BIOLASE, Inc (BIOL) saw its loss narrow to $4.11 million, or $0.06 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $4.26 million, or $0.07 a share. On the other hand, adjusted net loss for the quarter widened to $3.41 million, or $0.05 a share from a loss of $3.20 million or $0.06 a share, a year ago. Revenue during the quarter went down marginally by 1.24 percent to $10.87 million from $11.01 million in the previous year period. Gross margin for the quarter expanded 326 basis points over the previous year period to 36.35 percent. Operating margin for the quarter stood at negative 37.48 percent as compared to a negative 39.17 percent for the previous year period.
Operating loss for the quarter was $4.08 million, compared with an operating loss of $4.31 million in the previous year period.
President and Chief executive officer Harold Flynn, Jr. said, “Our revenues for the first quarter were essentially flat year over year, but we continued to see signs of progress. In the U.S., Waterlase placements were up 43%, which helped drive a 25% increase in Waterlase revenue in our largest single market. While still in the initial stages of ramping our launch, clinician reaction to our new fifth generation Waterlase Express technology, especially its elegantly simple user interface, educational support animations and its ease of use overall, has been very positive and encouraging. Operationally, our gross margins improved year over year, and we cut our operating loss by 6%. We also strengthened our senior management team with two key hires during the quarter, and in early April completed a $10.5 million private placement that provides funds to push forward on our strategic path toward our vision of fundamentally changing dentistry with laser technology.
Operating cash flow remains negative
BIOLASE, Inc has spent $5.12 million cash to meet operating activities during the quarter as against cash outgo of $4.77 million in the last year period. The company has spent $0.21 million cash to meet investing activities during the quarter as against cash outgo of $0.34 million in the last year period.
Cash flow from financing activities was unchanged at negative $0.04 million for the quarter, when compared with the last year.
Cash and cash equivalents stood at $3.58 million as on Mar. 31, 2017, down 46.04 percent or $3.05 million from $6.63 million on Mar. 31, 2016.
Working capital drops significantly
BIOLASE, Inc has witnessed a decline in the working capital over the last year. It stood at $12.21 million as at Mar. 31, 2017, down 26.28 percent or $4.35 million from $16.56 million on Mar. 31, 2016. Current ratio was at 1.71 as on Mar. 31, 2017, down from 2.14 on Mar. 31, 2016.
Cash conversion cycle (CCC) has decreased to 72 days for the quarter from 154 days for the last year period. Days sales outstanding went down to 75 days for the quarter compared with 79 days for the same period last year.
Days inventory outstanding has decreased to 96 days for the quarter compared with 155 days for the previous year period. At the same time, days payable outstanding went up to 98 days for the quarter from 80 for the same period last year.
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