BIOLASE Technology, Inc. (NASDAQ: BLTI), the world's leading dental laser company, today reported operating results for the 2009 third quarter and nine months ended September 30, 2009.
Net revenue for the third quarter of 2009 was $12.1 million, compared to $15.3 million in the prior year quarterly period. The change in revenue was driven primarily by the inclusion of initial distributor orders for Waterlase® C100 laser systems in the prior year period, current economic conditions, and the amortization of historic licensing contracts. Non-laser sales benefited from a 98 percent increase in consumable sales and a 34 percent increase in global service revenues, driven by the Company's initiatives to expand offerings in upgrades, accessories, and services to its existing customer base.
Gross margin as a percentage of net revenue for the 2009 third quarter was 48 percent, compared to 49 percent for the 2008 third quarter. Operating expenses in the 2009 third quarter were $4.9 million, compared to $11.3 million in the year-earlier quarterly period, which reflects a significant 57 percent decrease in Company expenditures.
GAAP net income for the 2009 third quarter was $0.9 million, or $0.04 per share, compared to a net loss of $4.5 million, or $0.19 loss per share, in the 2008 third quarter. Non-GAAP net income was $1.5 million or $0.06 per share on a non-GAAP basis for the 2009 third quarter.
Net revenue for the first nine months of 2009 was $33.0 million, compared to $53.0 million in the prior nine-month period. GAAP net loss for the first nine months of 2009 was $1.5 million, or $0.06 loss per share, compared to a net loss of $3.8 million, or $0.16 loss per share in the prior year period. Non-GAAP net income was $0.8 million or $0.03 income per share on a non-GAAP basis for the first nine months of 2009.