Biolase expects to post higher revenue for the fourth quarter of 2020 compared to the same period the year before, despite "headwinds" created by the COVID-19 pandemic. The company also said it expects to show sharp sales growth compared to the third quarter of 2020.
For the period (end-December 31, 2020), Biolase said it expects total revenue to range between $8.2 million and $8.5 million. That's higher than in the fourth quarter of 2019, and it's a 26% to 31% increase in revenue compared to the third quarter of 2020.
In quarterly highlights, sales growth came from new users, specialists, and dental service organizations (DSOs), and new users contributed 78% of sales. In addition, 40% of sales were generated by specialists -- a significant increase from previous quarters, Biolase said. What's more, four different DSOs purchased Biolase technology during the period.
Biolase said it also has approximately $25 million in cash on hand. Full fourth-quarter and 2020 financial results are expected to be released in March.
In other Biolase news, the company announced a partnership with BMW Performance Center West in Thermal, CA, a driving school operated by German luxury car maker BMW. Under the deal, dentists can participate in Waterlase Weekends, two group adventure trips that include a four-hour event at the facility.
The event is open to dentists who participate in Biolase's Waterlase exclusive trial program, which includes a two-day training period and use of a Waterlase dental laser.
