Milestone Scientific Inc (NYSEAMERICAN:MLSS), which designs computerized drug delivery instruments that provide painless injections, said on Thursday that the company’s projected sales for the third quarter are likely to jump five-fold in the quarter ended September 30, 2020.
In a statement, Milestone Scientific interim CEO Leonard Osser said: “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.”
He added: “The dental business has proven quite resilient, illustrating the loyalty of our current users and reinforcing the long-term positive outlook for the business.”
READ: Milestone Scientific seeing recovery in wand dental business as it advances sales efforts for its CompuFlo and CathCheck tech
Milestone Scientific, which is advancing computer-controlled drug delivery systems that offer significant patient comfort in the medical and dentistry fields, said it had increased its marketing activities.
“This should boost sales of our dental instruments as the market recovers, which, in turn, should help drive incremental high margin, recurring handpiece sales,” added Osser.
“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.”
Overall, the company said it was in a strong financial position, with over $14 million in cash as of September 30, 2020.
“In the meantime, gross margins from the dental business have held steady in the high 60% 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,” said Osser.
Osser revealed that given the increase in dental sales, which contribute substantial margin, the company significantly improved its burn rate 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,” he added.
Roseland, New Jersey-based Milestone's computer-controlled systems are designed to make injections precise, efficient, and virtually painless. Milestone’s proprietary DPS Dynamic Pressure Sensing technology is the company’s technology platform that advances the development of next-generation devices.
Contact the author Uttara Choudhury at [email protected]
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