BLTI BIOLASE Increases Sales 102% And Gross Profit 222% In the First Quarter
SAN CLEMENTE, Calif., May 21 /PRNewswire/ -- BIOLASE TECHNOLOGY, INC. (Nasdaq: BLTI - news), announced another record breaking quarter which included a 102% increase in sales, a 222% increase in gross profit, an increase in gross margins from 35% to 56%, and a 25% reduction of its net loss for its first quarter of operations ended March 31, 2001 compared with the same period in 2000.
The Company continued its sustained growth pattern with record first quarter sales of $3,082,693 for the three months ended March 31, 2001, an increase of $1,555,667, compared to $1,527,026 for the same period in 2000. The Company's net loss continued to narrow to $772,405, or 4 cents per basic/diluted share in the first quarter of 2000 versus a net loss of $1,032,096, or 6 cents per basic/diluted share, for the comparable quarter in 2000.
Gross profit for the first quarter of 2001 increased $1,192,699 to $1,728,961, or 56% of sales, compared to $536,262, or 35% of sales, for the same period in 2000. The increase in gross profit for the first quarter of 2001 compared to the same period in 2000 was due principally to the increased sales volume coupled with engineered cost reductions.
Operating expenses grew to $2,431,327 during the first quarter of 2001 compared to $1,552,343 reported for the same period in 2000. The increase was due principally to the Company's increase in its domestic sales force combined with its implementation of direct marketing seminars held frequently at key regional sites and increased participation at professional trade shows.
Jeffrey W. Jones, BIOLASE CEO and president, commented, ``The dental community is continuing to embrace our technology as evidenced by back to back quarters of 100% plus sales growth compared to prior year same quarters. Both domestic and international sales are contributing to our increasing sales. When dentists realize the dramatic financial, clinical and patient comfort benefits of the Waterlase, they enthusiastically embrace this revolutionary technology.
``BIOLASE is already well positioned for another excellent quarter. Our sales have not been adversely affected by the economic slowdown and we are positioning the Waterlase and Twilite so dentists can differentiate themselves from their peers. BIOLASE customers are perceived as modern, advanced technology practices offering their patients a higher level of care.''
Jones concluded, ``We are well into 2001 and continuing to make great strides in all of the elements necessary to be very successful in both the short and long term.''
BIOLASE Technology, Inc. (http://www.biolase.com) is an advanced medical technology company which possesses and develops advanced dental, cosmetic, aesthetic and surgical products, including Waterlase(TM) (HydroKinetic) surgical cutting systems and other advanced laser and non-laser based products for the professional and home consumer market. The Company's products incorporate patented and patent-pending technologies in the pursuit of painless surgery. BIOLASE is the world leader in painless hard and soft tissue dental laser technology.
BIOLASE TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended
March 31,
2001 2000
Sales $3,082,693 $1,527,026
Cost of sales 1,353,732 990,764
Gross profit 1,728,961 536,262
Operating expenses:
Sales and marketing 1,596,939 638,026
General and Administrative 474,629 400,878
Engineering and development 359,759 513,439
Total operating expenses 2,431,327 1,552,343
Loss from operations (702,366) (1,016,081)
Other income (expense)
Interest income 6,356 7,246
Interest expense (76,395) (23,261)
Net loss $(772,405) $(1,032,096)
Loss per share -
basic and diluted $(0.04) $(0.06)
Weighted average
Shares outstanding 19,430,433 18,015,127
BIOLASE TECHNOLOGY, INC.
CONSOLIDATED BALANCE SHEETS
March 31,
2001 December 31,
Unaudited 2000
Assets:
Current assets:
Cash and cash equivalents $2,534,223 $2,001,884
Accounts receivable, less allowance
of $121,397 in 2001 and $120,988 in 2000 1,091,624 758,219
Inventories, net of reserves
of $454,400 in 2001 and $449,597 in 2000 947,713 1,221,595
Prepaid expenses and other current assets 187,981 179,985
Total current assets 4,761,541 4,161,683
Property, plant and equipment, net 342,634 2,329,305
Patents, trademarks and licenses,
less accumulated amortization of
$179,777 in 2000 and $174,077 in 2000 98,458 104,158
Other assets 3,204 3,954
Total assets $5,205,837 $6,599,100
Liabilities and Stockholders' Equity:
Current liabilities:
Line of credit $1,791,925 $1,791,925
Accounts payable 785,941 945,873
Customer deposits 214,500 200,000
Accrued expenses 1,570,203 1,409,367
Deferred gain, current portion 63,156 --
Mortgage note payable, current portion -- 20,486
Total current liabilities 4,425,725 4,367,651
Deferred gain on sale of building 252,627 --
Mortgage note payable, net of current portion -- 1,174,578
Total liabilities 4,678,352 5,542,229
Stockholders' equity:
Preferred stock, par value $.001,
1,000,000 shares authorized:
no shares issued and outstanding
in 2001 or 2000 -- --
Common stock, par value, $.001,
50,000,000 shares authorized,
issued 19,475,722 in 2001 and
19,366,522 in 2000 19,476 19,367
Additional paid-in capital 47,774,936 47,532,026
Accumulated deficit (47,266,927) (46,494,522)
Net stockholders' equity 527,485 1,056,871
Total liabilities and stockholders' equity $5,205,837 $6,599,100
For further information please contact Lori Parks, VP-Editorial, or Leighton Foster, Investor Relations, of Porter, LeVay & Rose, Inc., 212-564-4700, for BIOLASE Technology, Inc.; or Jeffrey W. Jones, President and CEO of BIOLASE Technology, Inc., 949-361-1200.
SOURCE: BIOLASE Technology, Inc. |
