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
mpolyviou@evcgroup.com; tkehrli@evcgroup.com
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SOURCE BIOLASE, Inc.