On Monday, BIOLASE, Inc. (NASDAQ: BIOL) shares price traded between $1.25 and $1.31 during the last trading session below with -0.77 percent at $1.29. The shares recorded a trading volume 13,702 shares as compared to its average volume of 122,211 shares. The company has 20.48 million shares outstanding and market value of 26.414 million. Over the one year trading period, the stock has a peak price of $4.60 and its down is recorded at $1.14. The short ratio in the stock is 3.25 and the short float is around of 3.98 percent.
BIOLASE, Inc. (BIOL) recently stated its financial results for its 1st quarter ended March 31, 2018. Net revenue for the 1st quarter of 2018 was $10.0M, an 8 percent decrease from the first quarter of 2017; however, BIOLASE continued to make progress in several key areas. The Company continued its strategy of increasing its focus on obtaining new consumers, which resulted in new consumers in direct markets buying over 60 percent of the all-tissue laser systems sold during the 1st quarter of 2018. This brings the average of new consumers sold over the last three quarters to nearly 75 percent, which is a meaningful improvement contrast to 2016, when less than half of the Company’s sales were made to new consumers.
2018 1st Quarter Financial Results
Net Revenue. Net revenue for the quarter was $10.0M, contrast to net revenue of $10.9M for the 1st quarter of 2017. The quarter-over-quarter decrease of 8 percent was primarily driven by decreases in domestic laser systems revenue, international imaging revenue and domestic services revenue, partially offset by raised international laser systems revenue, domestic imaging revenue, international services revenue and worldwide consumables and other revenue.
Gross Profit. Gross profit as a percentage of revenue for the 1st quarter of 2018 was 30 percent, contrast to 36 percent in the 1st quarter of 2017. The decline in gross profit as a percentage of revenue for the 1st quarter of 2018 was mainly attributable to unabsorbed fixed costs Because of lower revenue. Gross profit typically fluctuates with product and regional mix, selling prices, product costs and revenue levels.
Operating Expenses. Total operating expenses for the first quarter of 2018 were $8.2M, contrast to $8.0M for the first quarter of 2017. Sales and marketing expenses reduced by $0.3M, primarily Because of reduced convention-related expenses. General and administrative expenses raised by $0.6M, primarily as a result of raised stock-based compensation in the first quarter of 2018. During the 1st quarter of 2017, we reversed $0.4M of stock-based compensation expense resulting from the reassessment of certain performance-based equity awards. Engineering and development expenses reduced by $0.1M, primarily Because of reduced operating supplies expense.
Net Loss. Net loss for the first quarter of 2018 was $5.0M, or a $0.05 loss per share, contrast to a net loss of $4.1M, or a $0.06 loss per share, for the 1st quarter of 2017. The $0.9M raise in net loss in the first quarter of 2018 was primarily attributable to a $0.9M reduction in gross profit.
In the profitability analysis, net profit margin of the firm was recorded at -47.20 percent and operating profit margin was calculated at -41.70 percent while gross profit margin was measured as 30.80 percent. Beta factor, which measures the riskiness of the security, was registered at 1.59.
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