BIOLASE Achieves Record Consumable Sales and Impressive Q2 Revenue Growth

BIOLASE, Inc. has reported robust financial performance for the second quarter of 2023. The company announced remarkable year-over-year revenue growth of 17%, totalling $14.3 million. This achievement represents the highest quarterly revenue since the fourth quarter of 2015, signalling a significant upswing in BIOLASE’s business trajectory.

Consumable Sales Surge and Adoption of Industry-Leading Laser

The standout highlight of BIOLASE’s Q2 financial results is the remarkable surge in consumable sales. The company reported record consumable sales of $4.1 million, indicating a remarkable year-over-year increase of 36%. The growth is attributed to the rising utilisation of BIOLASE laser systems, a testament to the effectiveness and demand for the company’s technology.

BIOLASE to Open Laser Dentistry Education Center for Dental Clinicians

The adoption of BIOLASE’s industry-leading laser technology has also contributed to the positive performance. Approximately 69% of U.S. Waterlase sales in this quarter originated from new customers, highlighting the expanding reach of BIOLASE’s solutions. Moreover, about one-third of these sales were generated by dental specialists, showcasing the broad applicability of the technology.

Operational and Financial Milestones

Under the leadership of John Beaver, President and Chief Executive Officer of BIOLASE, the company has achieved a series of operational milestones. Despite facing macroeconomic challenges during the quarter, BIOLASE reported its tenth consecutive quarter of year-over-year revenue growth, illustrating a consistent upward trajectory. The focus on raising awareness of their advanced dental laser technology has paid off, contributing to sustained growth.

BIOLASE Enters US Skin Resurfacing Market with Launch of Waterlase Fractional Handpiece

Another notable achievement is the success of the Waterlase Trial Program (WTP), with a year-to-date sales conversion rate of approximately 56%. This figure surpasses the 2022 full-year success rate by an impressive 10%, making WTP one of BIOLASE’s most successful initiatives.

Positive Outlook and Future Prospects

Beaver shared his optimism regarding the company’s growth trajectory and future prospects. He highlighted the company’s record consumable revenue growth, attributing it to improved training for new dentists and a growing awareness of the value of their solutions in various specialties, particularly endodontics.

For the quarter ended June 30, 2023, BIOLASE reported net revenue of $14.3 million, a 17% increase compared to the same period in 2022. Notably, U.S. consumables and other revenue rose by 40% year over year, highlighting the growing demand for BIOLASE’s consumable products.

Gross margin also improved, reaching 43% for the second quarter of 2023, up from 42% in the previous year. BIOLASE’s cost-saving measures, including a switch to new suppliers resulting in lower warranty expenses, have contributed to this positive change.