IRVINE, CA -- (Marketwire) -- 06/22/12 -- BIOLASE, Inc. (NASDAQ: BIOL), the World's leading dental laser manufacturer and distributor, announced today that there is no fundamental reason for the recent decline in stock price on the NASDAQ exchange.
Federico Pignatelli, Chairman and CEO, stated, "BIOLASE has recently experienced what we believe to be an unwarranted weakness in the price of its securities. Other than a technical re-balancing of the Russell 3000 Index, which will occur today after the close of the market and is expected to exclude BIOLASE this year, we believe nothing fundamentally has changed as business is solidly on track for the short and long term. With important recent product introductions and a new line of credit giving us ample access to growth capital, we have never been more confident about the Company's prospects."
The Company also reiterates its guidance for unadjusted revenue for the second quarter of 2012 of approximately $13.0 million to $14.0 million, an increase of approximately $900,000 to $1.9 million, or 7 to 16 percent, compared to $12.1 million for the second quarter of 2011. Last year's second quarter included a one time order of approximately $2 million delivered to Henry Schein (NASDAQ: HSIC), the Company's former exclusive distributor, so the actual year-over-year comparisons will show greater non-GAAP growth rates considering this event. Note, however, that the Company's second quarter revenues may be impacted by accounting consequences related to its purchase of Schein's inventory of Waterlase MD Turbos, which was completed on April 12, 2012. Full-year revenue guidance for 2012 remains $57 million to $60 million.
About BIOLASE, Inc.
BIOLASE, Inc., the World's leading Dental Laser Company, is a medical technology company that develops, manufactures and markets dental lasers and also distributes and markets dental imaging equipment; products that are focused on technologies that advance the practice of dentistry and medicine. The Company's laser products incorporate approximately 285 patented and patent pending technologies designed to provide clinically superior performance with less pain and faster recovery times. Its imaging products provide cutting-edge technology at competitive prices to deliver the best results for dentists and patients. BIOLASE's principal products are 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 more than 19,600 lasers among 16,000 customers. Other products under development address ophthalmology and other medical and consumer markets.
This press release may contain forward-looking statements within the meaning of safe harbor provided by the Securities Reform Act of 1995 that are based on the current expectations and estimates by BIOLASE management. These forward-looking statements can be identified through the use of words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," "may," "will," and variations of these words or similar expressions. Forward-looking statements are based on management's current, preliminary expectations and are subject to risks, uncertainties and other factors which may cause the Company's actual results to differ materially from the statements contained herein, and are described in the Company's reports it files with the Securities and Exchange Commission, including its annual and quarterly reports. No undue reliance should be placed on forward-looking statements. Such information is subject to change, and BIOLASE undertakes no obligation to update such statements.
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