Milestone Scientific Inc. Projects Over Five-Fold Sequential Increase in Dental Sales for Q3 2020 Versus Q2 2020
October 01 2020 - 8:00AM
Milestone Scientific Inc. (NYSE American:
MLSS), a leading developer of computerized drug
delivery instruments that provides painless and precise injections,
today announced that it projects sales for the third quarter ending
September 30, 2020 increased sequentially more than five-fold
versus the second quarter ending June 30, 2020.
Leonard Osser, Interim CEO of Milestone Scientific, noted,
“Although we continue to witness the negative impact of the
COVID-19 pandemic, I am pleased to report our dental sales have
improved considerably. Specifically, dental offices throughout the
country and the rest of the world have begun to reopen, as
illustrated by the increase in handpiece orders. The dental
business has proven quite resilient, illustrating the loyalty of
our current users and reinforcing the long-term positive outlook
for the business. Moreover, we have enhanced our sales and
marketing activities, which should boost sales of our dental
instruments as the market recovers, which, in turn, should help
drive incremental high margin, recurring handpiece sales.”
“Our sales and marketing initiatives around the CompuFlo®
Epidural System are also taking hold. We have added additional
anesthesiologists utilizing our instrument. We remain highly
encouraged by the feedback from hospitals and look forward to
announcing several important transactions that we believe will
further validate our strategy.”
“Overall, we are in a strong financial position, given the fact
we had over $14 million of cash on hand as of September 30, 2020.
In the meantime, gross margins from the dental business have held
steady in the high 60 percent range, we continue to carefully
monitor expenses and we have maintained appropriate inventory
levels to ensure available stock as dental offices begin to return
to more normal levels. Given the increase in dental sales, which
contribute substantial margin, our burn has been substantially
reduced in the third quarter. We have no plans to raise capital
and, in fact, have a strong cash runway to support our accelerated
marketing activities both on the dental and medical fronts as the
market improves.”
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.com Tel: 212-671-1020
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