Expects Significant Revenue Growth Year-Over-Year in Fourth Quarter 2021
FOOTHILL RANCH, Calif., Nov. 10, 2021 /PRNewswire/ — BIOLASE, Inc. (NASDAQ: BIOL), the global leader in dental lasers, today announced its financial results for its third quarter ended September 30, 2021 and provided fourth quarter 2021 revenue guidance.
2021 Third Quarter Operating Highlights (all comparisons are on a year-over-year basis unless specified otherwise):
-
Net revenue grew 46% to $9.5 million:
-
Net revenue was 10% higher than third quarter of 2019, which was the last pre-pandemic comparable period
-
Laser system sales increased 64%
-
Consumables and other revenue increased 21%
-
U.S. and international revenue increased 25% and 101%, respectively, as more dental practices were operating during the 2021 third quarter compared to the year-ago third quarter due to the COVID-19 pandemic
-
Gross margin was 51%, up 1,600 basis points, due to the higher year-over-year revenue, favorable revenue mix and higher average selling prices for products sold during the quarter
-
Maintained strong balance sheet, as cash and cash equivalents totaled $33.4 million at quarter end
“Our strong third quarter performance continues to reflect the rising demand for our industry-leading dental lasers,” commented John Beaver, President and Chief Executive Officer. “Our efforts to both educate and train dental specialists is leading to increased adoption across these large and largely untapped markets. In today’s environment, the fact that BIOLASE lasers provide increased safety to dentists and their patients is generating a high level of acceptance by dental practitioners – and we expect this to be a driving force for the foreseeable future. Our industry-leading dental lasers aim to provide a better standard of care for dental procedures and seek to ensure a safer experience while reducing the risk of future procedure and business disruptions by reducing aerosolization to mitigate the spread of infectious pathogens, such as COVID-19. Looking ahead, we expect significant year-over-year improvement across our key performance metrics, including revenue and gross margin in the fourth quarter as we continue to gain momentum with new customers and dental specialists.”
2021 Third Quarter Financial Results
Net revenue for the third quarter of 2021 was $9.5 million, an increase of 46% compared to net revenue of $6.5 million for the third quarter of 2020, which was impacted by the COVID-19 pandemic as many dental practitioners were forced to suspend procedures. U.S. laser revenue was $3.4 million for the third quarter of 2021, up 25% when compared to U.S. laser revenue of $2.7 million for the third quarter of 2020. U.S. consumables and other revenue for the third quarter of 2021, which consists of revenue from consumable products such as disposable tips, increased 26% compared to the third quarter of 2020. Outside the U.S., laser revenue increased 168% to $2.7 million for the third quarter of 2021, compared to $1.0 million for the third quarter of 2020, and consumables and other revenue increased 13% year over year as recovery from the pandemic improved internationally.
Gross margin for