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BioLase Technology (BLTI) |
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WIKI ANALYSIS
Business Overview
Biolase (NASDAQ:BLTI) is a technology company that develops and markets products that are lasers dental systems. These products perform a large range of dental procedurs such as complex surgical application, cosmetic surgary and a full line of dental imaging products. Biolase also offers products under development address ophthalmology and other medical and consumer markets.
Biolase's uniquely designs and markets their product directly to their customers and provides many types of dental procedures. Biolase is the only company in the sector that sells directly to their customers rather than through a third party like their competitors Sirona Dental Systems, Dentsply, Young Innovations, and Pro-Dex. “BIOLASE is the manufacturer of dentistry's #1 selling Waterlase® YSGG dental laser” [1]
The Waterlase Dentistry solution has two categories of laser system products: its Waterlase family of products and its Diode family of products, which includes its ezlase and iLase systems, as well as related consumables, training and services. Biolase will ultimately raise $1.8 million from institute investors; “Biolase Technology, Inc. announced that it has executed an agreement for the sale of 320,000 shares of its common stock at $5.60 per share to institutional investors in a registered direct offering for approximately $1.80 million in gross proceeds” [2]
At the end of 2009 the company released their Biolase 10 line of new products. BioLase’s Board of Directors recently approved a stock dividend of one percent effective January 19, 2011 that pays out on March 31, 2011, to shareholders. "Since then Biolase's stock has increased by more than 93% in the last three months"[2]
Currently the Debt-to-Equity is at 1.167. The Debt-to-Equity ratio has decreased throughout the year for Biolase, this shows the companies financial leverage. Since it has decreased over the past years this shows an indication Biolase is using less amount of equity and debt to finance their assets.
The Economics of the Business
Demographical bases
One important aspect of Biolase's business strategy is that they look at increasing brand awareness to a significant amount dental practitioners and cosmetic surgeons. One way that Biolase is different than their competitors is their marketing strategy, they are constantly looking at ways to convey to the public, Dental Practitioners, Chiropractors and Patients on why their products will benefit them financially and cosmetically. Biolase advertises to them by trade shows, educational events, mailers and press releases. In 2010 they introduced an online store where these people can purchase lasers, accessories and read up on their product offerings.
There are several portable lasers on the market, the most common is the Biolase Waterlase MD, which can be used on hard-tissues, soft-tissues, and bone."Lasers are rapidly becoming helpful, high-technology tools that are influencing, and in some cases completely revamping, a wide range of industries, including dentistry” Additionally, Biolase obtains people’s occupation that use an endodontist, oral surgeons or a cosmetic surgeon, this would be a significant way for them to find out whom to market their product to.
By obtaining this information they can mail or talk to the doctors about upcoming products that they have and to try and spark their interest in buying them. “Using a laser will also have a huge effect on any practice that regularly treats children since, at a young age, child patients will associate the laser with fast, pain-free, and low anxiety procedures. If a patient's experiences with the laser are positive then the practice will grow, not only in numbers due to increased referrals, but also in reputation because of word of mouth.” [2]
Biolase establishes a strong relationship with their current buyers by giving them information about their current products, offer online help and gives them information about upcoming products. This establishes a consist relationship between the two parties in a business-to-business model. This relationship will allow Biolase to have constant revenue from certain companies while using their brand name to try and pursue other companies to purchase medical laser supplies from them.
Psychographic Bases (Lifestyle, Values, Personality)
Recently laser surgery has becoming increasingly popular in recent years. “In many applications, lasers have become preferred method of treatment. In October 1998, the Food and Drug Administration (FDA) cleared BIOLASE's HYDROPHOTONIC laser for hard tissue dental procedures”[2]. Most people would agree that what is inside a person is more important than what is on the outside.
Appearance of a person can have a direct impact on how we feel about ourselves and how others perceive a company. Biolase specifically goes to trade shows and demonstrates their product so that they can give a potential customer the best impression of the product, the offerings of it and give them a hands on experience.
Lastly many people are afraid of needles and the concept of drilling into someone’s teeth. The intangible benefits of adopting a laser into a practice include marketing benefits, a higher technology aurora, and an overall enrichment of patient experiences. A laser can be an exciting new discovery for patients who can now receive higher quality dentistry without the concern caused by drills and shots. Going to a dentist or a surgeon that strictly uses laser technology to perform the necessary procedures is now a realistic option for them.
Market Segmentation
Accessible:
Biolase makes their products easily accessible to doctors, surgeons, and dentists. One way that Biolase has a competitive advantage over their competitors such as Sirona Dental, Dentsply,Young Innovations, and Pro-dex is their ability to be successful and accessibilty through evaluation in foreign markets. “BIOLASE has opted to adopt, after a thorough evaluation, a similar direct and multi-distributor model in Germany, which was successfully implemented in North America in September 2010.[2]
The new model has worked well for the company’s North American operations, which quickly returned to strong sales growth and profitability following its implementation” They accomplished this by having strong communication between the company and their buyers and local markets in places such as Germany.
Comparative ROIC
Biolase has the worst Return on Invested Capital (ROIC) number compared to competitors with an ROIC of -314.14%. ROIC is a really reliable indicator of the return a company is generating on the assets in which it has invested. When it comes to the company in the laser dental supply sector, Dentsply is the most efficient in using capital.
Revenue Mix
The chart above shows the Year Ended December 31, 2010 Compared With Year Ended December 31, 2009 and Year Ended December 31 2008.
The Net revenue for Fiscal 2009 was $43.3 million, a decrease of $21.3 million, or 33%, as compared with net revenue of $64.6 million for the year ended December 31, 2008. Domestic revenues were $31.1 million of net revenue, for Fiscal 2009 compared to $48.5 million net revenue, for Fiscal 2008.
Laser system net revenues decreased by approximately 39% in Fiscal 2009 compared to Fiscal 2008. The sales of the Waterlase systems decreased $17.4 million, for Fiscal 2009 compared to Fiscal 2008. The decrease was primarily due to a $16.2 million decrease in unit sales and a reduction on Fiscal 2009 Waterlase sales. Sales of the Diode systems decreased $3.2 million, or 27% in Fiscal 2009 compared to Fiscal 2008, due primarily to decreased sales volume.
The advanced training programs and extended service contracts and shipping revenue, increased by approximately $1.7 million for Fiscal 2009 as compared to Fiscal 2008 due primarily to $1.6 million in revenue generated by the release of the Waterlase MD Turbotm Handpiece Upgrade Kit in March 2009 and increased global service revenues [2].
Strategic and Competitive Analyses
The Threat of the Entry of New Competitors:
Profitable markets that have a high return will always attract new business to come into the sector. As a result in many new entrants, this can lead to a decrease profit for a company unless they can hedge against new competitors. One way that Biolase has hedged against this is with innovation of new products and expanding globally to places such as Eastern Europe and the Middle East. “Germany, the largest economy in Western Europe, is the third-largest dental laser market in the world with more than 52,000 dentists, corresponding to a third of the U.S. dental market”[2]
In order for Biolase’s business to grow, it must continuously work to retain their current buyers as well as attracting new ones. One of Biolase’s selling points over their competition is that “$300-600 is typical of the revenue dentists add to their practice after making a Waterlase MD Turbo part of their treatment offerings. With income increases such as these a laser can pay for itself in a relatively short period of time.” [3] This is a segment that one in which entry barriers are high and exit barriers are low because of the rising popularity of laser dental technology. It is very uncommon for new firms to enter and non-performing firms can exit easily.
Biolase offers various different products such as Waterlase Iplus, Waterlase MD Turbo, ezlase,Ilase, Diolase 10 and the Waterlace C100. These products rights and have been patented by Biolase so that competitors such as Sirona, Phillips and sonicare cant steal their idea and benefit financially from it. A way that Biolase hedges against new competitors is establishing brand equity. They use brochures, direct mailer, and posters to send to current consumers about their products. Last year that introduced an online store where people can buy lasers, additionally Biolase created a help center which will help educate and train dentists on laster dentistry.
The product of laser technology that they offer is aimed to enhancing a dentists attitude towards the use of Biolase’s products and the patience’s satisfaction with laser technology. By a dentist/surgeon having a positive feedback from their patience’s it will have them coming back and telling their friends about the stress-free products that a certain dentist uses which will lead a dentist to repurchase products from Biolase and not their competitors. “These patients will appreciate their high-technology dental visits which will help relieve a lot of anxiety, both for them and for their children. This newfound satisfaction among the patients will help retain them for years to come and will also garnish many new patient referrals as they spread the word to their friends and family.”[2]
Brand equity and Customer loyalty is something that is earned over time and can potentially lead to higher sales volume higher and higher profit margins against competitors such as Pro-Dex, Young innovations and Dentsply. “The BIOLASE brand is synonymous with high-tech dentistry and biologically advanced equipment and is recognized by approximately 80 percent of dentists in North America, and in many other Countries around the World”[2]
The Intensity of Competitive Rivalry:
The intensity of competitive rivalry is the major determinant of the competitiveness of the industry. "The introduction of our new flagship all-tissue laser system, the WaterLase® iPlus™, to the international dental community at the IDS in March exceeded all of our expectations. The positive response to its design, greatly enhanced performance and innovative features was shared by new and existing BIOLASE customers, laser luminaries, and attendees, as well as current and prospective international distributors.”[2]
By having a sustainable competitive advantage in the sector of laser dental technology through innovation this allows them to establish themselves as a superior company compared to their competition. “The creation of BIOLASE Imaging will enable the Company to offer high-quality diagnostic solutions to complement the minimally invasive dental treatment solutions offered by the BIOLASE Laser division.”[4] Another mode of competition between rivals is the competition between online and offline competitors that sell laser dental technology products.
Competition from clicks and mortar businesses poses a new type of threat for Biolase. By not having an overhead cost, this reduces a significant amount of expenses that enables the company to spend the money they saved from not having an overhead cost and allocate it towards other funding such as research on new products.
Young Innovation, a competitor of Biolase has an 8.34 selling expense compared to Biolase’s of 4.83. Since Young innovation is a distributor of X-ray machines, toothbrushes, and medical supplies they can potentially reduce the amount of stores to lower their selling expense and move towards the Click and Mortar side of the business that can pose a threat to Biolase. One way that Biolase has an advantage over their competitors is having the lowest land cost in the industry. This allows them to devote money towards other areas such as research and development for new products. Lastly, having a competitive strategy that is powerful is a technique that will separate Biolase from its competitors. Focusing on the company’s business strategy, customer service, relationship with distributors, and brand loyalty are all ways that Biolase can establish a powerful competitive strategy. Additionally focusing on innovation and expanding to emerging markets can help them gain an advantage in the market sector.
“BIOLASE’s existing fully-owned 16,000 square foot facility is certified to manufacture and service all models of its lasers. The expanded operations will support the rapid growth of dental lasers in emerging markets across Eastern Europe and the Middle East”[4] Companies that are successful with introducing new technology are able to charge higher prices and gain higher profits, until competitors duplicate them. Technological advances protect companies from competition. This is prevalent because in the last month Biolase’s stock has outperformed every single stock in their market sector. PICTURE of stocks sector
The Threat of Substitute Products or Services:
The existence of other products outside of the norm increases the vulnerability of customers to switch to alternative products. When looking at the threat of substitutes one of the key aspects to look at is the buyer switch to a substitutes product. “BIOLASE's laser technology has enabled thousands of dentists to provide clinically advanced treatments, with no pain or much less discomfort than with conventional dental drills and other instruments” [5] This is an example of an edge that Biolase had over other companies such as Sirona, Dentsply and Pro-Dex that made the threat of substitute very low.
Another aspect to look at is the relative price of performance of substitute. Keeping a low competative price is always a goal for Biolase and all other companies. Being able to keep up with the economy and not having to raise prices due to the increased price of raw materials is something that Biolase will focus on in the coming years. Biolase has recently invested time into looking at other alternate modes of energy to produce their raw material. When promoting Biolases products at trade shows, being perceived as having product differentiation and to make their product more attractive to a particular target market is their goal. “The reception of the Waterlase iPlus at the Yankee Dental Congress was exceptional, with sales results and lead generation that surpassed our internal forecasts for the show. Based on the sales and the very large number of qualified sales leads resulting from the meeting, we are more convinced than ever that the Waterlase iPlus will be a significant contributor to our rapid sales growth in 2011 and a fundamental addition to our family of advanced laser products.”[5] Product differentiation involves differentiating their product from their competitors’ products as well as a firm’s own product offerings.
“BIOLASE is now the only company that can provide both high-precision intuitive diagnosis treatment planning solutions, fundamental to the delivery of quality dentistry, together with truly advanced laser treatment solutions thereby delivering the best biological and therapeutic results for dentists and patients” [5]
The number of substitute products and the ease of substitution is a major factor when looking at the threat of substitutes of product or services for Biolase since this is a new wave of technology. Having a low substitution rate is what Biolase aims for, they hedge against product substitution in many different ways such as expanding worldwide and coming out with innovative products. “The Waterlase iPlus, BIOLASE's new flagship laser product, is the most advanced laser in the market and the first major breakthrough in all-tissue laser technology since the Waterlase MD™ was introduced in 2005”[4]. Lastly, Biolase providing their customers with a product that the quality of it doesn’t depreciate quickly is a factor that can separate them from other companies which can help them attain their current customers and help avoid having customers buying their competitors products.
The Bargaining Power of Customers (Buyers)
Bargaining power for Biolase is a priority that is very high on the CEO’s list to make sure to be on top of. The ability of their customers to cause pressure for Biolase to change prices is something that can have a huge effect on their revenue such their $8,241 that they gained last year from their Waterlase systems. One aspect of Biolase's bargaining power of their customers is the degree of their dependency on their existing channels of distribution. Biolase can look to link up with a company that is located in a current state or when they expand to places such as Germany so that they can reduce their supply chain costs and work with a well established firm. Additionally, looking at what product their competitors such as Sirona Dental Systems, Dentsply, Young Innovations, and Pro-Dex are coming out with and the prices of their products. Understanding consumer’s price sensitivity is something that Biolace focuses on. They need to focus on this because if they raise their prices on dental laser products or a new law comes out banning a type of chemical used to produce their product, this can lead to a mass decrease in their revenue because of customers switching to Biolace’s competitors.
The Bargaining Power of Suppliers
Suppliers of labor, raw materials, and services to Biolase can be a way of power over the company when there are few substitutes. Some of the problems that can occur with Biolase’s suppliers are if they strike or charge unreasonably high prices for their resources. One way that Biolase can gain a strong relationship with their suppliers is to have quality strength in their distribution channel. By having a strong distribution channel this will allow for their products to be produced without any bottlenecking occurring. Although unions aren’t necessarily good for a company, allowing for employees to be in labor unions is a good way for Biolase to have a strong relationship with their suppliers.
Key Personal
As you can see by the chart, top management has a relatively low salary pay compared to normal top management. This company's CEO,CFO, and CTO's salaries are solely based on stock options. This give them an additional incentive to make sure the company is posting significant gains so they can receive the benefits though stock options in the company.
SWOT
Strength
One of Biolase’s strengths is their special promotion expertise. They do this by going to different trade show to promote their product to other dentist’s. “The World's leading dental laser manufacturer and distributor, today announced that it completed a very successful showing at the 146th Chicago Dental Society Midwinter Meeting, one of the largest dental shows in the country.”[4]
Biolase shows their product in strategic locations where there are a lot of dentists and surgeons that are more vulnerable to by their products. Biolase’s competitors vary from manufacturing dental equiptment, developing dental products, and marketing medical supplies. This gives Biolase the opportunity to take advantage and have a total dominance of the dental laser technology aspect of the medical supply sector. “The Waterlase iPlus has further advanced laser dentistry with the introduction of new patented laser technology that allows for cutting speeds that surpass both the dental drill and any other dental laser on the market” [6]
Opportunity
With an ever so increasing use of the Internet, this gives Biolase an opportunity to take a full advantage of it. Using tools such as Twitter and Facebook is a great way to develop advertising ways to promote the company. Another aspect that Bioalse may want to look at is the opportunity of acquiring similar companies to form a strong strategic alliance. By forming a join venture with another company this gives Bioalse and another company to share capital, human resources, technology, risks and rewards when a new entity is shared. Once Biolase establishes themselves as a well-developed company this opens up the opportunity for them to consider branching to new market segments that offer higher profits. Lastly, one thing that Biolase has considered is expanding internationally.
“Our recently expanded direct sales force in North America and several of our international distributors have contributed to the growing sales traction in the period and a strong initial demand for our new flagship all-tissue laser system launched in January, the WaterLase® iPlus™, have all contributed to the quarter performance” [7]. By expanding internationally this opens the doors to global customers that normally buy locally rather than from vendors based only in the U.S. Expanding into foreign markets usually requires minimal up-front investment. Recently, Biolase has taken another shot at their competitors by becoming innovative with 3D imaging systems. “BIOLASE Imaging, to design and distribute state-of-the-art extra-oral and intra-oral dental imaging devices. The creation of BIOLASE Imaging will enable the Company to offer high-quality diagnostic solutions to complement the minimally invasive dental treatment solutions offered by the BIOLASE Laser division” [8] This imaging product can have a large impact on the equipment sales for Biolase in the coming years and potentially become the market leader in imaging.
After researching on Biolase customer satisfaction, it seems that another one of their strengths are the quality of their customer services to the consumers. “The final number of orders of Waterlase iPlus systems ended well above the 15 units internally forecasted for the Chicago Midwinter Dental Show" [9] Additionally, by having a very efficient supply chain this allows them to cut down the lead-time from the distribution center to the customer. This effective supply chain adds value to the product and reputation of Biolase.
Weakness
Since Biolase’s business strategy is focused on area’s that are for new and innovative surgeon and doctors this can limit business. Biolase needs to have a higher gross margin than 49% compared to their competitors and reduce the amount of time of Days in Inventory. By going to different shows to promote their product to doctors that are new or that want to be innovative this can limit their opportunity to expand to doctors/surgeons that are set in their old ways. A weakness is also the reluctancy of dentists trying this new wave of technology due to concerns like the reliability of lasers, cost, and safety. When a dentist purchases a product like the Wasterlase, it requires them to invest time and worry about how their current patients will respond.
Threat
One of the biggest threats when owning a business is the threat of a new competition in your home market. This is a pretty difficult task for any company to hedge against because a company can open up down the road and completely put out a business. This is prevalent in syneron’s business strategy of coming out with their new line of dental laser products. “Our unique combination of cutting-edge science, life-enhancing clinical results and high level of trust within the global aesthetic community continues to solidify our position at the forefront of this industry”[10]. A big potential threat to Biolase is if there are any new laws against laser technology being banned or if there is a poisonous chemical found in Biolase’s products Lastly, if a new taxation is posed on Biolase or their distribution channels, this can cause of Biolase to raise their prices to hedge against the taxation. Climate change and have a big affect on Biolase's business. Their manufacturing process required that they purchase a large amount of energy from places, this gives them an advantage over their competitors because they buy energy cheaper from places such as greenhouse gases or indirectly from electric utilities. If a new law is implemented that makes greenhouse gas emissions tougher than the cost of energy and raw materials will be raised. If supplies are unable to get energy at a low cost in the future, it will raise concern of the price of raw materials to increase. If dental lasers fail to be accepted by a wide market than this could lead to a limit of sales and have an adverse effect on the business.
Product
Focusing on what the customer wants from the product is a very important part of Biolase’s business strategy. This aspect gives them an idea of what they need to do with their product in order to satisfy their customers. “The better-than-expected sales were primarily boosted by the expanded direct sales force in North America and healthy initial demand for the company’s new WaterLase iPlus all-tissue laser (launched in January 2011), which is shaping up to be a major future growth driver”[11]. When producing a new product or enhancing a current one, it is important to look at how and where the customer will use it.
By looking at where a customer will use it, for an example a dentist office, this allows Biolase to make their products a suitable size that will fit into a dentist office and have the qualities that a dentist/surgeon will use.Looking at different sizes and colors is something that is not looked at very much but can be a big factor. Researching different colors and what appeals to people in certain ways can be one of the deciding factors of a potential customer buying a Biolase product. How Biolase’s is differentiated versus Sirona dental systems, Dentsply, Young innovations, and Pro-Dex is very high on a CEO’s list and the research team of potentially new products that they will be offering. Recently Biolase has spent an increased amount of their expenses on research and development. Differentiating your product will gain you more customers because of attracting customers to come to Biolase and not their competitors.
Price
When determining the price of the product or service to the buyer, it is important to look at the value of the product. It is also very important to look at Is the customer price sensitive, will a small decrease in price gain you extra market share, or will a small increase be indiscernible, and so gain you extra profit margin.Since Biolase has the lowest land, machinery, and software license expense among their competitors, this gives them the opportunity to take advantage of not charging a high price to their customers, this will allow them to steal market share and have a penetration pricing approach. By charging a low price, they can attract customers and develop brand loyalty. When a product first comes out it can be underpriced for what buyers will potentially pay. “Where we received the first orders, the price of the Waterlase iPlus system has been raised by $3,000 and was offered at the Chicago Midwinter dental show at its full price, contrary to the traditional discounts expected at trade shows”[12]. When first coming out with your product determining if you should offer any discounts or not. Lastly, looking at how your price will be compared with your competitors is something Biolase has looked at as they have raised their prices on certain product because consumers are willing to pay it.
Place
Place is apprehensive with various methods of transporting and storing goods, and where they make them available for the customer. Getting the right product to the right place at the right time involves a strong distribution system. The choice of distribution method will depend on a variety of circumstances. Other things to look at are the different type of stores that Biolase can sell their product in. Biolase can look at expanding to sell their product via a catalogue or to a small specialist boutique store. “BIOLASE markets through a direct sales force in the United States and Canada and a selected group of high end distributors, including Henry Schein, Inc. (NASDAQ: HSIC) and Benco Dental, and internationally through a multitude of local distributors”[13]
Promotion
Promotion is the business of communicating with customers. This includes providing information that will assist them in making a decision to purchase a product or service. The cost of advertising goods and services or promotion usually comes with a sizeable cost of what the product will cost the consumer. Successful promotion can lead to increased revenue in sales; this can lead to a sign of response of customers purchasing the product. Looking at where Biolase could reach their potential audience is something that is figured out after various different methods of research such as TV, radio, or billboards. Biolase is targeting to get older dentist and surgeons to try this new innovative technology, some are resistant to change so by showing Biolase’s product off at various trade shows give them a way to prove their product is the new way to go. “Some dentists are resistant to change, while others just have bad memories about the older laser drills. Older models were less popular with dentists because they were difficult to use and therefore not as safe as the new laser-water drills.”[14] Additionally, figuring out when the best time to promote, is there a seasonality in the market or how does Biolase’s match up with promotions against their competitors.
Inventory Breakdown Among Competitors
Biolase Corporation has the lowest inventory costs in the sector. This shows that Biolase has an effective Inventory management and this allows Biolase to move products quickly from their warehouse to the hands of their customers. Additionally, by having the lowest machinery costs this shows that Biolase is always up-to-date with the latest technology in machinery which allows them to spend their savings on other items such as research and development.
Financial & Operating Metrics
For fiscal year 2010 Biolase posted a gross margin of 49%, it is slightly lower than Dentsply and Sirona Dental Systems. Biolase has a hard time compared to their competitors to be able to retain each dollar of their sales after paying off expenses. Biolase's Operating Margin of 3.70% is the lowest compared to their competitors. This shows that their pricing strategy isn't as beneficial as their competitors along with their operations.
Biolase's DSI has been higher than their competitors during the year 2010. This shows the management that they need to do a better job with their supply chain and figure out where the bottlenecking is occurring. By lowering their DSI from 156 to a comparable number in their industry like 109, this will allow them to reduce the amount of time of how long products will go from being manufactured to being put in the hands of their customers.
Biolase Technology's quarter ended March 31, 2010 EBITDA was $(5,004,000), compared with $(3,565,000) [15] This shows investors that Biolase has become a better performing stocks and that the actual profit of the company if it was sold to an all cash buyer.
Comparative ROIC
Top Competitors Key Measures for BLTI
The asset turnover measures the efficiency of the firms using their assets; Biolase posted a 1.3 asset turnover last year, which was the 2nd best in the sector. This shows that they have a profitable way of using their assets in generating sales and revenue. Their inventory turnover ratio was the lowest in the sector but pretty close to the average.
Biolase needs to look at a more efficient way of handling their earning a higher profit with sales and having less inventory in their warehouses. Dentsply has the highest current Ratio in the sector of laser dental technology.
They are capable of paying their obligations. If Biolase gets a better sense of their operating cycle and their ability to turn their products in cash they should be able to move up in the sector. Sirona posted the highest P/E ratio that doesn’t necessary show us the future of the company but it gives us a general idea of comparing the company to others. Sirona also had the highest price/sales ratio; this ratio can be limited because it doesn’t factor in any expenses into the company. Lastly, Young Innovations had the highest ROA for the laser dentistry sector. Bioalse needs to do a better job of earning a profit from their invested capital.
References
- ↑ About Biolase April 16th Biolase.com
- ↑ 2.0 2.1 2.2 2.3 2.4 2.5 2.6 2.7 2.8 2.9 Key Developments Reuters
- ↑ BLTI Future USC.edu
- ↑ 4.0 4.1 4.2 4.3 Laser Divison Yahoo Finance
- ↑ 5.0 5.1 5.2 Marketwire.com Press Release
- ↑ Waterlase iPlus Tibbiyot.com
- ↑ Msn.com Waterlase Launch
- ↑ Finance.yahoo.com Laser Divison
- ↑ Bloomberg IPlus.com Chicago Show
- ↑ Biotech-finances Cutting-edge Science
- ↑ Dailymarkets Dailymarkets Future Growth
- ↑ MarketWatch Dental Show
- ↑ Direct Sales Optoiq.com
- ↑ Money.CNN Laser Drills
- ↑ Biolase EBITDA April 15th 2011
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