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Biolase's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Our gross revenue from operations were actually $13.3 million before the impact of this transaction, which was within our range of guidance for the quarter of $13 million to $14 million. Our overall revenues were also affected by the lack of FDA clearance for our newly launched EPIC 10 and the result is still remarkable because of the growth of our Waterlase product line.

Our gross revenues from operations of $13.3 million for the 2012 second quarter excluding the effects of the Schein transaction represents an increase of $3.3 million or 33% compared to non-GAAP revenues of $10 million for the 2011 second quarter after excluding the effects of the prepaid purchase order from Schein in that quarter.

To give you more insight into the growth of our core business, let’s look at our core product line, the Waterlase system. Excluding the inventory repurchase sales, direct sales of Waterlase systems during the 2012 second quarter totaled $8.2 million. This is an increase of 48% compared to $5.6 million in the second quarter ended June 30, 2011 when excluding sales of $2.1 million to Schein to satisfy one-time prepaid purchase order during the 2011 second quarter.

Excluding the inventory of repurchase for the second quarter of 2012, sales of Waterlase system totaled $16.2 million for the first six months of 2012, an increase of $6.3 million or 63% over the same period of 2011, excluding a $2.1 million in sales of Waterlase iPlus system to Schein to satisfy one-time prepaid purchase orders in the first six months of 2011. We believe that these more accurately illustrate the growth of our core business. Again Fred will expand on this further when we discuss the financial details.

Now, I would like to walk through some of the operational and strategic highlights from the period, which we expect to have a positive impact on the company’s performance in 2012 and beyond. The second quarter was again a time of extensive activity internally and externally. We made several important operational moves that were all strategically designed to do two things. First, to become the dental industry’s top provider of high-end technology solutions with our patented laser technology as the central core of the business, and, second, to continue our efforts in becoming a true multi-product, multiplatform company.

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