$BIOL - 2021 Second Quarter Operating Highlights (all comparisons are on a year-over-year basis unless specified otherwise):
This is now 3 consecutive Q's of growth back to back:
Net revenue grew 211% to $9.1 million:
Over 70% of U.S. laser sales came from new customers, continuing a positive trend
Over 35% of U.S. Waterlase sales came from dental specialists
Net revenue was 6% higher than the pre-pandemic revenues during the second quarter of 2019
Laser system sales increased 424%
Consumables and other revenue increased 173%
U.S. and international revenue increased 167% and 340%, respectively, as more dental practices were operating during the 2021 second quarter compared to the year-ago second quarter due to the COVID-19 pandemic
Gross margin was 44%, up 1,200 basis points, due to the higher year-over-year revenue, favorable revenue mix, and higher average selling prices for products sold during the quarter
Net loss was $702,000 or $0.00 per share, compared to a net loss of $4.7 million or $0.12 per share a year ago
Maintained strong balance sheet, as cash and cash equivalents totaled $37.1 million at quarter-end
"Our strong second-quarter performance is due to rising demand for our industry-leading dental lasers as a result of our intensified focus on education and training, the increased safety our lasers provide to dentists and their patients, and the published studies highlighting the improved results our laser provides to treat perio-disease,” commented John Beaver, President, and Chief Executive Officer.
“With over 70% of our U.S. laser sales being generated from new customers during the quarter, and over 35% of our U.S. Waterlase sales coming from dental specialists, it’s clear our messaging, marketing, educational, and training efforts are bearing fruit. However, I believe this is only the beginning because our industry-leading dental lasers provide a better standard of care for dental procedures. In addition, they ensure a safer environment for dental practitioners and patients by reducing aerosolization to mitigate the spread of infectious pathogens, such as COVID-19. Dental practitioners experienced significant disruption to their business during the peak pandemic period. However, our lasers limit their exposure, from a health and business perspective, which was another contributing factor to our strong turnaround from one year ago."
"Our focus on educating and training dental specialists on the benefits of our lasers is already leading to increased adoption across these large and untapped markets. In fact, this momentum is giving us greater visibility into Q3, and we feel comfortable providing guidance regarding expected significant year-over-year improvement across our key performance metrics, including revenue and gross margin,” concluded Mr. Beaver.
This is now 3 consecutive Q's of growth back to back:
Net revenue grew 211% to $9.1 million:
Over 70% of U.S. laser sales came from new customers, continuing a positive trend
Over 35% of U.S. Waterlase sales came from dental specialists
Net revenue was 6% higher than the pre-pandemic revenues during the second quarter of 2019
Laser system sales increased 424%
Consumables and other revenue increased 173%
U.S. and international revenue increased 167% and 340%, respectively, as more dental practices were operating during the 2021 second quarter compared to the year-ago second quarter due to the COVID-19 pandemic
Gross margin was 44%, up 1,200 basis points, due to the higher year-over-year revenue, favorable revenue mix, and higher average selling prices for products sold during the quarter
Net loss was $702,000 or $0.00 per share, compared to a net loss of $4.7 million or $0.12 per share a year ago
Maintained strong balance sheet, as cash and cash equivalents totaled $37.1 million at quarter-end
"Our strong second-quarter performance is due to rising demand for our industry-leading dental lasers as a result of our intensified focus on education and training, the increased safety our lasers provide to dentists and their patients, and the published studies highlighting the improved results our laser provides to treat perio-disease,” commented John Beaver, President, and Chief Executive Officer.
“With over 70% of our U.S. laser sales being generated from new customers during the quarter, and over 35% of our U.S. Waterlase sales coming from dental specialists, it’s clear our messaging, marketing, educational, and training efforts are bearing fruit. However, I believe this is only the beginning because our industry-leading dental lasers provide a better standard of care for dental procedures. In addition, they ensure a safer environment for dental practitioners and patients by reducing aerosolization to mitigate the spread of infectious pathogens, such as COVID-19. Dental practitioners experienced significant disruption to their business during the peak pandemic period. However, our lasers limit their exposure, from a health and business perspective, which was another contributing factor to our strong turnaround from one year ago."
"Our focus on educating and training dental specialists on the benefits of our lasers is already leading to increased adoption across these large and untapped markets. In fact, this momentum is giving us greater visibility into Q3, and we feel comfortable providing guidance regarding expected significant year-over-year improvement across our key performance metrics, including revenue and gross margin,” concluded Mr. Beaver.