BIOLASE, Inc. (BIOL), a company that develops, manufactures, markets, and sells laser systems, has surged 16.31% in aftermarket trading session. As a result, BIOL stock is changing hands at $0.49 at the time of the writing. The rise is attributable to the receipt of a 180-day extension to meet the minimum bid price requirement. On Tuesday, BIOL closed the day at $0.42 after declining 4.78% during regular trading hours.
Why BIOL Increasing?
On Tuesday, BIOL announced that it had received written notification from NASDAQ. The notification granted the company’s request for a 180-day extension to regain compliance with minimum bid price requirements. The company now has got the time until the 23rd May 2022 to regain compliance with the rule of the bid price. The extension notice served to the company has had no immediate effect on the continued listing status of the company’s common stock, which has remained listed on the NASDAQ capital market.
Q3 2021 Financial Results
On 10th November, BIOL announced financial results for the third quarter of the fiscal year 2021. The quarter ended on 30th September 2021. The company generated net revenue of $9.53 million during the quarter against $6.53 million for the same period of 2020. The total operating expenses bore by the company during the period were $7.49 million against $5.94 million for the same period of 2020. The net loss suffered by the company during the quarter was $3.27 million against the net income of $12,000. The net loss per basic and diluted share during the quarter was $0.02 against $0.21 for the same quarter of 2020. The company had cash and cash equivalents of $33.38 million on 30th September 2021.
John Beaver, President and Chief Executive Officer of BIOL, while commenting on the results said that the quarterly performance continues to reflect the rising demand for its industry-leading dental lasers. He said that the dental lasers aim to provide a better standard for the care of dental procedures and seek to ensure a safer experience which reduces the risk of future procedure and business disruptions.
Future Outlook for BIOL
The last three months have seen BIOL stock decline by more than 40%. The prime reason for that is the uncertainty associated with the stock as the pandemic is imparting its influence on the market. However, the analysts believe that the company has the potential to come out of this negative trend in near future.