Biolase Technology, a dental laser company, has reported a net loss of $5.29m, or $0.22 per share, for the fourth quarter of 2008, compared to a net loss of $1.15m, or $0.05 per share, for the same period of 2007.
Net loss for the year ended December 31, 2008, was $9.13m, or $0.38 per share, compared with a net loss of $7.28m, or $0.31 per share, in the prior year.
The company reported net revenues of $11.63m for the fourth quarter of 2008, compared to $20.84m for the same period of 2007. For the year ended December 31, 2008, the company reported revenues of $64.62m, compared to $66.89m for the previous year.
David Mulder, CEO of Biolase, said: The top line result for Biolase as for most medical capital equipment suppliers has been impacted substantially by macroeconomic factors from late summer through today. It is the full awareness of those economic conditions and resulting corporate challenges that has led management to a series of significant and necessary changes in our structure and organization that will lead to improved financial footing and the ability to succeed during this very challenging time.
These changes will put us in a much stronger position to both manage within our means and to prosper and generate cash as full implementation of the restructuring takes hold in the second quarter and beyond.