Investors hammered Irvine-based BioLase Technology Inc. Wednesday after it said it would post a first-quarter loss and lower-than-expected revenue, sending shares down about 21%.
The maker of dental and cosmetic lasers said it expects first-quarter sales to come in at $14.5 million to $15 million.
Wall Street forecasted sales of $18.6 million for the quarter. They also expected the company to post a profit of $238,000.
BioLase didn’t give a number for its expected loss.
Shares fell about 21% to $7.98 for the day.
In the fourth quarter, the company posted a $1 million profit. Sales came in at $19.8 million.
Chief Executive Jeffrey Jones emphasized that the company believed the first quarter “will be our lowest revenue quarter in 2007 and that we have not lost market share to our competitors, as we remain by a wide margin the market leader.”
BioLase’s new ezlase system didn’t ship until the end of March, which was too late to have a significant revenue effect in the quarter, Jones said.
BioLase said it expects to report its first-quarter results in early May.
