Biolase (BIOL) shares blasted higher Friday after the dental laser marker offered strong guidance for the third quarter as patients return to the dentist after COVID drove them away.
The stock traded Friday at 85 cents, up 35%
The company “continues to experience high demand for its dental lasers and is currently forecasting revenue for the third quarter, to be significantly above the year-ago third quarter,” Biolase said.
That’s “despite the pent-up demand the company experienced in last year's Q3, as procedure volume dramatically improved from historically low levels in the 2020 second quarter,” Biolase said.
"Even though the third quarter of the year is seasonally our second-weakest revenue quarter, we expect the third quarter of 2021 to approach revenues we achieved in the second quarter of 2021.”
As for the second quarter, revenue totaled $9.1 million, up 211% from $2.9 million last year. Analysts polled by Bloomberg called for revenue of $8.3 million in the latest quarter.
The second quarter of 2020 was “the quarter impacted the most by the COVID-19 pandemic, as many dental practitioners were forced to suspend procedures,” Biolase said.
The company posted a net loss of $702,000 in the second quarter, shrinking from a net loss of $4.7 million, or 12 cents a share, a year earlier.