IRVINE, Calif., Oct. 21, 2019 /PRNewswire/ -- BIOLASE, Inc.
(NASDAQ: BIOL), the global leader in dental lasers, today announced
select unaudited preliminary financial results for the third
quarter ended September 30, 2019.
Select Preliminary Third Quarter 2019 Unaudited Financial
Results:
- Revenue is expected to be in the range of $8.5 million to $8.8
million.
- Loss from operations is expected to be in the range of
($4.8) million to ($5.2) million as the Company increased its
allowance for doubtful accounts by approximately $1.1 million to fully reserve for payments still
owed to it by its Chinese distributor.
- Net loss is expected to be in the range of ($5.4) million to ($5.8)
million.
- Third quarter adjusted EBITDA is anticipated to be in the range
of ($2.7) million to ($3.1) million. The Company continues to expect
to be adjusted EBITDA break-even in the fourth quarter of 2019,
which is historically the Company's strongest quarter.
Estimates of financial results are inherently uncertain and
subject to change, and actual results may differ materially due to
the completion of management's final review, final adjustments and
other developments that may arise before the Company's financial
results for the quarter ended September 30,
2019 are finalized.
Non-GAAP Disclosure
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 and amortization, stock-based compensation and
allowance for doubtful accounts. 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
NON-GAAP FINANCIAL MEASURES
|
(in
millions)
|
(unaudited)
|
|
ADJUSTED
EBITDA
|
|
|
|
Three Months Ended
September 30, 2019
|
GAAP net loss
attributable to common stockholders
|
$
|
(5,400) –
(5,800)
|
Deemed dividend on
convertible preferred stock
|
|
—
|
GAAP net
loss
|
$
|
(5,400) –
(5,800)
|
|
|
|
Adjustments:
|
|
|
|
|
Interest expense,
net
|
|
551
|
|
|
|
Income tax
provision
|
|
-
|
|
|
|
Depreciation and
amortization
|
|
231
|
|
|
|
Change in allowance
for doubtful accounts
|
|
1,131
|
|
|
|
Stock-based
compensation
|
|
770
|
Adjusted
EBITDA
|
$
|
(2,717) – (3,117)
|
The Company's outlook for fourth quarter of 2019 earnings is
provided on a non-GAAP basis because certain reconciling items are
dependent on future events that either cannot be controlled, such
as interest rates, or reliably predicted, such as stock-based
compensation. Any such reconciling items may be significant.
Conference Call Information
BIOLASE, Inc. will host a
conference call on November 6, 2019
at 4:30 p.m. Eastern Time
(1:30 p.m. Pacific Time) to discuss
its financial results for the third quarter ended September 30, 2019, and to answer questions. For
both "listen-only" participants and those participants who wish to
take part in the question-and-answer portion of the call, the
dial-in number in the U.S./Canada
is 800-458-4148. For international participants outside the
U.S./Canada, the dial-in number is
323-794-2093. For all callers, refer to the Conference ID 9068935.
To access the live webcast, visit the Investor Relations section of
the BIOLASE website at www.biolase.com and see "Investor
Events".
An audio archive of the webcast will be available for 30 days on
the Investor Relations section of the BIOLASE website.
About BIOLASE, Inc.
BIOLASE, Inc. is a
medical device company that is a global market leader in the
manufacturing and marketing of proprietary dental laser systems
that enable dentists and dental specialists to perform a broad
range of minimally invasive dental procedures, including cosmetic,
restorative, and surgical applications. BIOLASE's laser
systems are designed to provide clinically superior,
patient-friendly results for many types of common dental procedures
compared to those achieved with traditional
instruments. BIOLASE has sold 38,900 laser systems to
date in over 90 countries around the world.
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, LinkedIn
at www.linkedin.com/company/biolase, Instagram
at www.instagram.com/waterlase_laserdentistry,
and YouTube at www.youtube.com/biolasevideos.
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 Litigation Reform Act of 1995, that
involve significant risks and uncertainties, including statements
regarding anticipated third quarter results and the Company's
efforts to achieve its goal of becoming adjusted EBITDA break-even.
Forward-looking statements can be identified through the use of
words such as "anticipates," "expects," "intends," "plans,"
"believes," "seeks," "estimates," "may," "will," "should," and
variations of these words or similar expressions. 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, and those other risks and
uncertainties that are described, from time-to-time, in the "Risk
Factors" section of BIOLASE's annual reports filed on Form 10-K
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.
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SOURCE BIOLASE, Inc.