Irvine-based BioLase Technology Inc.’s shares lost nearly half of their value on Tuesday after a widened third-quarter loss and the departure of its chief executive.
The dental laser maker’s shares dropped 47% on a market value of nearly $70 million.
BioLase said its loss for the third quarter widened to $3.5 million from a loss of $1 million a year later.
Revenue fell 25% to $12.8 million.
BioLase said its revenue was affected by lower sales of its Waterlase MD, a device that usees a laser and water to cut bones and teeth as well as soft tissue such as gums.
Separately, BioLase named Federico Pignatelli, one of its independent directors, to replace Jeffrey Jones, who resigned as chief executive.
Pignatelli’s appointment is effective immediately.
BioLase said it is searching for a permanent replacement for Jones, who returned to BioLase in 2006 after the departure of Robert Grant, now president of Allergan Medical, a division of Allergan Inc. of Irvine.
Keith Bateman, BioLase’s executive vice president of global sales and marketing, also left the company effective immediately.
