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BIOLASE (BIOL) investor relations material
BIOLASE Q3 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2024 earnings summary6 Nov, 2024
Executive summary
Net revenue for Q3 2024 was $10.9M, nearly flat year-over-year; nine-month revenue declined 9% to $32.5M due to lower laser system sales, partially offset by higher consumables and services.
Net loss narrowed to $1.4M for Q3 2024 from $4.6M in Q3 2023; nine-month net loss improved to $10.7M from $15.3M year-over-year.
On October 1, 2024, BIOLASE and subsidiaries filed for Chapter 11 bankruptcy; operations continue as debtors-in-possession.
MegaGen Implant Co., LTD won the auction to acquire substantially all assets for $20.5M, subject to court approval.
Company delisted from Nasdaq in June 2024 and from OTCQB in October 2024; now trades on OTC Pink Market.
Financial highlights
Gross profit margin improved to 40% in Q3 2024 from 34% in Q3 2023, driven by lower warranty, service, and freight costs.
Operating expenses fell 32% year-over-year in Q3 2024, mainly from cost savings in sales, marketing, and G&A.
Cash and cash equivalents were $3.4M at September 30, 2024, down from $6.6M at year-end 2023.
Working capital deficit was $11.4M at September 30, 2024, compared to $5.2M working capital at December 31, 2023.
Adjusted EBITDA for Q3 2024 was $(3.1)M, an improvement from $(6.0)M in Q3 2023.
Outlook and guidance
Management expresses substantial doubt about the ability to continue as a going concern due to recurring losses, negative cash flow, and bankruptcy proceedings.
Additional capital will be required; ability to raise funds is uncertain, especially after delisting from major exchanges.
Company expects to continue operations during bankruptcy and pursue asset sale to MegaGen, pending court approval.
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Frequently asked questions
BIOLASE, Inc. is a medical device company that specializes in the development and manufacturing of laser systems for dental care. The company's products include dental lasers used in a variety of procedures, such as cosmetic dentistry, surgery, and pain management. BIOLASE's lasers are designed to improve precision, reduce patient discomfort, and enhance recovery times. The company serves dental professionals and healthcare providers, aiming to offer advanced technological solutions for oral health treatments. The company is headquartered in Lake Forest, United States, and its shares are listed on the NASDAQ.
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