IRVINE, Calif., Nov. 6, 2019 /PRNewswire/ -- BIOLASE,
Inc. (NASDAQ: BIOL), the global leader in dental lasers, today
reported net revenue of $8.6 million
for the third quarter ended September 30,
2019.
Third Quarter and Recent Operating and Financial
Highlights
- The Company's Inaugural Advancing Dentistry
Symposium attracted over 250 professionals in the dental
field, providing an opportunity for collaboration and immersive
education around technologies and techniques that are advancing
dentistry
- During the symposium, a first-of-its-kind landmark study
by the McGuire Institute on the clinical efficacy of
Waterlase-assisted treatment of periodontitis versus open-flap gum
surgery was previewed
- Waterlase dental lasers received clearance in the U.S. and
Canada for crown and veneer
removal
- Increased financial flexibility and working capital with new
credit facility and bolstered balance sheet with $8.5 million equity offering
"Despite being a transition year for BIOLASE as we migrate from
an R&D centric company to a full-scale commercial operation, we
are progressing as expected, and I am pleased with the team's
overall performance," commented Todd
Norbe, President and Chief Executive Officer. "We
recently achieved a significant regulatory milestone in the U.S.
and Canada as our Waterlase dental
lasers received clearance for crown and veneer removal, and we
successfully hosted our inaugural two-day Advancing Dentistry
symposium with over 250 dental professionals in attendance. At the
event, Dr. Donald Clem previewed a
first-of-its-kind landmark study by the McGuire Institute on the
clinical efficacy of Waterlase-assisted treatment of periodontitis
versus traditional open-flap gum surgery. We expect the six-month
interim data will be published by the end of 2019 and anticipate
the full study data will be published in a scientific journal
during the first half of 2020. I continue to believe we have
developed the best product to advance dentistry and believe this
data will be a positive catalyst for our business. Our focus now is
on expanding the reach of this great technology."
2019 Third Quarter Financial Results
Net revenue for the third quarter of 2019 was $8.6 million, in-line with the Company's
previously disclosed revenue estimate, compared to net revenue of
$10.9 million for the third quarter
of 2018. U.S. laser revenue was $2.3
million for the third quarter of 2019 compared to U.S. laser
revenue of $3.8 million for the third
quarter of 2018, due to the U.S. sales force realignment announced
last quarter. U.S. consumables and other revenue for the third
quarter of 2019, which consists of revenue from consumable products
such as disposable tips, decreased 5.8% compared to the third
quarter of 2018. Outside the U.S., laser revenue declined to
$2.8 million for the third quarter of
2019 compared to $3.3 million for the
third quarter of 2018, primarily due to generating an order backlog
from international distributors as we continue to seek more
favorable pricing and payment terms.
Gross margin for the third quarter of 2019 was 34% compared to
36% for the third quarter of 2018. The lower gross margin reflects
the impact of fixed costs on lower net revenues, partially offset
by operating cost efficiencies. Total operating expenses were
$7.9 million for the third quarter of
2019 compared to $8.5 million for the
third quarter of 2018, a decrease of $0.6
million despite an increase in provision for bad debt
relating to our former distributor in China. Operating loss for the third quarter of
2019, was $4.9 million, compared to
an operating loss of $4.5 million for
the third quarter of 2018, a decrease of $0.4 million year over year. As previously
announced, the net loss for the third quarter of 2019 was
$5.5 million, or $0.25 per share compared to a net loss of
$4.7 million, or $0.23 per share for the third quarter of
2018.
The Reconciliation of GAAP Net Loss to Adjusted EBITDA at the
end of this news release provides 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.
The Adjusted EBITDA for the third quarter of 2019 was
$2.7 million, or $0.12 per share compared with Adjusted EBITDA of
$3.7 million, or $0.18 per share for the third quarter of
2018.
Cash, cash equivalents, and restricted cash totaled $2.4 million as of September 30, 2019.
Subsequent to the end of the third quarter, on October 29, 2019, the Company completed an
$8.5 million public offering of
common stock and a private placement of convertible preferred
stock, strengthening its balance sheet. On October 31, 2019, the Company secured a
$3.0 million revolving line of credit
from Pacific Mercantile Bank, the wholly-owned subsidiary of
Pacific Mercantile Bancorp, increasing the Company's financial
flexibility and for working capital purposes.
"The new line of credit and recently completed equity offering
are significant developments for BIOLASE as they significantly
improve our working capital, strengthen our balance sheet and allow
us to enter 2020 in a far stronger position," added John Beaver, Executive Vice President and Chief
Financial Officer. "We now have the financial flexibility and
resources to execute our business plan to return to sustainable,
profitable revenue growth and we remain committed to achieving
adjusted EBITDA break-even in the current fourth quarter."
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, 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
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 patented 138 and 81 patent-pending
technologies designed to provide biologically 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
revolutionary 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 over 40,000 laser systems to
date 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.
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 the anticipated roll out of new go-to-market sales
strategies, the Company's efforts to achieve its goal of becoming
EBITDA positive. 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.
Tables to Follow
BIOLASE,
INC.
|
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
|
(Unaudited)
|
|
(In thousands,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
Nine Months
Ended
|
|
|
|
September
30
|
|
|
September
30,
|
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
Net
revenue
|
|
$
|
|
8,646
|
|
|
$
|
|
10,936
|
|
|
$
|
|
27,617
|
|
|
$
|
|
33,110
|
|
Cost of
revenue
|
|
|
|
5,677
|
|
|
|
|
6,995
|
|
|
|
|
17,746
|
|
|
|
|
21,828
|
|
Gross
profit
|
|
|
|
2,969
|
|
|
|
|
3,941
|
|
|
|
|
9,871
|
|
|
|
|
11,282
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and
marketing
|
|
|
|
3,515
|
|
|
|
|
4,489
|
|
|
|
|
10,665
|
|
|
|
|
13,037
|
|
General and
administrative
|
|
|
|
3,210
|
|
|
|
|
2,685
|
|
|
|
|
8,114
|
|
|
|
|
8,691
|
|
Engineering and
development
|
|
|
|
1,126
|
|
|
|
|
1,277
|
|
|
|
|
3,665
|
|
|
|
|
3,927
|
|
Total operating
expenses
|
|
|
|
7,851
|
|
|
|
|
8,451
|
|
|
|
|
22,444
|
|
|
|
|
25,655
|
|
Loss from
operations
|
|
|
|
(4,882)
|
|
|
|
|
(4,510)
|
|
|
|
|
(12,573)
|
|
|
|
|
(14,373)
|
|
Loss on foreign
currency transactions
|
|
|
|
19
|
|
|
|
|
73
|
|
|
|
|
68
|
|
|
|
|
53
|
|
Interest expense,
net
|
|
|
|
551
|
|
|
|
|
33
|
|
|
|
|
1,559
|
|
|
|
|
80
|
|
Non-operating
loss
|
|
|
|
570
|
|
|
|
|
106
|
|
|
|
|
1,627
|
|
|
|
|
133
|
|
Loss before income
tax provision
|
|
|
|
(5,452)
|
|
|
|
|
(4,616)
|
|
|
|
|
(14,200)
|
|
|
|
|
(14,506)
|
|
Income tax
provision
|
|
|
|
26
|
|
|
|
|
49
|
|
|
|
|
68
|
|
|
|
|
91
|
|
Net loss
|
|
$
|
|
(5,478)
|
|
|
$
|
|
(4,665)
|
|
|
$
|
|
(14,268)
|
|
|
$
|
|
(14,597)
|
|
Net loss per share
attributable to common stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
|
(0.25)
|
|
|
$
|
|
(0.23)
|
|
|
$
|
|
(0.66)
|
|
|
$
|
|
(0.71)
|
|
Diluted
|
|
$
|
|
(0.25)
|
|
|
$
|
|
(0.23)
|
|
|
$
|
|
(0.66)
|
|
|
$
|
|
(0.71)
|
|
Shares used in the
calculation of net loss per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
21,898
|
|
|
|
|
20,610
|
|
|
|
|
21,545
|
|
|
|
|
20,539
|
|
Diluted
|
|
|
|
21,898
|
|
|
|
|
20,610
|
|
|
|
|
21,545
|
|
|
|
|
20,539
|
|
BIOLASE,
INC.
|
|
CONSOLIDATED
BALANCE SHEETS
|
|
(In thousands,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30
|
|
|
December
31,
|
|
|
|
2019
|
|
|
2018
|
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
|
2,091
|
|
|
$
|
|
8,044
|
|
Restricted
cash
|
|
|
|
312
|
|
|
|
|
312
|
|
Accounts receivable,
less allowance of $952 and $850 in 2019 and
2018,
respectively
|
|
|
|
8,474
|
|
|
|
|
11,112
|
|
Inventory
|
|
|
|
11,537
|
|
|
|
|
12,248
|
|
Prepaid expenses and
other current assets
|
|
|
|
875
|
|
|
|
|
1,591
|
|
Total current
assets
|
|
|
|
23,289
|
|
|
|
|
33,307
|
|
Property, plant and
equipment, net
|
|
|
|
1,340
|
|
|
|
|
1,975
|
|
Goodwill
|
|
|
|
2,926
|
|
|
|
|
2,926
|
|
Other
assets
|
|
|
|
718
|
|
|
|
|
308
|
|
Total
assets
|
|
$
|
|
28,273
|
|
|
$
|
|
38,516
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' (DEFICIT) EQUITY
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
|
6,604
|
|
|
$
|
|
5,953
|
|
Accrued
liabilities
|
|
|
|
4,950
|
|
|
|
|
7,538
|
|
Deferred
revenue
|
|
|
|
2,512
|
|
|
|
|
2,476
|
|
Total current
liabilities
|
|
|
|
14,066
|
|
|
|
|
15,967
|
|
Deferred income
taxes, net
|
|
|
|
71
|
|
|
|
|
77
|
|
Warranty
accrual
|
|
|
|
701
|
|
|
|
|
447
|
|
Other
liabilities
|
|
|
|
1,145
|
|
|
|
|
100
|
|
Term loan
|
|
|
|
13,356
|
|
|
|
|
10,836
|
|
Total
liabilities
|
|
|
|
29,339
|
|
|
|
|
27,427
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, par
value $0.001 per share
|
|
|
|
—
|
|
|
|
|
—
|
|
Common stock, par
value $0.001 per share
|
|
|
|
22
|
|
|
|
|
21
|
|
Additional paid-in
capital
|
|
|
|
230,712
|
|
|
|
|
228,430
|
|
Accumulated other
comprehensive loss
|
|
|
|
(840)
|
|
|
|
|
(670)
|
|
Accumulated
deficit
|
|
|
|
(230,960)
|
|
|
|
|
(216,692)
|
|
Total stockholders'
(deficit) equity
|
|
|
|
(1,066)
|
|
|
|
|
11,089
|
|
Total liabilities
and stockholders' (deficit) equity
|
|
$
|
|
28,273
|
|
|
$
|
|
38,516
|
|
BIOLASE,
INC.
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
(Unaudited, in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
|
|
|
September
30
|
|
|
|
|
2019
|
|
|
2018
|
|
Cash Flows from
Operating Activities:
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
$
|
(14,268)
|
|
|
$
|
(14,597)
|
|
Adjustments to
reconcile net loss to net cash and cash
equivalents used in
operating activities:
|
|
|
|
|
|
|
|
|
|
Depreciation
and amortization
|
|
|
|
754
|
|
|
|
712
|
|
Gain on
disposal of assets, net
|
|
|
|
|
|
|
|
(12)
|
|
Provision for
bad debts
|
|
|
|
1,243
|
|
|
|
316
|
|
Provision for
inventory excess and obsolescence
|
|
|
|
—
|
|
|
|
59
|
|
Amortization of
debt discounts
|
|
|
|
103
|
|
|
|
31
|
|
Amortization of
debt issuance costs
|
|
|
|
130
|
|
|
|
43
|
|
Stock-based
compensation
|
|
|
|
1,974
|
|
|
|
1,862
|
|
Deferred income
taxes
|
|
|
|
(6)
|
|
|
|
1
|
|
Earned interest
income, net
|
|
|
|
2
|
|
|
|
—
|
|
Changes in
operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
|
1,393
|
|
|
|
(1,591)
|
|
Inventory
|
|
|
|
711
|
|
|
|
(1,184)
|
|
Prepaid expenses and
other current assets
|
|
|
|
1,011
|
|
|
|
940
|
|
Accounts payable and
accrued liabilities
|
|
|
|
(1,157)
|
|
|
|
3,200
|
|
Deferred
revenue
|
|
|
|
36
|
|
|
|
(370)
|
|
Net cash and cash
equivalents used in operating activities
|
|
|
|
(8,074)
|
|
|
|
(10,590)
|
|
Cash Flows from
Investing Activities:
|
|
|
|
|
|
|
|
|
|
Purchases of
property, plant, and equipment
|
|
|
|
(138)
|
|
|
|
(110)
|
|
Proceeds from
disposal of property, plant, and equipment
|
|
|
|
—
|
|
|
|
36
|
|
Net cash and cash
equivalents used in investing activities
|
|
|
|
(138)
|
|
|
|
(74)
|
|
Cash Flows from
Financing Activities:
|
|
|
|
|
|
|
|
|
|
Principal
payments under capital lease obligation
|
|
|
|
—
|
|
|
|
(46)
|
|
Borrowings
under lines of credit
|
|
|
|
—
|
|
|
|
3,323
|
|
Payments under
line of credit
|
|
|
|
—
|
|
|
|
(1,823)
|
|
Borrowings
under term loan
|
|
|
|
2,500
|
|
|
|
—
|
|
Payments of
debt issuance costs
|
|
|
|
(38)
|
|
|
|
(87)
|
|
Payments of
equity offering costs
|
|
|
|
(50)
|
|
|
|
(138)
|
|
Proceeds from
exercise of stock options
|
|
|
|
4
|
|
|
|
2
|
|
Net cash and cash
equivalents provided by (used in) financing activities
|
|
|
|
2,416
|
|
|
|
1,231
|
|
Effect of
exchange rate changes
|
|
|
|
(157)
|
|
|
|
(23)
|
|
Decrease in
cash, cash equivalents and restricted cash
|
|
|
|
(5,953)
|
|
|
|
(9,456)
|
|
Cash, cash equivalents
and restricted cash, beginning of period
|
|
|
|
8,356
|
|
|
|
11,896
|
|
Cash, cash equivalents
and restricted cash, end of period
|
|
|
$
|
2,403
|
|
|
$
|
2,440
|
|
Supplemental cash
flow disclosure:
|
|
|
|
|
|
|
|
|
|
Cash paid for
interest
|
|
|
$
|
1,315
|
|
|
$
|
—
|
|
Cash paid for
income taxes
|
|
|
$
|
19
|
|
|
$
|
31
|
|
Cash paid for
operating leases
|
|
|
$
|
414
|
|
|
$
|
—
|
|
Non-cash
accrual for capital expenditures
|
|
|
$
|
4
|
|
|
$
|
3
|
|
Non-cash
accrual for equity offering costs
|
|
|
$
|
191
|
|
|
$
|
—
|
|
Non-cash
right-of-use assets obtained in exchange for lease
obligation
|
|
|
$
|
824
|
|
|
$
|
—
|
|
Warrants issued
in connection with debt instruments
|
|
|
$
|
209
|
|
|
$
|
—
|
|
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. In 2019, the Company revised its non-GAAP
financial measures to include the change in allowance for doubtful
accounts in an effort to better align its Adjusted EBITDA with our
loan covenants and how management evaluates business performance.
Prior year non-GAAP disclosures have been revised to conform to the
current definition of Adjusted EBITDA.
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
GAAP Net Loss to Adjusted EBITDA
|
|
(Unaudited)
|
|
(In thousands,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
Nine Months
Ended
|
|
|
|
September
30,
|
|
|
September
30
|
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
GAAP net loss
attributable to common stockholders
|
|
$
|
|
(5,478)
|
|
|
$
|
|
(4,665)
|
|
|
$
|
|
(14,268)
|
|
|
$
|
|
(14,597)
|
|
Deemed dividend on
convertible preferred stock
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
GAAP net
loss
|
|
$
|
|
(5,478)
|
|
|
$
|
|
(4,665)
|
|
|
$
|
|
(14,268)
|
|
|
$
|
|
(14,597)
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
|
|
551
|
|
|
|
|
33
|
|
|
|
|
1,559
|
|
|
|
|
80
|
|
Income tax
provision
|
|
|
|
26
|
|
|
|
|
49
|
|
|
|
|
68
|
|
|
|
|
91
|
|
Depreciation and
amortization
|
|
|
|
268
|
|
|
|
|
202
|
|
|
|
|
754
|
|
|
|
|
712
|
|
Change in allowance
for doubtful accounts
|
|
|
|
1,131
|
|
|
|
|
87
|
|
|
|
|
1,243
|
|
|
|
|
316
|
|
Stock-based
compensation
|
|
|
|
770
|
|
|
|
|
604
|
|
|
|
|
1,974
|
|
|
|
|
1,862
|
|
Adjusted
EBITDA
|
|
$
|
|
(2,732)
|
|
|
$
|
|
(3,690)
|
|
|
$
|
|
(8,670)
|
|
|
$
|
|
(11,536)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net loss
attributable to common stockholders
per
share, basic and diluted
|
|
$
|
|
(0.25)
|
|
|
$
|
|
(0.23)
|
|
|
$
|
|
(0.66)
|
|
|
$
|
|
(0.71)
|
|
Deemed dividend on
convertible preferred stock
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
GAAP net loss per
share, basic and diluted
|
|
$
|
|
(0.25)
|
|
|
$
|
|
(0.23)
|
|
|
$
|
|
(0.66)
|
|
|
$
|
|
(0.71)
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
|
|
0.03
|
|
|
|
|
—
|
|
|
|
|
0.07
|
|
|
|
|
—
|
|
Income tax
provision
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
Depreciation and
amortization
|
|
|
|
0.01
|
|
|
|
|
0.01
|
|
|
|
|
0.03
|
|
|
|
|
0.04
|
|
Change in allowance
for doubtful accounts
|
|
|
|
0.05
|
|
|
|
|
0.01
|
|
|
|
|
0.06
|
|
|
|
|
0.02
|
|
Stock-based
compensation
|
|
|
|
0.04
|
|
|
|
|
0.03
|
|
|
|
|
0.10
|
|
|
|
|
0.09
|
|
Adjusted EBITDA,
basic and diluted
|
|
$
|
|
(0.12)
|
|
|
$
|
|
(0.18)
|
|
|
$
|
|
(0.40)
|
|
|
$
|
|
(0.56)
|
|
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SOURCE BIOLASE, Inc.