Biolase price target lowered to $1 from $5 at Maxim

Maxim analyst Anthony Vendetti lowered the firm’s price target on Biolase to $1 from $5 and keeps a Buy rating on the shares. The company’s Q4 results saw gross margin significantly below consensus and due to a $1.3M provision for obsolete inventory expense, the analyst tells investors in a research note. Biolase loss per share was also significantly wider than both consensus the firm’s estimate driven by higher cost of goods sold and $1.1M in debt amortization costs, Maxim adds.