Milestone Scientific Inc. Raises Revenue Guidance to Over $2 Million for Q4 2020
January 06 2021 - 9:30AM
Milestone Scientific Inc. (NYSE American:MLSS), a
leading developer of computerized drug delivery instruments that
provides virtually painless and precise injections, today raised
revenue guidance to over $2 million for the fourth quarter of 2020,
a 67% sequential increase over $1.2 million reported for the third
quarter of 2020.
Arjan Haverhals, President of Milestone
Scientific and CEO of Wand Dental Inc., stated, “I am pleased to
report we are increasing our revenue guidance to over $2 million
for the fourth quarter of 2020, which compares favorably to the
$1.2 million we reported for the third quarter of 2020, and our
prior guidance of $1.7 million, which we had previously forecast
for the fourth quarter of 2020. We attribute this strong
performance to the improvement in our dental business, which has
continued to recover as dental offices reopen across the country
and around the world. Notably, this guidance 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. In addition to our revenue growth, we are
seeing improvement in our cash flow. Given our strong cash position
at the end of the third quarter, we are well funded to support our
growth initiatives within the medical division and have no plans to
raise capital for the foreseeable future.”
“At the same time, I am pleased to report we are
gaining traction with our CompuFlo® Epidural System. Specifically,
we recently announced we have begun selling CompuFlo® disposables
to the University of Texas Medical Branch at Galveston (UTMB), an
institution of the University of Texas System and agency of the
State of Texas. We anticipate adding additional hospitals during
the first quarter of 2021 and remain steadfast in our goal of
establishing the CompuFlo Epidural System as the new standard of
care in epidural anesthesia.”
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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