- Revolutionizing injections for doctors and patients
- CompuFlo instruments provide feedback to distinguish tissue types for precise location guidance
- Establishing relationships with world-class global partners
What Milestone Scientific Inc does:
Milestone Scientific Inc (NYSEAMERICAN: MLSS) is a medical device research and development (R&D) group.
It designs and patents innovative injection technology and specializes in dynamic pressure sensing, which allows medics to know what the pressure at the tip of needle is at any time.
The company is advancing computer-controlled drug delivery systems that offer significant efficiency and patient comfort gains in the medical and dentistry fields.
Its wand product for dentistry, which is the group's biggest revenue earner, makes an injection at the dentist a lot more comfortable. The numbness is contained on a single tooth rather than a whole portion of the mouth.
In the medical solutions space, the firm has a CompuFlo Epidural Instrument for epidural injections, which has a 99% success in locating the epidural space on the first attempt. Done manually, the procedure can be cumbersome and time-consuming. The company believes the epidural system will become the new standard of care.
The addition to the system (for catheter patients) is its CathCheck technology, which is also gaining traction.
Milestone also has a Compuflo training product to help medical students master epidurals. Milestone's CompuFlo Intra-Articular Instrument has been proven successful in administering medicaments into the intra-articular space.
The group is also looking at future products in the cosmetic surgery, opthalmic and neurosurgical sectors.
How is it doing:
On January 6 this year, Milestone raised its revenue guidance to over $2 million for the fourth quarter of 2020, a 67% sequential increase over the $1.2 million reported for the third quarter of 2020.
President of the company Arjan Haverhals attributed the strong performance to the improvement in the dental business, as dental offices reopen across the country and around the world.
He also highlighted that the guidance did not include recent sales to its Chinese distributor of approximately $450,000, which will only be recorded as revenue when the inventory is resold by its 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," he said.
Earlier in the year, Milestone said it had begun selling CompuFlo disposables to the University of Texas Medical Branch at Galveston (UTMB). The institution opened in 1891 as the nation’s first public medical school and hospital.
And just days later, the group reported it had begun selling its CompuFlo Epidural and CathCheck disposables to Regional Medical Center (RMC), a premier regional healthcare system in South Carolina.
On February 9 this year, the group inked two additional distribution agreements with leading distributors of dental products in the US Atlanta Dental and Nashville Dental for its Wand Single Tooth Anesthesia (STA) System. Those deals came just weeks after two deals, also for the firm's wand single tooth tech, from US Dental Depot and IQ Dental Supply, also leading US distributors.
Also, this year, the company struck a deal with Bitmedical AG to distribute its CompuFlo Epidural Instrument and CathCheck System, as well as related disposables, in Switzerland and Austria.
Bitmedical is a premier distributor of medical devices and equipment within Switzerland and Austria, supporting many of the leading global manufacturers in those two markets.
In its third-quarter financials (to September 30, 2020) revenue was $1.2 million compared to the $1.9 million the group posted in the same quarter in 2019. The net loss was narrowed to $1.5 million, or $0.02 per share, versus the $2.8 million, or $0.06 a share, it posted in the comparable year-ago quarter. The company ended the three-month period with over $14 million of cash on hand.
- Fourth-quarter results
- More traction for its technology/ sales
- Results of further research and development
What the boss says:
Speaking to Proactive's Christine Corrado in January this year, president Arjan Haverhals said the group's 'razor blade' business model had been reaffirmed by the start of sales at its CompuFlo Epidural and CathCheck disposables to Regional Medical Center (RMC), a premier regional healthcare system in South Carolina, USA.
"We sell the CompuFlo Epidural instrument in addition to the consumables to be used for each patient procedure so the recurrent revenues of the consumables is really driving our business model and our sales revenues....our ambition is really to become the standard of care in epidural procedures," he said.
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