8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

July 23, 2003 (Date of earliest event reported)

BIOLASE TECHNOLOGY, INC.

(Exact Name of Registrant as Specified in Its Charter)

Delaware	000-19627	87-0442441
(State or Other Jurisdiction of Incorporation or Organization)	(Commission file number)	(I.R.S. Employer Identification No.)

981 Calle Amanecer

San Clemente, California 92673

(Address of Principal Executive Offices, Including Zip Code)

(949) 361-1200

(Registrant’s Telephone Number, Including Area Code)

Item 7.    Financial Statements and Exhibits.

(c) Exhibits.

99.1   Press Release, dated July 23, 2003, announcing second quarter 2003 results.

Item 9.    Regulation FD Disclosure.

In accordance with SEC Release Nos. 33-8216 and 34-47583, the following information, which is intended to be furnished pursuant to “Item 12. Results of Operations and Financial Condition,” of Form 8-K, is instead being furnished under this Item 9.

The information in this Current Report is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, except as shall be expressly set forth by specific reference in such a filing.

On July 23, 2003, BioLase Technology, Inc. issued a press release announcing its financial results for the quarter ended June 30, 2003. A copy of the earnings release is furnished herewith as Exhibit 99.1.

2

SIGNATURE

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, thereunto duly authorized.

Dated:  July 23, 2003	BIOLASE TECHNOLOGY, INC.,
	(Registrant)
	By:	/s/    EDSON J. ROOD
		Edson J. Rood Vice President and Chief Financial Officer (Principal Financial and Accounting Officer)

3

EX-99.1

Exhibit 99.1

BIOLASE REPORTS Q2 EARNINGS OF $0.08 ON $11.1 MILLION IN SALES

Earnings Exceed Analyst Average EPS Estimates of $0.05

BIOLASE Technology, Inc. (Nasdaq: BLTI), a medical technology company that designs, manufactures and markets proprietary dental laser systems and related products, today reported financial results for the three and six-month periods ended June 30, 2003.

For the three months ended June 30, 2003, net income was $1.7 million ($0.08 per diluted share) on sales of $11.1 million. For the three months ended June 30, 2002, net income was $669,000 ($0.03 per diluted share) on sales of $7.2 million. The sales figure for the three months ended June 30, 2003 represents a 55% growth over the same period in 2002. Gross margin for the three months ended June 30, 2003 was 61.8%, yielding a gross profit of $6.9 million. For the three months ended June 30, 2002, gross margin was 60.6% with a gross profit of $4.3 million.

For the six months ended June 30, 2003, net income was $2.4 million ($0.11 per diluted share) on sales of $19.7 million compared to net income of $788,000 ($0.04 per diluted share) on sales of $12.4 million for the six months ended June 30, 2002. Year-to-date, sales have increased 59% over the first two quarters of 2002.

Jeffrey W. Jones, President and Chief Executive Officer, commented, “Our market penetration continues to expand and our operating margins continue to grow, reaching 15% in the quarter just ended. Our financial position has also strengthened since the beginning of the year with cash now at $6.6 million and net working capital having more than doubled to $7.2 million.”

About BIOLASE

BIOLASE Technology, Inc. (http://www.biolase.com) is a medical technology company that designs, manufacturers and markets proprietary dental laser systems that allow dentists, oral surgeons and other specialists to perform a broad range of common dental procedures, including cosmetic applications. Our products incorporate patented and patent pending technologies focused on reducing pain and improving clinical results. Our primary product, the Waterlase system, is the best selling dental laser system. The Waterlase system uses a patented combination of water and laser to precisely cut hard tissue, such as bone and teeth, and soft tissue, such as gums, with minimal or no damage to surrounding tissue. We also offer the LaserSmile system, which uses a laser to perform soft tissue and cosmetic procedures, including tooth whitening. In May 2003, we acquired the American Dental Laser product line, including the Diolase and Pulsemaster systems, which can be used for common soft tissue procedures.

Cautionary Statement

This press release and earnings conference call may contain forward-looking statements that are based on our current expectations, estimates and projections about our industry as well as management’s beliefs and assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “may,” “will,” and variations of these words or similar expressions are intended to identify forward-looking statements. These statements speak only as of the date hereof and are based upon the information available to us now. Such information is subject to change and we will not necessarily inform you of such changes. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Therefore our actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors.

The important factors which could cause actual results to differ materially from those in the forward-looking statements include, among others, a downturn or leveling off of demand for our products, the loss of a key distributor, the effectiveness of our expense and product cost control efforts, the availability and pricing of competing products and technologies, intellectual property disputes and other factors detailed in BIOLASE’s filings with the Securities and Exchange Commission including its prior filings on Form 10K and Form 10Q.

#####

BIOLASE TECHNOLOGY, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

	June 30, 2003			December 31, 2002
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	6,646,000		$	3,940,000
Accounts receivable, less allowance of $425,000 and $395,000 in 2003 and 2002, respectively		5,308,000			4,790,000
Inventories, net of reserves of $420,000 and $239,000 in 2003 and 2002, respectively		3,709,000			2,792,000
Prepaid expenses and other current assets		815,000			1,028,000
Total current assets		16,478,000			12,550,000
Property, plant and equipment, net		1,861,000			1,733,000
Intangible assets, net		5,549,000			67,000
Other assets		278,000			45,000
Total assets	$	24,166,000		$	14,395,000
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Line of credit	$	1,792,000		$	1,792,000
Accounts payable		1,879,000			2,082,000
Accrued liabilities		3,954,000			3,580,000
Customer deposits		296,000			329,000
Deferred gain on sale of building, current portion		63,000			63,000
Debt		1,332,000			1,220,000
Total current liabilities		9,316,000			9,066,000
Deferred gain on sale of building		111,000			142,000
Total liabilities		9,427,000			9,208,000
Stockholders’ equity:
Preferred stock, par value $0.001, 1,000,000 shares authorized, no shares issued and outstanding		—			—
Common stock, par value $0.001, 50,000,000 shares authorized; issued and outstanding – 21,519,000 shares in 2003 and 20,131,000 shares in 2002		22,000			20,000
Additional paid-in capital		56,704,000			49,497,000
Accumulated other comprehensive loss		(134,000	)		(57,000	)
Accumulated deficit		(41,853,000	)		(44,273,000	)
Total stockholders’ equity		14,739,000			5,187,000
Total liabilities and stockholders’ equity	$	24,166,000		$	14,395,000

5

BIOLASE TECHNOLOGY, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2003			2002			2003			2002
Net sales	$	11,080,000		$	7,160,000		$	19,748,000		$	12,390,000
Cost of sales		4,228,000			2,818,000			7,365,000			4,927,000
Gross profit		6,852,000			4,342,000			12,383,000			7,463,000
Other income		16,000			16,000			32,000			32,000
Operating expenses:
Sales and marketing		3,680,000			2,551,000			7,251,000			4,646,000
General and administrative		979,000			858,000			1,823,000			1,334,000
Engineering and development		521,000			369,000			1,033,000			788,000
Total operating expenses		5,180,000			3,778,000			10,107,000			6,768,000
Income from operations		1,688,000			580,000			2,308,000			727,000
Gain on foreign currency translation		62,000			17,000			108,000			19,000
Gain on forward contract		—			101,000			22,000			101,000
Interest income		8,000			4,000			13,000			7,000
Interest expense		(12,000	)		(33,000	)		(31,000	)		(66,000	)
Net income	$	1,746,000		$	669,000		$	2,420,000		$	788,000
Net earnings per share:
Basic	$	0.08		$	0.03		$	0.12		$	0.04
Diluted	$	0.08		$	0.03		$	0.11		$	0.04
Shares used in computing net income per share:
Basic		21,179,000			20,027,000			20,776,000			19,910,000
Diluted		22,765,000			21,419,000			22,410,000			21,350,000

6