BIOLASE Announces Preliminary Fourth Quarter Results
28 Febrero 2012 - 8:05AM
Marketwired
BIOLASE Technology, Inc. (NASDAQ: BLTI), the World's leading dental
laser manufacturer and distributor, today announced that, based on
a preliminary review of its financial performance for the fourth
quarter ended December 31, 2011, the Company expects to report net
revenue of approximately $13.1 million. This would represent net
revenue growth of 35 percent year over year from $9.7 million in
the fourth quarter of 2010. Net revenue for the fiscal year ended
December 31, 2011, is expected to total approximately $48.8
million, up 86 percent year over year from $26.2 million in 2010.
Excluding equipment sales to Henry Schein, Inc. (NASDAQ: HSIC),
net revenue for the fourth quarter ended December 31, 2011, is
expected to total approximately $13.1 million compared to
approximately $7.2 million for the fourth quarter ended December
31, 2010, an increase of approximately $5.9 million, or 82
percent.
Federico Pignatelli, Chairman and CEO, stated, "While we
continue to show solid growth in the year and quarter, the
Company's fourth quarter was disappointing with an exceptionally
difficult December in sales, traditionally our strongest month of
the year. It appears that a particularly aggressive marketing and
sales program by Henry Schein resulted in the sale of approximately
180 BIOLASE Waterlase MD™ Turbo laser systems from its inventory
during the fourth quarter of 2011, with approximately 120 in the
month of December alone. This likely created substantial disruption
of BIOLASE's direct sales efforts. The pending introduction of the
Company's new Waterlase MDX™ 300 and MDX 450 laser systems,
recently launched at the Chicago Midwinter Dental Show on February
23, undoubtedly triggered this rushed and more determined selling
effort by Schein to clear out its inventory of Waterlase MD Turbo
laser systems causing intense competition that greatly confused our
customers during the period.
"As announced today, however, we have entered into a definitive
agreement to purchase all of the Waterlase MD Turbo laser systems
remaining in Schein's inventory, approximately 180 machines, at
very favorable pricing and conditions to BIOLASE," continued
Pignatelli. "A substantial part of the purchase will be paid with
monies currently owed to BIOLASE by Henry Schein, with the
remainder paid in cash at closing after our inspection of the units
has been completed. This new definitive agreement supersedes and
terminates all previous agreements between the two companies. It is
expected that the Company's purchase of Henry Schein's inventory of
Waterlase MD Turbo laser systems will result in a substantial
one-time gain from the reversal of previously accrued warranties
and other items."
Pignatelli concluded, "I am very pleased with the outcome of
this new definitive agreement and I am looking forward in
continuing to build BIOLASE's sales and marketing efforts without
the potential disruption from this inventory overhang, which could
continue to unbalance our efforts as a direct sales operation. With
a large amount of inventory in the hands of such a powerful
competitor as Henry Schein, it was extremely challenging for
BIOLASE to project and meet revenues in 2011. Having Henry Schein's
remaining inventory of Waterlase MD Turbo laser systems under
BIOLASE's full control will help solidify our marketing efforts and
direct sales business model."
Conference Call The Company also announced that it will host a
conference call on Thursday, March 8th, at 4:30 p.m. Eastern Time
to discuss its operating results for the fourth quarter and year
ended December 31, 2011, and to answer questions. The Company's
results release will be distributed at approximately 4:05 p.m.
Eastern Time that same day.
Phone Participation To listen to the conference call live via
telephone, dial 1-877-941-1428 from the U.S. or, for international
callers, dial +1-480-629-9665, approximately 10 minutes before the
start time.
Webcast Participation To listen to the conference call live via
the Internet, visit the Investors section of the BIOLASE website at
www.biolase.com.
Replay An audio archive of the webcast will be available for one
year on the Investors section of the BIOLASE website.
About BIOLASE Technology, Inc. BIOLASE
Technology, Inc., the World's leading Dental Laser Company, is a
medical technology company that develops, manufactures and markets
dental lasers and also distributes and markets dental imaging
equipment, products that are focused on technologies that advance
the practice of dentistry and medicine. The Company's laser
products incorporate 284 patented and patent pending technologies
designed to provide clinically superior performance with less pain
and faster recovery times. Its imaging products provide
cutting-edge technology at competitive prices to deliver the best
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,
and a full line of dental imaging equipment. BIOLASE has sold more
than 19,000 lasers among 16,000 customers. Other products under
development address ophthalmology and other medical and consumer
markets.
For updates and information on laser and Waterlase dentistry,
find BIOLASE at http://www.biolase.com, Twitter at
http://twitter.com/GoWaterlase, and YouTube at
http://www.youtube.com/user/Rossca08.
This press release may contain forward-looking statements within
the meaning of safe harbor provided by the Securities Reform Act of
1995 that are based on the current expectations and estimates by
BIOLASE management. These forward-looking statements can be
identified through the use of words such as "anticipates,"
"expects," "intends," "plans," "believes," "seeks," "estimates,"
"may," "will," and variations of these words or similar
expressions. Forward-looking statements are based on management's
current, preliminary expectations and are subject to risks,
uncertainties and other factors which may cause the Company's
actual results to differ materially from the statements contained
herein, and are described in the Company's reports it files with
the Securities and Exchange Commission, including its annual and
quarterly reports. No undue reliance should be placed on
forward-looking statements. Such information is subject to change,
and BIOLASE undertakes no obligation to update such statements.
For further information, please contact: Jill Bertotti Allen
& Caron +1-949-474-4300
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