Milestone Scientific Inc (NYSE:MLSS) reports that first-quarter revenue increased by double-digits year-over-year as the company commercializes its CompuFlo Epidural System.
The company also announced that it closed the quarter ended March 31 with about $17 million in cash and cash equivalents — a substantial runway that will allow Milestone Scientific to accelerate its sales and marketing activities around its dental and medical instruments.
The company said it generated revenue of $2.9 million, a 61% jump versus the year-ago period. Dental revenues increased by about $1 million, due to the re-opening of dental offices throughout the country, in China, and the rest of the world.
In addition, Milestone Scientific said it achieved a 32% sequential increase in revenue compared with the 4Q of 2020.
The company also managed to narrow its net loss to about $1.0) million, or $0.01 loss per share, versus a net loss of $1.6 million, or $0.03 loss per share, for the comparable period in 2020.
“We continue to carefully manage our operating expenses and significantly reduced our net loss during the quarter,” said President Arjan Haverhals, who is taking over the CEO post on May 24, in a statement.
“Importantly, our dental segment remains cash flow positive on a standalone basis with continued growth opportunities. Our primary focus has been, and continues to be, the commercialization of the CompuFlo Epidural System within our medical segment. Specifically, now that we have penetrated several medical institutions with our CompuFlo Epidural Instrument and CathCheck System, we are aggressively building our sales and marketing organization as we prepare for the next phase of our growth. We believe these latest commercial orders from several recognized hospitals is validation that our technology provides a level of safety and efficiency not currently available to medical professionals using conventional syringes.”
Haverhals added: “We truly believe 2021 will be a transformative year for our medical business and an important turning point as we execute on our goal of establishing our medical instruments and disposables as the new standard of care for epidural procedures in labor and delivery.”
Leonard Osser, interim CEO, said the $17 million runway not only will help the company speed up its sales and marketing activities around its dental and medical instruments but will also allow the company to advance the development and commercialization of its proprietary DPS Dynamic Pressure Sensing Technology.
“Additionally, last week we announced that we are promoting Arjan Haverhals to CEO and hired Scott Kahn as our new CFO,” Osser said. “Arjan has already proven his exceptional leadership, and Scott will be instrumental, not only overseeing our financial infrastructure, but also helping us to increase investor awareness as we execute on key milestones. I look forward to staying actively involved as Vice Chairman of the Board and continuing to oversee our China operations.”
Meanwhile, Milestone Scientific’s executive management team will host a conference call today (May 17) at 11 am to discuss its 1Q financial results as well as corporate progress and other developments.
The conference call will be available via telephone by dialing toll-free 1- 877-407-0778 for US callers or 201-689-8565 for international callers. A webcast of the call may be accessed at https://www.webcaster4.com/Webcast/Page/2306/41369 or on the company’s website at https://www.milestonescientific.com/.
An audio replay of the call will be available through May 31 and can be accessed by dialing 877-481-4010 for US callers or 919-882-2331 for international callers and by entering the access code: 41369.
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Story by ProactiveInvestors
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