Irvine dental laser maker BioLase Technology Inc.’s shares surged Monday after it named a chief executive and forecast fourth-quarter sales.
The company’s shares were up 34% on a market value of about $75 million.
Jake St. Philip, a former executive with Cardinal Health Inc. of Dublin, Ohio, will become BioLase’s chief executive and a director, effective immediately, the company said.
St. Philip, 54, replaces interim chief executive Federico Pignatelli, who will become president in addition to serving as a BioLase director and chairman emeritus. BioLase’s board increases to seven members with St. Philip’s appointment.
BioLase’s shares lost nearly half of their value in early November, after the resignation of former chief executive Jeffrey Jones and a widened third-quarter loss.
For the fourth quarter, BioLase said it expects to report revenue of more than $20 million, up slightly from the $19.8 million from a year earlier.
Separately, BioLase said that Richard Harrison, its chief financial officer, resigned last week to accept a position at another company. A search is being conducted for Harrison’s replacement.
