Biolase Technology saw a 21% decline in net revenue for the third quarter of 2009 (end-September 30). The company reported revenues of $12.1 million for the most recent quarter, compared to $15.3 million in the same quarter a year ago.
The decline was driven primarily by the inclusion of initial distributor orders for Waterlase C100 laser systems in the prior year period, current economic conditions, and the amortization of historic licensing contracts, the company said in a press release.
Net income for the quarter was $859,000, compared to a net loss of $4.5 million for the third quarter of 2008.
"During the first half of the year we restructured the company, established new global relationships, and adjusted our core domestic sales and marketing efforts -- achieving lower spending and targeting better overall long-term results," said Biolase CEO David M. Mulder in the release. "Immediate results were evident in the 2009 second quarter in our sales and profitability results, as compared to the prior two consecutive quarters. Building upon that domestic core business groundwork, in the 2009 third quarter we applied ourselves to expanding our global consumable and service offerings, reigniting our international growth, and focusing on the long-term commercialization of the company's intellectual property portfolio, both inside and outside of dentistry."
