BioLase Technology (NASDAQ:BLTI) shares soared on Wednesday after it announced it expects to report higher first quarter revenue than previously forecast due to new product launches.
The California-based dental laser manufacturer said that it anticipates net revenue of roughly $10.4 million for the three months ending March 31, representing an increase of 10% from its previously stated mid-range guidance and 136% year-over-year growth.
Last month, the company said it expected revenues in the range of $9.25 to $9.75 million, up from $4.4 million in sales a year ago. Analysts estimated revenues of $9.56 million for the first quarter of 2011.
Chairman and CEO Federico Pignatelli said:
Our recently expanded direct sales force in North America and several of our international distributors have contributed to the growing sales traction in the period and a strong initial demand for our new flagship all-tissue laser system launched in January, the WaterLase(R) iPlus, have all contributed to the quarter performance.
Orders for the WaterLase iPlus have exceeded our expectations, and we are working diligently to manufacture enough to keep up with the current demand.
The company, whose products have dental cosmetic and surgical applications, said it will provide its full first quarter results in May.
Biolase shares rose more than 20% on Wednesday to close at $5.81 on the Nasdaq.