UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On January 18, 2023, BIOLASE, Inc. issued a press release announcing certain preliminary results for the fourth quarter and full year ended December 31, 2022. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is hereby incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
d) Exhibits.
The following exhibit is being furnished as part of this Current Report on Form 8-K:
Exhibit No. |
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Description |
99.1 |
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104 |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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BIOLASE, INC. |
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Date: January 18, 2023 |
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By |
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/s/ JENNIFER BRIGHT |
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Name: Jennifer Bright |
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Title: Chief Financial Officer |
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Exhibit 99.1 |
BIOLASE MAINTAINS POSITIVE MOMENTUM THROUGH YEAR END WITH SOLID FOURTH QUARTER REVENUE GROWTH; SIGNIFICANT MARKET OPPORTUNITY AND INDUSTRY-LEADING PRODUCT SUPPORT EXPECTATION FOR ROBUST REVENUE GROWTH IN 2023
Foothill Ranch, Calif., January 18, 2023 – BIOLASE, Inc. (NASDAQ: BIOL), the global leader in dental lasers, announced today that based on currently available information, preliminary 2022 fourth quarter revenue is expected to be between $14.0 million and $14.4 million, well above 2021 fourth quarter revenue of $12.4 million. The Company will report fourth quarter and full-year 2022 results in March 2023.
As demonstrated by its continued positive results, the Company believes it is well positioned with its industry-leading dental lasers, broad intellectual property ("IP") portfolio, and recently bolstered balance sheet to capitalize on the significant market opportunity for dental laser adoption.
Below are preliminary fourth quarter and full-year revenue results, a recap of the Company’s 2022 key accomplishments, and anticipated operational and product milestones for 2023.
Preliminary Fourth Quarter and Full-Year Results
2022 Accomplishments
Anticipated 2023 Milestones Expected to Position BIOLASE for Long-Term Growth and Success
In 2023, the Company plans to:
About BIOLASE
BIOLASE is a medical device company that develops, manufactures, markets, and sells laser systems in dentistry and medicine. BIOLASE's products advance the practice of dentistry and medicine for patients and healthcare professionals. BIOLASE's proprietary laser products incorporate approximately 302 patented and 28 patent-pending technologies designed to provide biologically and clinically superior performance with less pain and faster recovery times. BIOLASE's innovative products provide cutting-edge technology at competitive prices to deliver superior results for dentists and patients. BIOLASE's principal products are revolutionary dental laser systems that perform a broad range of dental procedures, including cosmetic and complex surgical applications. BIOLASE has sold over 43,300 laser systems from 1998 through December 31, 2021 in over 80 countries around the world. Laser products under development address BIOLASE's core dental market and other adjacent medical and consumer applications.
For updates and information on Waterlase iPlus®, Waterlase Express, and laser dentistry, find BIOLASE online at www.biolase.com, Facebook at www.facebook.com/biolase, Twitter at www.twitter.com/biolaseinc, Instagram at www.instagram.com/waterlase_laserdentistry, and LinkedIn at www.linkedin.com/company/biolase.
BIOLASE®, Waterlase®, and Waterlase iPlus® are registered trademarks of BIOLASE, Inc.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements, as that term is defined in the Private Litigation Reform Act of 1995, that involve significant risks and uncertainties, including statements, regarding BIOLASE's preliminary fourth quarter and full-year 2022 revenue, beliefs relating to BIOLASE’s ability to capitalize on the dental laser market opportunity, expected 2023 revenue growth, anticipated 2023 milestones and the expected effects, and BIOLASE’s plans for 2023. Forward-looking statements can be identified through the use of words such as "may," "might," "will," "intend," "should," "could," "can," "would," "continue," "expect," "believe," "anticipate," "estimate," "predict," "outlook," "potential," "plan," "seek," and similar expressions and variations or the negatives of these terms or other comparable terminology. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect BIOLASE's current expectations and speak only as of the date of this release. Among other things, there can be no assurance that BIOLASE’s actual full-year 2022 financial and operating results will not differ, perhaps substantially, from the preliminary financial and operating results and expectations contained in this press release. In addition, BIOLASE has not completed its fourth quarter and full-year 2022 closing and review process, and the final results for the full-year 2022 may differ, perhaps substantially, from the statements made in this press release. During the course of preparing BIOLASE’s financial statements and during the review process, management may identify items that would require adjustments that may be material to the amounts described in this press release. Actual results may also differ materially from BIOLASE's current expectations depending upon a number of other factors. These factors
include, among others, the coronavirus (COVID-19) and the effects of the outbreak and actions taken in connection therewith, 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, substantial doubt regarding BIOLASE's ability to continue as a going concern, and those other risks and uncertainties that are described in the "Risk Factors" section of BIOLASE's most recent annual report on Form 10-K and quarterly report on Form 10-Q for the quarter ended September 30, 2022 filed with the Securities and Exchange Commission. Except as required by law, BIOLASE does not undertake any responsibility to revise or update any forward-looking statements.
For further information, please contact:
EVC Group LLC
Michael Polyviou / Todd Kehrli
(732) 933-2754
mpolyviou@evcgroup.com / tkehrli@evcgroup.com
Document and Entity Information |
Jan. 18, 2023 |
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Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Jan. 18, 2023 |
Trading Symbol | BIOL |
Entity Registrant Name | BIOLASE, INC. |
Entity Central Index Key | 0000811240 |
Entity Emerging Growth Company | false |
Title of 12(b) Security | Common Stock, par value $0.001 per share |
Security Exchange Name | NASDAQ |
Entity File Number | 001-36385 |
Entity Tax Identification Number | 87-0442441 |
Entity Address, Address Line One | 27042 Towne Centre Drive |
Entity Address, Address Line Two | Suite 270 |
Entity Address, City or Town | Lake Forest |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 92610 |
City Area Code | 949 |
Local Phone Number | 361-1200 |
Entity Incorporation, State or Country Code | DE |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |