Biolase Technology reported net revenues of $43.3 million for fiscal 2009 (end-December 31), a 33% drop compared to net revenues of $64.6 million in the previous fiscal year.
"Revenues for 2009 were impacted by the adverse worldwide economic environment, the restructuring and closure of four direct international sales subsidiaries and the ramp-up of new distributors in those countries, lower domestic purchases per a purchase agreement with Henry Schein, and lower licensing fees and royalty income," the company stated in a press release.
Net revenues for the fourth quarter of 2009 was $10.4 million, compared to $11.6 million in the prior-year quarterly period. The year-to-year change in revenue in the 2009 fourth quarter was driven by lower licensing fees and reduced purchases by distributors, the company noted. However, this was partially offset by a 67% increase in consumable sales and a 7% increase in global service revenues.
Net loss for the quarter was $1.5 million, compared to a net loss of $5.3 million in the 2008 fourth quarter.
"The minimum purchase agreement we signed last year with Henry Schein was a great stabilizer for the company during the economic upheaval of 2009," said David Mulder, Biolase CEO, in the release. "While it was a very challenging year for medical capital equipment companies, we were able to bring the company to a near break-even status on a non-GAAP [generally accepted accounting principles] basis and enjoyed the best bottom line performance in six years."
In related news, as part of Biolase's recently amended licensing and distribution agreement with Henry Schein, the company has appointed Wayne R. Harrison, D.D.S., as its new vice president of North American dental sales and marketing. Previously, he was a Biolase sales representative and then regional sales director.
"To ensure we continue to support Henry Schein and capture that additional potential, we have already started expanding our North American sales force, with a target of almost doubling the number of sales representatives," Mulder said in announcing Dr. Harrison's new position.
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