BIOLASE delisted from Nasdaq Stock Market

BIOLASE announces delisting from Nasdaq amid ongoing financial difficulties

BIOLASE's recent delisting from the Nasdaq Stock Market follows from an extended period of financial difficulty for the company. (Image: solarseven/Shutterstock)

Dental Tribune International

Mon. 1 July 2024

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LAKE FOREST, Calif., US: On 18 June, the American dental laser manufacturer BIOLASE announced its delisting from the Nasdaq Stock Market, a move which took effect on 20 June. The regulatory action resulted from the company’s failure to meet two important criteria for listing on the exchange: a minimum bid price of US$1 per share and a minimum of US$2.5 million of stockholders’ equity.

Having already warned BIOLASE of impending delisting, Nasdaq in February granted the company an extension until March 2024 to fulfil these conditions. The principal mechanism used by the company to achieve these financial objectives was a public offering, which was aimed at raising around US$7.0 million (€6.5 million).* While a company press release reported in mid-February that “Gross proceeds, before deducting placement agent fees and other offering expenses, were approximately $7.0 million”, it appears the increased revenue was insufficient to rescue the company from Nasdaq’s sanction.

BIOLASE’s delisting from Nasdaq and its declining share price reflect a period of continued financial difficulties for the company. Its 2022 net loss was US$20.6 million, its 2023 net loss was US$28.6 million and its net loss for the first quarter of 2024 was US$6.5 million, according to its most recent financial report.

The reasons underlying this financial downturn are varied, though appear to be significantly influenced by the dental industry adopting laser technology slower than expected. This is also evidenced in the company’s 2024 first-quarter financial report, which states that US laser revenue was US$2.7 million, a decrease of 22% compared with US$3.5 million for the first quarter of 2023.

While the company’s declining share price, revenue issues and consequent Nasdaq delisting indicate turbulent times for BIOLASE, in a press release CEO John Beaver offered a stoically optimistic perspective on the matter: “While we are disappointed in the Nasdaq delisting, this does not deter us from our long-term strategy of accelerating the adoption of lasers, as we believe they will become the gold standard of dental care. There remains a significant untapped opportunity in the dental market for our BIOLASE lasers, with more than 90% of dentists yet to embrace all-tissue laser technology. To that end, we are excited about the increased adoption of our award-winning lasers, which positions us for longer-term success.” Time will tell whether BIOLASE will be able to overcome its recent tribulations and accomplish the hoped-for successes.

Editorial note:

^* Calculated on the OANDA platform on 15 February 2024.

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