Anticipates Q3 2020 dental revenue to increase at least four-fold versus Q2 2020
Reports continued growth in active trials of CompuFlo® Epidural System at premier hospitals
ROSELAND, NJ / ACCESSWIRE / September 9, 2020 / Milestone Scientific Inc. (NYSE American:MLSS), a leading developer of computerized drug delivery instruments that provide painless and precise injections, today provided a business update regarding the Company's Wand® dental business, as well as the commercial roll-out of its CompuFlo® Epidural System and CathCheck™ technology.
Arjan Haverhals, President of Milestone Scientific and CEO of Wand Dental Inc., stated, "Our Wand® dental busines has begun to recover, as dental offices reopen across the country and around the world. While we are not back to pre-pandemic levels, I am pleased to report our sales are trending in the right direction and we expect revenue in the third quarter of 2020 will be a minimum of four times our second quarter 2020 results. An important revenue driver in our business model is the recurring sales of our disposables. However, to further drive growth, we are working aggressively to expand our installed unit base. For this reason, we have launched a series of ‘back to work' promotions on both our Wand® instrument and disposables to incentivize our distributors and dentists, as well as support them in their business and practice growth during this transition period. The initial feedback has been promising, on both the domestic and international fronts. As an example, I am pleased to report, we recently signed an important new agreement in Russia as a result of our efforts."
"It is important to note that the Wand® instrument offers significant benefits in terms of establishing a safe environment for patients and staff, as we use sterile, single-use disposables. In addition, when using the Wand®, a dental procedure can start in a little as 60 seconds after making an injection. For this reason, unlike conventional procedures, the dentist does not need to move from one operatory room to another other and change protective gear while waiting for the anesthesia to set in. Accordingly, we believe there is significantly less risk of cross contamination, which has been reinforced based on the feedback we received from dentists. Our enhanced marketing efforts around the Wand® focus on the significant value drivers of our instrument, including safety, efficiency, and, importantly, supporting the growth of dental practices."
Leonard Osser, Interim CEO of Milestone Scientific, further noted, "With COVID-19 infections declining in certain regions, and a number of hospitals re-opening to outside vendors, we are advancing sales efforts around the CompuFlo® Epidural System and CathCheck™ technology. To support the hospitals in performing procedures during the pandemic, we decided to make the CompuFlo instrument more readily available to hospitals by lending the instrument to the hospital, in exchange for a commitment to purchase a minimum number of disposables. This offering is limited to the first hospitals that sign up for this program. At the same time, we are partnering with anesthesiologists, in order to approach the purchasing departments of the hospitals together. We believe our current strategy allows us to streamline the Value Analysis Team (VAT) approval process, and thereby shorten the sales cycle. The response thus far has been encouraging, and we are increasing new trials in major hospitals over the coming weeks. Our sales pipeline is more robust than ever, and we look forward to finalizing agreements with several premier hospitals in the near future."
About Milestone Scientific Inc.
Milestone Scientific Inc. (MLSS) is a biomedical technology research and development company that patents, designs and develops innovative diagnostic and therapeutic injection technologies and instruments for medical, dental, cosmetic and veterinary applications. Milestone's computer-controlled systems are designed to make injections precise, efficient, and virtually painless. Milestone's proprietary DPS Dynamic Pressure Sensing technology® is our technology platform that advances the development of next-generation devices, regulating flow rate and monitoring pressure from the tip of the needle, through platform extensions for local anesthesia for subcutaneous drug delivery, with specific applications for cosmetic botulinum toxin injections, epidural space identification in regional anesthesia procedures and intra-articular joint injections. For more information please visit our website: www.milestonescientific.com.
Safe Harbor Statement
This press release contains forward-looking statements regarding the timing and financial impact of Milestone's ability to implement its business plan, expected revenues, timing of regulatory approvals and future success. These statements involve a number of risks and uncertainties and are based on assumptions involving judgments with respect to future economic, competitive and market conditions, future business decisions and regulatory developments, all of which are difficult or impossible to predict accurately and many of which are beyond Milestone's control. Some of the important factors that could cause actual results to differ materially from those indicated by the forward-looking statements are general economic conditions, failure to achieve expected revenue growth, changes in our operating expenses, adverse patent rulings, FDA or legal developments, competitive pressures, changes in customer and market requirements and standards, and the risk factors detailed from time to time in Milestone's periodic filings with the Securities and Exchange Commission, including without limitation, Milestone's Annual Report for the year ended December 31, 2019. The forward-looking statements in this press release are based upon management's reasonable belief as of the date hereof. Milestone undertakes no obligation to revise or update publicly any forward-looking statements for any reason.
David Waldman or Natalya Rudman
Crescendo Communications, LLC
Email: [email protected]
SOURCE: Milestone Scientific Inc.