IRVINE, CA -- (Marketwired) -- 05/16/14 -- BIOLASE, Inc. (NASDAQ: BIOL), the world's leading manufacturer and distributor of dental lasers, including the Company's proprietary WaterLase®, 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 Federico Pignatelli, the Company's Chairman and Chief Executive Officer, has responded to claims and allegations made by Oracle Partners L.P. ("Oracle") in a press release dated May 14, 2014.
Federico Pignatelli, Chairman and CEO, said, "I would prefer not to respond to Oracle's absurd claims but their press release dated May 14, 2014 is an inappropriate attempt to mislead our stakeholders and accordingly it must be addressed. As such, I would like to bring the following items to the attention of our stakeholders:
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 25,500 laser systems. 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 www.youtube.com/biolasevideos.
BIOLASE®, WaterLase®, and Total Technology Solution are registered trademarks or trademarks of BIOLASE, Inc.
The non-GAAP financial information contained herein are a supplement to the corresponding financial measures prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Management believes that adjustments for these items assist investors in making comparisons of period-to-period operating results and that these items are not indicative of the Company's on-going core operating performance.
Management believes that the presentation of this non-GAAP financial information provides investors with greater transparency and facilitates comparison of operating results across a broad spectrum of companies with varying capital structures, compensation strategies, derivative instruments, and amortization methods, which provide a more complete understanding of our financial performance, competitive position, and prospects for the future. However, the non-GAAP financial measures presented herein have certain limitations in that they do not reflect all of the costs associated with the operations of our business as determined in accordance with GAAP. Therefore, investors should consider non-GAAP financial measures in addition to, and not as a substitute for, or as superior to, measures of financial performance prepared in accordance with GAAP. Further, the non-GAAP financial measures presented by the Company may be different from the non-GAAP financial measures used by other companies.
Management uses non-GAAP net (loss) income (defined as net loss before interest, taxes, depreciation and amortization, and stock-based other equity instruments, and other non-cash compensation) in its evaluation of the Company's core after-tax results of operations and trends between fiscal periods and believes that these measures are important components of its internal performance measurement process. Management believes that this non-GAAP financial information reflects an additional way of viewing aspects of our business that, when viewed with our GAAP results, provide a more complete understanding of factors and trends affecting our business.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements contained in this press release that refer to BIOLASE's estimated or anticipated future results or other non-historical facts are forward-looking statements, as are any statements in this press release concerning prospects related to BIOLASE's strategic initiatives, product introductions and anticipated financial performance. Forward-looking statements can also be identified through the use of words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," "may," "will," and variations of these words or similar expressions. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect BIOLASE's current perspective of existing trends and information and speak only as of the date of this release. Actual results may differ materially from BIOLASE's current expectations depending upon a number of factors affecting BIOLASE's business. These factors include, among others, adverse changes in general economic and market conditions, competitive factors including but not limited to pricing pressures and new product introductions, uncertainty of customer acceptance of new product offerings and market changes, risks associated with managing the growth of the business, and those other risks and uncertainties that may be detailed, from time-to-time, in BIOLASE's reports filed with the SEC. BIOLASE does not undertake any responsibility to revise or update any forward-looking statements contained herein.
(financial table follows)
BIOLASE, INC. Reconciliation of GAAP Net (Loss) Income to Non-GAAP Net (Loss) Income and Adjusted Non-GAAP Net Loss (Unaudited) (in thousands) Three Three Months Twelve Months Ended Months Ended December 31, Ended March ---------------------------- December 31, 2014 2013 2012 2011 31, 2013 Total -------- -------- -------- -------- --------- -------- GAAP net (loss) income $ (4,887) $(11,482) $ (3,056) $ (4,486) $ 174 $(23,737) Adjustments: Interest expense, net 230 600 239 305 144 1,518 Income tax provision (benefit) 24 (164) 111 89 6 66 Depreciation and amortization expense 175 601 513 695 240 2,224 Stock-based, other equity instruments, and other non- cash compensation expense 371 1,965 1,873 2,051 310 6,570 -------- -------- -------- -------- --------- -------- Non-GAAP net (loss) income (4,087) (8,480) (320) (1,346) 874 (13,359) Unusual adjustments: One time legal expense related to director dispute and shareholder litigation brought by Oracle 682 - - - - 682 One time charge to increase reserve for excess and obsolete inventory - 1,000 - - - 1,000 -------- -------- -------- -------- --------- -------- Adjusted non-GAAP net (loss) income (3,405) (7,480) (320) (1,346) 874 (11,677) Engineering & development 973 4,029 4,684 4,311 800 14,797 -------- -------- -------- -------- --------- -------- Adjusted non-GAAP net (loss) income excluding engineering & development $ (2,432) $ (3,451) $ 4,364 $ 2,965 $ 1,674 $ 3,120 ======== ======== ======== ======== ========= ========