Biolase Inc., a maker of dental lasers designed to minimize drilling and anesthesia for root canals and other procedures, has relocated and slimmed down its local presence.
The company recently moved out of its 57,000-square-foot Irvine facility, an Irvine Co.-owned property that housed its corporate headquarters and manufacturing operations.
It moved manufacturing to an 11,000-square-foot facility in Corona and also took 11,000 square feet of space for its new headquarters in Lake Forest, in an office building near the Foothill Ranch Towne Center.
The move was effective as of last month, according to regulatory filings. It should reduce Biolase’s annual lease costs by over half a million dollars, according to the company.
Like most firms in the dentistry industry, the firm’s sales have seen a steep drop amid the pandemic; its shares are about a third of where they were a year ago. It counts a $20 million market cap.
The company (Nasdaq: BIOL) saw second-quarter revenue fall 66% to $2.9 million.
Chief Executive Todd Norbe said the shutdown beginning in mid-March had a “significant negative impact on our operations,” which continued to affect sales through its second quarter ended June 30.
Biolase found one reason to smile last month: it raised $18 million in a new funding round, bringing its cash and other assets to about $21.5 million. Biolase shares almost hit $90 in 2004. Its shares are now under 50 cents.
