IRVINE, CA -- (Marketwired) -- 05/07/13 -- BIOLASE, Inc. (NASDAQ: BIOL), the world's leading dental laser manufacturer and distributor, today reported unaudited financial results for the first quarter ended March 31, 2013.
Financial Highlights of the 2013 First Quarter:
•Net revenue of $14.6 million for Q1 2013, a 19% increase over $12.3 million for Q1 2012, and above the midpoint of the Company's guidance of $14.0 million to $15.0 million. •Non-GAAP net loss of $1.9 million, or a loss of $0.06 per share, as compared to a non-GAAP net loss of $873,000, or a loss of $0.03 per share, for Q1 2012. •Revenues from the sale of laser systems increased $814,000, or 9%, as compared to Q1 2012 levels. •Revenues from the sale of digital imaging and CAD/CAM systems increased $885,000, or 619%, as compared to Q1 2012 levels.
Operating Highlights of the 2013 First Quarter:
•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. •Launched a website to showcase BIOLASE's wholly-owned subsidiary OCCULASE and to expand the multiple applications of its proprietary WaterLase® technology into ophthalmology. •Awarded "Best AEEDC Dubai Booth Activities" at the UAE International Dental Conference & Arab Dental Exhibition ("AEEDC Dubai") held from February 5-7, 2013, in Dubai, United Arab Emirates. Organizers estimate that this year's exhibition had over 1,000 dental equipment suppliers from 70 countries and over 28,000 attendees. •Joined the Organization for Safety, Asepsis and Prevention ("OSAP") as a member of its prestigious Super Sponsor partnership as advocates for safe and infection-free dentistry. •Attended the 35th IDS International Dental Show in Cologne, Germany, from March 10-14, 2013, which had over 100,000 in attendance, where we also held our annual international distributor meeting. •Hosted the World Clinical Laser Institute® (the "WCLI®") Super Symposium in Huntington Beach, California, from March 21-24, 2013.
Clinical highlights of the 2013 First Quarter include:
•Received U.S. Food and Drug Administration ("FDA") clearance for the Diolase 10 diode soft-tissue laser, and subsequently the EPIC 10S, 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. •Issued broad new patent for treating eye conditions, including Presbyopia, Cataracts, and Glaucoma; provides additional support for ophthalmic applications. •Collected 24 new articles regarding our WaterLase® technology published in the English language during the 2013 first quarter.
Federico Pignatelli, Chairman and CEO, said, "While our overall revenue growth was slightly above the midpoint of our guidance, it is to be noted that certain domestic product revenues generated from our WCLI Super Symposium held March 21-24 were not recognized until after the close of the first quarter. The 2013 first quarter was also heavily geared toward international revenues as a result of the AEEDC Dubai held in February and the bi-annual International Dental Show held in early March. Our international revenues have grown as a result of these efforts and BIOLASE® now has distributors in 71 countries around the world. We are confident that these efforts will continue to increase our international business throughout 2013 and beyond."
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