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Jun 30, 2023
Biolase Q2 2023 Earnings Report
Reported record consumable sales as total second quarter revenue increased 17% year over year.
Key Takeaways
BIOLASE reported a 17% year-over-year increase in total revenue, reaching $14.3 million, the highest quarterly revenue since Q4 2015. Consumable sales also hit a record $4.1 million, up 36% year-over-year. The company is implementing cost-saving initiatives expected to result in $5 to $6 million in annualized savings beginning in Q3.
Total revenue increased by 17% year-over-year to $14.3 million, marking the highest quarterly revenue since Q4 2015.
Consumable sales reached a record $4.1 million, a 36% increase year-over-year.
Approximately 69% of U.S. Waterlase sales came from new customers, with about one-third from dental specialists.
Gross margin improved by 100 basis points to 43%.
Revenue by Segment
Forward Guidance
BIOLASE expects revenue for the second half of the year to be 15-20% higher than the comparable period a year ago and expects to achieve positive adjusted EBITDA results for the second half of 2023.
Positive Outlook
- Revenue for the second half of the year is expected to be 15-20% higher than the comparable period a year ago.
- The company expects to achieve positive adjusted EBITDA results for the second half of 2023.
- Cost-saving initiatives are expected to result in additional annualized savings of $5 to $6 million beginning in the third quarter.
- Improving gross margins.
- Continued revenue growth.
Challenges Ahead
- Subject to market dynamics that include pressure on the finances of dentists.
- Continuing migration to dental service organizations.
- Still a challenging environment in international markets.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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