The company reported “strong sequential” revenue growth in the third quarter, driven by the reopening of dental practices in the United States.
Dental laser company Biolase announced its Q3 financial results for 2020, reporting a 16% revenue increase year over year, as well as a 25% increase among U.S. consumables and other revenue year over year. While total revenue more than doubled sequentially, according to the company, it was down 24% year over year. The company further reported that operating expenses described 24% year over year and significantly strengthened its balance sheet with an $18 million equity raise.
Meanwhile, new customers reportedly represented over 90% of U.S. laser sales in Q3.
“Our significantly improved third quarter revenue was driven by several factors, including 95% of dental offices having reopened in the United States, dental procedure levels having reached 70-80% of their pre-Covid-19 levels, and the fact that our product portfolio reduces the risk of infectious pathogens,” said Todd Norbe, president and CEO. “Our Epic Hygiene dental laser meets the Centers for Disease Control and Prevention (CDC) guidelines to minimize the risk of COVID-19, while our all-tissue Waterlase dental lasers create 98% less aerosol than traditional dental handpieces, meeting the American Dental Association’s recommendation of reduced aerosol production to limit the spread of infectious pathogens, such as COVID-19. These unique attributes meet the rising needs of both dentists and patients as they look for solutions that allow them to provide and receive dental treatment in the safest way possible.”