UNITED STATES
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
Date of Report (Date of Earliest Event Reported): | April 16, 2012 |
Biolase Technology, Inc.
__________________________________________
(Exact name of registrant as specified in its charter)
Delaware | 000-19627 | 87-0442441 |
_____________________ (State or other jurisdiction |
_____________ (Commission |
______________ (I.R.S. Employer |
of incorporation) | File Number) | Identification No.) |
4 Cromwell, Irvine, California | 92618 | |
_________________________________ (Address of principal executive offices) |
___________ (Zip Code) |
Registrants telephone number, including area code: | 949-361-1200 |
Not Applicable
______________________________________________
Former name or former address, if changed since last report
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02 Results of Operations and Financial Condition.
On April 16, 2012, Biolase Technology, Inc. (the "Company") issued a press release announcing preliminary financial results for the first quarter ended March 31, 2012.
A copy of the Company's press release is filed as Exhibit 99.1 to this Current Report on Form 8-K, and is incorporated by reference herein.
Item 7.01 Regulation FD Disclosure.
On April 16, 2012, the Company issued a press release announcing the completion of its purchase of certain laser systems from Henry Schein, Inc.
A copy of the Company's press release is filed as Exhibit 99.2 to this Current Report on Form 8-K, and is incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits.
d) Exhibits.
99.1 Press Release of Biolase Technology, Inc., dated April 16, 2012.
99.2 Press Release of Biolase Technology, Inc., dated April 16, 2012.
This Current Report on Form 8-K and the information contained in the press release shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Current Report on Form 8-K and the press release is not incorporated by reference into any filings of the Company, whether made before or after the date of this Current Report on Form 8-K, regardless of any general incorporation language in the filing, unless explicitly incorporated by specific reference into such filing.
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.
Biolase Technology, Inc. | ||||
April 16, 2012 | By: |
/s/ Federico Pignatelli
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Name: Federico Pignatelli | ||||
Title: Chairman and Chief Executive Officer |
Exhibit Index
Exhibit No. | Description | |
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99.1
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Press Release of Biolase Technology, Inc., dated April 16, 2012. | |
99.2
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Press Release of Biolase Technology, Inc., dated April 16, 2012. |
NEWS RELEASE for April 16, 2012
BIOLASE EXPECTS REVENUE FOR THE 2012 FIRST QUARTER
TO BE APPROXIMATELY $12 MILLION,
UP FROM PREVIOUS GUIDANCE OF $11 MILLION
Year-over-Year Normalized Revenue up 58 Percent
IRVINE, CA (April 16, 2012) BIOLASE Technology, Inc. (NASDAQ:BLTI), the Worlds leading dental laser manufacturer and distributor, today announced that, based on a preliminary review by management of its financial performance, the Company expects to report revenue of approximately $12 million for the first quarter ended March 31, 2012. This is an increase from the guidance of $11 million provided in February 2012 and an increase of approximately 13 percent from $10.6 million of net revenue for the first quarter ended March 31, 2011.
Excluding $3 million in equipment sales to Henry Schein, Inc. (NASDAQ:HSIC) to satisfy one-time prepaid purchase orders during the first quarter ended March 31, 2011, the expected revenue in the first quarter ended March 31, 2012 actually reflects an increase of approximately $4.4 million, or 58 percent, over normalized revenue of $7.6 million for the same period in the prior year.
Federico Pignatelli, Chairman and CEO, said, We are very pleased that our revenue exceeded our guidance during the first quarter, traditionally our slowest quarter of the year. We believe that we are well positioned for success in 2012 with a stronger infrastructure, a larger sales force and an expanded product line that includes not only hard- and soft-tissue lasers but a full line of imaging systems at multiple price points, coupled with the elimination of the significant inventory overhang in the marketplace by our former exclusive distributor Henry Schein. These results validate that we are making progress in becoming the Total Technology Solution provider to the global dental community.
The Company will deliver additional details on a quarterly conference call and webcast when it reports full financial results in May.
About BIOLASE Technology, Inc.
BIOLASE Technology, Inc., the Worlds leading Dental Laser Company, is a medical technology company
that develops, manufactures and markets dental lasers and also distributes and markets dental
imaging equipment, products that are focused on technologies that advance the practice of dentistry
and medicine. The Companys laser products incorporate 285 patented and patent pending
technologies designed to provide clinically superior performance with less pain and faster recovery
times. Its imaging products provide cutting-edge technology at competitive prices to deliver the
best results for dentists and patients. BIOLASEs principal products are dental laser systems that
perform a broad range of dental procedures, including cosmetic and complex surgical applications,
and a full line of dental imaging equipment. BIOLASE has sold more than 19,000 lasers among 16,000
customers. Other products under development address ophthalmology and other medical and consumer
markets.
For updates and information on laser and Waterlase dentistry, find BIOLASE at http://www.biolase.com, Twitter at http://twitter.com/GoWaterlase, and YouTube at http://www.youtube.com/user/Rossca08.
This press release may contain forward-looking statements within the meaning of safe harbor provided by the Securities Reform Act of 1995 that are based on the current expectations and estimates by BIOLASE management. These forward-looking statements can be identified through the use of words such as anticipates, expects, intends, plans, believes, seeks, estimates, may, will, and variations of these words or similar expressions. Forward-looking statements are based on managements current, preliminary expectations and are subject to risks, uncertainties and other factors which may cause the Companys actual results to differ materially from the statements contained herein, and are described in the Companys reports it files with the Securities and Exchange Commission, including its annual and quarterly reports. No undue reliance should be placed on forward-looking statements. Such information is subject to change, and BIOLASE undertakes no obligation to update such statements.
For further information, please contact: Jill Bertotti, of Allen & Caron, +1-949-474-4300.
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NEWS RELEASE for April 16, 2012
BIOLASE COMPLETES TRANSACTION WITH HENRY SCHEIN
IRVINE, CA (April 16, 2012) BIOLASE Technology, Inc. (NASDAQ:BLTI), the Worlds leading dental laser manufacturer and distributor, today announced that it has completed its purchase of 159 Waterlase MD Turbo laser systems from Henry Schein, Inc. (NASDAQ: HSIC), fewer than the approximately 180 laser systems estimated as outstanding by Schein in February 2012 when the announcement of an agreement was made. The Waterlase MD Turbo, first launched in 2006, has been the most successful hard- and all-tissue laser in the history of dental lasers with approximately 6,500 units sold worldwide. The purchased equipment is expected to be used primarily as a source of parts to service the large installed base of MD Turbo laser systems and for dental schools to promote Waterlase technology even further into the academic world.
The MD Turbos were purchased at a very advantageous price by BIOLASE and the entire purchase price was paid by offsetting monies currently due from Schein to BIOLASE from sales made as part of the normal course of business mainly during the first quarter of 2012 and, to a much lesser extent, the year ended December 31, 2011. None of the monies used to offset the purchase price were related to the original sales of the MD Turbos being purchased.
Federico Pignatelli, Chairman and CEO of BIOLASE, commented, Closing this transaction is a very important step for BIOLASE as it eliminates the overhang in the marketplace that equaled approximately 440 units at the end of 2010 and significantly impacted our sales in 2011, releases all liens on our patent and intellectual properties portfolio and frees us of any present and future obligations to Schein. It is also a very advantageous transaction as the remaining inventory was purchased at a very convenient price and will mainly be used as parts to service our vast install base of MD Turbos.
About BIOLASE Technology, Inc.
BIOLASE Technology, Inc., the Worlds leading Dental Laser Company, is a medical technology company
that develops, manufactures and markets dental lasers and also distributes and markets dental
imaging equipment, products that are focused on technologies that advance the practice of dentistry
and medicine. The Companys laser products incorporate 285 patented and patent pending
technologies designed to provide clinically superior performance with less pain and faster recovery
times. Its imaging products provide cutting-edge technology at competitive prices to deliver the
best results for dentists and patients. BIOLASEs principal products are dental laser systems that
perform a broad range of dental procedures, including cosmetic and complex surgical applications,
and a full line of dental imaging equipment. BIOLASE has sold more than 19,000 lasers among 16,000
customers. Other products under development address ophthalmology and other medical and consumer
markets.
For updates and information on laser and Waterlase dentistry, find BIOLASE at http://www.biolase.com, Twitter at http://twitter.com/GoWaterlase, and YouTube at http://www.youtube.com/user/Rossca08.
This press release may contain forward-looking statements within the meaning of safe harbor provided by the Securities Reform Act of 1995 that are based on the current expectations and estimates by BIOLASE management. These forward-looking statements can be identified through the use of words such as anticipates, expects, intends, plans, believes, seeks, estimates, may, will, and variations of these words or similar expressions. Forward-looking statements are based on managements current, preliminary expectations and are subject to risks, uncertainties and other factors which may cause the Companys actual results to differ materially from the statements contained herein, and are described in the Companys reports it files with the Securities and Exchange Commission, including its annual and quarterly reports. No undue reliance should be placed on forward-looking statements. Such information is subject to change, and BIOLASE undertakes no obligation to update such statements.
For further information, please contact: Jill Bertotti, of Allen & Caron, +1-949-474-4300.
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