Q2 2021 BIOLASE Inc Earnings Call
Good day and welcome to the biolase 2021 second quarter Financial results conference call. Today's conference is being recorded at this time. I would like to turn the conference over to Todd curly of the EVC group, please go ahead sir.
Thank you, operator. Good afternoon, everyone, and thank you for joining us today to discuss biolase has Financial results for their second quarter ended June 30.2021 on the call today from biolase is John Beaver, president and chief executive officer and Jennifer bright, Vice President of Finance. John will review the company's operating performance for the second quarter and then turn the call over to Jennifer to review the financials before opening the call for questions.
Nans before we begin. I'd like to read.
Looking statements which are statements any statements that are not encircle facts would be made during the presentation including forward-looking statements regarding the company's strategic initiatives and future financial performance. These forward-looking statements are based on biolase has current expectations and are subject to a variety of risks and uncertainties that could cause the company's actual results to differ materially from the statements contained in this presentation.
Ian such forward looking statements, only represent the company's view as of today, August 12, 20.21, these risks are discussed in the company's filings with the SEC. A replay of this call will be available on the biolase website shortly after the completion of today's call. When listening to this call, please refer to the news release issued earlier today. Announcing the company's 2021 second quarter results. If you do not have a copy of the news, release that was available in the best resection of the biolase.
At www.dollykidz.com biolase with financial results. Can also be found in the company's report on Form 10-Q, which will be filed with the SEC. The tables. We provided in today's news release offer additional financial information. So we encourage you to review them. The tables include the reconciliation of unaudited Gap, net loss, and that lost per share to non-gaap adjusted even a loss and adjusted. Even the last / shared as well as details.
Of the companies non-gaap disclosures with that said I know turn the call over to biolase to president and chief executive officer. John Beaver, John.
Thank you, Todd, and thanks to everyone for joining us. This afternoon. We appreciate your continued interest in biolase.
Before we begin, I want to take a moment to acknowledge the biolase team's performance over the past 16 months. These have been challenging times and we've all had to change our daily routines. And for biolase men, we had to adjust our operations, to navigate, a very shifting landscape through it. All I continue to be inspired by the commitment and resilience of all our biolase employees, their response, and dedication, to making our customers successful and keeping them in their patients, save is invigorating and because of their determination, we had an outstanding
Any quarter and a significant rebound from a year ago with that said, now, let me review our quarterly operating performance. We reported substantial Revenue, 9 point 1 million in the second quarter up 200.11% year-over-year. This now represents three consecutive quarters of strong year-over-year, Revenue growth as a business continues to rebound from the low points of the COVID-19. Pandemic. While most companies compare current quarter's over previous years quarters, given the unprecedented times.
We went through in 2020 also believe it's informative. Look how we did compared to pre-pandemic quarters and during the second quarter of 2021. We increase Revenue by six percent compared to the second quarter of 2019.
Our strong performance is due to rise in demand.
The street leading Dental Lasers because of our intensified, focus on Education and Training increased safety. Our lasers provide to Dennis and their patients and the published studies highlight and improve results are lasers provide to treat period-- Aziz.
With over 70% of our us laser cells generated from new customers during the quarter and over 35% of orderly cells coming from Dental Specialists are messaging, marketing, Education, and Training efforts are bearing fruit. We're building best-in-class. Lasers in the dental practitioners are coming to us. Interestingly, since today is also the day when two major league baseball teams will play on a field in Iowa, made famous by the movie Field of Dreams. And the one line we all finally remember build and they will come
Well, we did and our results demonstrate that Dennis are coming to us as they look to upgrade their Dental practices.
I ever also believe this is just a tip of the iceberg as our industry-leading, do lasers provide a better standard of care for dental procedures. In addition. They ensure a safer environment for dental practitioners and patients by reducing aerosolization to mitigate the spread of infectious pathogens. Such as COVID-19. This is an important competitive distinction because Dental practitioners experiences significant disruption to their business during the pandemic. However, our lasers give them at assurances a limiting their
For my health and business perspective, which was another contributing factor to our strong turnaround from a year ago.
Our focus on educating and training Dental Specialists on the benefits of our lasers is already leading to increase adoption across these large. And untapped markets to further accelerate our growth over the past nine months. We have form specialist academies to expand awareness of the benefits of our laser dentist Dental Lasers into these dental specialist communities. Specifically, we have launched specialist academies for endodontist, periodontist, and pediatric, dentist to drive further adoption of our
The market opportunity to exist for biolase within each of these Specialists. Communities is very meaningful. Let me quickly run through each of these addressable Market opportunities. Let's start with the Pediatric Dental Market. There are approximately 7,000, pediatric dentists in the US and based on our internal calculations. We believe that an additional 5% of pediatric dentists. Adopt. Our lasers will result in additional 20 million dollars in laser sales for biolase in turn. Those additional cells would drive follow-on consumable cells.
During the second quarter. We launched the waterlase, pediatric dental academy or WPD a for pediatric dentists. This Academy will provide clinicians with an immersive training experience through peer-led, learning best practice sharing and ongoing mentorship to help ensure optimal integration of orderlies, Technology into clinical practices. Pediatric dentists are actively seeking new ways to treat their young patients and a gentler and more holistic Manner. And traditional dental equipment offers are waterlase all tissues.
Lasers allow pediatric, dentist. Jim remove tooth decay gently in precisely with.
Steris, all's list, vibrations, and little to no anesthesia.
They can also perform soft tissue procedures with less blood and faster, healing than traditional scalpel, and suture methods or delays. Has an excellent. Addition to any pediatric, practice to help kids feel more comfortable in the chair, and hopefully, instill healthy practices in oil care for their lifetime last quarter. We launched an Innovative. And first of its kind program in the periodontal Community. This program Foster's peer-led learning with ongoing mentorship from leading clinicians, featuring online, meetings case reviews bags.
In the field, the waterlase perio Academy is open to all periodontist. Utilized in the world. Ladies technology periodontist have seen a significant increase in peri-implant disease due to the substantial number of new dental implants, being placed each year and the existing aging dental implants currently found in millions of patients, periodontist are actually seeking ways to manage, both periodontal and implant diseases as it, incidence of gum disease, with bone loss, has increased in the u.s. Adult population. There are approximately 5,000 peridot.
It's in the US and 65 million Americans are suffering from perio disease. There will Studies have already confirmed that patient reported outcomes of waterlase. Assisted treatment of periodontitis were significantly better after laser procedures. This includes a McGuire study, which was published in the Journal of periodontology as well as a studying their National Journal of periodontology stored of Dentistry, which so many Americans suffering from perio disease. The study's findings are significant in determining the best course of treatment for these patients.
Also studies continue to suggest that periodontal health is essential for overall health. We believe these studies of significant for biolase because they establish new protocols for perio surgery and will drive further adoption of water ladies in this target market.
Based on our internal calculations. We believe that if an additional 20% of periodontist adopt our lasers just in the u.s. We would have generate an additional fifty million dollars in laser Revenue. Not including consumable Revenue that would follow last year. We also launched a water leads into Academy and exclusive community of leading ended on has dedicated to improving patient outcomes and profitability with new technology award Ali's Dental Laser offers various benefits friend of Donna's from faster procedures to new treatment options.
In addition waterlase is also provided improved patient reported outcomes or delays is unique approach allows for success in conservative Endo treatment. While the overall technology delivers more predictability reduce patient discomfort and improve patient care top. Top thought leadership is quickly establishing waterlase as a new standard of care in Endodontics.
During the second quarter. We announced plans to develop the new Edge Pro laser assisted micro fluidic irrigation device for endodontists with Edge Endo, a global leader in commercializing into tonic products. This new device is being developed offer a solution in Adonis, sinking more from their current cleaning and disinfecting techniques. The Edge Pro will be built upon biolase his patent improve him erbium chromium. Ysgg, 2780. Wavelength platform has been shown to significantly improve debridement cleaning, and disinfection biped. And
Nine percent using the most.
Technology. We hope to apply for FDA approval of this device in the next few weeks. And anticipate first sales of this product, before the end of this year, approximately 75% of all endodontists routinely, use Edge Endo products, already making them a natural partner for for providing significant reach into this Market, as we work to make water leads technology. The standard of care.
Based on our internal calculations. We believe this an additional 10% of endodontists adopt our lasers. We would generate an additional 25 million dollars and Laser Revenue not including the following consumable Revenue.
Our focus on each of these dental specialist is already translate into higher demand for our products. As you specialist. Look for safer more advanced alternatives to grow. The practices are laser safety benefits. Puts us in the optimal position to advance the industry and treat patients and safest way possible. As we just discussed securing. Even a small percentage of each of these dental specialist could by our calculations generate nearly 100 million in additional revenue for biolase from laser cells plus a higher.
Marginal revenue, associated with following consumables.
As you're aware, we did adjust our go-to-market approach during the pandemic, which I'm pleased to report. Our efforts are paying dividends. And I want to give a shout out to our events management team. They are a center of excellence for biolase. For example, through the first year of 2021. We have already held a hundred ninety, six sales events. This compares to 239 events. We did in all of 2019 before the pandemic. So, not only we holding more events, but they're also getting better attendance per event. And the
Of the events has increased to be more impactful to the dental Community. We have talked in the past about how important our events management team is and the need to provide a white glove experience to our all participants. I believe. This is where we made the biggest improving the company over the past couple of years.
Possible momentum. We've seen over the past four quarters and the continued growth. We are experiencing our current 2021 fiscal third quarter gives us greater confidence, in our ability to achieve sustainable and profitable Revenue growth in summary. I believe the market opportunities and Endo perio and pediatric, segments highlight additional pass for violations, to achieve growth for your many years to come.
Today they all tissue laser Market penetration in the u.s. Dental Market is only seven percent and we estimate that every 1% in the adoption of Laser Technology in the u.s. We will approximately 50 million dollars in revenue for biolase with are clinically proven product portfolio. That provides better patient outcomes and reduces the potential risk of infectious pathogens. Biolase has a significant growth opportunity ahead as Dental professionals. See, safer Technologies to treat their patients with that. I'll turn the
All over the Jennifer to provide further details, regarding our second quarter results.
It's thank you John. Good afternoon. Everyone, Michael during my prepared remarks and to focus on providing more context around some of the numbers, as well as highlight some of the operational improvements. We achieve this task order, for further details. Please refer to our financial results, which you can find in the financial tables of our earnings release and ten key to a strong second quarter performance, demonstrates the business during COVID-19.
Increased traction reflects a return to a more normalized.
Great environment for dental practitioners as well as increased demand for our industry leading Dental Lasers.
We delivered net revenue of 9.1 million representing 200, 11% growth year over year. We are quite pleased with this continued momentum and for more reflective Q2 comparable since we believe last year's Q2 was an anomaly. We are also very happy to report that we delivered Revenue growth year over year when compared to our 2019 pre COVID-19 Revenue results into to 2019.
And let me share some additional year of your second quarter highlights, which include laser system, sales, increasing four, hundred and twenty-five percent year-over-year in the quarter, consumables and other Revenue. Increased a hundred, seventy three percent, u.s. Revenue increased, a hundred sixty, seven percent and International Revenue increased. Three hundred forty percent. These are positive indicators of the increasing demand. We are experiencing for industry, leading Dental Lasers as dental offices in the US.
And abroad continue to reopen and more importantly as they Implement increased safety measures such as our waterlase, so that they can remain open during these challenging time as a Delta variance spread globally.
During the quarter, gross margin improved significantly, despite a higher contribution from International sales, which carry a lower margin since we sell through distributors. In fact, we were able to increase our gross profit by 3.1 million year over year this resulted in a significantly improved gross. Margin of 44 percent is 1200 basis. Point expansion year over year reflecting the impact of the increase in revenue and average selling prices for
sold in the US during the second quarter.
We continue to focus on margin Improvement and believe we will improve this metric even more over the coming quarters.
On the expense line. Operating expenses were a 7.3 million for the quarter and increase from 4.9 million in the year ago. Quarter. This increase was primarily due to commission expense and bonus incentive for achieving sales Target higher fees, incurred in connection with the annual stockholders meeting and proxy, solicitation and more engineering projects. For 2021 as we continue to improve our industry leading products.
Gaap net loss for the quarter for 700, mm or 0 per share compared to a net loss, is 24.7 million or 12 cents per share for the second quarter of 2020. The Improvement in that loss. For the quarter was favorably, impacted by a three million dollar gain, due to the Forgiveness of a paycheck, Protection Program loan during the quarter on that topic. We also received an employee retention credit, under the cares act, for 800.800.
Annette, refund, and are submitting a request for a second employee. Retention credit during the third quarter.
and let's turn to the
Lachie, we finished the quarter with cash and cash equivalents of 37 point..1 million due to the proactive and strategic decisions. We took over the past year. Today's balance sheet remains historically strong and is providing us with the resources to execute our growth strategies for several years without having to access the Capital Market.
And moving on to guidance. We're continuing to experience high demand for our Dental Lasers and are currently forecasting revenue for the third quarter, ending September 30 of 2021, to be significantly above the year ago, third quarter, although the third quarter of the year is seasonally our second week as Revenue quarter. We expect the third quarter to approach revenues. We achieved in the second quarter of 2021.
In summary, we had another strong quarter with solid Revenue growth and margin expansion, and are confident that our actions to strengthen biolase are working. I'll turn the call back to the operator to question.
If you would like to ask a question, please signal by pressing star one on your telephone keypad. If you're using a speakerphone, please make sure your mute function is turned off to allow your signal to reach our equipment. Again, press star 1 to ask a question will pause for just a moment to allow everyone an opportunity to signal for questions.
Our first question.
Comes from Kyle, bauser with Colliers securities.
Great. Thanks for all the updates and congrats on the quarter here. Maybe I'll start with guidance. So just to be clear Q3 last year about six and a half million and we just did 9.1 but significantly above last year. So on the upper end of that range is kind of what you're what you're saying 65 to 95.
Well, we're saying, you know, third quarter is or seasonally second weakest quarter, but despite that we still think we'll be approaching the second quarter Revenue that we just achieved a 9.1. I'm not sure we'll get all the way there but it will be. I think pretty close. Got it. Great. Thanks for that. And sorry if I missed this, but how we're procedure volumes trending, and the US and ous, just kind of curious where we're at.
You know, yeah, based on the numbers. I've seen over the last 90 days procedure volumes are in patient traffic flow seem to be in the u.s., You know, 90.95 percent of what they were pre-pandemic. So things are moving along. Well, that's in the u.s. Internationally, you know, we almost have to take it country by country so I can I can give you
Number, I know that, you know, in the UK.
Since we had a very strong sales quarter in the UK and in the second quarter, but Korea was down, you know, and just it really all depends on where they are with vaccinations mandates, COVID-19 levels, and so forth.
Got it. I appreciate that it and you know initially pandemic was headwind and then obviously with waterlase having a benefit of reduced aerosolization. It turned around to be a Tailwind particularly with general practitioners. His that still kind of a a point that, you know, his sticking point with with new clients and people who are kind of on the fence, if the sales reps had some trackx.
In there.
So Kyle would describe it this way. Certainly both waterlase and our epic diode, you know, products, produce zero or less aerosol ization, depending on which product. And that is a, certainly, a benefit for dentist and impatience. What I will say is, I'm not sure a lot of dentists have bought waterlase in particular just for that but what this has given us and when you talk about tell,
And has given us a message to at least enter the door with and have more in-depth conversations with practitioners. And I think that is really helped the, the marketing qualified leads coming from that messaging has have increased. And once we started having that discussion and we can show them all the things that we can do to help their practice and their patients, you know, that's where really the cell takes place.
Got it. That that makes sense. And and maybe just a couple more here on out backs over the next couple quarters. How should we think about each of these buckets? You know, should it take up a little bit? I think from a modeling standpoint. I have a somewhat flat with what you just did but just kind of curious I were thinking about ibex.
Yeah, so, you know, assuming that we approach second quarter Revenue in Q3 Optics, especially in the sales and marketing side will be similar. That is really driven by sales commissions and so forth. So, unless you have a significant change in Revenue, you know that lines pretty steady G&A. Yeah, I think we'll be a little bit better or reduced.
Cost because we won't have kind of the extraordinary cost or unusual cost around the second quarter annual meeting that we had along with the, you know, shareholder vote solicitation, but on the engineering side, I think it will be higher because of the, you know, we're getting close now to completing the edge Endo project and there's some cost associated with that in the second half of the year.
Got it. Perfect.
And then lastly, how many territories do you have? And also, is there a loaner program going on right now? Or you know how to new clients finance, a water lace, for example?
Yeah, so we're about twenty six territories right now. We have as of today for open. And so we we did really good in retaining. Our accounts, man account managers through the pandemic. Recently. We've seen some attrition, but certainly not to the extent. We saw in 2019. I don't expect that. If I think every business is saying that right, so we're we're you know, I never like to lose anybody but
I think this is manageable in terms of the loaner program. We're especially for waterlase, you know, most of the, most of the Epic customers will just pay by credit card. And so that's not a huge issue a much. Lower price point for waterlase. They will especially 5. Plus, they will find financing either through a financing group that we will introduce them to that. We're not connected to, but we have, you know, certain financials.
Dancing programs that we've developed collectively or their own bank, whatever. But here's the interesting part about the, I plus and how we structured this assuming that you buy an, i plus your payment is only about a thousand dollars a month and what we can show pretty easily is if a dentist just adds a couple of procedures that they weren't doing before a week.
Their Roi on that $1,000 payment is two hundred percent. Right? And we've shown that, I think dr. Russ, morrow, at Heartland. And we we announce, you know, I think we did this publicly in one of the previous calls. He mentioned that he had an Express, which is a little bit, lower price point, but not a lot and he paid for the unit in additional procedures and three to four months, which was incredible price.
Thank you know it when we talk about payments and so forth, you know, when we are successful in convincing the dentists that the additional procedures that they weren't doing before that this technology allows them to do brings in additional Revenue. If far out, you know, far surpasses, the outlay that they have on the payments, but you also mentioned loner. I do want to touch on our word leaves exclusive trial program. I did not mention this in my prepared remarks.
It continues to be an ongoing. We're basically having a w ET P event every week of the year throughout the nation. And that's where you have for date. Dentist GPS, who come to us and get two days of training, and in 45 days, use of the laser, and then to 45 days, they decide to buy it or not, and I'm very much looking forward to the waterlase weekend. We are having in October.
That's where everybody.
It's part of this program. That bought is invited out to California to spend a weekend with us. I think it really increases that that community of waterlase users, and I'm very excited to have that in October.
It's great, great updates and appreciate the color here and and congrats on the results.
Thank you, Val.
Our next question is from Anthony vendetti with Maxim group.
Hi, this is Matt on, just let's have a quick question on dsos. If you wouldn't mind talking a little bit about the progress you've made with some of the micro dsos or some of those large dsos like Heartland.
Yeah, so let me take the Heartland first because we've been talking about Heartland for a long time. You know, one thing we certainly knew going in and we I think history has proven out is that they tend to move slope with adoption. We are still working with them. We I like to compare it to a hurdle ratio. As I was looking at the Olympics last couple of weeks every time they put up a hurdle, we jump over it and we go to the next hurdle and so that's kind of
Of the the the deal with Heartland, but very optimistic that we'll get to the Finish Line there, the micro dsos and different definitions for what a micro DSO is but say, you know, for 220 practices, right? Under that roof, we're making significant progress. Nothing that we can announce publicly because, you know, we always want to make sure that before I say anything that they approve of this going public.
But significant progress on the east coast, in Canada, we've been. We've gotten into a pretty significant DSO there. So more to come on that, but we're making nice progress. We set our goals for DS o at the start of the year and not knowing what COVID-19.
So cells.
Excellent. Thank you. And obviously very positive that your Us sales are being sold at a higher ASP. He's talking. What about what you feel contributed to that and maybe how you expect after Trend going forward, throughout the second half of this year.
Yeah, so I think is two things, one is we're really selling value versus just a box. And so when you sell value, and when I talk about value, I'm talking about the laser itself, the ongoing training, the support that we can provide the additional educational opportunities, the things that I talked about, for instance, in the academies, and we have the same type of do, you know, program working for the wtp and the Jeep?
he's as
I think that has really resonated with the with the dentist and the potential purchasers, you know, we've gotten away from selling on price because we have a lot of value to offer and that gives me to the second part of the answer which is I think training on the account managers. The regional cell directors have done a great job in that training where we don't lead with price, we'd lead with value of this laser and that's really resonated.
At, in the US.
Active very helpful, and then if you could just, could you give us a general?
Range of how your sales to specialist is broken down between Endo, perio. Pediatric. And obviously, how you expect that to Trend over time.
So, as I mentioned, you know, roughly little bit more than a third of are you s waterlase sales were to specialist in the second quarter and then I pretty much continues to Trend that we had in the first quarter. If you look at it, you know, quarter by quarter. It is a little lumpy, you know, 1/4. We might have a big pediatric event that we sell more in relation to endo and perio. We have a nice Endo event coming up in September, then, I expect
No good cells from so Endo. Maybe the the the leader of the three specialists in terms of sales in the third quarter. So, you know, on a longer, you know, term picture. It's about 1/3.2/3, 2/3, between those three Specialists with Endo, imperio probably being higher than Pediatric at this point, but they're all pretty close.
Excellent, very helpful. And just lastly, for me, assuming you're able to get approval or clearance The Edge Pro by the end of this year. Could you talk a little about, your go-to-market approach there and maybe how you, how you expect to dampen some of the cannibal cannibal cannibal ization from your other products?
Well, even though we're making great inroads on on endodontists. We're not in every end of Donna's office, you know, our penetration that market is still single digits. So that's what you know, that's what the nice thing is about. Teaming up with somebody that company like, Edge in do because they're in 75% of Endodontics office every week. And so, we believe that by them going out and selling this device in with client, with
With customers that they already have a relationship with, that's good, do nothing. But increase, the prominence of our erbium chromium ysgg, 2780 wavelength and we really will make that the the technology standard Bearer in this. And so, when you look at, you know, GPS that are doing Endo work, I think, you know, they have the proof point from the ended on a specialist, that edge endo.
Helping us provide with pain.
Wright in that market. And then when you get into all the other things that they can do to bring an Roi to their practice, that our waterlase can bring. I think it's just going to be a you know, tide that lifts all boats. I really don't expect much cannibalization and that will be more than offset by the GP side.
Excellent. Great color. Congrats on the great. Okay. Thank you.
Once again, if you'd like to ask a question, please press star one.
We'll take our next question, from Bruce Jackson's with the Benchmark Capital. Hi. Congratulations on a great quarter, and thanks for taking my question. Thank you bird.
Sales mix. It was instrumentation. And how much was consumables?
Buffalo, yeah, so we we actually have a third category which is our service and you know in the last quarter in this is pretty consistent for the year as well. About two-thirds have been laser sales, 20% plus consumables and about 10% little bit. Over 10% have been service warranties and contracts.
Okay, and then in terms of the gross margins, it's nice to see some improvement. How do you think those are going to scale up over the next few quarters? And they've got some new product launches mixed in there. So I may not be a smooth transition. But just directionally, where do you think that those might go over the next couple of quarters?
We've talked a lot about the ibadah positive goal of the company and for us to get to you, but I'm positive. We've talked about we need an annualized Revenue somewhere in the mid 40s. So call that you know, pick a number 11 and a half million a quarter, run rate and at that rate, I believe we can get to 50% gross margins and you could put all those numbers.
Together that leads to an ebitda positive quarter.
Okay. Got it. Alright, super. Thank you very much.
Thank you very much.
Our next question comes from Ed Woo. With a sentient Capital. Yeah. Congratulations on the corner again. My question is, you know, you had a very strong quarter in international. Do you think that that momentum will continue on? And then second of all, what do you see the long-term opportunities for international versus u.s.? You think it could be 50/50 of your long-term business. Thank you.
Yeah, thanks add. I expect similar results in Q3 internationally from Q2. You know, one thing that's been difficult about forecasting or predictive of the international markets are going to do is because we are in so many countries in each country is different in terms of their COVID-19 situation, COVID-19 response. It's almost like whack-a-mole in the different countries and in our International
Pain management team has done a great job in pivoting where they can. So, in other words. I'll give you an example. Most of because we sell through Distributors. We really depend on international events to draw leads and to create leads, and you can't hold those events, you know, certainly in person events, in many countries and we've had a few events that were scheduled. That we've had to delay postpone. Cancel.
We've had events and other countries very quickly.
We could have them. So it's an interesting challenge for us internationally long-term. I do expect International to remain, you know, between 30 to 40 percent of overall revenue and for us to grow like I expect us to grow, you know, certainly International will grow as well.
Great. Well, thank you, and I wish you guys. Good luck. Thank you, Dad.
That concludes today's question and answer session. Mr. John Beaver, at this time. I will turn the conference back to you for any additional or closing remarks. Thank you. I want to thank everyone for being on today's call with the many positive changes made over the past year, biolase is a healthier company today and we are positioned for long-term Revenue growth. I believe we now have the commercial infrastructure in place and greater Financial flexibility to capitalize on the growth opportunities before us. We're confident.
Business play in our ability to achieve sustained, profitability and revenue growth.
We believe a long-term prospects for growth are significant is Dennis and patients worldwide. Look for solutions that allow them to provide and receive dental treatment in the safest way possible. Jennifer and I look forward to reviewing our third quarter results in November. And in the meantime, we will be participating in several investor events, including the Collier Securities 2021 Institutional Investor conference on September 9th, and HC, Wainwright 23rd, annual Global investor conference, September 13th through the 15th, if you are participating in any of these,
Events, please schedule. A meeting with us. I look forward to talking with you, then. Thank you, operator, and thank you everyone, for your interest in biolase. This. Concludes, our call. Have a great day. Thank you.