BIOLASE does not undertake any obligation to publicly update any forward-looking statements to reflect events or circumstances after the date on which the statement was made or reflect current unanticipated events.
Also, as a quick reminder, a replay of the call will be available on the BIOLASE website at www.biolase.com. The company’s 2012 second quarter and six months results can also be found on the company’s quarterly report on Form 10-Q, which the company will file with the Securities and Exchange Commission tomorrow.
With me on the call today from BIOLASE are Federico Pignatelli, Chairman and Chief Executive Officer; and Fred Furry, Chief Operating Officer and Chief Financial Officer. Federico and Fred will review the prepared remarks, including an update on the business, operational performance and outlook. There will be a question-and-answer session at the end of the call followed by a few closing remarks. During our question-and-answer session, we will limit each call to one question and a follow-up question as time permits.
Good afternoon, and thank you, Matt. I want to welcome all of you to our second quarter six months results conference call. Thank you for participating. Today, we will review the progress and various accomplishments achieved by BIOLASE during the second quarter of 2012, as well as our comments on our progress in key initiatives that will impact the coming periods.
First, let me briefly recap the 2012 second quarter. Net revenues in the second quarter were $12.2 million, compared to $12.1 million in the prior quarter period. However, the 2012 second quarter was negatively impacted by the accounting consequences for this year’s repurchase of Waterlase MD Turbo laser systems from Henry Schein, our former exclusive global distributor in connection with the 2012 termination agreement. These will be discussed later by our CFO, Fred Furry. But both revenues and net cost of revenues were reduced by $1.1 million as a result of the transaction. There was no impact to gross profit where accounting for the transaction certainly impacted our net revenues and cloud the progress we made this quarter.