|
|
|
|
(79)
|
|
Inventory write-offs
and disposals
|
|
|
(42)
|
|
|
|
(103)
|
|
Amortization of
discount on lines of credit
|
|
|
47
|
|
|
|
84
|
|
Amortization of debt
issuance costs
|
|
|
84
|
|
|
|
193
|
|
Patent litigation
mark-to-market
|
|
|
—
|
|
|
|
161
|
|
Stock-based
compensation
|
|
|
1,100
|
|
|
|
1,297
|
|
Gain on debt
forgiveness
|
|
|
—
|
|
|
|
(3,014)
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
(1,986)
|
|
|
|
(682)
|
|
Inventory
|
|
|
(3,602)
|
|
|
|
(1,455)
|
|
Prepaid expenses and
other current assets
|
|
|
(236)
|
|
|
|
438
|
|
Accounts payable and
accrued liabilities
|
|
|
(232)
|
|
|
|
471
|
|
Deferred
revenue
|
|
|
230
|
|
|
|
108
|
|
Net cash and cash
equivalents used in operating activities
|
|
|
(14,633)
|
|
|
|
(10,008)
|
|
Cash Flows from
Investing Activities:
|
|
|
|
|
|
|
Purchases of property,
plant, and equipment
|
|
|
(578)
|
|
|
|
(311)
|
|
Net cash and cash
equivalents used in investing activities
|
|
|
(578)
|
|
|
|
(311)
|
|
Cash Flows from
Financing Activities:
|
|
|
|
|
|
|
Proceeds from the sale
of common stock
|
|
|
5,849
|
|
|
|
13,291
|
|
Payments of equity
offering costs
|
|
|
—
|
|
|
|
(6)
|
|
Principal payment on
loan
|
|
|
(1,000)
|
|
|
|
—
|
|
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
|
|
|
4,849
|
|
|
|
29,811
|
|
Effect of exchange
rate changes
|
|
|
(264)
|
|
|
|
(83)
|
|
(Decrease) increase in
cash, cash equivalents and restricted cash
|
|
|
(10,626)
|
|
|
|
19,409
|
|
Cash, cash equivalents
and restricted cash, beginning of period
|
|
|
30,175
|
|
|
|
17,876
|
|
Cash, cash equivalents
and restricted cash, end of period
|
|
$
|
19,549
|
|
|
$
|
37,285
|
|
Supplemental cash flow
disclosure:
|
|
|
|
|
|
|
Cash paid for
interest
|
|
$
|
743
|
|
|
$
|
886
|
|
Cash received for
interest
|
|
$
|
17
|
|
|
$
|
29
|
|
Cash paid for income
taxes
|
|
$
|
46
|
|
|
$
|
130
|
|
Cash paid for
operating leases
|
|
$
|
135
|
|
|
$
|
263
|
|
Non-cash settlement of
liability
|
|
$
|
—
|
|
|
$
|
510
|
|
Non-cash right-of-use
assets obtained in exchange for lease obligation
|
|
$
|
562
|
|
|
$
|
48
|
|
Deemed dividend on
preferred stock
|
|
$
|
217
|
|
|
$
|
—
|
|
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, allowance
for doubtful accounts, and gain on debt forgiveness. 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,
|
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
GAAP net loss
attributable to common stockholders
|
|
$
|
(5,611)
|
|
|
$
|
(708)
|
|
|
$
|
(10,603)
|
|
|
$
|
(8,141)
|
|
Deemed dividend on
convertible preferred stock
|
|
|
—
|
|
|
|
6
|
|
|
|
217
|
|
|
|
538
|
|
GAAP net
loss
|
|
$
|
(5,611)
|
|
|
$
|
(702)
|
|
|
$
|
(10,386)
|
|
|
$
|
(7,603)
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
|
430
|
|
|
|
582
|
|
|
|
863
|
|
|
|
1,157
|
|
Income tax provision
(benefit)
|
|
|
23
|
|
|
|
(80)
|
|
|
|
40
|
|
|
|
(20)
|
|
Depreciation and
amortization
|
|
|
130
|
|
|
|
91
|
|
|
|
247
|
|
|
|
176
|
|
Change in allowance for
doubtful accounts
|
|
|
59
|
|
|
|
27
|
|
|
|
143
|
|
|
|
(79)
|
|
Loss on patent
litigation settlement
|
|
|
—
|
|
|
|
72
|
|
|
|
—
|
|
|
|
161
|
|
Stock-based and other
non-cash compensation
|
|
|
890
|
|
|
|
369
|
|
|
|
1,100
|
|
|
|
1,297
|
|
Gain on debt
forgiveness
|
|
|
—
|
|
|
|
(3,014)
|
|
|
|
—
|
|
|
|
(3,014)
|
|
Adjusted
EBITDA
|
|
$
|
(4,079)
|
|
|
$
|
(2,655)
|
|
|
$
|
(7,993)
|
|
|
$
|
(7,925)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net loss
attributable to common stockholders
per share, basic and diluted
|
|
$
|
(0.91)
|
|
|
$
|
(0.12)
|
|
|
$
|
(1.72)
|
|
|
$
|
(1.43)
|
|
Deemed dividend on
convertible preferred stock
|
|
|
—
|
|
|
|
—
|
|
|
|
0.04
|
|
|
|
0.09
|
|
GAAP net loss per
share, basic and diluted
|
|
$
|
(0.91)
|
|
|
$
|
(0.12)
|
|
|
$
|
(1.68)
|
|
|
$
|
(1.34)
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
|
0.07
|
|
|
|
0.10
|
|
|
|
0.14
|
|
|
|
0.20
|
|
Income tax provision
(benefit)
|
|
|
—
|
|
|
|
(0.01)
|
|
|
|
0.01
|
|
|
|
—
|
|
Depreciation and
amortization
|
|
|
0.02
|
|
|
|
0.02
|
|
|
|
0.04
|
|
|
|
0.03
|
|
Change in allowance for
doubtful accounts
|
|
|
0.01
|
|
|
|
—
|
|
|
|
0.02
|
|
|
|
(0.01)
|
|
Loss on patent
litigation settlement
|
|
|
—
|
|
|
|
0.01
|
|
|
|
—
|
|
|
|
0.03
|
|
Stock-based and other
non-cash compensation
|
|
|
0.14
|
|
|
|
0.06
|
|
|
|
0.18
|
|
|
|
0.23
|
|
Gain on debt
forgiveness
|
|
|
—
|
|
|
|
(0.50)
|
|
|
|
—
|
|
|
|
(0.53)
|
|
Adjusted EBITDA per
share, basic and diluted
|
|
$
|
(0.67)
|
|
|
$
|
(0.44)
|
|
|
$
|
(1.29)
|
|
|
$
|
(1.39)
|
|
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SOURCE BIOLASE, Inc.