Milestone Scientific Inc. Reports Continued Growth in Dental SalesAnticipates over 40% sequential increase in sales for Q4 2020 versus Q3 2020
ROSELAND, N.J., Nov. 30, 2020 (GLOBE NEWSWIRE) -- Milestone Scientific Inc. (NYSE American:MLSS), a leading developer of computerized drug delivery instruments that provides virtually painless and precise injections, today provided an update on the expected growth in dental sales during the fourth quarter of 2020.
Arjan Haverhals, President of Milestone Scientific and CEO of Wand Dental Inc., stated, “As previously reported, our dental business has continued 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 continue trending in the right direction and we anticipate revenue in the fourth quarter of 2020 to be a minimum of $1.7 million. This would represent a 40% sequential increase versus the third quarter, which follows the 718% increase for the third quarter of 2020 versus the second quarter of 2020. This does not include recent sales to our Chinese distributor of approximately $450,000, which we will only record as revenue when the inventory is resold by our distributor. We are encouraged by the current trends in both the USA and around the world, which has improved our cash flow and provides us greater financial stability along with the necessary funds for marketing and sales to continue the growth in the dental sector. At the same time, we continue to execute on our commercial strategy around the CompuFlo® Epidural System and CathCheck™.”
“We attribute the improvement in dental sales to our successful sales and marketing initiatives as a result of our direct efforts. Furthermore, we have terminated the exclusive rights granted to Henry Schein for distribution of The Wand® STA instrument and disposables in the USA and Canada. As per the agreement, Henry Schein Inc. will remain a distributor, albeit on a non-exclusive basis. As a result, we now look forward to implementing a strategy where we will have multiple distributors throughout the United States and Canada. We believe this will allow us to increase our market penetration, with a more significant return on our marketing dollars.”
“It is important to reiterate that The Wand® STA instrument offers significant benefits in terms of establishing a safe environment for patients and staff during the pandemic, which has been reinforced based on the feedback we received from dentists. Our enhanced marketing efforts around The Wand® STA instrument focus on the significant value drivers of our instrument, including safety, efficiency, and, importantly, supporting the growth of dental practices.”
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