Biolase (BIOL) has received a new Buy rating, initiated by Maxim Group analyst, Anthony Vendetti.
Anthony Vendetti’s rating is based on a comprehensive analysis that includes several key factors relating to Biolase’s recent performance and future prospects. Vendetti highlights Biolase’s fourth quarter revenue for 2023, which slightly exceeded expectations and reaffirms the company’s revenue guidance for 2024, projecting an increase of 6-8% year-over-year. The company’s loss per share was also narrower than anticipated, indicating a better financial position than consensus estimates. Additionally, Biolase’s successful launch of the Waterlase iPlus Premier Edition and its modular software design presents a promising opportunity for incremental upgrades and potential sales boosts in the latter half of 2024, even amidst economic challenges.
Vendetti also underscores the strategic initiatives Biolase has planned for 2024, including a significant number of educational programs aimed at driving sales volume and improving top-line results. He notes the potential for gross margin improvements through in-house production changes and commends the company’s high dentist retention rate, which speaks to the efficacy and market acceptance of Biolase’s lasers. These factors, coupled with Biolase’s compelling valuation and discounted trading multiple compared to peers, solidify Vendetti’s confidence in the company’s market potential and underpin his decision to maintain a Buy rating.
According to TipRanks, Vendetti is an analyst with an average return of -3.7% and a 32.60% success rate. Vendetti covers the Healthcare sector, focusing on stocks such as Biolase, Sensus Healthcare, and cbdMD.
In another report released yesterday, Benchmark Co. also maintained a Buy rating on the stock with a $0.40 price target.
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Biolase (BIOL) Company Description:
BIOLASE, Inc. is a medical device company, which engages in the development, manufacture, market and sale of laser systems in dentistry and medicine. It operates through Waterlase (all-tissue) systems, and Diode (soft-tissue) systems products. The Waterlase systems uses a patented combination of water and laser energy to perform procedures using drills, scalpels, and other traditional dental instruments for cutting soft and hard tissue. The Diode systems performs soft tissue, pain therapy, and cosmetic procedures, including teeth whitening. The company was founded in 1987 and is headquartered in Irvine, CA.
