Irvine dental device maker BioLase Technology Inc. on Tuesday swung to a loss in the fourth quarter.
BioLase reported a net loss of $1.1 million, compared to a profit of $1 million a year ago. Analysts expected BioLase to post flat earnings in the quarter.
Fourth-quarter sales were up 5% to $20.8 million, beating Wall Street’s $20.2 million estimate.
For the full year, BioLase, which makes lasers used in dental procedures, reported a wider net loss of $7.3 million, versus a loss of $4.7 million in 2006.
Analysts expected BioLase to lose $6.2 million for the full year.
BioLase’s 2007 revenue was down 4% to $66.9 million, but beat Wall Street projections of $66.3 million.
The company’s shares closed down 4% Tuesday with a market value of $94.9 million, although they slightly recovered a bit in afterhours trading.
BioLase has had a challenging past year, including a downturn in domestic and international sales that caused it to miss several quarterly revenue estimates, and a management shake-up that led to the departures of its chief executive and chief financial officer.
