Accounts receivable totaled $11.7 million at December 31, 2012, compared to $10.3 million at September 30, 2012, and $8.9 million at December 31, 2011. Stockholders' equity was $11.8 million at December 31, 2012. In addition, the Company had two revolving credit facilities totaling $8.0 million, with $6.4 million of available borrowings, in excess of the $1.6 million outstanding, at December 31, 2012.
For the 2013 first quarter, BIOLASE expects net revenue of approximately $14.0 million to $15.0 million. The midpoint of $14.5 million reflects expected growth of approximately 18% as compared to the 2012 first quarter. After the 2013 first quarter the Company does not plan to provide quarterly guidance for the rest of 2013.
For the year ending December 31, 2013, the Company expects net revenue of approximately $68 million to $72 million. The midpoint of $70 million represents a 22% increase over 2012 net revenue and would also represent record revenue for the Company. The Company also expects to generate cash from operations for the year ending December 31, 2013.
As previously announced, BIOLASE will hold a conference call to discuss these financial results as follows:
Date: Wednesday, March 6, 2013Time: 4:30pm ESTDial-in numbers: 1-877-941-1428 (toll-free/U.S. & Canada) 1-480-629-9665 (toll/international)Live webcast: www.biolase.com, under 'Investors'
The archived webcast will be available for 30 days on the Company's website, www.biolase.com, in the 'Investors' section under 'Audio Archive'.
About BIOLASE, Inc.
BIOLASE, Inc. is a biomedical company that develops, manufactures and markets dental lasers and also distributes and markets dental imaging equipment and CAD/CAM systems; products that are focused on technologies that advance the practice of dentistry and medicine. The Company's laser products incorporate approximately 314 patented and patent-pending technologies designed to provide biologically 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 22,000 lasers worldwide. Other products under development address ophthalmology and other medical and consumer markets.
WaterLase®, WaterLase MD®, iPlus®, WaterLase MD Turbo, and EPIC are trademarks of BIOLASE, Inc.