IRVINE, Calif., March 26, 2020 /PRNewswire/ -- BIOLASE,
Inc. (NASDAQ: BIOL), the global leader in dental lasers, today
reported net revenue of $10.2 million
and $37.8 million for the fourth
quarter and year ended December 31,
2019, respectively.
Sequential Fourth Quarter Results Demonstrate Sequential
Operating Momentum
- Net revenue increased 18% sequentially
- U.S. laser revenue increased 44% sequentially
- International laser revenue increased 2% sequentially
- Worldwide consumables and other revenue increased 1%
sequentially
- GAAP net loss decreased 48% year over year to $3.6 million
- Adjusted EBITDA loss decreased 39% year over year to
$1.6 million
- Epic Hygiene laser for dental hygienists received FDA clearance
in U.S.
"We made significant progress in 2019 as we continued to
transition BIOLASE from an R&D-centric company into a
commercially-focused business," commented Todd Norbe, President and Chief Executive
Officer. "I believe the sequential improvement in the fourth
quarter demonstrates the early success of our go-to-market
strategy, under which we continue to rationalize our cost structure
and rebuild our salesforce into a more disciplined customer-centric
organization that is beginning to create positive change. I believe
we have the right leadership team in place to achieve our growth
and profitability objectives going forward.
"In December 2019, we received FDA
clearance for our Epic Hygiene laser for dental hygienists,
representing the achievement of another significant regulatory
milestone, and just this week we received FDA clearance for LBR
(laser bacterial reduction). This new laser system provides dental
professionals a total solution to effectively manage non-surgical
periodontitis. Our goal is to expand the reach of this great
technology through increased awareness and improved sales and
marketing execution.
"Lastly, I want to acknowledge the impact of the coronavirus
pandemic and express our heartfelt concern to those who have been
impacted. The safety of our employees, customers, partners and
patients is paramount and we are taking every precaution to ensure
their well-being during this difficult period as we face COVID-19.
While it's our hope that this situation is controlled as soon as
possible, the matter remains very fluid and it's difficult to
predict when commercial activities, and more specifically, the
dental market will return to normal levels. Given the recent dental
office closures worldwide, we expect our first quarter 2020 sales
to be down significantly year over year. Prior to the coronavirus
pandemic we felt strongly that having filled almost all of our open
U.S. sales territories would lead to year over year revenue
improvement for the last three quarters of 2020, however, whether
we can achieve this now depends on how quickly our U.S. and
international business returns to some level of
normalcy."
2019 Fourth Quarter Financial Results
Net revenue for the fourth quarter of 2019 was $10.2 million, up 18% from the third quarter of
2019, and down 22% year over year compared to net revenue of
$13.0 million for the fourth quarter
of 2018. U.S. laser revenue was $3.3
million for the fourth quarter of 2019, up 43% from the
third quarter of 2019, and down 41% compared to U.S. laser revenue
of $5.6 million for the fourth
quarter of 2018. U.S. consumables and other revenue for the fourth
quarter of 2019, which consists of revenue from consumable products
such as disposable tips, was down 3% compared to the third quarter
of 2019 and down 29% year over year compared to the fourth quarter
of 2018. International laser revenue increased to $3.5 million for the fourth quarter of 2019, up
2% both compared to the third quarter of 2019 $3.4 million for the fourth quarter of 2018.
Gross margin for the fourth quarter of 2019 was 43%, the same as
for the fourth quarter of 2018, despite lower revenue. Total
operating expenses were $7.5 million
for the fourth quarter of 2019 compared to $12.1 million for the fourth quarter of 2018, a
decrease of $4.7 million or 39% year
over year. Operating loss for the fourth quarter of 2019 was
$3.0 million, compared to an
operating loss of $6.5 million for
the fourth quarter of 2018, a decrease of $3.5 million year over year. The net loss for the
fourth quarter of 2019 was $3.6
million, or $0.13 per share,
compared to a net loss of $6.9
million, or $0.33 per share,
for the fourth quarter of 2018.
For the fourth quarter of 2019, the Company had a $1.6 million, or $0.05 per share, Adjusted EBITDA loss compared
with an Adjusted EBITDA loss of $2.7
million, or $0.13 per share,
for the fourth quarter of 2018. A reconciliation of GAAP net loss
to Adjusted EBITDA on an aggregate and a per share basis is at the
end of this news release.
Cash, cash equivalents, and restricted cash totaled $6.1 million as of December 31, 2019.
Full Year 2019 Financial Results
Net revenue for the year ended December
31, 2019 was $37.8 million, a
decrease of 18% compared to net revenue of $46.2 million for the year ended December 31, 2018. U.S. laser revenue was
$11.1 million for the year ended
December 31, 2019, a decrease of 28%
compared to U.S. laser revenue of $15.5
million for the year ended December
31, 2018. U.S. consumables and other revenue for the year
ended December 31, 2019, which
consists of revenue from consumable products such as disposable
tips, decreased 11% year over year. International laser revenue
decreased to $11.7 million for the
year ended December 31, 2019 compared
to $14.2 million for the year ended
December 31, 2018.
Gross margin for the year ended December
31, 2019 was 38% compared to 37% for the year ended
December 31, 2018. Total operating
expenses were $29.9 million for the
year ended December 31, 2019 compared
to $37.8 million for the year ended
December 31, 2018, a decrease of
$7.9 million year over year.
Operating loss for the year ended December
31, 2019 was $15.6 million,
compared to an operating loss of $20.9
million for the year ended December
31, 2018, a decrease of $5.3
million year over year. The net loss for the year ended
December 31, 2019 was $17.9 million, or $0.77 per share compared to a net loss of
$21.5 million, or $1.05 per share for the year ended December 31, 2018.
Adjusted EBITDA for the year ended December 31, 2019 was a loss of $10.4 million, or $0.44 per share compared with an Adjusted EBITDA
loss of $14.5 million, or
$0.71 per share for the year ended
December 31, 2018.
Conference Call Information
BIOLASE, Inc. will host a conference call March 26, 2019 at 4:30
p.m. Eastern Time to discuss its operating results for the
fourth quarter and full year ended December
31, 2019 and to discuss the expected impact of the COVID-19
pandemic on BIOLASE's business. For both "listen-only" participants
and those participants who wish to take part in the
question-and-answer portion of the call, the dial-in number in the
U.S./Canada is 800-353-6461. For
international participants outside the U.S./Canada, the dial-in number is 334-323-0501.
For all callers, refer to the Conference ID 7830999. To access the
live webcast, visit the Investor Relations section of the BIOLASE
website at www.biolase.com and see "Investor Events".
An audio archive of the webcast will be available for 30 days on
the Investor Relations section of the BIOLASE website.
About BIOLASE
BIOLASE is a medical device company that develops, manufactures,
markets, and sells laser systems in dentistry and medicine.
BIOLASE's products advance the practice of dentistry and
medicine for patients and healthcare
professionals. BIOLASE's proprietary laser products
incorporate approximately patented 208 and 56 patent-pending
technologies designed to provide biologically clinically superior
performance with less pain and faster recovery times. BIOLASE's
innovative products provide cutting-edge technology at competitive
prices to deliver superior results for dentists and
patients. BIOLASE's principal products are revolutionary
dental laser systems that perform a broad range of dental
procedures, including cosmetic and complex surgical applications,
and a full line of dental imaging equipment. BIOLASE has
sold over 41,000 laser systems to date in over 80 countries around
the world. Laser products under development
address BIOLASE's core dental market and other adjacent
medical and consumer applications.
For updates and information on Waterlase iPlus®, Waterlase
Expressâ„¢, and laser dentistry, find BIOLASE online
at www.biolase.com, Facebook at www.facebook.com/biolase,
Twitter at www.twitter.com/biolaseinc, Instagram
at www.instagram.com/waterlase_laserdentistry, and LinkedIn
at www.linkedin.com/company/biolase.
BIOLASE®, Waterlase® and Waterlase iPlus® are registered
trademarks of BIOLASE, Inc.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements, as that
term is defined in the Private Litigation Reform Act of 1995, that
involve significant risks and uncertainties, including statements
regarding the go-to-market sales strategy and anticipated sales
during the first quarter of 2020. Forward-looking statements can be
identified through the use of words such as "anticipates,"
"expects," "intends," "plans," "believes," "seeks," "estimates,"
"may," "will," "should," and variations of these words or similar
expressions. Readers are cautioned not to place undue reliance on
these forward-looking statements, which reflect BIOLASE's current
expectations and speak only as of the date of this release. Actual
results may differ materially from BIOLASE's current expectations
depending upon a number of factors. These factors include,
among others, the coronavirus (COVID-19) and the effects of the
outbreak and actions taken in connection therewith, adverse
changes in general economic and market conditions, competitive
factors including but not limited to pricing pressures and new
product introductions, uncertainty of customer acceptance of new
product offerings and market changes, risks associated with
managing the growth of the business, and those other risks and
uncertainties that are described in the "Risk Factors" section of
BIOLASE's annual report filed on Form 10-K filed with the
Securities and Exchange Commission. Except as required by law,
BIOLASE does not undertake any responsibility to revise or update
any forward-looking statements.
Tables Follow
BIOLASE,
INC.
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
(Unaudited)
|
(In thousands,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
Twelve Months
Ended
|
|
|
December
31,
|
|
|
December
31,
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
Net
revenue
|
|
$
|
|
10,182
|
|
|
$
|
|
13,045
|
|
|
$
|
|
37,799
|
|
|
$
|
|
46,155
|
Cost of
revenue
|
|
|
|
5,765
|
|
|
|
|
7,432
|
|
|
|
|
23,511
|
|
|
|
|
29,260
|
Gross
profit
|
|
|
|
4,417
|
|
|
|
|
5,613
|
|
|
|
|
14,288
|
|
|
|
|
16,895
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and
marketing
|
|
|
|
3,731
|
|
|
|
|
5,084
|
|
|
|
|
14,396
|
|
|
|
|
18,121
|
General and
administrative
|
|
|
|
2,634
|
|
|
|
|
3,080
|
|
|
|
|
10,748
|
|
|
|
|
11,771
|
Engineering and
development
|
|
|
|
1,100
|
|
|
|
|
1,276
|
|
|
|
|
4,765
|
|
|
|
|
5,203
|
Disposal of internally
developed software
|
|
|
|
—
|
|
|
|
|
1,185
|
|
|
|
|
—
|
|
|
|
|
1,185
|
Loss on patent
litigation settlement
|
|
|
|
—
|
|
|
|
|
1,500
|
|
|
|
|
—
|
|
|
|
|
1,500
|
Total operating
expenses
|
|
|
|
7,465
|
|
|
|
|
12,125
|
|
|
|
|
29,909
|
|
|
|
|
37,780
|
Loss from
operations
|
|
|
|
(3,048)
|
|
|
|
|
(6,512)
|
|
|
|
|
(15,621)
|
|
|
|
|
(20,885)
|
Loss on foreign
currency transactions
|
|
|
|
33
|
|
|
|
|
5
|
|
|
|
|
121
|
|
|
|
|
58
|
Interest expense,
net
|
|
|
|
598
|
|
|
|
|
430
|
|
|
|
|
2,157
|
|
|
|
|
510
|
Non-operating
loss
|
|
|
|
631
|
|
|
|
|
435
|
|
|
|
|
2,278
|
|
|
|
|
568
|
Loss before income
tax provision
|
|
|
|
(3,679)
|
|
|
|
|
(6,947)
|
|
|
|
|
(17,899)
|
|
|
|
|
(21,453)
|
Income tax provision
(benefit)
|
|
|
|
(111)
|
|
|
|
|
(28)
|
|
|
|
|
(44)
|
|
|
|
|
63
|
Net loss
|
|
$
|
|
(3,568)
|
|
|
$
|
|
(6,919)
|
|
|
$
|
|
(17,855)
|
|
|
$
|
|
(21,516)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deemed dividend on
convertible preferred stock:
|
|
$
|
|
—
|
|
|
$
|
|
—
|
|
|
$
|
|
—
|
|
|
$
|
|
—
|
Net loss per share
attributable to common stockholders:
|
|
$
|
|
(3,568)
|
|
|
$
|
|
(6,919)
|
|
|
$
|
|
(17,855)
|
|
|
$
|
|
(21,516)
|
Basic
|
|
$
|
|
(0.13)
|
|
|
$
|
|
(0.33)
|
|
|
$
|
|
(0.77)
|
|
|
$
|
|
(1.05)
|
Diluted
|
|
$
|
|
(0.13)
|
|
|
$
|
|
(0.33)
|
|
|
$
|
|
(0.77)
|
|
|
$
|
|
(1.05)
|
Shares used in the
calculation of net loss per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
28,118
|
|
|
|
|
20,732
|
|
|
|
|
23,202
|
|
|
|
|
20,588
|
Diluted
|
|
|
|
28,118
|
|
|
|
|
20,732
|
|
|
|
|
23,202
|
|
|
|
|
20,588
|
BIOLASE,
INC.
|
CONSOLIDATED
BALANCE SHEETS
|
(In thousands,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
|
December
31,
|
|
|
2019
|
|
|
2018
|
|
|
(unaudited)
|
|
|
(unaudited)
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
|
5,789
|
|
|
$
|
|
8,044
|
Restricted
cash
|
|
|
|
312
|
|
|
|
|
312
|
Accounts receivable,
less allowance of $2,531 and $850 in 2019 and 2018, respectively
|
|
|
|
8,760
|
|
|
|
|
11,112
|
Inventory
|
|
|
|
10,995
|
|
|
|
|
12,248
|
Prepaid expenses and
other current assets
|
|
|
|
1,163
|
|
|
|
|
1,591
|
Total current
assets
|
|
|
|
27,019
|
|
|
|
|
33,307
|
Property, plant and
equipment, net
|
|
|
|
1,193
|
|
|
|
|
1,975
|
Goodwill
|
|
|
|
2,926
|
|
|
|
|
2,926
|
Right of use
asset
|
|
|
|
276
|
|
|
|
|
—
|
Other
assets
|
|
|
|
433
|
|
|
|
|
308
|
Total
assets
|
|
$
|
|
31,847
|
|
|
$
|
|
38,516
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES,
REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
|
5,332
|
|
|
$
|
|
5,953
|
Accrued
liabilities
|
|
|
|
4,744
|
|
|
|
|
7,538
|
Deferred
revenue
|
|
|
|
2,237
|
|
|
|
|
2,476
|
Term loan
|
|
|
|
13,466
|
|
|
|
|
—
|
Total current
liabilities
|
|
|
|
25,779
|
|
|
|
|
15,967
|
Deferred income
taxes, net
|
|
|
|
78
|
|
|
|
|
77
|
Deferred revenue,
noncurrent
|
|
|
|
358
|
|
|
|
|
—
|
Warranty accrual,
noncurrent
|
|
|
|
245
|
|
|
|
|
447
|
Other
liabilities
|
|
|
|
1,045
|
|
|
|
|
100
|
Term loan
|
|
|
|
—
|
|
|
|
|
10,836
|
Total
liabilities
|
|
|
|
27,505
|
|
|
|
|
27,427
|
Redeemable preferred
stock:
|
|
|
|
|
|
|
|
|
|
Preferred stock, par
value $0.001 per share
|
|
$
|
|
3,965
|
|
|
$
|
|
—
|
Total redeemable
preferred stock
|
|
|
|
3,965
|
|
|
|
|
—
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
|
|
Common stock, par
value $0.001 per share
|
|
|
|
31
|
|
|
|
|
21
|
Additional paid-in
capital
|
|
|
|
235,594
|
|
|
|
|
228,430
|
Accumulated other
comprehensive loss
|
|
|
|
(701)
|
|
|
|
|
(670)
|
Accumulated
deficit
|
|
|
|
(234,547)
|
|
|
|
|
(216,692)
|
Total stockholders'
equity
|
|
|
|
377
|
|
|
|
|
11,089
|
Total liabilities,
redeemable preferred stock and stockholders' equity
|
|
$
|
|
31,847
|
|
|
$
|
|
38,516
|
BIOLASE,
INC.
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
(Unaudited, in
thousands)
|
|
|
|
|
|
|
|
|
|
|
Twelve Months
Ended
|
|
|
December
31,
|
|
|
2019
|
|
|
2018
|
Cash Flows from
Operating Activities:
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(17,855)
|
|
|
$
|
(21,516)
|
Adjustments to
reconcile net loss to net cash and cash equivalents
used in operating activities:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
982
|
|
|
|
945
|
Loss on disposal of
assets
|
|
|
—
|
|
|
|
1,228
|
Provision for bad
debts
|
|
|
1,695
|
|
|
|
469
|
Provision for
inventory excess and obsolescence
|
|
|
413
|
|
|
|
166
|
Amortization of debt
discounts
|
|
|
140
|
|
|
|
202
|
Amortization of debt
issuance costs
|
|
|
188
|
|
|
|
126
|
Stock-based
compensation
|
|
|
2,742
|
|
|
|
2,768
|
Warrants issued to
consultants
|
|
|
48
|
|
|
|
—
|
Loss on patent
litigation settlement
|
|
|
—
|
|
|
|
1,500
|
Deferred income
taxes
|
|
|
7
|
|
|
|
(27)
|
Earned interest
income, net
|
|
|
2
|
|
|
|
1
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
655
|
|
|
|
(1,458)
|
Inventory
|
|
|
840
|
|
|
|
(127)
|
Prepaid expenses and
other current assets
|
|
|
439
|
|
|
|
(25)
|
Accounts payable and
accrued liabilities
|
|
|
(3,156)
|
|
|
|
1,762
|
Deferred
revenue
|
|
|
114
|
|
|
|
(161)
|
Net cash and cash
equivalents used in operating activities
|
|
|
(12,746)
|
|
|
|
(14,147)
|
Cash Flows from
Investing Activities:
|
|
|
|
|
|
|
|
Purchases of property,
plant, and equipment
|
|
|
(207)
|
|
|
|
(558)
|
Proceeds from disposal
of property, plant, and equipment
|
|
|
—
|
|
|
|
36
|
Net cash and cash
equivalents used in investing activities
|
|
|
(207)
|
|
|
|
(522)
|
Cash Flows from
Financing Activities:
|
|
|
|
|
|
|
|
Principal payments
under capital lease obligation
|
|
|
—
|
|
|
|
(46)
|
Borrowings under lines
of credit
|
|
|
—
|
|
|
|
3,696
|
Payments under line of
credit
|
|
|
—
|
|
|
|
(3,696)
|
Borrowings under term
loan
|
|
|
2,500
|
|
|
|
12,500
|
Payments of debt
issuance costs
|
|
|
(133)
|
|
|
|
(1,058)
|
Proceeds from equity
offering costs, net of expenses
|
|
|
9,171
|
|
|
|
—
|
Payments of equity
offering costs
|
|
|
(821)
|
|
|
|
(164)
|
Proceeds from exercise
of stock options
|
|
|
4
|
|
|
|
3
|
Net cash and cash
equivalents provided by financing activities
|
|
|
10,721
|
|
|
|
11,235
|
Effect of exchange
rate changes
|
|
|
(23)
|
|
|
|
(106)
|
Decrease in cash, cash
equivalents and restricted cash
|
|
|
(2,255)
|
|
|
|
(3,540)
|
Cash, cash equivalents
and restricted cash, beginning of period
|
|
|
8,356
|
|
|
|
11,896
|
Cash, cash equivalents
and restricted cash, end of period
|
|
$
|
6,101
|
|
|
$
|
8,356
|
Supplemental cash
flow disclosure - cash paid
|
|
|
|
|
|
|
|
Cash paid for
interest
|
|
$
|
1,784
|
|
|
$
|
23
|
Cash paid for income
taxes
|
|
$
|
35
|
|
|
$
|
44
|
Cash paid for
operating leases
|
|
$
|
797
|
|
|
$
|
—
|
Supplemental cash
flow disclosure - non cash
|
|
|
|
|
|
|
|
Non-cash accrual for
capital expenditures
|
|
$
|
18
|
|
|
$
|
31
|
Non-cash accrual for
equity offering costs
|
|
$
|
129
|
|
|
$
|
—
|
Non-cash right-of-use
assets obtained in exchange for lease obligation
|
|
$
|
276
|
|
|
$
|
—
|
Loss on patent
litigation settlement
|
|
$
|
—
|
|
|
$
|
1,500
|
Settlement of
liability awards
|
|
$
|
201
|
|
|
$
|
—
|
Warrants issued in
connection with debt instruments
|
|
$
|
161
|
|
|
$
|
847
|
Non-GAAP Disclosure
In addition to the financial information prepared in conformity
with generally accepted accounting principles in the U.S. ("GAAP"),
this press release includes certain
historical non-GAAP financial information. Management
believes that these non-GAAP financial measures assist
investors in making comparisons
of period-to-period operating results and that, in some
respects, these non-GAAP financial measures are more
indicative of the Company's ongoing core operating performance than
their GAAP equivalents. In 2019, the Company revised its non-GAAP
financial measures to include the change in allowance for doubtful
accounts in an effort to better align its Adjusted EBITDA with our
loan covenants and how management evaluates business performance.
Prior year non-GAAP disclosures have been revised to conform to the
current definition of Adjusted EBITDA.
Adjusted EBITDA is defined as net loss before interest, taxes,
depreciation and amortization, stock-based compensation and
allowance for doubtful accounts. Management uses adjusted EBITDA in
its evaluation of the Company's core results of operations and
trends between fiscal periods and believes that these measures are
important components of its internal performance measurement
process. Therefore, investors should
consider non-GAAP financial measures in addition to, and
not as a substitute for, or as superior to, measures of financial
performance prepared in accordance with GAAP. Further,
the non-GAAP financial measures presented by the Company
may be different from similarly named non-GAAP financial
measures used by other companies.
BIOLASE,
INC.
|
Reconciliation of
GAAP Net Loss to Adjusted EBITDA
|
(Unaudited)
|
(In thousands,
except per share data)
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
Twelve Months
Ended
|
|
|
December
31,
|
|
|
December
31,
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
GAAP net loss
attributable to common stockholders
|
|
$
|
|
(3,568)
|
|
|
$
|
|
(6,919)
|
|
|
$
|
|
(17,855)
|
|
|
$
|
|
(21,516)
|
Deemed dividend on
convertible preferred stock
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
GAAP net
loss
|
|
$
|
|
(3,568)
|
|
|
$
|
|
(6,919)
|
|
|
$
|
|
(17,855)
|
|
|
$
|
|
(21,516)
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
|
|
598
|
|
|
|
|
430
|
|
|
|
|
2,157
|
|
|
|
|
510
|
Income tax provision
(benefit)
|
|
|
|
(111)
|
|
|
|
|
(28)
|
|
|
|
|
(44)
|
|
|
|
|
63
|
Depreciation and
amortization
|
|
|
|
215
|
|
|
|
|
233
|
|
|
|
|
969
|
|
|
|
|
945
|
Change in allowance
for doubtful accounts
|
|
|
|
452
|
|
|
|
|
—
|
|
|
|
|
1,681
|
|
|
|
|
—
|
Disposal of internally
developed software
|
|
|
|
—
|
|
|
|
|
1,185
|
|
|
|
|
—
|
|
|
|
|
1,185
|
Loss on patent
litigation
|
|
|
|
—
|
|
|
|
|
1,500
|
|
|
|
|
—
|
|
|
|
|
1,500
|
Stock-based
compensation
|
|
|
|
769
|
|
|
|
|
906
|
|
|
|
|
2,742
|
|
|
|
|
2,768
|
Adjusted
EBITDA
|
|
$
|
|
(1,645)
|
|
|
$
|
|
(2,693)
|
|
|
$
|
|
(10,350)
|
|
|
$
|
|
(14,545)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net loss
attributable to common stockholders per share, basic and diluted
|
|
$
|
|
(0.13)
|
|
|
$
|
|
(0.33)
|
|
|
$
|
|
(0.77)
|
|
|
$
|
|
(1.05)
|
Deemed dividend on
convertible preferred stock
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
GAAP net loss per
share, basic and diluted
|
|
$
|
|
(0.13)
|
|
|
$
|
|
(0.33)
|
|
|
$
|
|
(0.77)
|
|
|
$
|
|
(1.05)
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
|
|
0.02
|
|
|
|
|
0.02
|
|
|
|
|
0.09
|
|
|
|
|
0.02
|
Income tax provision
(benefit)
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
Depreciation and
amortization
|
|
|
|
0.01
|
|
|
|
|
0.01
|
|
|
|
|
0.04
|
|
|
|
|
0.05
|
Change in allowance
for doubtful accounts
|
|
|
|
0.02
|
|
|
|
|
—
|
|
|
|
|
0.07
|
|
|
|
|
—
|
Disposal of internally
developed software
|
|
|
|
—
|
|
|
|
|
0.06
|
|
|
|
|
—
|
|
|
|
|
0.06
|
Loss on patent
litigation
|
|
|
|
—
|
|
|
|
|
0.07
|
|
|
|
|
—
|
|
|
|
|
0.07
|
Stock-based
compensation
|
|
|
|
0.03
|
|
|
|
|
0.04
|
|
|
|
|
0.12
|
|
|
|
|
0.13
|
Adjusted EBITDA,
basic and diluted
|
|
$
|
|
(0.05)
|
|
|
$
|
|
(0.13)
|
|
|
$
|
|
(0.44)
|
|
|
$
|
|
(0.71)
|
View original content to download
multimedia:http://www.prnewswire.com/news-releases/biolase-reports-2019-fourth-quarter-net-revenue-increased-18-sequentially-301030616.html
SOURCE BIOLASE, Inc.