Milestone Scientific Inc. Reports Continued Growth in Dental Sales
November 30 2020 - 2:00PM
Milestone Scientific Inc. (NYSE
American:MLSS), a leading
developer of computerized drug delivery instruments that provides
virtually painless and precise injections, today provided an update
on the expected growth in dental sales during the fourth quarter of
2020.
Arjan Haverhals, President of Milestone Scientific and CEO of
Wand Dental Inc., stated, “As previously reported, our dental
business has continued to recover, as dental offices reopen across
the country and around the world. While we are not back to
pre-pandemic levels, I am pleased to report our sales continue
trending in the right direction and we anticipate revenue in the
fourth quarter of 2020 to be a minimum of $1.7 million. This would
represent a 40% sequential increase versus the third quarter, which
follows the 718% increase for the third quarter of 2020 versus the
second quarter of 2020. This does not include recent sales to our
Chinese distributor of approximately $450,000, which we will only
record as revenue when the inventory is resold by our distributor.
We are encouraged by the current trends in both the USA and around
the world, which has improved our cash flow and provides us greater
financial stability along with the necessary funds for marketing
and sales to continue the growth in the dental sector. At the same
time, we continue to execute on our commercial strategy around the
CompuFlo® Epidural System and CathCheck™.”
“We attribute the improvement in dental sales to our successful
sales and marketing initiatives as a result of our direct efforts.
Furthermore, we have terminated the exclusive rights granted to
Henry Schein for distribution of The Wand® STA instrument and
disposables in the USA and Canada. As per the agreement, Henry
Schein Inc. will remain a distributor, albeit on a non-exclusive
basis. As a result, we now look forward to implementing a strategy
where we will have multiple distributors throughout the United
States and Canada. We believe this will allow us to increase our
market penetration, with a more significant return on our marketing
dollars.”
“It is important to reiterate that The Wand® STA
instrument offers significant benefits in terms of establishing a
safe environment for patients and staff during the pandemic, which
has been reinforced based on the feedback we received from
dentists. Our enhanced marketing efforts around The Wand® STA
instrument focus on the significant value drivers of our
instrument, including safety, efficiency, and, importantly,
supporting the growth of dental practices.”
About Milestone Scientific
Inc.Milestone Scientific Inc. (MLSS) is a biomedical
technology research and development company that patents, designs
and develops innovative diagnostic and therapeutic injection
technologies and instruments for medical, dental, cosmetic and
veterinary applications. Milestone's computer-controlled systems
are designed to make injections precise, efficient, and virtually
painless. Milestone’s proprietary DPS Dynamic Pressure Sensing
technology® is our technology platform that advances the
development of next-generation devices, regulating flow rate and
monitoring pressure from the tip of the needle, through platform
extensions for local anesthesia for subcutaneous drug delivery,
with specific applications for cosmetic botulinum toxin injections,
epidural space identification in regional anesthesia procedures and
intra-articular joint injections. For more information please visit
our website: www.milestonescientific.com.
Safe Harbor Statement
This press release contains forward-looking
statements regarding the timing and financial impact of Milestone's
ability to implement its business plan, expected revenues, timing
of regulatory approvals and future success. These statements
involve a number of risks and uncertainties and are based on
assumptions involving judgments with respect to future economic,
competitive and market conditions, future business decisions and
regulatory developments, all of which are difficult or impossible
to predict accurately and many of which are beyond Milestone's
control. Some of the important factors that could cause actual
results to differ materially from those indicated by the
forward-looking statements are general economic conditions, failure
to achieve expected revenue growth, changes in our operating
expenses, adverse patent rulings, FDA or legal developments,
competitive pressures, changes in customer and market requirements
and standards, and the risk factors detailed from time to time in
Milestone's periodic filings with the Securities and Exchange
Commission, including without limitation, Milestone's Annual Report
for the year ended December 31, 2019. The forward-looking
statements in this press release are based upon management's
reasonable belief as of the date hereof. Milestone undertakes no
obligation to revise or update publicly any forward-looking
statements for any reason.
Contact:David Waldman or
Natalya RudmanCrescendo Communications, LLCEmail:
mlss@crescendo-ir.comTel: 212-671-1020
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