Shares of BioLase Technology Inc (BLTI) are up sharply in midday trading after the company announced it expects to post a profit after four quarters of loss. BioLase rallied 87 percent to $3.20 after rising to $3.33 earlier, the highest intraday price since March 16, 2010.
For the fourth quarter, BioLase, an Irvine – Calif. dental laser maker, said it expects to report revenue of $9.5 – $10 million with a profit excluding non-cash stock expenses. The company also issued annual revenue guidance for fiscal year 2011 of net revenue in the range of $55 – $60 million, a growth of approximately 120% – 140% over FY 2010, compared to analyst estimates of $40.4 million.
Technically speaking, shares of BLTI currently trade a forward multiple of 51.00 and a P/E to Growth ratio of -0.20. The stock closed at $1.67 yesterday, with a 52-wk range of $1.91 – $2.46. Volume has exploded with more than 5.5 million BLTI shares already trading hands compared to a daily average volume of just 46,000. In its share capital BLTI, which remains above its 50-day MA of $1.57 and above its 200-day of $1.45, has 24.58 million outstanding shares among them 22.10 million shares have been floated in the Nasdaq stock exchange. BLTI stock institutional ownership currently stands at 18.00%.
At last check, shares of BioLase were up $1.40 to $3.08, a gain of 84.43%. BioLase Inc.’s MACD indicator has entered into overbought territory with a reading of 0.119.
Disclosure: No Position