Biolase Reports Financial Results and Projects Further Revenue Growth for 2024

March 22, 2024

DENVER, Colo., Mar 22, 2024 (247marketnews.com)- BIOLASE, Inc. (NASDAQ:BIOL) reported, after yesterday’s market close, its fourth quarter and full year 2023 financial results.

BIOLASE achieved revenue growth in 2023, to $49.2 million, an increase of 1% compared to net revenue of $48.5 million for the prior year, on record consumable sales, including the introduction of recurring revenue subscriptions and increased sales conversion rate of 45% due to the continued success of its Waterlase Trial Program.

“We were operating in a challenging spending environment given higher interest rates. However, our initiatives enabled us to grow full-year 2023 revenue modestly,” commented John Beaver, President and Chief Executive Officer of BIOLASE. “Our continuing efforts to heighten the interest in our industry-leading dental lasers are driving greater awareness and interest in our award-winning lasers, which we believe will continue in 2024 and allow us to accelerate our revenue growth as we return to a more normalized business climate. The increased utilization of our installed base is a bullish sentiment, as evidenced by the 20% increase in our consumable sales during the year, so our goal is to accelerate growth while continuing to improve our operations. Greater adoption of our dental lasers, coupled with the expansion of our gross margins and lower operating expenses, will allow us to meet our revenue and profitability objectives for 2024.”

BIOL is trading at $0.20, up $0.05 (+33.33%), on 7.9M shares.

Its 52-week range $0.1251 to $47.10. This morning’s premarket high is $0.2347 and if it can break through, on very strong volume, it could refill the February gap to 44-cents.

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