Biolase price target lowered to $3.00 from $5.00 at Maxim

Maxim analyst Anthony Vendetti lowered the firm’s price target on Biolase to $3.00 from $5.00 and keeps a Buy rating on the shares. The analyst cites the company’s Q3 earnings miss and a cut in guidance as it now expects y/y revenue growth of 1%-3%, below prior consensus and implied prior full-year revenue growth of 12.9%-15.6%. Maxim adds that it is encouraged by the growth in qualified leads and consumable sales, which indicates the success of BIOL‘s revised sales approach in driving increased engagement, utilization rates, and subscription consumable purchases, but it also expects the high-interest rate environment to suppress adoption and system sales in 2024.