BIOLASE Inc (NASDAQ: BIOL) stock fell 22% in the past month. In fact, the stock has been running below $1 for the past four months, and it is now at $0.59 per share, so, is the stock still worth buying?
BIOLASE is a medical device company that develops, manufactures, markets, and sells laser systems in dentistry and medicine. In early last month, the company announced that its Waterlase laser technology can be beneficial for the treatment of peri-implantitis in patients suffering from the inflammatory disease. The company said that it looks forward to continuing to provide dentists with minimally invasive treatment options through advanced laser technology that benefits their patients. However, this positive news did not push its stock to rise.
However, this penny stock is still attractive to investors. The company achieved strong results in the first quarter of 2021, its net revenue for the quarter had an increase of 70% compared to net revenue for the first quarter of 2020. It had 79% of sales from new users, and seeing an obvious growth trend. The company had over $40 million in cash and cash equivalents by the end of March this year, which allows the company to execute its growth strategies for several years without having to access the capital markets. With this in mind, BIOLASE is still a profitable penny stock.
Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.