Shares of dental laser manufacturer and distributor, BioLase Technology, Inc. (Nasdaq: BLTI) soared as much as 89 percent from Wednesday’s closing price in morning trading on Thursday after the company announced that it expects to report fourth quarter net revenue ranging between $9.5 million and $10 million with positive net income excluding non-cash stock option expense.
Sales to Henry Schein, Inc. (Nasdaq: HSIC), one of the BioLase’s major distributors, accounted for approximately 20 percent of the revenue in Q4.
BioLase shares opened at $1.96 on Thursday,and reached a new 52-week high of $3.17.
The Irvine-based company also issued annual revenue guidance for 2011 ranging from $55 million to $60 million, about 120 percent to 140 percent over 2010. Analysts on average are expecting revenue of $40.4 million. Net revenue for the first quarter ended March 31, 2011, traditionally the lowest quarter of the year, is expected to range between $8.75 million to $9.25 million, up from $4.4 million in the first quarter of 2010, with positive net income.
“We foresee a very promising 2011 with revenue and earnings growth on a quarterly basis,” said BioLase’s Chairman and CEO Federico Pignatelli in a statement. “”Following a restricted marketplace brought on by the recession and constricted credit, the dental high tech capital equipment market has now shown strong signs of a turnaround and there is reason to believe that it is poised for substantial growth, with the laser dental market at the high end of the spectrum of choices.”
BioLase’s Board of Directors also approved a stock dividend of one percent effective January 19, 2011, and payable on March 31, 2011, to shareholders of record on March 15, 2011. In addition, the Board adopted a four percent annual stock dividend policy.
BioLase Technology designs, manufactures and markets proprietary dental laser systems that allow dentists, oral surgeons and other specialists to perform a broad range of common dental procedures, including cosmetic applications.
Shares of BLTI are up about 93 percent over the past three months.