IRVINE, CA -- (Marketwired) -- 06/17/13 -- BIOLASE, Inc. (NASDAQ: BIOL), the world's leading manufacturer and distributor of dental lasers, announced that Friday, June 14th as of 6:00 pm NYT it has been disclosed by Russell to have been preliminarily chosen to be added to the 2013 versions of the Russell 3000 Index (Russell Ticker: RUA, Bloomberg Ticker: RAY) and the Russell Global Index (Russell Ticker: RGIUSD, Bloomberg Ticker: RGI). Russell captures 98% of the dollar volume of the tradable market for U.S. institutional equity products that report a benchmark. With $4.1 trillion in assets benchmarked, more U.S. institutional funds track Russell indexes than all other U.S. equity indexes combined.
The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies, with a mean market capitalization of $1.2 billion. It is constructed to provide a comprehensive, unbiased, and stable barometer of the broad market and is reconstituted annually to ensure new and growing equities are reflected. For the 2013 rebalancing, 64 companies had left the index via mergers or acquisition activity, 93 companies were deleted, and 157 new companies were added. BIOLASE is one of the 157 new companies added to the Index.
The Russell Global Index is intended to represent the investable global equity market by market capitalization. It includes some 10,000 securities in 47 countries. For the 2013 rebalancing, a net of 37 companies had left the index via mergers or acquisitions, 769 companies were deleted, and 806 new companies were added. BIOLASE is one of the 806 new companies added to the 2013 Russell Global Index.
"The inclusion of our company in the widely-followed Russell 3000 and Russell Global Indices is the result of the substantial growth in our business since new Management and Board of Directors took over in August 2010," said Federico Pignatelli, Chairman and CEO of BIOLASE. "We know that a number of institutional funds use these indices for their buying guidelines. Indeed, a May 31, 2013 research report from Cantor Fitzgerald predicted that if we are included in this year's Russell indices, an additional 2.5 million to 3.0 million BIOL shares will be purchased to be included by June 28th 2013 for Index-based funds' compliance with their own guidelines."
"We are honored to be included in the Russell 3000 because of the statement this makes about investor recognition of the prosperity and growth of BIOLASE. We also welcome the upcoming comparison that being in the index will bring us with last year's top-performing component companies, such as Affymax, Inc., Vanda Pharmaceuticals, and Mannkind Corp.," said Alexander Arrow, MD, President and COO of BIOLASE. "As our business progresses the way we strategically plan over the next twelve months and beyond, and BIOLASE is recognized by investors for the value we are creating, I anticipate that we will be named one of the year's top-performers by the time of next year's Russell Index rebalancing."
Please note: Russell's U.S. Indexes cover 98% of the U.S. equity investable universe and include companies determined to be part of the U.S. equity market according to Russell's robust country classification methodology. All Russell U.S. Indexes are subsets of the Russell 3000® Index, which includes the well-known large cap Russell 1000® Index and small cap Russell 2000® Index.
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