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CALIFORNIA: News and Insight on Business in the Golden
State | THE STATE / BIOTECHNOLOGY

Premier Laser May Restate Revenue

April 16, 1998|Patrice Apodaca

Premier Laser Systems Inc. said a dispute with a major distributor could force the Irvine company to lower revenue by $7 million for its last six months. The statement sent the company's stock price tumbling 20%. The disagreement with Henry Schein Inc. in Melville, N.Y., centers on dental lasers that Premier said it sold to Schein, but which the distributor says it did not order. Premier Laser said its previously reported revenue of $7.2 million for its fiscal third quarter ended Dec. 31 would be restated to $4.7 million after subtracting the disputed orders. Its revenue for the fiscal fourth quarter ended March 31, which was expected to total more than $10 million, is now anticipated to be $5.5 million to $6 million. Premier's stock fell $1.72 a share to close at $6.97 in Nasdaq trading. Premier rocketed to national attention last year when its dental laser became the first ever to receive federal approval for treating tooth decay in place of painful drilling procedures.

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