Needham Positive on Biolase (NASDAQ:BLTI) over Long Term

Citing the recent restructuring of the HSIC deal, and several other postive developments, Needham says they're postive on Biolase Technology (NASDAQ:BLTI) over the long term.

Needham said, "In addition to the restructuring of the HSIC deal, the company has had a number of recent positive developments that give us reason for optimism about its long term prospects: BLTI has already received a significant order from Benco, another major North American dental distributor; The launch of the iLase has been very successful; The new lower price point for the WaterLase should jumpstart sales for the flagship product; Significant expansion of the North American direct sales force; Establishment of a sales and marketing office in South Korea to support the Asian sales effort; Strengthened its board of directors with three new appointments; and We have reduced our price target to $3 from $4 based on new, lower estimates."

Needham & Company maintains a "Buy" rating on Biolase Technology, which closed Wednesday at $1.56, down $0.03, or 1.89 percent. They lowered their price target on them from $4 to $3.