FOOTHILL RANCH, Calif.,
Nov. 12, 2020 /PRNewswire/ --
BIOLASE, Inc. (NASDAQ: BIOL), the global leader in dental
lasers, today announced its financial results for the third quarter
ended September 30, 2020.
Third Quarter 2020 Financial Highlights:
- U.S. laser revenue increased 16% year over year
- U.S. consumables and other revenue increased 25% year over
year
- New customers represented over 90% of U.S. laser sales in the
quarter
- Total revenue more than doubled sequentially, while down 24%
year over year
- Operating expenses decreased 24% year over year
- Significantly strengthened balance sheet with an $18.0 million equity raise
"Our significantly improved third quarter revenue was driven by
several factors, including 95% of dental offices having reopened in
the United States, dental
procedure levels having reached 70-80% of their pre-Covid-19
levels, and the fact that our product portfolio reduces the risk of
infectious pathogens," said Todd
Norbe, President and Chief Executive Officer. "Our Epic
Hygiene dental laser meets the Centers for Disease Control and
Prevention (CDC) guidelines to minimize the risk of COVID-19, while
our all-tissue Waterlase dental lasers create 98% less aerosol than
traditional dental handpieces, meeting the American Dental
Association's recommendation of reduced aerosol production to limit
the spread of infectious pathogens, such as COVID-19. These unique
attributes meet the rising needs of both dentists and patients as
they look for solutions that allow them to provide and receive
dental treatment in the safest way possible."
2020 Third Quarter Financial Results
Net revenue for the third quarter of 2020 was $6.5 million, an increase of 124% sequentially
from second quarter revenue of $2.9
million, and a decrease of 24% compared to net revenue of
$8.6 million for the third quarter of
2019. U.S. laser revenue was $2.7
million in the third quarter of 2020, up 16% when compared
to U.S. laser revenue of $2.3 million
for the third quarter of 2019. This increase is due to higher
average selling prices in the third quarter of 2020 than in 2019.
U.S. consumables and other revenue for the third quarter of 2020,
which consists of revenue from consumable products such as
disposable tips, increased 25% compared to the third quarter of
2019. Outside the U.S., laser revenue declined 64% to $1.0 million for the third quarter of 2020
compared to $2.8 million for the third quarter of 2019.
Gross margin for the third quarter of 2020 was 35%, compared to
34% for the third quarter of 2019. The higher gross margin reflects
higher average U.S. selling prices of our lasers and a higher
percentage of U.S. sales, partially offset by a decline in revenues
relative to our fixed costs. Total operating expenses were
$5.9 million for the third quarter of
2020 compared to $7.9 million for the
third quarter of 2019, a decrease of approximately 24%. Operating
loss for the third quarter of 2020 was $3.7
million, compared to an operating loss of $4.9 million in the third quarter of 2019, a
decrease of 25% year over year. Net income for the third quarter of
2020 was $12,000 and less than
$0.01 per share before a deemed
dividend on preferred stock of $17.4
million, compared to a net loss of $5.5 million, or $0.25 per share, for the third quarter of 2019.
Net loss after the deemed dividend was $17.4
million or $0.21 per share for
the three months ended September 30,
2020.
Cash, cash equivalents, and restricted cash totaled $19.2 million as of September 30, 2020, and included proceeds from
the rights offering completed in July.
Use of Non-GAAP Measures
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.
Adjusted EBITDA loss for the third quarter of 2020 was
$2.5 million, or $0.03 per share, compared with Adjusted EBITDA
loss of $2.7 million, or $0.12 per share, for the third quarter of
2019.
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, 2020, 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 800-367-2403. For international participants outside the
U.S./Canada, the dial-in number is
334-777-6978. For all callers, refer to the Conference ID 9286776.
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 259 and 41
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 the treatment of periodontitis, and a
full line of dental imaging equipment. BIOLASE has sold over 41,500
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,
predictions, or expectations regarding BIOLASE's revenue during the
third quarter of 2020. 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, the
coronavirus (COVID-19) and the effects of the outbreak and actions
taken in connection therewith, 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 in the "Risk Factors" section of BIOLASE's annual report
filed on Form 10-K 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.
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,
|
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
Net
revenue
|
|
$
|
|
6,539
|
|
|
$
|
|
8,646
|
|
|
$
|
|
14,260
|
|
|
$
|
|
27,617
|
Cost of
revenue
|
|
|
|
4,265
|
|
|
|
|
5,677
|
|
|
|
|
9,692
|
|
|
|
|
17,746
|
Gross
profit
|
|
|
|
2,274
|
|
|
|
|
2,969
|
|
|
|
|
4,568
|
|
|
|
|
9,871
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and
marketing
|
|
|
|
2,678
|
|
|
|
|
3,515
|
|
|
|
|
7,475
|
|
|
|
|
10,665
|
General and
administrative
|
|
|
|
2,300
|
|
|
|
|
3,210
|
|
|
|
|
7,446
|
|
|
|
|
8,114
|
Engineering and
development
|
|
|
|
963
|
|
|
|
|
1,126
|
|
|
|
|
2,644
|
|
|
|
|
3,665
|
Total operating
expenses
|
|
|
|
5,941
|
|
|
|
|
7,851
|
|
|
|
|
17,565
|
|
|
|
|
22,444
|
Loss from
operations
|
|
|
|
(3,667)
|
|
|
|
|
(4,882)
|
|
|
|
|
(12,997)
|
|
|
|
|
(12,573)
|
(Gain) loss on foreign
currency transactions
|
|
|
|
(53)
|
|
|
|
|
19
|
|
|
|
|
68
|
|
|
|
|
68
|
Interest expense,
net
|
|
|
|
568
|
|
|
|
|
551
|
|
|
|
|
1,782
|
|
|
|
|
1,559
|
Other (income)
expense, net
|
|
|
|
(4,209)
|
|
|
|
|
—
|
|
|
|
|
(4,209)
|
|
|
|
|
—
|
Non-operating
loss
|
|
|
|
(3,694)
|
|
|
|
|
570
|
|
|
|
|
(2,359)
|
|
|
|
|
1,627
|
Income (loss) before
tax provision
|
|
|
|
27
|
|
|
|
|
(5,452)
|
|
|
|
|
(10,638)
|
|
|
|
|
(14,200)
|
Income tax
provision
|
|
|
|
15
|
|
|
|
|
26
|
|
|
|
|
49
|
|
|
|
|
68
|
Net income
(loss)
|
|
$
|
|
12
|
|
|
$
|
|
(5,478)
|
|
|
$
|
|
(10,687)
|
|
|
$
|
|
(14,268)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
|
|
12
|
|
|
$
|
|
(5,478)
|
|
|
$
|
|
(10,687)
|
|
|
$
|
|
(14,268)
|
Deemed dividend on
convertible preferred stock
|
|
|
|
(17,378)
|
|
|
|
|
—
|
|
|
|
|
(17,378)
|
|
|
|
|
—
|
Net loss per share
attributable to common stockholders:
|
|
$
|
|
(17,366)
|
|
|
$
|
|
(5,478)
|
|
|
$
|
|
(28,065)
|
|
|
$
|
|
(14,268)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
|
(0.21)
|
|
|
$
|
|
(0.25)
|
|
|
$
|
|
(0.56)
|
|
|
$
|
|
(0.66)
|
Diluted
|
|
$
|
|
(0.21)
|
|
|
$
|
|
(0.25)
|
|
|
$
|
|
(0.56)
|
|
|
$
|
|
(0.66)
|
Shares used in the
calculation of net loss per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
81,341
|
|
|
|
|
21,898
|
|
|
|
|
50,366
|
|
|
|
|
21,545
|
Diluted
|
|
|
|
81,341
|
|
|
|
|
21,898
|
|
|
|
|
50,366
|
|
|
|
|
21,545
|
BIOLASE,
INC.
|
|
CONSOLIDATED
BALANCE SHEETS
|
|
(In thousands,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
|
December
31,
|
|
|
|
2020
|
|
|
2019
|
|
|
|
(Unaudited)
|
|
|
(Audited)
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
|
18,847
|
|
|
$
|
|
5,789
|
|
Restricted
cash
|
|
|
|
312
|
|
|
|
|
312
|
|
Accounts receivable,
less allowance of $3,837 and $2,531 in 2020 and 2019, respectively
|
|
|
|
3,393
|
|
|
|
|
8,760
|
|
Inventory
|
|
|
|
12,592
|
|
|
|
|
10,995
|
|
Prepaid expenses and
other current assets
|
|
|
|
903
|
|
|
|
|
1,163
|
|
Total current
assets
|
|
|
|
36,047
|
|
|
|
|
27,019
|
|
Property, plant and
equipment, net
|
|
|
|
742
|
|
|
|
|
1,193
|
|
Goodwill
|
|
|
|
2,926
|
|
|
|
|
2,926
|
|
Right of use
asset
|
|
|
|
2,061
|
|
|
|
|
276
|
|
Other
assets
|
|
|
|
220
|
|
|
|
|
433
|
|
Total
assets
|
|
$
|
|
41,996
|
|
|
$
|
|
31,847
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES,
REDEEMABLE PREFERRED STOCK AND
STOCKHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
|
2,592
|
|
|
$
|
|
5,332
|
|
Accrued
liabilities
|
|
|
|
4,279
|
|
|
|
|
4,744
|
|
Deferred revenue,
current portion
|
|
|
|
1,616
|
|
|
|
|
2,237
|
|
Term loan (net of
discount)
|
|
|
|
12,946
|
|
|
|
|
13,466
|
|
Total current
liabilities
|
|
|
|
21,433
|
|
|
|
|
25,779
|
|
Deferred
revenue
|
|
|
|
412
|
|
|
|
|
358
|
|
Warranty
accrual
|
|
|
|
204
|
|
|
|
|
245
|
|
Other
liabilities
|
|
|
|
1,097
|
|
|
|
|
1,119
|
|
Non current lease
liability
|
|
|
|
1,859
|
|
|
|
|
4
|
|
Non current term
loans
|
|
|
|
3,140
|
|
|
|
|
—
|
|
Total
liabilities
|
|
|
|
28,145
|
|
|
|
|
27,505
|
|
Redeemable preferred
stock:
|
|
|
|
|
|
|
|
|
|
|
Series E Preferred
stock, par value $0.001 per share
|
|
$
|
|
—
|
|
|
$
|
|
3,965
|
|
Total redeemable
preferred stock
|
|
|
|
—
|
|
|
|
|
3,965
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
|
|
|
Series F Preferred
Stock, par value $0.001 per share
|
|
|
|
141
|
|
|
|
|
—
|
|
Common stock, par
value $0.001 per share
|
|
|
|
93
|
|
|
|
|
31
|
|
Additional paid-in
capital
|
|
|
|
259,385
|
|
|
|
|
235,594
|
|
Accumulated other
comprehensive loss
|
|
|
|
(534)
|
|
|
|
|
(701)
|
|
Accumulated
deficit
|
|
|
|
(245,234)
|
|
|
|
|
(234,547)
|
|
Total stockholders'
equity
|
|
|
|
13,851
|
|
|
|
|
377
|
|
Total liabilities,
redeemable preferred stock and stockholders' equity
|
|
$
|
|
41,996
|
|
|
$
|
|
31,847
|
|
BIOLASE,
INC.
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
(Unaudited, in
thousands)
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
|
September 30,
|
|
|
2020
|
|
|
2019
|
Cash Flows from
Operating Activities:
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(10,687)
|
|
|
$
|
(14,268)
|
Adjustments to
reconcile net loss to net cash and cash equivalents used
in operating
activities:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
527
|
|
|
|
754
|
Provision for bad
debts
|
|
|
1,263
|
|
|
|
1,243
|
Provision for sales
returns
|
|
|
87
|
|
|
|
—
|
Amortization of
discounts on lines of credit
|
|
|
123
|
|
|
|
103
|
Amortization of debt
issuance costs
|
|
|
240
|
|
|
|
130
|
Change in fair value
of warrants
|
|
|
(5,850)
|
|
|
|
—
|
Issuance costs for common stock
warrants
|
|
|
1,640
|
|
|
|
—
|
Earned interest
income
|
|
|
—
|
|
|
|
2
|
Stock-based
compensation
|
|
|
2,367
|
|
|
|
1,974
|
Deferred income
taxes
|
|
|
—
|
|
|
|
(6)
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
4,017
|
|
|
|
1,393
|
Inventory
|
|
|
(1,597)
|
|
|
|
711
|
Prepaid expenses and
other current assets
|
|
|
430
|
|
|
|
1,011
|
Accounts payable and
accrued liabilities
|
|
|
(3,445)
|
|
|
|
(1,157)
|
Deferred
revenue
|
|
|
(562)
|
|
|
|
36
|
Net cash and cash
equivalents used in operating activities
|
|
|
(11,447)
|
|
|
|
(8,074)
|
Cash Flows from
Investing Activities:
|
|
|
|
|
|
|
|
Purchases of property,
plant, and equipment
|
|
|
(78)
|
|
|
|
(138)
|
Net cash and cash
equivalents used in investing activities
|
|
|
(78)
|
|
|
|
(138)
|
Cash Flows from
Financing Activities:
|
|
|
|
|
|
|
|
Proceeds from the
issuance of common stock
|
|
|
6,912
|
|
|
|
—
|
Proceeds from the
issuance of Series F Convertible Preferred Stock
|
|
|
2,700
|
|
|
|
—
|
Proceeds from the
issuance of July 2020 Warrants
|
|
|
15,300
|
|
|
|
—
|
Payments of equity
offering costs
|
|
|
(1,281)
|
|
|
|
(50)
|
Payments of warrant
issuance costs
|
|
|
(1,640)
|
|
|
|
—
|
Borrowings on other
long-term loans
|
|
|
3,140
|
|
|
|
—
|
Borrowings under term
loan
|
|
|
—
|
|
|
|
2,500
|
Principal payment on
term loan
|
|
|
(700)
|
|
|
|
—
|
Borrowings on credit
facility
|
|
|
3,000
|
|
|
|
—
|
Repayment of credit
facility
|
|
|
(3,000)
|
|
|
|
—
|
Proceeds from the
exercise of common stock warrants
|
|
|
46
|
|
|
|
—
|
Payment of debt
issuance costs
|
|
|
(75)
|
|
|
|
(38)
|
Proceeds from exercise
of stock options
|
|
|
—
|
|
|
|
4
|
Net cash and cash
equivalents provided by financing activities
|
|
|
24,402
|
|
|
|
2,416
|
Effect of exchange
rate changes
|
|
|
181
|
|
|
|
(157)
|
Decrease in cash, cash
equivalents and restricted cash
|
|
|
13,058
|
|
|
|
(5,953)
|
Cash, cash equivalents
and restricted cash, beginning of period
|
|
|
6,101
|
|
|
|
8,356
|
Cash, cash equivalents
and restricted cash, end of period
|
|
$
|
19,159
|
|
|
$
|
2,403
|
Supplemental cash flow
disclosure:
|
|
|
|
|
|
|
|
Cash paid for
interest
|
|
$
|
1,438
|
|
|
$
|
1,315
|
Cash paid for income
taxes
|
|
$
|
21
|
|
|
$
|
19
|
Cash paid for
operating leases
|
|
$
|
417
|
|
|
$
|
414
|
Non-accrual for
accrual for equity offering costs
|
|
$
|
—
|
|
|
$
|
191
|
Non-cash accrual for
capital expenditures
|
|
$
|
—
|
|
|
$
|
4
|
Non-cash settlement of
performance award liability
|
|
$
|
151
|
|
|
$
|
—
|
Non-cash right-of-use
assets obtained in exchange for lease obligation
|
|
$
|
2,037
|
|
|
$
|
824
|
Deemed dividend on
preferred stock
|
|
$
|
17,378
|
|
|
$
|
—
|
Warrants issued in
connection with debt instruments
|
|
$
|
67
|
|
|
$
|
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 its
loan covenants and how management evaluates business
performance.
Adjusted EBITDA is defined as net loss before interest, taxes,
depreciation and amortization, stock-based compensation, change in
fair value of patent litigation settlement liability, 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
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
GAAP net loss
attributable to common stockholders
|
$
|
|
(17,366)
|
|
|
$
|
|
(5,478)
|
|
|
$
|
|
(28,065)
|
|
|
$
|
|
(14,268)
|
Deemed dividend on
convertible preferred stock
|
|
|
17,378
|
|
|
|
|
—
|
|
|
|
|
17,378
|
|
|
|
|
—
|
GAAP net income
(loss)
|
$
|
|
12
|
|
|
$
|
|
(5,478)
|
|
|
$
|
|
(10,687)
|
|
|
$
|
|
(14,268)
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
|
568
|
|
|
|
|
551
|
|
|
|
|
1,782
|
|
|
|
|
1,559
|
Income tax
provision
|
|
|
15
|
|
|
|
|
26
|
|
|
|
|
49
|
|
|
|
|
68
|
Depreciation and
amortization
|
|
|
46
|
|
|
|
|
268
|
|
|
|
|
527
|
|
|
|
|
754
|
Change in allowance
for doubtful accounts
|
|
|
256
|
|
|
|
|
1,131
|
|
|
|
|
1,263
|
|
|
|
|
1,243
|
Stock-based
compensation
|
|
|
847
|
|
|
|
|
770
|
|
|
|
|
2,367
|
|
|
|
|
1,974
|
Other (income)
expense, net
|
|
|
(4,209)
|
|
|
|
|
—
|
|
|
|
|
(4,209)
|
|
|
|
|
—
|
Adjusted
EBITDA
|
$
|
|
(2,465)
|
|
|
$
|
|
(2,732)
|
|
|
$
|
|
(8,908)
|
|
|
$
|
|
(8,670)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net loss
attributable to common stockholders
per
share, basic and diluted
|
$
|
|
(0.21)
|
|
|
$
|
|
(0.25)
|
|
|
$
|
|
(0.56)
|
|
|
$
|
|
(0.66)
|
Deemed dividend on
convertible preferred stock
|
|
|
0.21
|
|
|
|
|
—
|
|
|
|
|
0.35
|
|
|
|
|
—
|
GAAP net income
(loss) per share, basic and diluted
|
$
|
|
0.00
|
|
|
$
|
|
(0.25)
|
|
|
$
|
|
(0.21)
|
|
|
$
|
|
(0.66)
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
|
0.01
|
|
|
|
|
0.03
|
|
|
|
|
0.04
|
|
|
|
|
0.07
|
Income tax
provision
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
Depreciation and
amortization
|
|
|
—
|
|
|
|
|
0.01
|
|
|
|
|
0.01
|
|
|
|
|
0.03
|
Change in allowance
for doubtful accounts
|
|
|
—
|
|
|
|
|
0.05
|
|
|
|
|
0.02
|
|
|
|
|
0.06
|
Stock-based
compensation
|
|
|
0.01
|
|
|
|
|
0.04
|
|
|
|
|
0.04
|
|
|
|
|
0.09
|
Other (income)
expense, net
|
|
|
(0.05)
|
|
|
|
|
—
|
|
|
|
|
(0.08)
|
|
|
|
|
—
|
Adjusted EBITDA per
share, basic and diluted
|
$
|
|
(0.03)
|
|
|
$
|
|
(0.12)
|
|
|
$
|
|
(0.18)
|
|
|
$
|
|
(0.41)
|
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SOURCE BIOLASE, Inc.