Biolase sales, income drop in Q3

Biolase Technology reported revenues of $6.2 million for the third quarter of 2010 (end-September 30), down 51% compared with revenues of $12.1 million for the same quarter a year ago.

Net loss for the quarter was $2.7 million, compared with net income of $859,000 in the third quarter of 2009.

"We believe we have passed the low point in sales and are well along the pathway of renewed growth," said Federico Pignatelli, Biolase chairman and CEO, in a press release. "We expect the rapid pace of change at the company to continue during the current quarter and into the new year, as we anticipate additional expansion in our sales and marketing organization, new distribution partners, and an acceleration of the positive sales trend that began at the end of the third quarter."

As previously announced, Biolase has entered into a new North American distribution agreement with Henry Schein, changing the distribution relationship from exclusive to nonexclusive. Biolase is now selling on a direct and multidistributor basis.

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