Why did BIOLASE Inc. (BIOL) stock turnaround in the after-hours on Tuesday?

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BIOLASE Inc. (BIOL) shares surged 16.31% in after-hours on Tuesday, November 23, 2021, and closed the daily trading at $0.49. however, in the regular trading session, BIOL’s stock lost 4.78%. BIOL shares have risen 40.99% over the last 12 months, and they have moved down 14.74% in the past week. Over the past three months, the stock has lost 44.04%, while over the past six months, it has declined 41.32%.

Let’s have a brief look at its recent news.

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BIOL received Nasdaq extension

On November 23, 2021, the Listing Qualification Department of The NASDAQ Stock Market granted a 180-day extension to BIOLASE, Inc. (BIOL), to regain compliance. BIOLASE now has until May 23, 2022, to regain compliance with the Bid Price Rule. There is no immediate effect of this on BIOLASE’s common stock, which remains listed on The NASDAQ Capital Market.

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BIOL participation in the upcoming events

BIOLASE, Inc. (BIOL) will be presenting at the Benchmark Company Discovery One-on-One Virtual Investor Conference which is scheduled on Thursday, December 2, 2021.

BIOL senior secured term loan

on November 18, 2021, BIOLASE (BIOL) entered into an amendment to its senior secured term loan with SWK Funding LLC, which, among other improvements, extended the maturity of the loan to May 31, 2025, and reduced the effective interest rate on the loan by 200 basis points. SWK Funding LLC is a subsidiary of SWK Holdings Corporation, a Dallas, Texas-based healthcare-focused investment firm.

BIOL Latest financial results

On November 10, 2021, BIOLASE, Inc. (BIOL), announced its financial results for its third quarter ended September 30, 2021.

Q3 2021 financial highlights

  • BIOL reported total revenue of $9.5 million in Q3 2021 compared to $6.5 million for the third quarter of 2020.
  • The gross margin was 51%, compared to 35% for the third quarter of 2020.
  • Total operating expenses were $7.5 million for the third quarter of 2021, compared to $5.9 million for the third quarter of 2020.
  • It suffered a net loss of $3.3 million, or $0.02per share in Q3 2021 compared to a net income of $12,000, or less than $0.01 per share, for the third quarter of 2020.
  • Adjusted EBITDA was negative $2.5 million, or $0.02per share for the third quarter of 2021, compared to Adjusted EBITDA loss of $2.5 million, or $0.03 per share in Q3 2020.
  • The company ended the quarter with cash and cash equivalents of $33.4 million.

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The extension from Nasdaq to regain the listing compliance was the reason behind its turnaround in the after-hours on Tuesday and we expect it to continue its positive momentum on Wednesday as well.


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