Like many dental equipment companies these days, Biolase Technology is blaming "economic conditions" for the latest downturn in its financials. The company reported net revenue of $11.6 million for the fourth quarter of fiscal 2008 (end-December 31), compared to $20.8 million for the same quarter a year ago.
Net loss for the fourth quarter of 2008 was $5.3 million, compared with a net loss of $1.1 million in the same period of 2007.
Net revenues for the fiscal year were $64.6 million, compared to $66.9 million in 2007, according to Biolase. Net loss for the year was $9.1 million, compared with a net loss of $7.3 million in the prior year.
"The top line result for Biolase as for most medical capital equipment suppliers has been impacted substantially by macroeconomic factors from late summer through today," said Biolase CEO David Mulder in a press release. "It is the full awareness of those economic conditions and resulting corporate challenges that has led management to a series of significant and necessary changes in our structure and organization that will lead to improved financial footing and the ability to succeed during this very challenging time."
Last December the company announced that it had reduced its quarterly fixed cost structure by approximately $2 million (20%) and cut its domestic work force by 20%.
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