- Robust Balance Sheet to Execute Growth Strategies in
2022
- Full Year 2022 Revenue Growth Outlook +10%
LAKE FOREST, Calif.,
March 17, 2022 /PRNewswire/ --
BIOLASE, Inc. (NASDAQ: BIOL), the global leader in dental lasers,
today announced its financial results for the fourth quarter and
full year ended December 31,
2021.
2021 Fourth Quarter and Recent Highlights
- Total revenue was 12.4 million, up 46% year over year
- Total revenue also increased 22% over fourth quarter 2019
pre-COVID results
- U.S. laser sales increased 39% year over year and U.S.
consumable sales increased 40% year over year, driven by
significantly increased procedures using BIOLASE lasers
- International laser sales increased 87% year over year and
international consumable sales increased 29% year over year, driven
by significantly increased procedures using BIOLASE lasers
- Higher average selling price and sales volumes resulted in 40%
gross margin for the quarter, a significant improvement from a year
ago
- Continued momentum with new customers and dental
specialists
- FDA clearance received for the new EdgePRO laser, which was
co-developed with EdgeEndo, a global leader in commercializing
products for the endodontics market
- Maintained robust balance sheet with cash and cash equivalents
of $30.0 million on December 31, 2021
"Our strong fourth quarter and full year performance reflects
the rising demand for our industry-leading dental lasers,"
commented John Beaver, President and
Chief Executive Officer. "Furthermore, our robust balance sheet and
continued business momentum allowed us to enter 2022 in a favorable
position to achieve our operating objectives for the year.
"With only about 7% of the U.S. dental community currently using
dental lasers, we are confident in our ability to drive further
adoption of this new standard of care. The positive clinical
data published in 2021 on the use of dental lasers, combined with
the launch of our specialist academies for endodontists,
periodontists, pediatric dentists, and dental hygienists is
generating increased adoption of laser technology. These
initiatives, along with the continued success of our Waterlase
Exclusive Trial Programs and our further penetration into the DSO
space, positions us for continued revenue growth in 2022.
With every one percentage point increase in market adoption of
laser technology in the U.S. alone, we estimate it will generate an
additional $50 million in revenue for
BIOLASE, assuming we keep our same 60% market share."
2021 Fourth Quarter Financial Results
Net revenue for the fourth quarter of 2021 was $12.4 million, an increase of 46% year over year.
Compared to the fourth quarter of 2019, which was the last full
quarter prior to the impact of the COVID-19 pandemic, revenue
increased 22% from $10.2 million.
U.S. laser revenue was $5.3 million
for the fourth quarter of 2021, up 39% when compared to U.S. laser
revenue of $3.8 million for the
fourth quarter of 2020. U.S. consumables and other revenue for the
fourth quarter of 2021, which consists of revenue from consumable
products such as disposable tips, increased 40% compared to the
fourth quarter of 2020. Outside the U.S., laser revenue increased
87% to $3.1 million for the fourth
quarter of 2021 compared to $1.7
million for the fourth quarter of 2020, and consumables and
other revenue increased 29% year over year.
Gross margin for the fourth quarter of 2021 was 40%, compared to
19% for the fourth quarter of 2020. The higher gross margin
reflects the increase in revenue relative to the Company's fixed
costs as well as higher average U.S. selling prices of its lasers.
Total operating expenses were $9.3
million for the fourth quarter of 2021 compared to
$7.1 million for the fourth quarter
of 2020. Operating loss for the fourth quarter of 2021 was
$4.4 million, compared to an
operating loss of $5.5 million in the
fourth quarter of 2020.
Full Year 2021 Financial Results
Net revenue for the year ended December
31, 2021 was $39.2 million, an
increase of 72% compared to net revenue of $22.8 million for the year ended December 31, 2020, and an increase of 4% compared
to the net revenue of $37.8 million
for the year ended December 31, 2019.
U.S. laser revenue was $14.8 million
for the year ended December 31, 2021,
an increase of 77% compared to U.S. laser revenue of $8.3 million for the year ended December 31, 2020. U.S. consumables and
other revenue for the year ended December
31, 2021, which consists of revenue from consumable products
such as disposable tips, increased 63% year over year.
International laser revenue increased 155% to $10.3 million for the year ended December 31, 2021, compared to $4.0 million for the year ended December 31, 2020.
Gross margin for the year ended December
31, 2021 was 42% compared to 27% for the year ended
December 31, 2020. Total operating
expenses were $33.0 million for the
year ended December 31, 2021,
compared to $24.7 million for the
year ended December 31, 2020, a 33%
increase year over year. Operating loss for the year ended
December 31, 2021 was $16.4 million, compared to an operating loss of
$18.5 million for the year ended
December 31, 2020, a decrease of 11%
year over year.
The Company maintained a robust balance sheet and had cash and
cash equivalents of approximately $30.0
million on December 31,
2021. The Company believes it has sufficient financial
resources to execute its near and long-term growth strategies.
Net Loss and Adjusted EBITDA
The reconciliation of GAAP Net Loss to Adjusted EBITDA at the
end of this news release provides the details of the Company's
non-GAAP disclosures and the reconciliation of GAAP net loss and
net loss per share to the Company's Adjusted EBITDA and Adjusted
EBITDA per share.
Net loss for the fourth quarter of 2021 was $5.3 million, or $0.03 per share, compared to a net loss of
$6.1 million, or $0.07 per share, for the fourth quarter of 2020.
Adjusted EBITDA loss for the fourth quarter of 2021 was
$4.3 million, or $0.03 per share, compared with Adjusted EBITDA
loss of $4.5 million, or $0.05 per share, for the fourth quarter of
2020.
Net loss attributable to common stockholders for the year ended
December 31, 2021 was $16.7 million, or $0.11 per share, compared to a net loss of
$34.2 million, or $0.56 per share, for the year ended December 31, 2020. Adjusted EBITDA for the year
ended December 31, 2021 was a loss of
$14.7 million, or $0.10 per share, compared with an Adjusted EBITDA
loss of $13.4 million, or
$0.22 per share, for the year ended
December 31, 2020.
2022 First Quarter and Full Year Revenue Guidance
Based on currently available information and the continued
operating momentum the Company has experienced so far this year,
BIOLASE is anticipating first quarter net revenue to exceed
$9.0 million, which would represent
growth of at least 11% year over year. The Company expects
full year net revenue to increase at least 10% from 2021
levels.
Conference Call Information
BIOLASE, Inc. will host a conference call today at 4:30 p.m. Eastern Time to discuss its operating
results for the fourth quarter and full year ended December 31, 2021 and to answer questions. For
both "listen-only" participants and those participants who wish to
take part in the question-and-answer portion of the call, the
dial-in number in the U.S. and Canada is (888) 254-3590. For participants
outside the U.S. and Canada, the
dial-in number is +1 (323) 794-2551. For all callers, refer to the
Conference ID 9127979. To access the live webcast, visit the
Investor Relations section of the BIOLASE website at
www.biolase.com and see "Investor Events".
An audio archive of the webcast will be available for 30 days on
the Investor Relations section of the BIOLASE website.
About BIOLASE
BIOLASE is a medical device company that develops, manufactures,
markets, and sells laser systems in dentistry and medicine.
BIOLASE's products advance the practice of dentistry and medicine
for patients and healthcare professionals. BIOLASE's proprietary
laser products incorporate approximately 301 patented and 38
patent-pending technologies designed to provide biologically and
clinically superior performance with less pain and faster recovery
times. BIOLASE's innovative products provide cutting-edge
technology at competitive prices to deliver superior results for
dentists and patients. BIOLASE's principal products are dental
laser systems that perform a broad range of dental procedures,
including cosmetic and complex surgical applications. BIOLASE has
sold over 43,300 laser systems to date in over 80 countries around
the world. Laser products under development address BIOLASE's core
dental market and other adjacent medical and consumer
applications.
For updates and information on Waterlase iPlus®, Waterlase
Express™, and laser dentistry, find BIOLASE online
at www.biolase.com, Facebook at www.facebook.com/biolase,
Twitter at www.twitter.com/biolaseinc, Instagram
at www.instagram.com/waterlase_laserdentistry, and LinkedIn
at www.linkedin.com/company/biolase.
BIOLASE®, Waterlase® and Waterlase iPlus® are registered
trademarks of BIOLASE, Inc.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements, as that
term is defined in the Private Litigation Reform Act of 1995, that
involve significant risks and uncertainties, including statements,
regarding BIOLASE's expected revenue and revenue growth during the
first quarter of 2022, expected revenue growth during 2022 and
beliefs regarding its financial resources. Forward-looking
statements can be identified through the use of words such as may,"
"might," "will," "intend," "should," "could," "can," "would,"
"continue," "expect," "believe," "anticipate," "estimate,"
"predict," "outlook," "potential," "plan," "seek," and similar
expressions and variations or the negatives of these terms or other
comparable terminology. Readers are cautioned not to place undue
reliance on these forward-looking statements, which reflect
BIOLASE's current expectations and speak only as of the date of
this release. Actual results may differ materially from BIOLASE's
current expectations depending upon a number of factors. These
factors include, among others, the coronavirus (COVID-19) and the
effects of the outbreak and actions taken in connection therewith,
adverse changes in general economic and market conditions,
competitive factors including but not limited to pricing pressures
and new product introductions, uncertainty of customer acceptance
of new product offerings and market changes, risks associated with
managing the growth of the business, and those other risks and
uncertainties that are described in the "Risk Factors" section of
BIOLASE's most recent annual report filed on Form 10-K and
quarterly report filed on Form 10-Q filed with the Securities and
Exchange Commission. Except as required by law, BIOLASE does not
undertake any responsibility to revise or update any
forward-looking statements.
BIOLASE,
INC.
|
CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
|
(Unaudited, in
thousands, except per share data)
|
|
|
|
Three Months
Ended
|
|
|
Year
Ended
|
|
|
|
December
31,
|
|
|
December
31,
|
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
Net revenue
|
|
$
|
12,407
|
|
|
$
|
8,520
|
|
|
$
|
39,188
|
|
|
$
|
22,780
|
|
Cost of
revenue
|
|
|
7,501
|
|
|
|
6,915
|
|
|
|
22,659
|
|
|
|
16,607
|
|
Gross profit
|
|
|
4,906
|
|
|
|
1,605
|
|
|
|
16,529
|
|
|
|
6,173
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and
marketing
|
|
|
5,024
|
|
|
|
3,767
|
|
|
|
15,339
|
|
|
|
11,242
|
|
General and
administrative
|
|
|
2,644
|
|
|
|
2,326
|
|
|
|
11,258
|
|
|
|
9,772
|
|
Engineering and
development
|
|
|
1,542
|
|
|
|
1,051
|
|
|
|
6,048
|
|
|
|
3,695
|
|
Loss on patent
litigation settlement
|
|
|
125
|
|
|
|
—
|
|
|
|
315
|
|
|
|
—
|
|
Total operating expenses
|
|
|
9,335
|
|
|
|
7,144
|
|
|
|
32,960
|
|
|
|
24,709
|
|
Loss from
operations
|
|
|
(4,429)
|
|
|
|
(5,539)
|
|
|
|
(16,431)
|
|
|
|
(18,536)
|
|
Gain (Loss) on
foreign currency transactions
|
|
|
(280)
|
|
|
|
47
|
|
|
|
(452)
|
|
|
|
(21)
|
|
Interest
expense, net
|
|
|
(498)
|
|
|
|
(577)
|
|
|
|
(2,224)
|
|
|
|
(2,359)
|
|
Gain on debt
forgiveness
|
|
|
—
|
|
|
|
—
|
|
|
|
3,014
|
|
|
|
—
|
|
Other income,
net
|
|
|
—
|
|
|
|
6
|
|
|
|
—
|
|
|
|
4,215
|
|
Non-operating gain
(loss), net
|
|
|
(778)
|
|
|
|
(524)
|
|
|
|
338
|
|
|
|
1,835
|
|
Loss before income tax
provision
|
|
|
(5,207)
|
|
|
|
(6,063)
|
|
|
|
(16,093)
|
|
|
|
(16,701)
|
|
Income tax
provision
|
|
|
(72)
|
|
|
|
(79)
|
|
|
|
(65)
|
|
|
|
(128)
|
|
Net loss
|
|
|
(5,279)
|
|
|
|
(6,142)
|
|
|
|
(16,158)
|
|
|
|
(16,829)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(5,279)
|
|
|
$
|
(6,142)
|
|
|
$
|
(16,158)
|
|
|
$
|
(16,829)
|
|
Deemed dividend on
convertible preferred stock
|
|
|
—
|
|
|
|
—
|
|
|
|
(546)
|
|
|
|
(17,378)
|
|
Net loss attributable
to common stockholders
|
|
$
|
(5,279)
|
|
|
$
|
(6,142)
|
|
|
$
|
(16,704)
|
|
|
$
|
(34,207)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share
attributable to common stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
Diluted
|
|
$
|
(0.03)
|
|
|
$
|
(0.07)
|
|
|
$
|
(0.11)
|
|
|
$
|
(0.56)
|
|
Shares used in the
calculation of net loss per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
Diluted
|
|
|
153,491
|
|
|
|
93,211
|
|
|
|
147,746
|
|
|
|
61,136
|
|
BIOLASE,
INC.
|
CONSOLIDATED
BALANCE SHEETS
|
(Unaudited, in
thousands, except per share data)
|
|
|
|
December
31,
|
|
|
|
2021
|
|
|
2020
|
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
29,972
|
|
|
$
|
17,564
|
|
Restricted
cash
|
|
|
203
|
|
|
|
312
|
|
Accounts
receivable, less allowance of $2,154 and $4,017 as of December 31,
2021 and 2020, respectively
|
|
|
4,238
|
|
|
|
3,059
|
|
Inventory
|
|
|
12,929
|
|
|
|
11,157
|
|
Prepaid expenses
and other current assets
|
|
|
2,012
|
|
|
|
3,018
|
|
Total current assets
|
|
|
49,354
|
|
|
|
35,110
|
|
Property, plant,
and equipment, net
|
|
|
1,067
|
|
|
|
782
|
|
Goodwill
|
|
|
2,926
|
|
|
|
2,926
|
|
Right of use
asset
|
|
|
1,717
|
|
|
|
1,976
|
|
Other
assets
|
|
|
220
|
|
|
|
231
|
|
Total assets
|
|
$
|
55,284
|
|
|
$
|
41,025
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
3,309
|
|
|
$
|
2,651
|
|
Accrued
liabilities
|
|
|
8,276
|
|
|
|
6,667
|
|
Deferred
revenue, current portion
|
|
|
2,259
|
|
|
|
1,905
|
|
Term loan, net
of discount
|
|
|
—
|
|
|
|
—
|
|
Total current liabilities
|
|
|
13,844
|
|
|
|
11,223
|
|
Deferred
revenue
|
|
|
329
|
|
|
|
374
|
|
Warranty
accrual
|
|
|
521
|
|
|
|
384
|
|
Non current term
loans, net of discount
|
|
|
13,603
|
|
|
|
16,186
|
|
Non current
operating lease liability
|
|
|
1,449
|
|
|
|
1,774
|
|
Other
liabilities
|
|
|
330
|
|
|
|
1,056
|
|
Total liabilities
|
|
|
30,076
|
|
|
|
30,997
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
Series F
Preferred stock, par value $0.001 per share
|
|
|
34
|
|
|
|
118
|
|
Common stock,
par value $0.001 per share
|
|
|
154
|
|
|
|
98
|
|
Additional
paid-in capital
|
|
|
293,177
|
|
|
|
261,573
|
|
Accumulated
other comprehensive loss
|
|
|
(623)
|
|
|
|
(385)
|
|
Accumulated
deficit
|
|
|
(267,534)
|
|
|
|
(251,376)
|
|
Total stockholders' equity
|
|
|
25,208
|
|
|
|
10,028
|
|
Total liabilities and stockholders' equity
|
|
$
|
55,284
|
|
|
$
|
41,025
|
|
BIOLASE,
INC.
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
(Unaudited, in
thousands)
|
|
|
|
Year
Ended
|
|
|
|
December
31,
|
|
|
|
2021
|
|
|
2020
|
|
Cash Flows from
Operating Activities:
|
|
|
|
|
|
|
Net loss
|
|
$
|
(16,158)
|
|
|
$
|
(16,829)
|
|
Adjustments to
reconcile net loss to net cash and cash equivalents used in
operating activities:
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
400
|
|
|
|
499
|
|
Provision for
bad debts
|
|
|
(202)
|
|
|
|
1,328
|
|
Provision for
sales returns
|
|
|
—
|
|
|
|
87
|
|
Provision for
inventory excess and obsolescence
|
|
|
(275)
|
|
|
|
(591)
|
|
Inventory
disposals and recoveries, net
|
|
|
(122)
|
|
|
|
1,300
|
|
Amortization of
discount on lines of credit
|
|
|
159
|
|
|
|
165
|
|
Amortization of
debt issuance costs
|
|
|
356
|
|
|
|
331
|
|
Patent
litigation mark-to-market
|
|
|
315
|
|
|
|
—
|
|
Change in fair
value of warrants
|
|
|
—
|
|
|
|
(5,850)
|
|
Issuance of
restricted shares
|
|
|
164
|
|
|
|
—
|
|
Issuance costs
for common stock warrants
|
|
|
—
|
|
|
|
1,641
|
|
Stock-based
compensation
|
|
|
1,662
|
|
|
|
3,370
|
|
Gain on debt
forgiveness
|
|
|
(3,014)
|
|
|
|
—
|
|
Changes in
operating assets and liabilities:
|
|
|
|
|
|
|
Accounts receivable
|
|
|
(978)
|
|
|
|
4,286
|
|
Inventory
|
|
|
(1,375)
|
|
|
|
(871)
|
|
Prepaid expenses and other current assets
|
|
|
285
|
|
|
|
825
|
|
Accounts payable and accrued liabilities
|
|
|
1,765
|
|
|
|
(2,107)
|
|
Deferred revenue
|
|
|
308
|
|
|
|
(379)
|
|
Net cash and
cash equivalents used in operating activities
|
|
|
(16,710)
|
|
|
|
(12,795)
|
|
Cash Flows from
Investing Activities:
|
|
|
|
|
|
|
Purchases of
property, plant, and equipment
|
|
|
(707)
|
|
|
|
(96)
|
|
Net cash and
cash equivalents used in investing activities
|
|
|
(707)
|
|
|
|
(96)
|
|
Cash Flows from
Financing Activities:
|
|
|
|
|
|
|
Proceeds from
the issuance of common stock and June 2020 Warrants,
net
|
|
|
14,420
|
|
|
|
6,912
|
|
Proceeds from
the issuance of Series F Convertible Preferred Stock
|
|
|
—
|
|
|
|
2,700
|
|
Proceeds from
the issuance of July 2020 Warrants
|
|
|
—
|
|
|
|
15,300
|
|
Payments of
equity offering costs
|
|
|
(1,135)
|
|
|
|
(1,281)
|
|
Payment of July
2020 Warrant issuance costs
|
|
|
—
|
|
|
|
(1,640)
|
|
Borrowings on
other long-term loans
|
|
|
—
|
|
|
|
3,140
|
|
Principal
payment on term loan
|
|
|
—
|
|
|
|
(700)
|
|
Borrowings on
credit facility
|
|
|
—
|
|
|
|
3,000
|
|
Payments of
credit facility
|
|
|
—
|
|
|
|
(3,000)
|
|
Payments of debt
issuance costs
|
|
|
(25)
|
|
|
|
(128)
|
|
Proceeds from
the exercise of common stock warrants
|
|
|
16,562
|
|
|
|
46
|
|
Proceeds from
exercise of stock options
|
|
|
132
|
|
|
|
—
|
|
Net cash and
cash equivalents provided by financing activities
|
|
|
29,954
|
|
|
|
24,349
|
|
Effect of exchange rate
changes
|
|
|
(238)
|
|
|
|
317
|
|
Increase in cash and
cash equivalents
|
|
|
12,299
|
|
|
|
11,775
|
|
Cash, cash equivalents
and restricted cash, beginning of year
|
|
|
17,876
|
|
|
|
6,101
|
|
Cash, cash equivalents
and restricted cash, end of year
|
|
$
|
30,175
|
|
|
$
|
17,876
|
|
Supplemental cash flow
disclosure:
|
|
|
|
|
|
|
Cash paid for
interest
|
|
$
|
1,771
|
|
|
$
|
1,881
|
|
Cash received
for interest
|
|
$
|
56
|
|
|
$
|
11
|
|
Cash paid for
income taxes
|
|
$
|
171
|
|
|
$
|
22
|
|
Cash paid for
operating leases
|
|
$
|
246
|
|
|
$
|
489
|
|
Non-cash
settlement of liability
|
|
$
|
510
|
|
|
$
|
151
|
|
Non-cash
right-of-use assets obtained in exchange for lease
obligations
|
|
$
|
48
|
|
|
$
|
2,037
|
|
Equity financing
costs in accounts payable
|
|
$
|
—
|
|
|
$
|
74
|
|
Deemed dividend
on preferred stock
|
|
$
|
546
|
|
|
$
|
17,378
|
|
Forgiveness of
debt
|
|
$
|
—
|
|
|
$
|
10
|
|
Receivable from
warrants exercised and included in prepaid and other current
assets
|
|
$
|
(1,498)
|
|
|
$
|
1,498
|
|
Warrants issued
in connection with debt instruments
|
|
$
|
—
|
|
|
$
|
67
|
|
Non-GAAP Financial Measures
In addition to the financial information prepared in conformity
with generally accepted accounting principles in the U.S. ("GAAP"),
this press release includes certain historical non-GAAP financial
information. Management believes that these non-GAAP financial
measures assist investors in making comparisons of period-to-period
operating results and that, in some respects, these non-GAAP
financial measures are more indicative of the Company's ongoing
core operating performance than their GAAP equivalents.
Adjusted EBITDA is defined as net loss before interest, taxes,
depreciation and amortization, allowance for doubtful accounts,
loss on patent litigation settlement, stock-based and other
non-cash compensation, debt forgiveness, and other income, net.
Management uses Adjusted EBITDA in its evaluation of the Company's
core results of operations and trends between fiscal periods and
believes that these measures are important components of its
internal performance measurement process. Therefore, investors
should consider non-GAAP financial measures in addition to, and not
as a substitute for, or as superior to, measures of financial
performance prepared in accordance with GAAP. Further, the non-GAAP
financial measures presented by the Company may be different from
similarly named non-GAAP financial measures used by other
companies.
BIOLASE,
INC.
|
Reconciliation of
GAAP Net Loss to Adjusted EBITDA and
|
GAAP Net Loss Per
Share to Adjusted EBITDA Per Share
|
(Unaudited, in
thousands, except per share data)
|
|
|
|
Three Months
Ended
|
|
|
Year
Ended
|
|
|
|
December
31,
|
|
|
December
31,
|
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
GAAP net loss
attributable to common stockholders
|
|
$
|
(5,279)
|
|
|
$
|
(6,142)
|
|
|
$
|
(16,704)
|
|
|
$
|
(34,207)
|
|
Deemed dividend
on convertible preferred stock
|
|
|
—
|
|
|
|
—
|
|
|
|
546
|
|
|
|
17,378
|
|
GAAP net
loss
|
|
$
|
(5,279)
|
|
|
$
|
(6,142)
|
|
|
$
|
(16,158)
|
|
|
$
|
(16,829)
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense, net
|
|
|
498
|
|
|
|
577
|
|
|
|
2,224
|
|
|
|
2,359
|
|
Income tax
provision
|
|
|
72
|
|
|
|
79
|
|
|
|
65
|
|
|
|
128
|
|
Depreciation and
amortization
|
|
|
116
|
|
|
|
(28)
|
|
|
|
400
|
|
|
|
499
|
|
Change in
allowance for doubtful accounts
|
|
|
(44)
|
|
|
|
65
|
|
|
|
(202)
|
|
|
|
1,328
|
|
Loss on patent
litigation settlement
|
|
|
125
|
|
|
|
—
|
|
|
|
315
|
|
|
|
—
|
|
Stock-based and
other non-cash compensation
|
|
|
174
|
|
|
|
1,003
|
|
|
|
1,662
|
|
|
|
3,370
|
|
Gain on debt
forgiveness
|
|
|
—
|
|
|
|
—
|
|
|
|
(3,014)
|
|
|
|
—
|
|
Other income,
net
|
|
|
—
|
|
|
|
(6)
|
|
|
|
—
|
|
|
|
(4,215)
|
|
Adjusted
EBITDA
|
|
$
|
(4,338)
|
|
|
$
|
(4,452)
|
|
|
$
|
(14,708)
|
|
|
$
|
(13,360)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net loss
attributable to common stockholders per share, basic and
diluted
|
|
$
|
(0.03)
|
|
|
$
|
(0.07)
|
|
|
$
|
(0.11)
|
|
|
$
|
(0.56)
|
|
Deemed dividend
on convertible preferred stock
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.28
|
|
GAAP net loss per
share, basic and diluted
|
|
$
|
(0.03)
|
|
|
$
|
(0.07)
|
|
|
$
|
(0.11)
|
|
|
$
|
(0.28)
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense, net
|
|
|
—
|
|
|
|
0.01
|
|
|
|
0.02
|
|
|
|
0.04
|
|
Income tax
provision
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Depreciation and
amortization
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.01
|
|
Change in
allowance for doubtful accounts
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.02
|
|
Loss on patent
litigation settlement
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Stock-based and
other non-cash compensation
|
|
|
—
|
|
|
|
0.01
|
|
|
|
0.01
|
|
|
|
0.06
|
|
Gain on debt
forgiveness
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.02)
|
|
|
|
—
|
|
Other income,
net
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.07)
|
|
Adjusted EBITDA per
share, basic and diluted
|
|
$
|
(0.03)
|
|
|
$
|
(0.05)
|
|
|
$
|
(0.10)
|
|
|
$
|
(0.22)
|
|
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SOURCE BIOLASE, Inc.