The following is a summary of the BIOLASE, Inc. (BIOL) Q1 2024 Earnings Call Transcript:
Financial Performance:
BIOLASE reported a significant growth in consumable sales, marking a 14% increase compared to the same quarter last year, making it one of the strongest quarters in the company's history.
The company achieved a reduction in its adjusted EBITDA loss by 21%, demonstrating improved financial discipline and operational efficiency.
The CEO, John Beaver, expressed optimism towards achieving profitability by the end of the year.
BIOLASE ended the first quarter with a cash balance of $6.4 million and expects to report positive adjusted EBITDA for the full year of 2024.
Business Progress:
A significant portion of BIOLASE's U.S. Waterlase sales (67%) for the quarter was to new customers, with dental specialists accounting for about 42% of these sales.
The company organized and participated in over a hundred promotional events, ranging from webinars to trade shows, aimed at promoting the benefits of laser dentistry.
BIOLASE continued to roll out their unique Waterlase and EPIC academy training programs.
The company's ongoing commercial focus remains on reaching to the estimated 90% of dentists who are yet to adopt all-tissue laser technology.
In the future, the company plans to allocate investments towards revenue-generating activities.
For 2024, BIOLASE has projected a year-over-year revenue growth ranging from 6% to 8%, translating to an estimated full year revenue of between $52 million to $53 million.
More details: Biolase IR
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