Milestone Scientific Inc (NYSEAMERICAN:MLSS) announced Tuesday that it is advancing the commercial rollout of its CompuFlo Epidural system.
The medical device company’s system, a computer-controlled, real-time pressure-sensing technology, is designed to reduce failure rates and accidental punctures.
"We have made significant strides in 2019 in order to commercialize our CompuFlo Epidural System in 2020,” Milestone's interim CEO Leonard Osser said in a statement.
“During the year, we successfully trialed our CompuFlo Epidural System in multiple hospitals and medical schools, placing the system with key opinion leaders, continuing important clinical studies and working with anesthesiologists in the US and Europe.”
READ: Milestone Scientific says hospital in Italy becomes first in country to use its epidural system
Osser also noted that Milestone has published nine clinical studies, which further validated the system's ability to safely and effectively identify the epidural space.
"We have begun speaking with Group Purchasing Organizations (GPO) in order to obtain approval of the CompuFlo Epidural System within their facilities,” he said. “The GPOs represent a sizable opportunity since some of these groups have hundreds of hospitals within their network. Once we get an approval, it should shorten the sales cycle and open us up to larger markets.”
Osser pointed out that the company’s dental business sales are down due to a drop off business in China amid the coronavirus (COVD-19) outbreak but sales in the US have remained “consistent” in 2020. But that could change.
He said reduced hours and closings of dental offices throughout the US and globally are expected to affect revenue for the second quarter and possibly the third quarter.
"However, at this point in time it is too early to determine an estimate of what the second or third quarter impact will be, or the effect Covid-19 may have on our fourth-quarter revenue," Osser said. “We remain encouraged by the outlook for our company and look forward to providing further updates as they unfold."
Milestone also reported that its total 2019 revenue fell year-over-year to $8.4 million from $9.6 million. However, gross profit for the year ended December 31 was $5.7 million, or 68% of revenue, versus $4.4 million, or 46% of revenue, for the year-end 2018.
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