Irvine-based laser device maker Biolase Inc. said Monday that its board authorized it to hire an investment bank to explore a possible sale of some of its assets.

Biolase makes laser devices used in dental and medical procedures.

Chief Executive Federico Pignatelli said in a statement that Biolase believes that “certain of its assets could be worth significantly more” than its current market value.

“Biolase has more opportunities than we can pursue on our own—selling one or more of them could generate the funds that could give us the working capital we need for our core businesses,” Pignatelli said, mentioning “developmental pre-launch business opportunities” in ophthalmology, orthopedics, podiatry and pain management, among others.

The company’s shares were down 14.5% Tuesday afternoon to a market value of about $55.4 million.

Biolase had $57.4 million in revenue and a loss of $3.1 million last year.