BIOLASE (NASDAQ: BIOL) stock soared 20% on Friday after the company beat EPS forecasts in the fourth quarter. However, the revenue fell short of analyst expectations.
BIOLASE (BIOL), a leading dental laser company, has released its financial results for the fourth quarter of 2023. Despite a slight miss in revenue compared to consensus estimates, the company showed resilience with a better-than-expected EPS loss and an optimistic outlook.
According to the report, BIOLASE recorded revenue of $13.49 million for the fourth quarter, slightly below the consensus expectation of $13.55 million. However, the company managed to maintain a gross profit of $3.52 million, slightly lower than the $3.60 million reported a year ago.
Despite the revenue miss, BIOLASE delivered an EPS loss of $(1.76), surpassing the consensus expectation of $(2.56).
BIOLASE ended the fourth quarter with $6.6 million in cash, providing a solid financial foundation for future operations and growth initiatives.
President and Chief Executive Officer of BIOLASE, John Beaver, expressed optimism regarding the company’s performance and prospects. He noted,
“The increased utilization of our installed base is a bullish sentiment, as evidenced by the 20% increase in our consumable sales during the year, so our goal is to accelerate growth while continuing to improve our operations.”
John added,
“Greater adoption of our dental lasers, coupled with the expansion of our gross margins and lower operating expenses, will allow us to meet our revenue and profitability objectives for 2024.”
BIOLASE Outlook For Q1 and Full Year 2024
BIOLASE expects net revenue to exceed $10.0 million, compared to a consensus estimate of $10.796 million, with a relatively flat year-over-year performance.
For the fiscal year 2024, BIOLASE foresees net revenue to grow between 6% and 8% year-over-year to $52 million and $53 million. This forecast slightly trails the estimate of $53.068 million. In addition, the company aims to achieve positive adjusted EBITDA results.
The company’s outlook hinges on the continued adoption of its dental lasers and consumables within the dental community, including general dentists, dental specialists, dental hygienists, and group practice entities (DSOs).
BIOLASE (NASDAQ: BIOL) Stock Reaction
BIOL stock surged 19.53% to close at $0.18 on Friday. The traders had exchanged hands with 130,397,525 (130.39 million) shares compared to the average daily trading volume of 2.75 million.
