Date Announced: 07 Nov 2019
Recent Equity Raise and Line of Credit Provides Working Capital and Strengthened Balance Sheet to Fund Growth and Profitability.
IRVINE, Calif. -- BIOLASE, Inc. (Nasdaq: BIOL), the global leader in dental lasers, today announced that it has secured a $3 million revolving line of credit from Pacific Mercantile Bank ("the Bank"), the wholly owned subsidiary of Pacific Mercantile Bancorp. Funds from the two-year accounts receivable line of credit will be used for working capital purposes.
"This new line of credit, coupled with the successful equity offering we closed last week, will be sufficient to fund BIOLASE's future growth as it moves towards achieving its goals of positive operating cash flow and profitability," said BIOLASE Executive Vice President and Chief Financial Officer John Beaver. "We want to thank our investors and lenders for their confidence and support and look forward to working with Pacific Mercantile Bank."
This debt capacity will ensure that sufficient capital is available to support several accelerated growth initiatives. These initiatives are designed to increase awareness and education around dental lasers for both dentists and patients. Such programs will continue to pave the path for minimally invasive and pain-free dentistry, enabling dentists to deliver the highest level of patient care and build prospering practices.
"Pacific Mercantile Bank is excited to be a partner for BIOLASE and their transformative technology in the dental industry, which is making an impressive impact on dentists and their patients. Financing their growth and using our proprietary Horizon Analytics® methodology to understand their business in a way that is uncommon for other lenders in our market will ensure a healthy and prosperous relationship between us for years to come," said Marcelo Mills, Senior Vice President, Regional Manager of Pacific Mercantile Bank.
About BIOLASE, Inc.
BIOLASE, Inc. is a medical device company that is a global market leader in the manufacturing and marketing of proprietary dental laser systems that enable dentists and dental specialists to perform a broad range of minimally invasive dental procedures, including cosmetic, restorative, and surgical applications. BIOLASE's laser systems are designed to provide clinically superior, patient-friendly results for many types of common dental procedures compared to those achieved with traditional instruments. BIOLASE has sold 38,900 laser systems to date in over 90 countries around the world. BIOLASE®, Waterlase® and Waterlase iPlus® are registered trademarks of BIOLASE, Inc.
Web Site: https://www.biolase.com