Biolase To Explore Possible M&A Deals

(RTTNews) - Biolase, Inc. (BIOL) said Monday that its Board of Directors has authorized the company to seek the services of an investment bank to explore possible M&A transactions with the goal of maximizing shareholder value.

Federico Pignatelli, Chairman and CEO of Biolase, said, "With developmental pre-launch business opportunities in ophthalmology, otolaryngology, orthopedics, podiatry, pain management, and veterinary therapeutic laser products, BIOLASE has more opportunities than we can pursue on our own. Selling one or more of them could generate the funds that could give us the working capital we need for our core businesses."

The company has already begun the process of interviewing and evaluating several investment banks and is committed to conducting a review of potential opportunities as promptly as practicable, Pignatelli said.

Separately, Biolase reported a net loss for the third quarter of $4.0 million or $0.13 per share, compared to a net loss of $548,000 or $0.02 per share for the year-ago quarter.

Adjusted net loss for the third quarter was $3.2 million or $0.10 per share, compared to adjusted net income of $96,000, or income of $0.00 per share in the prior year quarter.

Net revenue for the third quarter fell to $12.35 million from $13.78 million a year ago.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.05 per share on revenue of $16.42 million for the third quarter.

The company lowered its full year 2013 net revenue guidance to a range of $57 million to $59 million. Analysts currently expect the company to post revenue of $66.90 million for the full year 2013.