Biolase Technology Inc., an Irvine-based medical device company, said Tuesday it cut 20 jobs as part of a restructuring.
Biolase, which makes lasers used in dentistry, said it expects to save about $3 million a year.
The company plans to take a charge of $70,000 against second-quarter earnings related to the cuts.
The device maker had 150 workers at the end of 2009.
Separately, Biolase said that Chief Executive David Mulder would act as its interim chief financial officer after Brett Scott resigned. Scott’s departure was part of the restructuring.
Mulder indicated that the company’s performance during the first half of this year was “impaired” by a combination of economic factors and a change in how it does business.
During the first quarter, Biolase changed the way it accounts for revenue from its distribution partner, Melville, N.Y.-based Henry Schein Inc.
Biolase now takes prepayment for its lasers from Schein, which allows revenue to be recognized in future quarters, instead of it being recognized upon shipment of the devices.
The lightly traded stock closed down 5% Tuesday.
