Shares of BIOLASE Technology (NASDAQ:BLTI) skyrocketed today, nearly doubling its price, to $1.55 per share before settling at its current price of $1.18 per share. That's a nice 44 percent jump on heavy volume of nearly 700,000 shares compared to its average daily volume of only 42,000 shares.
BIOLASE announced today that Henry Schein, Inc. (NASDAQ:HSIC) has placed an irrevocable $9 million open purchase order for BIOLASE products, $6 million of which will be for the purchase of the revolutionary iLase personal laser, with an option for an additional $3 million of iLase or for other laser systems, including the flagship Waterlase MD Turbo. This purchase order is expected to be fulfilled by June 2011. Deliveries are to start immediately, and are expected to increase over the course of the 2010 fourth quarter and thereafter. As part of the distribution agreement, Henry Schein has agreed to engage in a substantial marketing campaign to launch the iLase product line throughout North America.
Federico Pignatelli, Chairman and CEO of BIOLASE, commented, "The iLase is a breakthrough product. It is the first completely self-contained, hand-held dental laser that includes the laser, user interface, battery power, and controls in a single, integrated handpiece, without foot pedals or cords. We are proud to have such a well-recognized dental distributor as Henry Schein to endorse our latest product, and to support in a very meaningful way the adoption of laser technology in the dental field." Pignatelli continued, "What is particularly noteworthy about the iLase product is that it can be used, not only by a dentist, but by a dental hygienist as well. This brings the potential number of users to 250,000 in North America alone."
The iLase has 10 completely pre-set soft tissue and hygiene procedures at the push of a button, including gingivectomy, troughing for crown and bridge procedures, and sulcular debridement (a procedure for cleaning between gums and teeth for the treatment of periodontal disease). The iLase has five full watts of power, a 940nm wavelength, and uses BIOLASE's proprietary, multi-diameter/length bendable tips. The iLase has a comprehensive set of 25 FDA-cleared soft tissue and hygiene procedures.
The iLase is a major product introduction for BIOLASE, with a retail price of $4,995. Pignatelli concluded, "We believe that the iLase has the potential to be the dominant diode dental laser. The proprietary disposable tips create another significant revenue stream for BIOLASE, as each dentist on average could generate approximately $3,000 of additional annual revenue for the Company."
BIOLASE, the world's leading dental laser company, is a medical technology company that develops, manufactures and markets lasers and related products focused on technologies that advance the practice of dentistry and medicine. The Company's products incorporate patented and patent pending technologies designed to provide clinically superior performance with less pain and faster recovery times. BIOLASE's principal products are dental laser systems that perform a broad range of dental procedures, including cosmetic and complex surgical applications. Other products under development address ophthalmology and other medical and consumer markets.
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