BIOLASE Technology, Inc. (NASDAQ: BLTI)
- GAAP Revenue of $13.2 Million in Q4, up 36 Percent Year over
Year
- GAAP Net Loss of $2.0 Million in Q4; Non-GAAP Net Loss of $1.3
Million in Q4
- GAAP Revenue of $48.9 Million in 2011, up 87 Percent Year over
Year
- GAAP Net Loss of $4.5 Million in 2011; Non-GAAP Net Loss of
$1.4 Million in 2011
- Excluding the Repayment of a Liability with Product and Royalty
Revenue, GAAP Revenue of $42.5 Million in 2011, up 98 Percent Year
over Year, from $21.5 Million in 2010
- 2012 Q1 Revenue Guidance: Approximately $11 Million
- 2012 Revenue Guidance: $57 Million to $60 Million
BIOLASE Technology, Inc. (NASDAQ: BLTI), the World's leading
dental laser manufacturer and distributor, today reported unaudited
operating results for its fourth quarter and year ended December
31, 2011.
As previously announced, net revenue for the 2011 fourth quarter
was $13.2 million, up 36 percent from $9.7 million in the prior
year period. The increase was primarily driven by BIOLASE's exit
from an exclusive distribution arrangement in August 2010 with
Henry Schein, Inc. (NASDAQ: HSIC) and the Company's return to a
direct sales and selected-distributor business model. Net revenue
for the year ended December 31, 2011 was $48.9 million, up 87
percent from $26.2 million in 2010.
Excluding equipment sales to Henry Schein to satisfy its
irrevocable purchase orders, the repayment of a liability in
product, net revenue for the 2011 fourth quarter was $13.2 million,
compared to $7.2 million for the 2010 fourth quarter, an increase
of $6.0 million, or 83 percent. Net revenue was $43 million for the
year ended December 31, 2011, excluding equipment sales to Henry
Schein to satisfy its irrevocable purchase orders, compared to
$23.1 million for the year ended December 31, 2010, an increase of
$19.9 million, or 86 percent. When excluding equipment sales to
Henry Schein to satisfy its irrevocable purchase orders of $5.9
million and $3.1 million in fiscal year 2011 and 2010,
respectively, and royalties of $439,000 and $1.6 million in fiscal
year 2011 and 2010, respectively, net revenue increased $21.1
million, or 98 percent, year over year.
Federico Pignatelli, Chairman and CEO, said, "Growth for the
year and quarter continued to be strong through year end despite
the unforeseeable challenges from an intense and aggressive selling
campaign by our former exclusive distributor that resulted in
approximately 180 Waterlase MD Turbo™ laser systems being sold out
of its previous inventory in the fourth quarter. Based on
information provided by this distributor, it sold approximately 260
systems during fiscal 2011 from its 2008 and 2009 inventory
purchases. By purchasing the remaining inventory of Waterlase MD
Turbo laser systems held by this distributor at a fraction of its
original purchase price, we have now eliminated the great
uncertainty and disruption of our direct sales effort that has
significantly affected us this past year."
"During 2011," Pignatelli continued, "BIOLASE's revenues were
driven by the newly released Waterlase iPlus™ all-tissue laser
system. Taking in consideration that we started delivering the
iPlus in quantity very late in the first quarter, giving us
effectively nine months of deliveries, I feel that BIOLASE's ramp
up is progressing successfully. More recently, in February at the
Chicago Midwinter Dental Show, we launched our new Waterlase MDX™
line of all-tissue lasers. This is the technological evolution of
our very successful Waterlase MD Turbo, with more than 4,200 units
sold since 2006 when introduced. The MDX 300 and MDX 450 provide an
alternative price point and laser performance in speed, making it
ideal for specialists including endodontic, periodontic and
pediatric dentists."
Approximately 69 percent of BIOLASE's revenues for the 2011
fourth quarter and 60 percent of revenues for fiscal year 2011 were
from the sale of its all-tissue Waterlase systems, the vast
majority of which have been the sales of the flagship Waterlase
iPlus. Sales of BIOLASE's diode laser systems made up approximately
12 percent and 19 percent of total revenues during the fourth
quarter and year ended December 31, 2011, respectively.
"BIOLASE's turnaround through 2011 was quite an accomplishment
and we are poised to continue that progress and momentum into
2012," said Pignatelli. "We continue to expand our offerings of
internally developed dental lasers and, as a distributor, of
imaging devices while strengthening our intellectual property and
patent portfolio in other areas of medicine, including
ophthalmology, orthopedics, podiatry, aesthetics, and pain
management."
On a GAAP basis, the net loss for the fourth quarter of 2011
totaled $2.0 million, or a loss of $0.06 per share, compared to net
income of $174,000, or $0.01 per share, in the fourth quarter of
2010. After removing non-cash depreciation and amortization
expenses of $133,000, and non-cash stock-based, equity instrument
and non-cash compensation expense of $638,000, this year's fourth
quarter resulted in a non-GAAP net loss of $1.3 million, or a loss
of $0.04 per share, compared with a non-GAAP net income of
$869,000, or $0.04 per share, for the fourth quarter of 2010.
The Company's net loss for fiscal year 2011 totaled $4.5
million, or a loss of $0.15 per share, compared to a net loss of
$12.0 million, or a loss of $0.47 per share, for the prior year.
After removing interest expense of $305,000, non-cash depreciation
and amortization expenses of $695,000, and non-cash stock-based,
equity instrument and non-cash compensation expense of $2.1
million, the non-GAAP net loss for fiscal year 2011 was $1.4
million, or a loss of $0.05 per share, compared with a non-GAAP net
loss of $9.8 million, or a loss of $0.38 per share, for fiscal year
2010, an improvement of 86 percent year over year.
The percentage of net revenue in the 2011 fourth quarter from
the U.S. and international markets, including unit sales and
consumables, totaled approximately 69 percent and 31 percent,
respectively, as compared to approximately 74 percent and 26
percent of net revenue in the prior year comparable period. The
breakdown of U.S. and international revenues for fiscal year 2011
totaled approximately 67 percent and 33 percent, respectively,
compared to approximately 64 percent and 36 percent, respectively,
for 2010.
Recent Highlights A series of recent
actions, developments and key accomplishments include the
following:
- BIOLASE and Henry Schein entered into an agreement for BIOLASE
to purchase, for an undisclosed but at what the Company believes is
a very advantageous price, approximately 180 Waterlase MD Turbo
laser systems, the remaining inventory of such lasers held by Henry
Schein. The product sold to Henry Schein for the repayment of a
liability during 2011 and 2010 is not a part of the repurchased
equipment. The majority of the repurchased equipment is expected to
be remanufactured into Waterlase MDX systems and some will be used
as a source of parts to service the Company's large installed base
of approximately 8,700 Waterlase systems. In connection with the
agreement, Henry Schein will release all liens on BIOLASE's assets
upon closing, as all obligations of repayment of the prepaid
purchases were entirely fulfilled in the third quarter of
2011.
- The introduction of the Waterlase MDX line of all-tissue
lasers, the technological evolution of the highly successful
Waterlase MD Turbo, expanding the Company's product offerings and
complementing the flagship Waterlase iPlus.
- BIOLASE and Cefla Dental Group, a leading European dental
equipment manufacturer, entered into a definitive three-year
agreement making BIOLASE a distributor of Cefla's NewTom Cone Beam
3D imaging products in the U.S. and Canada, thereby complementing
the large family of BIOLASE DaVinci Imaging™ products.
- The declaration of a one-half percent stock dividend payable on
March 30, 2012 to stockholders of record on March 15, 2012, and the
adoption of a two percent annual stock dividend policy by the Board
of Directors for 2012.
- The award of a new patent covering the architecture and
techniques for treating an ocular or related tissue site utilizing
laser energy to affect one or more physiological properties
mitigating the effects of presbyopia and improving the way a person
sees.
- Receipt of regulatory approvals to sell the Waterlase iPlus
throughout several international markets, including South
Korea.
For the 2011 fourth quarter, gross profit as a percentage of net
revenue was 42 percent compared to 50 percent for the prior year
comparable period. The gross profit in the fourth quarter of 2011
increased from 41 percent in the third quarter of 2011 primarily
due to the higher volume of U.S. sales revenues during the quarter.
Gross profit as a percentage of net revenue for fiscal year 2011
was 44 percent compared to 34 percent for the prior year due
primarily to higher sales volumes.
Operating expenses in fiscal year 2011 were $25.3 million
compared to $20.3 million in the prior year. As a percentage of
sales, operating expenses improved to 52 percent for fiscal year
2011 from 77 percent for the prior year.
As of December 31, 2011, cash and cash equivalents totaled
approximately $3.3 million, accounts receivable totaled $8.9
million, and shareholders' equity was $12.6 million.
The Company's revenue guidance for the first quarter of 2012 is
approximately $11 million, an increase of approximately $3.3
million, or 43 percent, compared to the first quarter of 2011,
after removing $2.9 million for the repayment of a liability in
product to Henry Schein during the first quarter of 2011. The
Company's revenue guidance for 2012 is $57 million to $60 million.
Excluding equipment sales to Henry Schein for the repayment of a
liability in product of approximately $5.9 million during the year
ended December 31, 2011, the midpoint of this guidance of $58.5
million represents an increase of 36 percent.
Conference Call As previously announced,
BIOLASE is conducting a conference call today at 4:30 p.m. Eastern
Time to review these financial results. The dial-in number for the
call is toll-free 1-877-941-1428 or toll/international
1-480-629-9665. The live webcast and archived replay of the call
can be accessed in the Investors section of the BIOLASE website at
www.biolase.com.
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.
Non-GAAP Financial Measures The non-GAAP
financial measures contained herein are a supplement to the
corresponding financial measures prepared in accordance with
generally accepted accounting principles (GAAP). The non-GAAP
financial measures presented exclude the items summarized in the
below table. Management believes that adjustments for these items
assist investors in making comparisons of period-to-period
operating results and that these items are not indicative of the
Company's on-going core operating performance.
Management uses non-GAAP net income (loss) and non-GAAP net
income (loss) per diluted share in its evaluation of the Company's
core after-tax results of operations and trends between fiscal
periods and believes that these measures are important components
of its internal performance measurement process. Management
believes that providing these non-GAAP financial measures allows
investors to view the Company's financial results in the way that
management views the financial results.
The non-GAAP financial measures presented herein have certain
limitations in that they do not reflect all of the costs associated
with the operations of the Company's business as determined in
accordance with GAAP. 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. The non-GAAP financial measures presented by
the Company may be different from the non-GAAP financial measures
used by other companies.
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
our 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 we undertake no obligation to
update such statements.
BIOLASE TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(in thousands, except per share data)
Three Months Ended Years Ended
December 31, December 31,
-------------------- ------------------
2011 2010 2011 2010
--------- --------- -------- --------
Products and services revenue $ 13,137 $ 9,495 $ 48,419 $ 24,580
License fees and royalty revenue 20 223 439 1,645
--------- --------- -------- --------
Net revenue 13,157 9,718 48,858 26,225
Cost of revenue 7,609 4,885 27,540 17,400
--------- --------- -------- --------
Gross profit 5,548 4,833 21,318 8,825
--------- --------- -------- --------
Operating expenses:
Sales and marketing 4,395 2,113 13,075 9,938
General and administrative 2,023 1,526 7,936 6,557
Engineering and development 1,073 800 4,311 3,790
Impairment of property, plant
and equipment -- 35 -- 35
--------- --------- -------- --------
Total operating expenses 7,491 4,474 25,322 20,320
--------- --------- -------- --------
(Loss) income from operations (1,943) 359 (4,004) (11,495)
--------- --------- -------- --------
Loss on foreign currency
transactions (78) (35) (88) (110)
Interest income -- 1 -- 3
Interest expense 1 (145) (305) (361)
--------- --------- -------- --------
Non-operating loss, net (77) (179) (393) (468)
--------- --------- -------- --------
(Loss) income before income tax
provision (2,020) 180 (4,397) (11,963)
Income tax provision 10 6 89 58
--------- --------- -------- --------
Net (loss) income $ (2,030) $ 174 $ (4,486) $(12,021)
========= ========= ======== ========
Net (loss) income per share:
Basic $ (0.06) $ 0.01 $ (0.15) $ (0.47)
========= ========= ======== ========
Diluted $ (0.06) $ 0.01 $ (0.15) $ (0.47)
========= ========= ======== ========
Shares used in the calculation of
net (loss) income per share:
Basic 30,614 24,590 29,273 25,516
========= ========= ======== ========
Diluted 30,614 24,734 29,273 25,516
========= ========= ======== ========
BIOLASE TECHNOLOGY, INC.
CONSOLIDATED BALANCE SHEETS (Unaudited)
(in thousands, except per share data)
December 31,
--------------------
2011 2010
--------- ---------
ASSETS
Current assets:
Cash and cash equivalents $ 3,307 $ 1,694
Accounts receivable, less allowance of $289 and $311
in 2011 and 2010, respectively 8,899 3,331
Inventory, net 11,312 6,987
Prepaid expenses and other current assets 1,808 1,355
--------- ---------
Total current assets 25,326 13,367
Property, plant and equipment, net 1,148 1,331
Intangible assets, net 212 342
Goodwill 2,926 2,926
Deferred tax asset 8 11
Other assets 187 170
--------- ---------
Total assets $ 29,807 $ 18,147
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Term loan payable, current portion $ - $ 2,622
Accounts payable 7,804 4,029
Accrued liabilities 6,177 5,482
Customer deposits 165 5,877
Deferred revenue, current portion 2,136 1,650
--------- ---------
Total current liabilities 16,282 19,660
Deferred tax liabilities 594 544
Warranty accrual, long term - 424
Deferred revenue, long-term 25 433
Other liabilities, long-term 337 133
--------- ---------
Total liabilities 17,238 21,194
--------- ---------
Commitments and contingencies
Stockholders' equity (deficit):
Preferred stock, par value $0.001; 1,000 shares
authorized, no shares issued and outstanding - -
Common stock, par value $0.001; 50,000 shares
authorized, 32,502 and 26,565 shares issued in 2011
and 2010, respectively; 30,538 shares and 24,601
shares outstanding in 2011 and 2010, respectively 33 27
Additional paid-in capital 138,507 118,375
Accumulated other comprehensive loss (360) (324)
Accumulated deficit (109,212) (104,726)
--------- ---------
28,968 13,352
Treasury stock (cost of 1,964 shares repurchased) (16,399) (16,399)
--------- ---------
Total stockholders' equity (deficit) 12,569 (3,047)
--------- ---------
Total liabilities and stockholders' equity
(deficit) $ 29,807 $ 18,147
========= =========
BIOLASE TECHNOLOGY, INC.
Reconciliation of GAAP Financial Results to Non-GAAP Financial Measures
(Unaudited)
(in thousands, except per share data)
Three months ended Years ended
December 31, December 31,
2011 2010 2011 2010
--------- --------- --------- ---------
GAAP revenue $ 13,157 $ 9,718 $ 48,858 $ 26,225
Less: equipment sales to Henry
Schein for irrevocable purchase
orders -- (2,542) (5,877) (3,123)
--------- --------- --------- ---------
Subtotal 13,157 7,176 42,981 23,102
Less: royalty revenue (20) (223) (439) (1,645)
--------- --------- --------- ---------
GAAP revenue less equipment
sales to Henry Schein for
irrevocable purchase orders and
royalty revenue $ 13,137 $ 6,953 $ 42,542 $ 21,457
========= ========= ========= =========
GAAP net (loss) income $ (2,030) $ 174 $ (4,486) $ (12,021)
Adjustments:
Interest expense (1) 145 305 361
Depreciation and amortization
expense 133 240 695 1,070
Stock based, equity instrument
and non-cash compensation
expense 638 310 2,051 833
--------- --------- --------- ---------
Non-GAAP net (loss) income $ (1,260) $ 869 $ (1,435) $ (9,757)
========= ========= ========= =========
GAAP net (loss) income per
share:
Basic and diluted $ (0.06) $ 0.01 $ (0.15) $ (0.47)
Adjustments:
Interest expense (0.00) 0.01 0.01 0.02
Depreciation and amortization
expense 0.00 0.01 0.02 0.04
Stock based, equity instrument
and non-cash compensation
expense 0.02 0.01 0.07 0.03
Non-GAAP net (loss) income per
share:
--------- --------- --------- ---------
Basic and diluted $ (0.04) $ 0.04 $ (0.05) $ (0.38)
========= ========= ========= =========
For further information, please contact: Jill Bertotti Allen
& Caron +1-949-474-4300
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