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Tuesday May 12, 11:46 am Eastern TimeCompany Press ReleaseBlueStone Capital Initiates Research Coverage of BIOLASE Technology, Inc. with a STRONG BUY Recommendation
NEW YORK--(BUSINESS WIRE)--May 12, 1998--Senior Analyst, Scott Baily of BlueStone Capital Partners, L.P. initiates coverage of BIOLASE Technology Inc. (NASDAQ:BLTI - news) with a STRONG BUY rating, and a 12-18 month price target of $7-$10 per share. BLTI, headquartered in San Clemente, California, designs, develops, manufactures and markets laser-based systems for use in dental and medical applications. We are initiating coverage of BLTI with a STRONG BUY rating, and a 12-18 month price target of $7-$10, for a potential gain of 93%-176%. In late April, 1998, BLTI received a broad U.S. Patent for its unique HydroKinetic Laser Cutting Technology, which is used in both its Millennium (hard tissue) and DermaLase (soft tissue) products. We believe this U.S. patent gives BLTI a major competitive advantage over the rest of the laser industry manufacturers. After years of R&D to perfect its Millennium laser-based system, we expect BLTI to be the next company to receive FDA approval for hard tissue (teeth & bone) during the 2Q or 3Q FY98. Also in FY98 we expect BLTI to receive FDA approval of Lazer ToothBrush, the first light-activated tooth whitening consumer product. In 1998 BLTI plans to introduce at least three major products in the U.S. market, including the Millennium (hard tissue), DermaLase (soft tissue), Lazer ToothBrush (tooth whitening), and possibly a fourth, Laser SkinToner (skin rejuvenation). During FY98 we expect revenues to more than double to $4.5 million, with a loss of $0.15 EPS compared to revenues of $1.8 million and a loss of $0.21 EPS in FY97. In FY99, we project that revenues will continue to show dramatic growth to $13.0 million, with EPS also exhibiting strong profit growth in $0.10 per share.
BlueStone Capital Partners, L.P. is a full service investment banking and brokerage firm that delivers financial services to emerging growth and medium size companies worldwide. BlueStone Capital assists clients in maximizing their growth by providing sophisticated investment strategies that are designed to achieve clients' strategic, operating and financial goals.
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Contact: BlueStone Capital Partners, L.P.
Mr. Scott Baily, 212/850-0558
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More Quotes and News:Biolase Technology Inc (Nasdaq:BLTI - news)Related News Categories: banking, biotech, medical/pharmaceutical
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