IRVINE, CA -- (Marketwire) -- 03/06/13 -- BIOLASE, Inc. (NASDAQ: BIOL), the world's leading dental laser manufacturer and distributor, today reported unaudited financial results for the fourth quarter and year ended December 31, 2012.
Financial Highlights of the 2012 Fourth Quarter:
•Net revenue of $19.1 million for Q4 2012, a 45.0% increase over $13.2 million for Q4 2011, and a 12.4% increase over the midpoint of the Company's guidance of $16.5 million to $17.5 million. •Net income of $1.0 million, or $0.03 per share, as compared to a net loss of $2.0 million or a loss of $0.06 per share for Q4 2011. •Non-GAAP net income of $1.7 million, or $0.05 per share, as compared to a non-GAAP net loss of $1.3 million, or a loss of $0.04 per share, for Q4 2011. •Unit sales of WaterLase® systems increased by 42.0% as compared to Q4 2011 levels. •Revenues from the sale of WaterLase systems increased $2.6 million, or 29.2%, as compared to Q4 2011 levels. •Revenues from the sale of diode laser systems increased $1.3 million, or 79.9%, as compared to Q4 2011 levels.
2012 Financial Highlights:
•Net revenue of $57.4 million, as compared to $48.9 million in the prior year. Excluding the effects of the $1.1 million inventory repurchase in Q2 2012 and one-time prepaid purchase orders from Henry Schein, Inc. (NASDAQ: HSIC) ("Schein") in 2011 totaling $5.9 million, non-GAAP adjusted revenue for 2012 increased $15.5 million, or 36.1%, over 2011, which was in line with our guidance of 36%. •Revenues from the sale of WaterLase systems increased $6.8 million, or 23.1%, as compared to the prior year. Excluding the effects of the $1.1 million inventory repurchase in Q2 2012, and one-time prepaid purchase orders of WaterLase systems from Schein in 2011 totaling $2.3 million, non-GAAP adjusted revenue for WaterLase systems in 2012 increased $10.2 million, or 37.7%, over 2011. •Net loss improved to $3.1 million, or a loss of $0.10 per share, as compared to a net loss of $4.5 million, or a loss of $0.15 per share, for 2011. •Non-GAAP net loss improved to $431,000 for 2012, as compared to a non-GAAP net loss of $1.4 million in 2011.
Operating highlights of and subsequent to the 2012 fourth quarter include:
•Received U.S. Food and Drug Administration ("FDA") clearance for the EPIC 10 diode laser. •Received FDA clearance for 940nm Diolase 10 diode soft-tissue laser for a broad spectrum of medical procedures; includes clearance for over 80 procedures in 19 additional medical markets. •Launched the EPIC V-Series veterinary soft-tissue diode laser. •Launched a website to showcase BIOLASE's wholly-owned subsidiary OCCULASE and to expand the multiple applications of its proprietary WaterLase technology into ophthalmology. •Issued broad new patent for treating eye conditions, including Presbyopia, Cataracts, and Glaucoma; provides additional support for ophthalmic applications. •Appointed Samir Chowdhury, Ph.D., as General Manager and Colleen Boswell as Vice President, Regulatory Affairs. •Declared a one-half percent stock dividend payable on March 29, 2013, to stockholders of record as of March 15, 2013.
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