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Accesswire
1 year ago
Biolase Reports 2024 First Quarter Results; Reiterates Full-Year 2024 Guidance For Revenue Growth and Profitability
Increased Adoption of Dental Lasers and Improved Cost Structure Position Company for Sustained Long Term Growth and Success LAKE FOREST, CA / ACCESSWIRE / May 13, 2024 / BIOLASE, Inc. (NASDAQ:BIOL), a leader in dental laser technology, today reported its financial results for the first quarter ended March 31, 2024. First Quarter Financial Highlights Generated increased adoption of its industry-leading laser, with approximately 67% of U.S. Waterlase sales coming from new customers and approximately 42% from dental specialists Third strongest consumable sales quarter in company history, with consumable sales increasing 14% year over year, largely driven by over 600 subscriptions Gross margin was relatively flat compared to the year-ago quarter; however, it improved by 1% year over year as the Company continues to benefit from 100% of its trunk fiber requirements now being supplied in-house and improved by 7% compared to the prior quarter from inventory adjustments and reserve charges recorded in the fourth quarter ended December 31, 2023 Significantly lowered Adjusted EBITDA loss by 21% versus the same quarter last year, as cost reduction initiatives achieved desired outcomes Full Year 2024 Financial Guidance Reiterates 2024 full-year financial guidance, in which it expects: 2024 full-year net revenue to increase between 6% and 8% year over year to between $52 million and $53 million.