Friday, November 9, 2007

Biolase Announces Major Shake-up

Read into this what you will. Any time there is a major falling out like this, people need to be aware of it...

BIOLASE TECHNOLOGY in California had a 24.9% drop in 3rd quarter revenues to $12.8 million. The company noted that sales of its diode lasers were above last year, however, Waterlase MD™ sales were significantly below last year. Quarterly gross margins were 51.4%, up slightly from last year’s same-period 51.1%. Sales & marketing expenses increased 14.2% to $6.3 million, G&A spending dropped 12.3% to $2.6 million while R&D costs declined 2% to $1.3 million. The company lost $3.5 million during the quarter, compared to last year’s Q3 loss of $1 million. The day that these operating results were made public, Jeffrey Jones who was president/CEO left the company. In addition, Keith Bateman who was executive vice president of global sales & marketing also left the organization. Federico Pignatelli, a member of the board of directors, immediately assumed the CEO role until a permanent replacement is hired. Biolase’s board chairman stated that the company would be repositioned and relaunched as a “broad medical laser technology company in addition to expanding its success in the dental laser technology field.”

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