BIOLASE (BIOL) Q2 2024 earnings summary

Executive summary

• Net revenue for Q2 2024 was $11.6M, down 19% year-over-year, with a net loss of $2.8M, an improvement from a $4.9M loss in Q2 2023.

• Gross margin for Q2 2024 was 40%, up from 33% in Q1 2024 but down from 43% in Q2 2023, driven by cost reductions and strong consumable sales.

• Operating loss improved to $3.2M in Q2 2024 from $3.9M in Q2 2023, a 17% year-over-year improvement.

• Over 600 recurring subscriptions and $2M in scheduled shipments for the next twelve months.

• The company was delisted from Nasdaq in June 2024 and now trades on OTCQB.

Financial highlights

• Q2 2024 net revenue: $11.6M (down 19% year-over-year); six-month revenue: $21.7M (down 12%).

• Q2 2024 net loss: $2.8M; six-month net loss: $9.3M.

• Gross profit for Q2 2024: $4.6M (40% margin); six-month gross profit: $7.9M (37% margin).

• Adjusted EBITDA for Q2 2024: $(2.5)M; six months: $(6.1)M.

• Cash and cash equivalents as of June 30, 2024: $5.3M, down from $6.6M at year-end 2023.

Outlook and guidance

• Management forecasts full-year 2024 revenue to be similar to or exceed 2023, with narrowed Adjusted EBITDA loss expected between $6M and $8M.

• The company expects to require additional capital and may pursue equity or debt offerings; ability to raise funds is uncertain due to OTCQB listing.