Biolase stock slides as losses widen

Mar. 29, 2023 10:22 AM ETBIOLASE, Inc. (BIOL)By: Preeti Singh, SA News Editor

Biolase (NASDAQ:BIOL) shares dropped 11% on Wednesday after the dental lasers company reported fourth quarter results that lagged Wall Street estimates.
The company generated revenue of $14.05M that grew 13.3% Y/Y but fell short of analysts estimates by $0.02M.
Total operating expenses surged from $9.3M to $12.02M in the quarter that resulted in wider net losses of $9.86M vs. $5.23M in the prior year quarter.
Net loss attributable to common stockholders for the year ended 2022 was $28.9M, or $4.16 per share, compared to a net loss of $16.7M, or $2.83 per share, for 2021.
The company ended the year with cash and cash equivalents of around $4.2M, down from $29.9M a year ago. Following its recent equity raise, Biolase (BIOL) believes it has "sufficient liquidity to execute its near-term growth strategies and greatly improve profitability."
For 2023, the firm projects at least 25% Y/Y revenue growth, with significant improvement in gross margins and a positive adjusted EBITDA.