NewTom is a trademark of QR S.r.l., a wholly-owned subsidiary of Cefla Capital Services, S.p.A., and Trios is a trademark of 3Shape A/S.
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 table on page 7 of this press release. 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 basic and 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.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements contained in this press release that refer to BIOLASE's estimated or anticipated future results or other non-historical facts are forward-looking statements, as are any statements in this press release concerning prospects related to BIOLASE's strategic initiatives, product introductions and anticipated financial performance. Forward-looking statements can also 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. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect BIOLASE's current perspective of existing trends and information and speak only as of the date of this release. Actual results may differ materially from BIOLASE's current expectations depending upon a number of factors affecting BIOLASE's business. These factors include, among others, adverse changes in general economic and market conditions, competitive factors including but not limited to pricing pressures and new product introductions, uncertainty of customer acceptance of new product offerings and market changes, risks associated with managing the growth of the business, and those other risks and uncertainties that may be detailed, from time-to-time, in BIOLASE's reports filed with the SEC. BIOLASE does not undertake any responsibility to revise or update any forward-looking statements contained herein.
(financial tables follow)
BIOLASE, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in thousands, except per share data) Three Months Ended March 31, -------------------------- 2013 2012 ------------ ------------Products and services revenue $ 14,489 $ 12,312License fees and royalty revenue 108 8 ------------ ------------ Net revenue 14,597 12,320Cost of revenue 8,803 6,513 ------------ ------------Gross profit 5,794 5,807 ------------ ------------Operating expenses: Sales and marketing 5,252 4,028 General and administrative 2,247 2,211 Engineering and development 1,005 1,190 Excise tax 107 -- ------------ ------------ Total operating expenses 8,611 7,429 ------------ ------------Loss from operations (2,817) (1,622) ------------ ------------Loss on foreign currency transactions (99) (17)Interest expense (87) (4) ------------ ------------Non-operating loss, net (186) (21) ------------ ------------Loss before income tax (benefit) provision (3,003) (1,643)Income tax (benefit) provision (372) 29 ------------ ------------Net income (loss) $ (2,631) $ (1,672) ============ ============Net income (loss) per share: Basic $ (0.08) $ (0.05) ============ ============ Diluted $ (0.08) $ (0.05) ============ ============Shares used in the calculation of net income (loss) per share: Basic 31,473 31,358 ============ ============ Diluted 31,473 31,358 ============ ============ * Shares used in calculation of net loss per share reflect the impact ofstock dividends. BIOLASE, INC. CONSOLIDATED BALANCE SHEETS (unaudited, in thousands, except per share data) March 31, December 31, 2013 2012 ------------ ------------ ASSETSCurrent assets: Cash and cash equivalents $ 1,229 $ 2,543 Accounts receivable, less allowance of $289 in 2013 and $304 in 2012 10,644 11,680 Inventory, net 11,921 11,142 Prepaid expenses and other current assets 1,637 1,552 ------------ ------------ Total current assets 25,431 26,917Property, plant and equipment, net 1,616 1,509Intangible assets, net 254 300Goodwill 2,926 2,926Deferred tax asset 15 16Other assets 282 305 ------------ ------------ Total assets $ 30,524 $ 31,973 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)Current liabilities: Lines of credit $ 3,261 $ 1,637 Accounts payable 8,708 7,663 Accrued liabilities 4,879 6,267 Customer deposits 278 582 Deferred revenue, current portion 3,131 3,226 ------------ ------------ Total current liabilities 20,257 19,375Deferred tax liabilities 556 663Other liabilities, long-term 34 141 ------------ ------------ Total liabilities 20,847 20,179 ------------ ------------Commitments and contingenciesStockholders' equity (deficit): Preferred stock, par value $0.001 -- -- Common stock, par value $0.001 34 34 Additional paid-in capital 141,317 140,747 Accumulated other comprehensive loss (376) (320) Accumulated deficit (114,899) (112,268) ------------ ------------ 26,076 28,193 Treasury stock (cost of 1,964 shares repurchased) (16,399) (16,399) ------------ ------------ Total stockholders' equity 9,677 11,794 ------------ ------------ Total liabilities and stockholders' equity $ 30,524 $ 31,973 ============ ============ BIOLASE, INC. Reconciliation of GAAP Financial Results to Non-GAAP Financial Measures (unaudited, in thousands, except per share data) Three months ended March 31, -------------------------- 2013 2012 ------------ ------------GAAP net loss $ (2,631) $ (1,672)Adjustments: Interest expense 87 4 Depreciation and amortization expense 145 125 Stock-based, other equity instruments, and other non-cash compensation expense 494 670 ------------ ------------Non-GAAP net loss $ (1,905) $ (873) ============ ============GAAP net loss per share: Basic and diluted $ (0.08) $ (0.05)Adjustments: Interest expense 0.00 0.00 Depreciation and amortization expense 0.00 0.00 Stock-based, other equity instruments, and other non-cash compensation expense 0.02 0.02 ------------ ------------Non-GAAP net loss per share: Basic and Diluted $ (0.06) $ (0.03) ============ ============
For further information, please contact:
Michael Porter
Porter, LeVay & Rose, Inc.
212-564-4700
