Dental laser maker Biolase (NSDQ:BIOL) released a preliminary earnings report, expecting to positive cash flow for Q4 and the full year of 2012.

The optimistic outlook sent BIOL shares up 2.2% on the day to close at $2.77 from an open of $2.70 this morning.

"We are pleased with our preliminary unaudited financial results for Q4 2012," chairman & CEO Federico Pignatelli said in prepared remarks. "It is rewarding to see that our restructuring efforts over the past 2 years have enabled us to turn the company around and that we are making significant progress toward achieving our financial goals."

Biolase has been making strides under Pignatelli, who in March 2012 signed another year’s contract at a $1 salary and invited other CEOs to do the same, saying that "a CEO’s compensation should be tied only to the financial performance of the company he leads, and not to arbitrary, extravagant and exorbitant numbers decided by an irresponsible and friendly board of directors."

In new comments he touted the "double-digit growth" of Biolase’s core dental lasers business and rosy outlook for its upcoming 2012 financial report.

"Based on our current plans, we expect the company will continue to generate positive cash flow from operations for the overall year ending December 31, 2013," Pignatelli said.