The following is a summary of the BIOLASE, Inc. (BIOL) Q4 2023 Earnings Call Transcript:
Financial Performance:
BIOLASE reported a modest increase in net revenue of $49.2 million for the full year compared to $48.5 million in 2022.
Consumable sales record increased by 20% year-over-year.
Gross margin for the year increased by 100 basis points to 34%.
Operating expenses decreased compared to the previous year, standing at $34.7 million for the year compared to $41.2 million in the previous year.
The GAAP net loss for 2023 was $20.6 million as compared to a loss of $28.6 million in 2022.
Adjusted EBITDA loss decreased to $12.8 million from the $20.1 million reported for 2022.
Projected revenues for Q1 2024 are expected to be relatively flat compared to Q1 2023, however, full-year revenue for 2024 is projected to increase by 6% to 8% relative to 2023.
Business Progress:
BIOLASE has continued with its commitment to creating awareness of the benefits of laser dentistry, hosting over 500 events, study clubs, webinars, and trade shows in the US alone.
Over 70% of US Waterlase sales are from new customers, and 40% from dental specialists.
Introduction of a recurring revenue subscription model for consumables and strategic partnerships with corporate dentists and academic institutions have boosted adoption of laser dentistry.
BIOLASE plans over 500 education programs and events in 2024 for market adoption growth, and remains confident about improving operational efficiencies and boosting adoption of its dental lasers.
The company is optimistic about its pricing position despite macroeconomic headwinds and expects an improved buying cycle due to stabilizing interest rates.
An affirm commitment to utilizing additional manufacturing capacity at their Corona, California plant to meet any increase in demand.
More details: Biolase IR
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