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4. Biolase Technology (BLTI)

Recent price: $3.03

I first profiled this dental technology company in January, when shares traded at about $1.50. The stock quickly moved up to a 52-week high of about $6.85 soon thereafter. A 50% pullback from that peak leads me to again remind investors of the compelling value in this stock.

Under the tutelage of fresh management that came aboard in 2009, quarterly results keep getting stronger. Sales are expected to more than double this year to $54 million in comparison with last year, and rise another 30%-40% in 2012 as sales channels are tweaked.

This stock is no longer simply a story about dentistry. Look for Biolase to release new laser-based devices in the fields of ophthalmology, orthopedics and aesthetics in 2012. This means profit growth will be erratic during the next two years as Biolase invests in these new vertical niches. This also means that (projected) $75 million revenue base in 2012 could become a $150 million revenue base in a few years. I look for this stock to revisit the 52-week high of $6.85 during the next 12 months.

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