BIOLASE took steps to improve operational efficiency

BIOLASE is taking the necessary steps to optimize operations to capitalize on the growing business momentum of its market-leading dental lasers. The company believes that its revenue-generating strategy and prudent expense management, coupled with the recently completed share issue to strengthen the balance sheet, will enable it to achieve its sales and profitability targets.

The company remains committed to advancing the dental sector with cutting-edge laser solutions while achieving profitability. To ensure a determined pursuit of this goal, the company is reducing its U.S. workforce by approximately 20 percent, which is expected to result in annual cost savings of approximately $4 million. The reductions are part of the company's broader efforts to improve efficiency across the organization without compromising our revenue-generating strategy or the company's ability to continue to deliver unmatched quality and value to its global customer base.

"We believe today's actions improve BIOLASE's operational efficiency, while the cost savings will allow us to allocate more resources to revenue-generating initiatives and position us for continued long-term success in the dental technology industry," commented John Beaver, President and Chief Executive Officer of BIOLASE. "Our strategy to transform dentistry with innovative laser technology has not been shaken by this development, and we expect this to have zero impact on our ability to drive sales growth and maintain our market leadership." These optimizations allow us to focus on our growth and profitability goals without compromising our commitment to customer satisfaction and market expansion. We also accelerated the in-house production of certain key components, which will significantly improve our gross margin going forward. These initiatives, along with other cost optimization strategies being implemented, should help us achieve our goal of positive adjusted EBITDA for the year."

The company remains focused on driving innovation, expanding its product portfolio and delivering an exceptional customer experience. In addition, by leveraging its industry expertise and innovative technologies, the company is poised to capitalize on new opportunities and achieve greater milestones in the field of dental laser technology.

About BIOLASE

BIOLASE is a medical device company that develops, manufactures, markets and sells dental and medical laser systems. BIOLASE's products advance the practice of dentistry and medicine for patients and healthcare professionals. BIOLASE's proprietary laser products contain approximately 266 active patents and 25 patent-pending technologies designed to deliver biological and clinically superior performance, reduce pain and accelerate recovery times. BIOLASE's innovative products deliver cutting-edge technology at competitive prices, delivering superior results for dentists and patients.

BIOLASE's main product is dental laser systems that perform a wide range of dental procedures, including cosmetic and complex surgical applications. From 1998 to December 31, 2022, BIOLASE has sold more than 45,500 laser systems in more than 80 countries worldwide. The laser products under development target BIOLASE's core dental market and other adjacent medical and consumer applications.

Source: Laser Network