Biolase Reports Full-year 2023 Interim Revenue Of $48.9M-$49.2M, Up 1% Y/Y Compared To The Consensus Of $49.21M
Portfolio Pulse from Benzinga Newsdesk
Biolase, Inc. reported its full-year 2023 interim revenue to be between $48.9M and $49.2M, marking a 1% year-over-year increase, which is in line with the consensus estimate of $49.21M. The company saw a significant adoption of its Waterlase dental laser, with 71% of its U.S. sales coming from new customers. Biolase also reported a 45% sales conversion rate in 2023, attributing success to its Waterlase Trial Program. Additionally, the company achieved a record increase in consumable sales, up by approximately 20% from the previous year.
January 29, 2024 | 11:35 am
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POSITIVE IMPACT
Biolase's interim revenue report shows a slight year-over-year growth, with strong new customer sales and a high conversion rate, indicating a positive market response to its products.
The reported revenue is in line with consensus estimates, which suggests that the market expectations have been met. The high adoption rate by new customers and the success of the Waterlase Trial Program could be seen as indicators of strong product demand and effective marketing, which may positively influence investor sentiment. The significant increase in consumable sales further demonstrates the company's growing market penetration and recurring revenue potential. These factors combined are likely to have a positive short-term impact on BIOL's stock price.
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