The Irvine, Calif.-based laser system developer earlier this month posted losses of -$5.5 million, or -25¢ per share, on sales of $8.6 million for the three months ended Sept. 30, for a 17.4% bottom-line slide on a sales decline of -20.9%.
Adjusted to exclude one-time items, earnings per share were 12¢, 17¢ ahead of Wall Street.
“Despite being a transition year for Biolase as we migrate from an R&D centric company to a full-scale commercial operation, we are progressing as expected, and I am pleased with the team’s overall performance,” president & CEO Todd Norbe said in prepared remarks. “We recently achieved a significant regulatory milestone in the U.S. and Canada as our Waterlase dental lasers received clearance for crown and veneer removal … I continue to believe we have developed the best product to advance dentistry and believe this data will be a positive catalyst for our business. Our focus now is on expanding the reach of this great technology.”
Biolase did not offer expected EPS or updated sales guidance for fiscal 2019 but said it expects to achieve adjusted EBITDA break-even in Q4.