IRVINE, CA--(Marketwired - Feb 25, 2014) - BIOLASE, Inc. (NASDAQ: BIOL), the world's leading manufacturer and distributor of dental lasers, including the Company's proprietary WaterLase®, and a pioneer in laser surgery in other medical specialties, as well as a distributor of digital radiography, intra oral scanners, and chair-side milling machines and 3-D printers for dentistry, today announced that it has recently embarked on an in-depth cost saving program for fiscal 2014.
In the first phase of cost saving measures, BIOLASE has streamlined its operations during its first quarter of 2014 and reduced its payroll and payroll related expenses by approximately $1.3 million, net, on an annualized basis. For the second phase, the Company has also begun to reduce and rationalize certain marketing and advertising expenses to improve its return on investment for these expenditures. Management expects that the impact of these measures will begin to be realized in the second quarter of 2014.
Federico Pignatelli, Chairman and CEO, stated, "BIOLASE invested a significant amount of capital in the last year in order to significantly expand its product offerings and become the only Total Technology Solution™ provider in dentistry. While we expect this strategy to provide significant benefits in the future, it was a substantial drain on our resources for fiscal 2013. We believe that BIOLASE is now optimally positioned to leverage this strategically created new product and marketing platform. The number one goal of management for fiscal 2014, to which we are highly committed, is to resume revenue growth and bring the Company to profitability."
About BIOLASE, Inc.
BIOLASE, Inc. is a biomedical company that develops, manufactures, and markets innovative lasers in dentistry and medicine and also markets and distributes high-end 2D and 3D digital imaging equipment, CAD/CAM intraoral scanners, and in-office milling machines and 3D printers; products that are focused on technologies that advance the practice of dentistry and medicine. The Company's proprietary laser products incorporate approximately 300 patented and patent-pending technologies designed to provide biologically clinically superior performance with less pain and faster recovery times. Its innovative products provide cutting-edge technology at competitive prices to deliver the best results for dentists and patients. BIOLASE's principal products are revolutionary dental laser systems that perform a broad range of dental procedures, including cosmetic and complex surgical applications, and a full line of dental imaging equipment. BIOLASE has sold more than 24,800 lasers. Other laser products under development address ophthalmology and other medical and consumer markets.
For updates and information on WaterLase and laser dentistry, find BIOLASE online at www.biolase.com, Facebook at www.facebook.com/biolase, Twitter at www.twitter.com/biolaseinc, Pinterest at www.pinterest.com/biolase, LinkedIn at www.linkedin.com/company/biolase, Google+ at www.google.com/+BIOLASEIrvine, Instagram at www.instagram.com/biolaseinc and YouTube at www.youtube.com/biolasevideos.
BIOLASE®, WaterLase®, and Total Technology Solution™ are registered trademarks or trademarks of BIOLASE, Inc.