Shares of Irvine-based dental laser device maker Biolase Technology Inc. soared Thursday after it said its 2011 revenue would be higher than expected and that it would post a profit after four quarters of losses.
Biolase shares closed up 67% to a market value of $68 million after rising as much as 74% during Thursday trading.
The dental laser maker said it expected revenue of $55 million to $60 million this year, well above analysts’ consensus expectation of $40.4 million.
Biolase expects its profit and revenue to grow each quarter this year, Chief Executive Federico Pignatelli said in a statement.
For the fourth quarter, Biolase said it expects an unspecified profit on a previous forecast of $9.5 million to $10 million in revenue.
Analysts estimate Biolase’s fourth-quarter profit will come in at $245,800 on $9.5 million in revenue.
The company also said it expected to turn an unspecified profit on $8.8 million to $9.3 million in revenue in the current quarter.
Pignatelli, Biolase’s largest shareholder, took over as chief executive late last year.
He brings some flair to Biolase, which early on was expected to have a big impact on dentistry but hasn’t lived up to expectations.
A native of Rome, Pignatelli’s biography describes him as being a descendent of one of Italy’s most noble and ancient families. He’s said to have ties to Pope Innocenzo XII of the late 1600s.
