BIOLASE Takes Steps to Improve Operating Efficiency as the Company Pursues Sales and Profitability Goals
LAKE FOREST, Calif., June 5, 2023 /PRNewswire/ -- BIOLASE, Inc. (NASDAQ: BIOL), a global leader in dental lasers, is taking the necessary steps to optimize operations to capitalize on the rising business momentum for its market-leading dental lasers. The Company believes its revenue-generating strategies and prudent management of its expenses, combined with the completion of its recent equity offering to strengthen its balance sheet, will enable it to achieve its sales and profitability goals.
The Company remains committed to advancing the field of dentistry through cutting-edge laser solutions while achieving profitability. To ensure its steadfast pursuit of this objective is achieved, the Company is reducing its US workforce by approximately 20%, resulting in a projected annualized cost savings of approximately $4 million. The workforce reduction is part of the Company's broader efforts to gain greater efficiencies throughout the organization, without impacting our revenue-generating strategies or the Company's ability to continue delivering unparalleled quality and value to its global customer base.
"We believe today's action increases BIOLASE'S operational effectiveness, while the cost savings should allow us to allocate additional resources to revenue-generating initiatives and position us for sustained long-term success in the dental technology industry," commented John Beaver, President and Chief Executive Officer at BIOLASE. "Our strategy of transforming dentistry with innovative laser technologies has not wavered because of this development, and we expect this will have zero impact on our ability to drive sales growth and maintain our market-leading position. These optimization efforts allow us to focus on our growth and profitability targets without compromising our commitment to customer satisfaction and market expansion. We have also accelerated our in-house production of certain key components that will significantly improve our gross margin in the future. These initiatives, along with other cost optimization strategies being implemented should help us meet our goal of being adjusted EBITDA positive this year."
The Company remains focused on fostering innovation, expanding its product portfolio, and providing exceptional customer experiences. Additionally, by leveraging its industry expertise, and innovative technologies, the Company is poised to capitalize on new opportunities and achieve even greater milestones in the field of dental laser technology.
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 266 actively patented and 25 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.
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.
Forward Looking Statements
This communication contains certain "forward-looking statements" within the meaning of the U.S. federal securities laws. Such statements are based upon various facts and derived utilizing numerous important assumptions and are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements preceded by, followed by or that otherwise include the words "believes," "expects," "anticipates," "intends," "projects," "estimates," "plans" and similar expressions or future or conditional verbs such as "will," "should," "would," "may" and "could" are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing. The forward-looking statements include statements regarding, the action increasing BIOLASES' operational effectiveness, while the cost savings allowing us to allocate additional resources to revenue-generating initiatives and position us for sustained long-term success in the dental technology industry, the expectation that the action will have zero impact on BIOLASES' ability to drive sales growth and maintain its market-leading position. the acceleration of in-house production of certain key components significantly improving gross margin in the future and these initiatives, along with other cost optimization strategies being implemented helping BIOLASE meet its goal of being adjusted EBITDA positive as it exits the year. 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, the ability to obtain the anticipated results from the cost savings and other optimizing initiatives, the ability to drive sales growth and maintain its market-leading position, the ability to be adjusted EBITDA positive and those risks and uncertainties that are described in the "Risk Factors" section of BIOLASE's registration statement on our Annual Report on Form 10-K for the year ended December 31, 2022, and other subsequent filings made by BIOLASE with the SEC. Except as required by law, BIOLASE does not undertake any responsibility to revise or update any forward-looking statements.
Investor Relations:
EVC Group, Inc.
Michael Polyviou/Todd Kehrli
(732) 232-6914
[email protected]; [email protected]
SOURCE BIOLASE, Inc.
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