BIOLASE Posts Prelim 2Q Sales
by Zacks Equity ResearchJuly 15, 2011 | Comments : 0 Recommended this article: (0)
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Sequentially, this represents a 14% growth.
The significant growth in sales were, in part, attributable to healthy demand for the company’s new WaterLase iPlus all-tissue laser (launched in January 2011), which is shaping up to be a major future growth driver. However, sales were below the consensus view of roughly $14.3 million. BIOLASE is expected to report full results in August 2011.
The California-based company also noted that it was unable to deliver roughly $2 million of orders booked in the second quarter by June 30, 2011, given a major change in order placed by dental products distributor Henry Schein ( HSIC - Snapshot Report ) , one of its key distributors. This resulted in supply chain delays.
Henry Schein originally had a pre-paid purchase order worth $9 million for BIOLASE’s iLase dental lasers but made a late change in its order to a combination of Waterlase iPlus and the ezlase laser systems.
Despite the inability to complete the shipment in the second quarter, the company maintains its expectations for fiscal 2011. BIOLASE expects to complete the shipment by the end of July 2011, well ahead of the contractual due date of August 25.
BIOLASE develops and markets lasers and related products for applications in medicine and dentistry. Its key products are dental laser systems capable of performing a broad range of dental procedures, including cosmetic and complex surgical applications. The company recently adopted a direct and multi-distributor sales model in Germany, mirroring its strategy in North America.
BIOLASE, in June 2011, opened its offices in two of the largest Asian markets: China and India. The company sees huge growth potential for its dental laser products in these lucrative markets. BIOLASE expects its direct presence in these markets to drive the adoption of its dental products by local physicians and significantly contribute to sales growth starting second-half 2011.
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