Irvine-based Biolase Technology Inc.’s shares fell sharply on Wednesday after the company disclosed that it had not been in compliance with a bank loan provision.

The laser device maker’s shares were down 34% to a market value of about $38 million in midday New York trading.

Biolase said in a press release issued Tuesday that its lender, Comerica Bank, had agreed to waive its noncompliance with a condition in the loan agreement. The agreement required that Biolase’s earnings before interest, taxes, depreciation and amortization could not be less than $500,000.

The company added that it and Comerica have to “agree upon a further amendment” to the loan agreement containing revised financial covenants by Sept. 13.

Biolase has also filed documents with the Securities and Exchange Commission to sell $30 million shares of stock.