Biolase Technology reported net revenues of $26.2 million for fiscal year 2010 (end-December 31), a 39% drop compared with net revenues of $43.3 million in the previous fiscal year.
Net loss for the year was $12 million, compared with a net loss of $3 million for the previous fiscal year.
The year-over-year decrease in revenue in 2010 was in part due to lower domestic laser purchases by distributor Henry Schein, the company noted. Biolase has begun a new North American distribution agreement with Henry Schein, changing to a nonexclusive relationship.
Net revenues for the fourth quarter of 2010 was $9.7 million, compared with $6.2 million in the prior-year quarterly period. Net loss for the quarter was $700,000, compared with a net loss of $1.5 million in the 2009 fourth quarter.
"Our new business model, combined with the refocusing of the entire organization, resulted in sequential growth and regained net profitability in the fourth quarter of 2010," said Biolase CEO Federico Pignatelli in a press release. "In addition, our direct sales force has gained momentum into 2011 as our new products, in particular our new flagship product, the Waterlase iPlus All-Tissue Laser, launched January 27, 2011, began to gain traction in North America, and as new distributors compete for market share among their respective customer segments both domestically and internationally."
