Dental Laser Maker Biolase Joining Russell Stock IndexTuesday, June 14, 2011
Irvine dental laser maker Biolase Technology Inc. is joining the Russell 2000 stock index next week, according to the company.
The Russell 2000 index, part of Seattle-based Russell Investments, covers smaller public companies and is used by investment managers and institutional investors as a benchmark.
Biolase, which has a recent market value of about $170 million, makes lasers used in various dental procedures.
The company has been turning around under Chief Executive Federico Pignatelli—it’s either been profitable or broke even in its most recent quarters after a string of losses.
Being included in the Russell 2000 “will not only likely broaden our shareholder base and market exposure, but we believe it will drive demand for our stock, as index buyers rebalance their portfolios in the weeks ahead,” Pignatelli said.