So much for earnings news boosting the price:
Biolase Technology Inc. Reports Record First Quarter Results; Sales Exceed Total for All of 1998
Business Wire - May 24, 1999 11:57
SAN CLEMENTE, Calif.--(BW HealthWire)--May 24, 1999--Biolase Technology, Inc. (NASDAQ: BLTI), which designs, develops, manufactures and markets laser-based systems for use in dental and medical applications, today reported record results for the first quarter ended March 31, 1999.
Sales for the quarter rose to $1,785,983 from sales of $262,530 for the first quarter of the prior year. The company incurred a net loss for the quarter of $669,856, or four cents per share, basic and diluted, compared with a net loss of $829,111 or six cents per basic and diluted share for the corresponding quarter of 1998.
Jeffrey W. Jones, president and CEO of Biolase, commented, "Sales for the quarter exceeded those of any other first quarter in the company's history, and exceeded total sales for 1998. This growth reflects a significantly increased marketing effort and greater market acceptance of our Millennium Hydrokinetic YSGG(tm) dental laser, supported by quadrupling of our domestic sales force, expanding our international sales efforts by adding two new regional managers and new agreements that broaden our international distribution network in Europe, the Middle East and the Pacific Rim. Our initial sales and marketing initiatives for the Millennium YSGG(tm) have demonstrated the strong potential for our products to generate earnings in the future."
Gross margins for the quarter improved from the same period of 1998 and are expected to improve further in coming quarters. The first quarter improvement was attributed to the increased sales, as well as a reduction in the cost of materials for the Millennium (tm) system. The company also pointed out that the price for the Millenium (tm) hard and soft tissue dental laser was increased effective Feb. 21, 1999, in response to strong demand resulting in part from very favorable reception for the system at meetings for dental professionals and extensive media coverage.
On March 29, 1999, the company completed a Regulation D private placement of 1.1 million common shares and 550,000 redeemable common stock purchase warrants with a group of institutional investors. The gross proceeds of $3,025,000 from the transaction are being applied to expansion of the company's sales organization, increased marketing efforts and added manufacturing capacity. "This welcome infusion of capital will help us pursue our ambitious growth plan," Jones said.
Noting that Biolase received FDA clearance on March 8 for its Millennium Hydrokinetic Er, Cr: YSGG (tm), to be marketed for all classes of cavity preparations, Jones said, "This latest clearance demonstrates the versatility of our technology in dentistry. As we continue to develop new dental applications for the technology, we are also researching its potential for other surgical procedures.
"We are very optimistic about the balance of 1999, based on our internal projections of anticipated sales," Jones concluded.
Biolase Technology, Inc. (www.biolase.com) manufactures and markets advanced dental, cosmetic, aesthetic, and surgical products, including the LazerSmile tooth whitening system (www.lazersmile. com), Hydrokinetic (tm) surgical cutting systems, and other advanced laser and non-laser based products for the professional and home consumer markets. The company's products incorporate patented and patent-pending technologies in the pursuit of painless surgery.
BIOLASE TECHNOLOGY, INC. AND SUBSIDIARY
Consolidated Statements of Operations
For the Three Months Ended
3/31/99 3/31/98
Consolidated Statements of
Operations Date:
Sales $ 1,785,983 $ 262,530
Gross profit $ 797,141 $ 24,423
Operating expenses $ 1,441,530 $ 832,869
Loss from operations $ (644,389) $(808,546)
Interest income $ 3,515 $ 5,457
Interest expense $ (28,982) $ (26,002)
Net loss $ (669,856) $(829,111)
Basic/Diluted loss per share $ (0.04) $ (0.06)
Weighted average shares outstanding $ 16,316,157 $ 13,469,193
3/31/99 12/31/98
(unaudited)
Consolidated Balance Sheet Data:
Working capital $ 2,171,097 $ 88,582
Current assets $ 5,900,141 $ 3,338,102
Total assets $ 6,521,634 $ 3,911,372
Current liabilities $ 3,729,044 $ 3,249,520
Long-term debt -- --
Stockholders' equity $ 2,792,590 $ 661,852
The matters discussed in this news release include forward-looking statements which are subject to various risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated in such forward-looking statements. Such risks, uncertainties and other factors include, but are not limited to, the effect of actions of third parties, including governmental officials, the timely development and acceptance of new products, the impact of competitive products and pricing, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission, including the reports on Forms 10-K and 10-Q. These forward-looking statements represent the Company's judgment as of the date of this release. The Company disclaims, however, any intent or obligation to update these forward-looking statements.
CONTACT: BIOLASE TECHNOLOGY, INC.
Jeffrey W. Jones, President and CEO
(949) 361-1200
or
L.B. Stauffer, Sr. VP
Porter, LeVay & Rose, Inc.
(212) 564-4700
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