The Roseland, New Jersey-based company said that dental sales grew nearly seven-times higher compared to 2Q, when many dental operations shuttered or limited its patients due to the COVID-19 pandemic.
Milestone Scientific patents, designs and develops diagnostic and therapeutic injection technologies and instruments for medical, dental, cosmetic and veterinary applications.
"This quarter, our dental business improved considerably as dental offices began to reopen across the country and around the world,” interim CEO Leonard Osser told investors in a statement accompanying the results.
“Specifically, our dental sales increased more than sevenfold versus the second quarter of 2020. Importantly, our marketing initiatives and ‘back to work' promotions have been well received, as we are working hard to address the needs of both dentists and their patients during the pandemic.”
Total revenue for the three-month period ended September 30 came in at $1.2 million compared to the $1.9 million it posted in the same quarter a year ago. Dental revenues were down overall due to the impact of COVID-19 on customers, suppliers, and business partners.
The firm did, however, narrow its net loss 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.
READ: Milestone Scientific envisages 3Q dental sales to jump five-fold sequentially driven by handpiece orders
"With a number of hospitals re-opening to outside vendors, we are advancing our sales efforts and exploring new collaboration opportunities around the CompuFlo Epidural System and CathCheck,” Osser said.
The company was recently awarded a group purchasing agreement with Premier, a leading group purchasing organization, with approximately 4,100 US hospitals and 200,000 other providers within their network.
Milestone is also expanding its trials in major hospitals and medical schools and partnering with key opinion leaders to approach the purchasing departments of hospitals together, Osser added.
The company ended the three-month period with over $14 million of cash on hand, which will support marketing and other ongoing activities.
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