BIOLASE(R) Completes First Phase of Cost Saving Measures
Reduces Payroll by Approximately $1.3 Million, Net of Additions;
Recently Expanded Sales Force Not Impacted
IRVINE, CA -- (Marketwired) -- 02/25/14 -- BIOLASE, Inc. (NASDAQ:
BIOL), the world's leading manufacturer and distributor of dental
lasers, including the Company's proprietary WaterLase(R), and a
pioneer in laser surgery in other medical specialties, as well as a
distributor of digital radiography, intra oral scanners, and
chair-side milling machines and 3-D printers for dentistry, today
announced that it has recently embarked on an in-depth cost saving
program for fiscal 2014.
In the first phase of cost saving measures, BIOLASE has streamlined
its operations during its first quarter of 2014 and reduced its
payroll and payroll related expenses by approximately $1.3 million,
net, on an annualized basis. For the second phase, the Company has
also begun to reduce and rationalize certain marketing and
advertising expenses to improve its return on investment for these
expenditures. Management expects that the impact of these measures
will begin to be realized in the second quarter of 2014.
Federico Pignatelli, Chairman and CEO, stated, "BIOLASE invested a
significant amount of capital in the last year in order to
significantly expand its product offerings and become the only Total
Technology Solution(TM) provider in dentistry. While we expect this
strategy to provide significant benefits in the future, it was a
substantial drain on our resources for fiscal 2013. We believe that
BIOLASE is now optimally positioned to leverage this strategically
created new product and marketing platform. The number one goal of
management for fiscal 2014, to which we are highly committed, is to
resume revenue growth and bring the Company to profitability."
About BIOLASE, Inc.
BIOLASE, Inc. is a biomedical company that
develops, manufactures, and markets innovative lasers in dentistry
and medicine and also markets and distributes high-end 2D and 3D
digital imaging equipment, CAD/CAM intraoral scanners, and in-office
milling machines and 3D printers; products that are focused on
technologies that advance the practice of dentistry and medicine. The
Company's proprietary laser products incorporate approximately 300
patented and patent-pending technologies designed to provide
biologically clinically superior performance with less pain and
faster recovery times. Its innovative products provide cutting-edge
technology at competitive prices to deliver the best results for
dentists and patients. BIOLASE's principal products are revolutionary
dental laser systems that perform a broad range of dental procedures,
including cosmetic and complex surgical applications, and a full line
of dental imaging equipment. BIOLASE has sold more than 24,800
lasers. Other laser products under development address ophthalmology
and other medical and consumer markets.
For updates and information on WaterLase and laser dentistry, find
BIOLASE online at www.biolase.com, Facebook at
www.facebook.com/biolase, Twitter at www.twitter.com/biolaseinc,
Pinterest at www.pinterest.com/biolase, LinkedIn at
www.linkedin.com/company/biolase, Google+ at
www.google.com/+BIOLASEIrvine, Instagram at
www.instagram.com/biolaseinc and YouTube at
BIOLASE(R), WaterLase(R), and Total Technology Solution(TM) are
registered trademarks or trademarks of BIOLASE, Inc.
For further information, please contact:
Porter, LeVay & Rose, Inc.
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