Biolase information for chapter below Chapter 11 proceedings, Sonendo set to accumulate property

As of October 1, 2024, Biolase—a worldwide chief in dental laser know-how—has voluntarily filed for chapter below Chapter 11 proceedings. At the side of the submitting, the corporate shall be pursuing a sale course of below Part 363 of the Chapter Code that may permit medical gear producer Sonendo to accumulate all substantial Biolase property via a Court docket-supervised public sale course of.¹

Along with their $14 million buy settlement with Sonendo, Biolase has additionally secured $2.5 million in debtor-in-possession financing from SWK Funding to conduct its monetary operations all through the proceedings.¹ The corporate will proceed to compensate workers and handle shipments and orders, amongst different obligations.

Regardless of Biolase’s Waterlase iPlus Premier incomes a spot in Dentistry In the present day’s Prime 100 Merchandise of 2024, this choice comes after a multi-million-dollar loss over the previous yr. The corporate reported incomes $14.3 million in web income for the second quarter of 2023, however solely $11.6 million for the second quarter of 2024. On the similar time, the corporate additionally noticed a lower in U.S. laser income—bringing in $3.6 million in the course of the second quarter of this yr in comparison with $6.3 million for a similar interval in 2023.²

On this choice, Biolase CEO John Beaver stated: “After fastidiously contemplating a variety of alternate options, we’re assured that pursuing Chapter 11 offers probably the most viable long-term path for Biolase to deal with its liquidity challenges. Our portfolio contains a few of the most famous dental laser merchandise within the trade, and we’re wanting to associate with Sonendo, leveraging their intensive experience within the dental sector to proceed advancing our mission. We deeply admire the continued help from our prospects and suppliers all through this course of, and we additionally wish to acknowledge the dedication of our gifted workers.”¹

References

1. Biolase voluntarily initiates Chapter 11 proceedings. Biolase. October 2024. https://ir.biolase.com/news-events/press-releases/element/417/biolase-voluntarily-initiates-chapter-11-proceedings

2. Portalatin A. Biolase information for chapter, plans sale to Sonendo: 6 notes. Becker’s Dental + DSO Assessment. October 2024. https://www.beckersdental.com/dental-technology/44624-biolase-files-for-bankruptcy-plans-sale-to-sonendo-6-notes