Biolase Technology announced that it has reduced its quarterly fixed cost structure by approximately $2 million (20%) and is completing a 20% domestic work force reduction. The company is also in the final stages of reviewing additional cost savings in its international subsidiaries.
"We have spent much of the past year analyzing the company's processes and spending. This realignment stems from that work," said Biolase CEO Jake St. Philip. "In the short-term, this creates a leaner organization that is better equipped to absorb the potential impacts of a weaker economy and capital equipment marketplace."
For the nine-month period ended September 30, Biolase lost $3.8 million, compared with a loss of $6.1 million for the same period a year ago.
