By Chris Wack
Biolase said Monday it was cutting 20% of its workforce in order to consolidate operations and capitalize on rising business momentum for its market-leading dental lasers.
The dental laser company said reducing its U.S. workforce by about 20% would result in projected annualized cost savings of $4 million without impacting its revenue-generating strategies or its ability to continue delivering products to its global customer base.
Biolase said revenue generation, prudent expense management, other cost optimization, and the completion of a recent equity offering to strengthen its balance sheet should help the company achieve its sales and profitability goals, including becoming adjusted-Ebitda positive this year.
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