Dental laser manufacturer Biolase has initiated Chapter 11 bankruptcy proceedings.
Six notes:
1. The company filed in the U.S. Bankruptcy Court for the District of Delaware and is seeking court approval to continue its operations during the proceedings, according to an Oct. 1 news release.
2. Biolase has also entered a $14 million purchase agreement to sell nearly all of its assets to Sonendo, which it will submit to the court.
3. Biolase said the sale process could include other bidders.
4. The company also secured $2.5 million in debtor-in-possession financing from SWK Funding to help the company continue operations uninterrupted and meet its financial obligations.
5. Biolase reported $11.6 million in net revenue for the second quarter of 2024, compared to $14.3 million in net revenue for the second quarter of 2023.
6. The company also saw a decrease in U.S. laser revenue, bringing in $3.6 million during the second quarter of this year, compared to $6.3 million in laser revenue for the same time period in 2023.