The dental device firm is bullish and looks solid for long-term growth.

The medical device firm, BIOLASE Inc. (BIOL) had a good last twelve months–soaring more than 20% up-to-date. Analysts are bullish on the dental firm stock and expect the stock to grow up to 255% in the next 12-months.

BIOLASE along with its subsidiaries manufactures and markets dental laser systems for practitioners and patients across the U.S. and worldwide. The company covers different areas of dental diagnostics including cosmetic, complex surgical applications, and restorative.

Most of the analysts rate the stock as a strong buy—and the average trading volume of 23.8 million backs it as well. Is investing in a $1 stock a good option?

What’s happening?

BIOLASE has developed its ecosystem in medical device development manufacturing. It is popular for its dental lasers across the globe—a leader in this category. In recent times, the company has made notable progress that would ensure the growth of BIOLASE going forward.

About a week ago, the company signed an agreement with Dental Care Alliance (DCA) in the U.S. with almost 330 affiliated practices in 20 states. The DCA is one of the largest dental support organizations (DSO) across the country. Through this alliance, BIOLASE will expand laser adoption and hands-on training programs in specific areas. This will help the company to enhance its ecosystem while attracting real-time users of its laser devices during the program. Also, this agreement will open ways for the medical device maker to roll out across all DCA offices in 2021.

The company has two standard lasers which include EpicX™ and Epic Hygiene™ for the dental industry. The company focuses on a new standard of technology providing good quality services and hygiene appointments—important during the COVID-19 pandemic.

The CEO and President of BIOLASE, Todd Norbe said that the demand for EpicX and Epic Hygiene lasers is increasing. In the first three weeks of January, the company has already sold more than 100 systems to DCA. The collaboration with DCA will continue to consume more Epic lasers in the coming months across different areas in the country. 

In late 2020, the company announced its partnership with BMW Performance Center West The Therman Club near Palm Springs (BMW PCW). This deal will allow dentists to take part in Waterlase Weekends—two group trips including a 4-hour event at the BMW PCW. This is kind of a promotion deal for BIOLASE—helping the company to expand its ecosystem.

Conclusion

BIOLASE’s growth over the last year has been significant and the demand for its dental laser products is also increasing. The partnership deals to promote its devices will allow the company to attract more consumers—creating a bigger userbase. The growth of the company will help the stock to grow in the long-term. BIOLASE (BIOL) stock has already kicked off 2021 will a strong push. With the recent collaborations, the potential growth opportunity is there for the company. All the stats and business deals show the BIOL is a decent stock to bet on—a stock at around $1 per share.