BIOLASE, Inc. (NASDAQ:BIOL) Q3 2019 Earnings Conference Call - Final Transcript

Nov 06, 2019 • 04:30 pm ET


BIOLASE, Inc. (NASDAQ:BIOL) Q3 2019 Earnings Conference Call - Final Transcript


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Good day everyone and welcome to the BIOLASE 2019 Third Quarter Financial Results Conference Call. Today's call is being recorded.

At this time, I would like to turn the conference over to Todd Kehrli of the EVC Group. Please go ahead, sir.

Todd Kehrli

Thank you, operator. Good afternoon, everyone, and thank you for joining us today to discuss BIOLASE's financial results for the 2019 third quarter ended September 30th, 2019.

On the call today from BIOLASE are Todd Norbe, President and Chief Executive Officer; and John Beaver, Executive Vice President and Chief Financial Officer. Management will review the Company's operating performance for the third quarter before opening the call for question.

Before we begin, I'd like to remind everyone that a number of forward-looking statements, which are any statements that are not historical facts, will be made during this presentation, including forward-looking statements regarding the Company's strategic initiatives and financial performance. These forward-looking statements are based on BIOLASE's current expectations and are subject to a variety of risks and uncertainties that could cause the Company's actual results to differ materially from the statements contained in this presentation. Such forward-looking statements are only representative of the Company's view as of today, November 6, 2019. These risks are discussed in the Company's filings with the Securities and Exchange Commission.

A replay of this conference call will be available on the BIOLASE's Web site shortly after the completion of today's call. When listening to this call, please refer to the news release issued earlier today announcing the Company's 2019 third quarter result. If you do not have a copy of the news release, it is available on the Investors section of the BIOLASE website at BIOLASE's financial results also can be found on the Company's quarterly report on Form 10-K, which will be filed with the SEC.

The tables we've provided in today's news release offer additional financial information, so we encourage you to review them. The tables include the reconciliation of unaudited GAAP net loss and net loss per share to non-GAAP net loss and net loss per share, as well as the details of the Company's other non-GAAP disclosures.

With that, I'm pleased to turn the call over to BIOLASE's President and Chief Executive Officer, Todd Norbe.

Todd Norbe

Thanks, Todd, and thanks everyone for joining us this afternoon. We appreciate your interest and continued support of BIOLASE.

Before we review our Q3 operating results, I want to spend a few moments discussing our recent financing developments. Two weeks ago, we raised $8.5 million through a public offering of common stock in a concurrent private placement of convertible preferred shares with existing shareholders, which further validates our business plan and trajectory.

Last week, we also secured a new line of credit giving us access to an additional $3 million should we need that, and does it arise. These are significant developments for BIOLASE, and this significantly improves our working capital and strengthens our balance sheet and positions us for success as we continue to