May 27, 2022

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The owners of 5 dental clinics in San Antonio and Schertz sold the small business property to a Dallas firm in 2016 for $3.5 million.

But finding buyer KP-SA Administration and principal Thang “Kido” V. Pham to pay back has been like pulling tooth, say the sellers — providers owned by dentists Scott and Diana Malone of San Antonio.

The Malone firms this week sued KP-SA Administration and Pham for fraud, conversion — the unauthorized using of home — and breach of deal in point out District Court in San Antonio.

The clinics work underneath the title Smiley Dental & Orthodontics.

Under conditions of the offer, KP-SA paid $300,000 up front and financed the remaining $3.2 million with the Malones. The purchase cost was comprised of nearly $3.2 million in goodwill, $160,000 in accounts receivable, $100,000 in stock and $80,000 in fixtures and machines.

KP-SA ought to have paid out practically $3 million by now but has only paid $781,140, the lawsuit alleges. The plaintiffs are trying to find far more than $3.8 million in damages and fascination.

The parties’ agreement grants the Malone firms an quick right to foreclose and choose possession of the collateral on a default without having heading to court, the fit claims.

In response to desire letters and foreclosures notices, even so, Pham “threatened to abscond and solution away all collateral” so the plaintiffs would under no circumstances locate it, the go well with provides.

“Mr. Pham has constantly designed these threats and lately has reiterated that he has no challenge with emptying all accounts and hiding all the collateral and gear of the dental methods,” Scott Malone suggests in a declaration connected to the lawsuit.

To halt that from going on, the Malone corporations acquired a non permanent restraining order that stops the defendants from distributing any earnings or eliminating furniture and equipment from the methods.

It could not be established if Pham or his associates opposed the ask for for the order. He could not be achieved for comment Thursday. Austin lawyer John P. Ferguson, who represents the Malone organizations, said he could not remark devoid of his clients’ authorization.

A listening to to increase the get until eventually a demo is set for Jan. 24

The clinics, 4 in San Antonio and one particular in Schertz, had operated both as M&M Orthodontics or U Far too Dental & Orthodontics in advance of the asset sale to KP-SA.

A Malone partnership ongoing to possess the clinics’ authentic estate, so it has been KP-SA’s landlord.

The clinics have been rebranded as Smiley Dental & Orthodontics following the asset sale closed. A different Dallas corporation, Smiley Dental Management Co., has managed the techniques and gets 15 % of the earnings, although KP-SA gets 85 per cent of the income, the match says. Smiley Dental has 31 spots in Texas, its site states.

Smiley Dental Administration is owned by Pham’s ex-spouse, dentist

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Expects Significant Revenue Growth Year-Over-Year in Fourth Quarter 2021

FOOTHILL RANCH, Calif., Nov. 10, 2021 /PRNewswire/ — BIOLASE, Inc. (NASDAQ: BIOL), the global leader in dental lasers, today announced its financial results for its third quarter ended September 30, 2021 and provided fourth quarter 2021 revenue guidance.

BIOLASE Logo (PRNewsfoto/BIOLASE, Inc.)

2021 Third Quarter Operating Highlights (all comparisons are on a year-over-year basis unless specified otherwise):

  • Net revenue grew 46% to $9.5 million:

  • Net revenue was 10% higher than third quarter of 2019, which was the last pre-pandemic comparable period

  • Laser system sales increased 64%

  • Consumables and other revenue increased 21%

  • U.S. and international revenue increased 25% and 101%, respectively, as more dental practices were operating during the 2021 third quarter compared to the year-ago third quarter due to the COVID-19 pandemic

  • Gross margin was 51%, up 1,600 basis points, due to the higher year-over-year revenue, favorable revenue mix and higher average selling prices for products sold during the quarter

  • Maintained strong balance sheet, as cash and cash equivalents totaled $33.4 million at quarter end

“Our strong third quarter performance continues to reflect the rising demand for our industry-leading dental lasers,” commented John Beaver, President and Chief Executive Officer. “Our efforts to both educate and train dental specialists is leading to increased adoption across these large and largely untapped markets. In today’s environment, the fact that BIOLASE lasers provide increased safety to dentists and their patients is generating a high level of acceptance by dental practitioners – and we expect this to be a driving force for the foreseeable future. Our industry-leading dental lasers aim to provide a better standard of care for dental procedures and seek to ensure a safer experience while reducing the risk of future procedure and business disruptions by reducing aerosolization to mitigate the spread of infectious pathogens, such as COVID-19. Looking ahead, we expect significant year-over-year improvement across our key performance metrics, including revenue and gross margin in the fourth quarter as we continue to gain momentum with new customers and dental specialists.”

2021 Third Quarter Financial Results

Net revenue for the third quarter of 2021 was $9.5 million, an increase of 46% compared to net revenue of $6.5 million for the third quarter of 2020, which was impacted by the COVID-19 pandemic as many dental practitioners were forced to suspend procedures. U.S. laser revenue was $3.4 million for the third quarter of 2021, up 25% when compared to U.S. laser revenue of $2.7 million for the third quarter of 2020. U.S. consumables and other revenue for the third quarter of 2021, which consists of revenue from consumable products such as disposable tips, increased 26% compared to the third quarter of 2020. Outside the U.S., laser revenue increased 168% to $2.7 million for the third quarter of 2021, compared to $1.0 million for the third quarter of 2020, and consumables and other revenue increased 13% year over year as recovery from the pandemic improved internationally.

Gross margin for

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