0000811240false00008112402023-11-092023-11-09

 

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): November 9, 2023

 

 

BIOLASE, INC.

(Exact name of Registrant as Specified in Its Charter)

 

 

Delaware

001-36385

87-0442441

(State or Other Jurisdiction
of Incorporation)

(Commission File Number)

(IRS Employer
Identification No.)

 

 

 

 

 

27042 Towne Centre Drive,

Suite 270

 

Lake Forest, California

 

92610

(Address of Principal Executive Offices)

 

(Zip Code)

Registrant’s 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))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class

 

Trading
Symbol(s)

 


Name of each exchange on which registered

Common Stock, par value $0.001 per share

 

BIOL

 

The NASDAQ Stock Market LLC

(NASDAQ Capital Market)

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 November 9, 2023, BIOLASE, Inc. issued a press release announcing its financial results for the third quarter ended September 30, 2023. 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.

 

Exhibit No.

 

Description

   99.1

 

Press Release of BIOLASE dated November 9, 2023

 104

 

Cover Page Interactive Data File (embedded within the Inline XBRL document)

 


 

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, INC.

Date: November 9, 2023

 

By

 

/s/ JENNIFER BRIGHT

Name: Jennifer Bright

Title: Chief Financial Officer

 


img239377025_0.jpg

Exhibit 99.1

 

BIOLASE REPORTS THIRD QUARTER FINANCIAL RESULTS; COMPANY BENEFITTING FROM STRATEGIC ACTIONS TAKEN TO STREAMLINE OPERATIONS AND GAIN GREATER OPERATIONAL EFFICIENCIES

LAKE FOREST, Calif., November 9, 2023 – BIOLASE, Inc. (NASDAQ: BIOL), the global leader in dental lasers, today announced its financial results for the third quarter ended September 30, 2023.

 

Third Quarter Financial Summary

Total revenue was $10.9 million, below the year-ago revenue, as the current macro-environment is impacting laser system sales
Total consumable sales were $2.9 million, a 10% year-over-year increase as utilization of installed laser systems continues to increase
Gross margin was 34%, a 1,400-basis expansion compared to the year-ago level due to the specific actions taken by the Company to drive toward profitability
Continued operating improvements and efficiencies reduced operating loss by 52% year over year compared to the year-ago quarter

“We are continuing to experience heightened interest in our industry-leading dental lasers; however, the uncertainty caused by the macroeconomic environment is extending our sales cycle,” commented John Beaver, President, and Chief Executive Officer of BIOLASE. “We believe there are several factors contributing to the longer decision-making process, including higher interest rates. However, it’s critical that we maintain our revenue-generating activities to drive greater awareness and interest in our award-winning lasers so that when we return to a more normalized economic climate, we are ready to capitalize on the significant market opportunity we have in front of us. We remain encouraged that new customer acquisition efforts remain strong and the utilization by our installed base continues to grow, as evidenced by the 10% increase in our consumable sales during the quarter. Additionally, our internal optimization actions over the previous quarters have dramatically improved our operations and are beginning to bear fruit. For example, our acquisition of a trunk fiber supplier has allowed us to supplement third-party key components with our in-house manufactured components, significantly expanding our gross margin. Such efforts to reduce our operating expenses enable us to achieve greater efficiencies and improve overall operating performance. We believe that these initiatives considerably reduced our losses and position us for greater success as the economy strengthens. We believe this winning formula – driving greater adoption of our dental lasers and prudent expense management will allow us to meet our revenue and profitability objectives.”

Third Quarter Financial Results

Net revenue for the quarter ended September 30, 2023 was $10.9 million, a decrease of 9% compared to net revenue of $12.0 million for the quarter ended September 30, 2022. U.S. laser revenue was $3.8 million for the quarter ended September 30, 2023, a decrease of 17% compared to U.S. laser revenue of $4.6 million for the quarter ended September 30, 2022. U.S. consumables and other revenue for the quarter ended September 30, 2023, which consists of revenue from consumable products such as disposable tips, increased 22% year over year. International laser revenue was $2.9 million for the quarter ended September 30, 2023, an increase of 5% compared to international laser revenue of $2.8 million for the quarter ended September 30, 2022. International consumables and other revenue for the quarter ended September 30, 2023, which consists of revenue from consumable products such as disposable tips, decreased 16% year over year.

 


 

Gross margin for the quarter ended September 30, 2023 was 34% compared to 20% for the quarter ended September 30, 2022. The increase in gross profit as a percentage of revenue reflects improvement from changing to new suppliers, which resulted in lower inventory reserves and warranty expenses, along with the impact of a favorable mix from higher margin consumables sales for the quarter ended September 30, 2023. Total operating expenses were $7.4 million for the quarter ended September 30, 2023, compared to $10.1 million for the quarter ended September 30, 2022, a 26% decrease year over year. Operating loss for the quarter ended September 30, 2023 was $3.7 million, compared to an operating loss of $7.7 million for the quarter ended September 30, 2022, an improvement of 52% year over year.

The Company had cash and cash equivalents of approximately $7.8 million on September 30, 2023.

Net Loss and Adjusted EBITDA

The Non-GAAP Financial Measures at the end of this news release provide the details of the Company's non-GAAP disclosures and the reconciliation of GAAP net loss and net loss per share to the Company's adjusted EBITDA and adjusted EBITDA per share.

Net loss attributable to common stockholders for the quarter ended September 30, 2023 was $4.6 million, or $3.89 per share, compared to a net loss of $8.4 million, or $110.36 per share (as adjusted for the reverse stock split), for the quarter ended September 30, 2022. Adjusted EBITDA for the quarter ended September 30, 2023 was a loss of $3.1 million, or $2.67 per share, compared with an adjusted EBITDA loss of $5.6 million, or $73.99 per share (as adjusted for the reverse stock split), for the quarter ended September 30, 2022.

2023 Full Year Financial Guidance

The Company currently expects full year 2023 revenue to be 1 to 3% higher than full year 2022 revenue. In addition, the Company expects net loss from operations for both the full year 2023 and for the fourth quarter of 2023 to be significantly improved compared to the comparable periods for the prior year.

Conference Call Information

BIOLASE, Inc. will host a conference call today at 4:30 p.m. Eastern Time to discuss its operating results for the third quarter ended September 30, 2023, and to answer questions. To access the live call, dial 1-866-682-6100 (U.S.) or +1 862-298-0702 (International) and ask to join the BIOLASE call.

A live and archived webcast of the conference call will be accessible on the BIOLASE Investor Relations page. In addition, a phone replay will be available approximately two hours following the end of the call, and it will remain available for one week. To access the call replay, dial 1-877-481-4010 or +1 919-882-2331 (International) and enter replay passcode: 49456.

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. As of December 31, 2022, BIOLASE's proprietary laser products incorporate approximately 259 active patents and 24 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 dental laser systems that perform a broad range of dental procedures, including cosmetic and complex surgical applications. From 1998 through December 31, 2022, BIOLASE has sold over 45,500 laser systems in over 80 countries around the world. Laser products under development address BIOLASE's core dental market and other adjacent medical and consumer applications.

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 Securities Litigation Reform Act of 1995, that involve significant risks and uncertainties, including statements, regarding BIOLASE’s expected revenue and revenue growth. 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. Actual results may differ materially from BIOLASE’s current expectations depending upon a number of factors. These factors include, among others, 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, inability to raise additional capital on terms acceptable to BIOLASE 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 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

 

 


 

BIOLASE, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Unaudited, in thousands, except per share data)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Net revenue

 

$

10,921

 

 

$

12,010

 

 

$

35,674

 

 

$

34,411

 

Cost of revenue

 

 

7,175

 

 

 

9,565

 

 

 

22,474

 

 

 

22,096

 

Gross profit

 

 

3,746

 

 

 

2,445

 

 

 

13,200

 

 

 

12,315

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Sales and marketing

 

 

3,402

 

 

 

5,008

 

 

 

14,214

 

 

 

15,224

 

General and administrative

 

 

2,679

 

 

 

3,109

 

 

 

7,495

 

 

 

8,825

 

Engineering and development

 

 

1,362

 

 

 

1,979

 

 

 

4,352

 

 

 

5,177

 

Total operating expenses

 

 

7,443

 

 

 

10,096

 

 

 

26,061

 

 

 

29,226

 

Loss from operations

 

 

(3,697

)

 

 

(7,651

)

 

 

(12,861

)

 

 

(16,911

)

Loss on foreign currency transactions

 

 

(307

)

 

 

(329

)

 

 

(522

)

 

 

(552

)

Interest expense, net

 

 

(598

)

 

 

(424

)

 

 

(1,758

)

 

 

(1,287

)

Other income (expenses), net

 

 

28

 

 

 

 

 

 

(119

)

 

 

 

Non-operating loss, net

 

 

(877

)

 

 

(753

)

 

 

(2,399

)

 

 

(1,839

)

Loss before income tax (provision) benefit

 

 

(4,574

)

 

 

(8,404

)

 

 

(15,260

)

 

 

(18,750

)

Income tax (provision) benefit

 

 

(15

)

 

 

17

 

 

 

(46

)

 

 

(23

)

Net loss

 

 

(4,589

)

 

 

(8,387

)

 

 

(15,306

)

 

 

(18,773

)

Other comprehensive loss items:

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

(105

)

 

 

(152

)

 

 

14

 

 

 

(415

)

Comprehensive loss

 

$

(4,694

)

 

$

(8,539

)

 

$

(15,292

)

 

$

(19,188

)

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(4,589

)

 

$

(8,387

)

 

$

(15,306

)

 

$

(18,773

)

Deemed dividend on convertible preferred stock

 

 

 

 

 

 

 

 

 

 

 

(217

)

Net loss attributable to common stockholders

 

$

(4,589

)

 

$

(8,387

)

 

$

(15,306

)

 

$

(18,990

)

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per share attributable to common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

Basic and Diluted

 

$

(3.89

)

 

$

(110.36

)

 

$

(22.28

)

 

$

(287.73

)

Shares used in the calculation of net loss per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic and Diluted

 

 

1,179

 

 

 

76

 

 

 

687

 

 

 

66

 

 

 

 


 

BIOLASE, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited, in thousands, except per share data)

 

 

 

September 30,

 

 

December 31,

 

 

 

2023

 

 

2022

 

 

 

(Unaudited)

 

 

(Audited)

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

7,809

 

 

$

4,181

 

Accounts receivable, less allowance of $2,201 and $2,164 as of September 30, 2023 and December 31, 2022, respectively

 

 

4,388

 

 

 

5,841

 

Inventory

 

 

13,824

 

 

 

15,884

 

Prepaid expenses and other current assets

 

 

1,761

 

 

 

3,053

 

Total current assets

 

 

27,782

 

 

 

28,959

 

Property, plant, and equipment, net

 

 

6,049

 

 

 

4,278

 

Goodwill

 

 

2,926

 

 

 

2,926

 

Right-of-use assets, leases

 

 

1,718

 

 

 

1,768

 

Other assets

 

 

270

 

 

 

255

 

Total assets

 

$

38,745

 

 

$

38,186

 

LIABILITIES, CONVERTIBLE REDEEMABLE PREFERRED STOCK AND
   STOCKHOLDERS' EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

7,178

 

 

$

5,786

 

Accrued liabilities

 

 

7,613

 

 

 

9,210

 

Deferred revenue, current portion

 

 

2,191

 

 

 

2,111

 

Current portion of term loans, net of discount

 

 

2,800

 

 

 

700

 

Total current liabilities

 

 

19,782

 

 

 

17,807

 

Deferred revenue

 

 

236

 

 

 

418

 

Warranty accrual

 

 

463

 

 

 

360

 

Non-current term loans, net of discount

 

 

11,307

 

 

 

13,091

 

Non-current operating lease liability

 

 

995

 

 

 

1,259

 

Other liabilities

 

 

78

 

 

 

362

 

Total liabilities

 

 

32,861

 

 

 

33,297

 

Series H Convertible Preferred stock, par value $0.001 per share

 

 

300

 

 

 

 

Series J Convertible Preferred stock, par value $0.001 per share

 

 

5,252

 

 

 

 

Total mezzanine equity

 

 

5,552

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

Common stock, par value $0.001 per share

 

 

2

 

 

 

 

Additional paid-in capital

 

 

312,523

 

 

 

301,790

 

Accumulated other comprehensive loss

 

 

(719

)

 

 

(733

)

Accumulated deficit

 

 

(311,474

)

 

 

(296,168

)

Total stockholders' equity

 

 

332

 

 

 

4,889

 

Total liabilities, convertible redeemable preferred stock and
 stockholders' equity

 

$

38,745

 

 

$

38,186

 

 

 


 

BIOLASE, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited, in thousands)

 

 

 

Nine Months Ended

 

 

 

September 30,

 

 

 

2023

 

 

2022

 

Cash Flows from Operating Activities:

 

 

 

 

 

 

Net loss

 

$

(15,306

)

 

$

(18,773

)

Adjustments to reconcile net loss to net cash and cash equivalents used in operating activities:

 

 

 

 

 

 

Depreciation

 

 

2,133

 

 

 

369

 

Provision for bad debts

 

 

60

 

 

 

56

 

Provision for inventory excess and obsolescence

 

 

 

 

 

245

 

Inventory write-offs and disposals

 

 

 

 

 

1,486

 

Amortization of debt issuance costs

 

 

320

 

 

 

197

 

Change in fair value of warrants

 

 

(104

)

 

 

 

Issuance costs for warrants

 

 

447

 

 

 

 

Stock-based compensation

 

 

1,050

 

 

 

1,691

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable

 

 

1,393

 

 

 

(664

)

Inventory

 

 

(720

)

 

 

(5,229

)

Prepaid expenses and other current assets

 

 

1,322

 

 

 

(850

)

Accounts payable and accrued liabilities

 

 

(2,301

)

 

 

664

 

Deferred revenue

 

 

(102

)

 

 

(371

)

Net cash and cash equivalents used in operating activities

 

 

(11,808

)

 

 

(21,179

)

Cash Flows from Investing Activities:

 

 

 

 

 

 

Purchases of property, plant, and equipment

 

 

(1,126

)

 

 

(3,256

)

Net cash and cash equivalents used in investing activities

 

 

(1,126

)

 

 

(3,256

)

Cash Flows from Financing Activities:

 

 

 

 

 

 

Proceeds from the sale of common stock and pre-funded warrants, net of fees

 

 

8,503

 

 

 

5,635

 

Proceeds from the sale of Convertible Preferred Stock, net of fees

 

 

5,490

 

 

 

 

Proceeds from the sale of warrants, net of fees

 

 

1,743

 

 

 

 

Principal payment on loan

 

 

 

 

 

(1,000

)

Proceeds from the exercise of common stock warrants

 

 

114

 

 

 

 

Proceeds from the exercise of preferred share warrants

 

 

699

 

 

 

 

Net cash and cash equivalents provided by financing activities

 

 

16,549

 

 

 

4,635

 

Effect of exchange rate changes

 

 

13

 

 

 

(415

)

Increase (decrease) in cash, cash equivalents and restricted cash

 

 

3,628

 

 

 

(20,215

)

Cash, cash equivalents and restricted cash, beginning of period

 

 

4,181

 

 

 

30,175

 

Cash and cash equivalents, end of period

 

$

7,809

 

 

$

9,960

 

Supplemental cash flow disclosure:

 

 

 

 

 

 

Cash paid for interest

 

$

1,419

 

 

$

1,110

 

Cash received for interest

 

$

7

 

 

$

23

 

Cash paid for income taxes

 

$

12

 

 

$

39

 

Cash paid for operating leases

 

$

230

 

 

$

219

 

Non-cash right-of-use assets obtained in exchange for lease obligation

 

$

483

 

 

$

562

 

Deemed dividend on preferred stock

 

$

 

 

$

217

 

Common stock issued upon exercise of preferred stock

 

$

18,503

 

 

$

 

 

 

 


 

Non-GAAP Financial Measures

In addition to the financial information prepared in conformity with generally accepted accounting principles in the U.S. (“GAAP”), this press release includes certain historical non-GAAP financial information. Management believes that these non-GAAP financial measures assist investors in making comparisons of period-to-period operating results and that, in some respects, these non-GAAP financial measures are more indicative of the Company’s ongoing core operating performance than their GAAP equivalents.

Adjusted EBITDA is defined as net loss before interest, taxes, depreciation, stock-based and other non-cash compensation, severance expense, change in allowance for doubtful accounts, increase in inventory reserves, and other (income) expense, net. Management uses adjusted EBITDA in its evaluation of the Company’s core results of operations and trends between fiscal periods and believes that these measures are important components of its internal performance measurement process. Therefore, investors should consider non-GAAP financial measures in addition to, and not as a substitute for, or as superior to, measures of financial performance prepared in accordance with GAAP. Further, the non-GAAP financial measures presented by the Company may be different from similarly named non-GAAP financial measures used by other companies.

 

BIOLASE, INC.

Reconciliation of GAAP Net Loss to Adjusted EBITDA and

GAAP Net Loss Per Share to Adjusted EBITDA Per Share

(Unaudited, in thousands, except per share data)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

GAAP net loss attributable to common stockholders

 

$

(4,589

)

 

$

(8,387

)

 

$

(15,306

)

 

$

(18,990

)

Deemed dividend on convertible preferred stock

 

 

 

 

 

 

 

 

 

 

 

217

 

GAAP net loss

 

$

(4,589

)

 

$

(8,387

)

 

$

(15,306

)

 

$

(18,773

)

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

598

 

 

 

424

 

 

 

1,758

 

 

 

1,287

 

Income tax (provision) benefit

 

 

15

 

 

 

(17

)

 

 

46

 

 

 

23

 

Depreciation

 

 

560

 

 

 

122

 

 

 

2,133

 

 

 

369

 

Severance expense

 

 

1

 

 

 

 

 

 

230

 

 

 

 

Change in allowance for doubtful accounts

 

 

18

 

 

 

(87

)

 

 

60

 

 

 

56

 

Stock-based and other non-cash compensation

 

 

276

 

 

 

591

 

 

 

1,050

 

 

 

1,691

 

Increase in inventory reserves

 

 

 

 

 

1,731

 

 

 

 

 

 

1,731

 

Other (income) expense, net

 

 

(28

)

 

 

 

 

 

119

 

 

 

 

Adjusted EBITDA

 

$

(3,149

)

 

$

(5,623

)

 

$

(9,910

)

 

$

(13,616

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP net loss attributable to common stockholders
   per share, basic and diluted

 

$

(3.89

)

 

$

(110.36

)

 

$

(22.28

)

 

$

(287.73

)

Deemed dividend on convertible preferred stock

 

 

 

 

 

 

 

 

 

 

 

3.29

 

GAAP net loss per share, basic and diluted

 

$

(3.89

)

 

$

(110.36

)

 

$

(22.28

)

 

$

(284.44

)

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

0.51

 

 

 

5.58

 

 

 

2.56

 

 

 

19.50

 

Income tax (provision) benefit

 

 

0.01

 

 

 

(0.22

)

 

 

0.07

 

 

 

0.35

 

Depreciation

 

 

0.47

 

 

 

1.61

 

 

 

3.10

 

 

 

5.59

 

Severance expense

 

 

 

 

 

 

 

 

0.33

 

 

 

 

Change in allowance for doubtful accounts

 

 

0.02

 

 

 

(1.14

)

 

 

0.09

 

 

 

0.85

 

Stock-based and other non-cash compensation

 

 

0.23

 

 

 

7.78

 

 

 

1.53

 

 

 

25.62

 

Increase in inventory reserves

 

 

 

 

 

22.76

 

 

 

 

 

 

26.23

 

Other (income) expense, net

 

 

(0.02

)

 

 

 

 

 

0.17

 

 

 

 

Adjusted EBITDA per share, basic and diluted

 

$

(2.67

)

 

$

(73.99

)

 

$

(14.43

)

 

$

(206.30

)

 

 


 

Other (income) expense, net for the three and nine months ended September 30, 2023 relates to issuance costs from the May 2023 public offering that were allocated to the Series H warrants, and issuance costs from the September 2023 public offering that were allocated to the Series J warrants and immediately expensed due to the liability classification of the warrants. These expenses were partially offset by gains recorded on the revaluation of these warrants during the periods.

 


v3.23.3
Document and Entity Information
Nov. 09, 2023
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Nov. 09, 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
Entity Information, Former Legal or Registered Name Not Applicable
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false

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