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Biolase Technology Shares Soar on Improved Revenue Forecast

Irvine dental laser maker Biolase Technology Inc. said Wednesday that its first-quarter revenue would exceed previous guidance, sending its shares up.

Shares of Biolase closed up 20% Wednesday with a market value of about $160 million.

In a statement, Biolase said it expected revenue for the three months ended March 31 to come in at $10.4 million. That number’s about 10% higher than previous guidance of $9.25 million to $9.75 million that the company announced last month.

The new estimate is 136% higher than the $4.4 million of revenue Biolase had in 2010’s first quarter.

Chief Executive Federico Pignatelli cited several reasons for the higher forecast, including an expanded direct sales force and strong demand for the new WaterLase Plus device that was introduced in January.

Biolase will report its full first-quarter results in May.

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