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Milestone Scientific, Inc. (NASDAQ: MLSS) is a pioneering company in the field of medical and dental anesthesia. The company focuses on the development, manufacture, marketing, and sale of computer-controlled local anesthetic delivery (C-CLAD) systems designed to provide improved and painless local anesthetic delivery. These systems are marketed under various trademarks for different applications. For dentistry, the products are known as CompuDent™ and STA™ (Single Tooth Anesthesia) System. These innovative devices allow for painless injections during a wide range of dental procedures, from routine cleanings to complex surgeries involving implants, root canals, and crowns.
For medical applications, Milestone Scientific offers similar technology under the CompuMed™ trademark. Their products are used across various medical disciplines, including plastic surgery, hair restoration surgery, podiatry, colorectal surgery, dermatology, and orthopedics. The company's advanced anesthetic delivery systems are sold both in the United States and in over 25 countries worldwide, highlighting their global reach and impact.
Besides their core product offerings, Milestone Scientific also provides The Wand™, a handpiece that allows for almost painless injections, enhancing patient comfort significantly.
The firm's operations are divided into two main segments: Dental and Medical. Geographically, all operations are concentrated in the United States, but their products are influential on a global scale.
Recent Achievements:
- Successful evaluations by prominent medical professionals, such as Dr. Matthew Stottle of Omaha Pain Physicians, achieving 100% success rates.
- Acceleration in reimbursement claims submission for the CompuFlo® Epidural System.
For more information or inquiries, Milestone Scientific can be contacted through Crescendo Communications, LLC via email at mlss@crescendo-ir.com or by phone at 212-671-1020.
Milestone Scientific (NYSE: MLSS) reported a 22% year-over-year revenue increase to $2.5 million in Q3 2024, driven by a 57% rise in international dental sales. The company maintained a strong gross margin of 73%. The growth was supported by their e-commerce platform and expanded global distribution. Their CompuFlo® Epidural System gained traction following Medicare Part B payment rate approval in multiple states. Despite revenue growth, the company reported an operating loss of $(1.5) million. Cash position stood at $4.8 million with working capital of $6.9 million as of September 30, 2024.
Milestone Scientific (NYSE: MLSS) announced that CEO Arjan Haverhals will retire on December 31, 2024. Chairman Neal Goldman will serve as Interim CEO while the company searches for a permanent replacement. Haverhals will remain on the Board and provide consulting services during the transition. The company is retaining an executive search firm to find a permanent CEO who will focus on accelerating the commercialization of the CompuFlo® Epidural System. Under Haverhals' leadership, the company achieved financial stability and secured Medicare Part B Physician payment rates for CompuFlo® across multiple JMAC regions.
Milestone Scientific (NYSE:MLSS), a developer of computerized drug delivery instruments for painless and precise injections, has scheduled a conference call for Friday, November 15th, 2024, at 8:30 AM Eastern Time. The call will discuss the company's third quarter 2024 financial results for the period ended September 30, 2024, along with corporate progress and developments. Investors can access the call via telephone or webcast, with an audio replay available through November 29th, 2024.
Milestone Scientific (NYSE: MLSS) announced the commercial rollout of its CompuFlo® Epidural System at Hudson Specialty Care, led by Dr. Elbaz. This expansion follows the recent Medicare Part B payment rate assignment with FCSO and Novitas Solutions under CPT code CPT0777T. The implementation results from Milestone's partnership with Axial Biologics, with additional pilot programs ongoing in New Jersey, Texas, and Florida. The company will showcase the technology at the New York and New Jersey Pain Medicine Congress 2024. The CompuFlo system uses proprietary technology to precisely identify epidural space, enhancing procedure safety and efficiency.
Milestone Scientific Inc. (NYSE: MLSS) announced the commercial rollout of its CompuFlo® Epidural System at iHeal Pain Center following successful epidural steroid injection (ESI) procedures. This marks the launch of Milestone's next phase of commercial activities after achieving a granted Medicare Part B Physician payment rate for the system under CPT code CPT0777T.
The company also reported a robust pipeline of clinics in trials across multiple states through its partnership with Axial Biologics. The Medicare Price Assignment was granted across several Jurisdictional Medicare Administrative Contractors (JMAC) regions, including key states like Florida, Texas, and Pennsylvania.
Arjan Haverhals, CEO of Milestone Scientific, expressed satisfaction with the Axial Biologics partnership and the positive feedback from clinicians. The company is actively providing demos and performing procedures at numerous clinics, aiming to convert them into long-term users of the CompuFlo® technology.
Milestone Scientific Inc. (NYSE: MLSS) reported financial results for Q2 2024 and provided a business update. Key highlights include:
1. Secured Medicare price assignment for CompuFlo® Epidural System in multiple U.S. states.
2. Gross margin increased to 76.1% from 65.0% year-over-year.
3. U.S. e-commerce sales rose to $1.3 million in Q2 2024.
4. Revenues were $1.9 million, down from $2.9 million in Q2 2023.
5. Net income was $0.2 million, compared to a net loss of $1.3 million in Q2 2023.
6. Cash and cash equivalents stood at $5.8 million as of June 30, 2024.
The company's focus on reimbursement strategy and e-commerce platform has improved margins, despite challenges in international sales.
Milestone Scientific Inc. (NYSE:MLSS), a developer of computerized drug delivery instruments for painless and precise injections, has announced a conference call scheduled for Thursday, August 15th, 2024, at 8:30 AM Eastern Time. The call will discuss the company's financial results for the second quarter ended June 30, 2024, along with corporate progress and other developments.
Investors can access the call via telephone by dialing 888-506-0062 (U.S. toll-free) or +1 973-528-0011 (international) with the access code: 959238. A webcast will also be available. An audio replay will be accessible until August 29th, 2024, by dialing 877-481-4010 (U.S.) or +1 919-882-2331 (international) with the access code: 51045.
Milestone Scientific Inc. (NYSE: MLSS) has announced a strategic partnership with Axial Biologics to distribute its CompuFlo® Epidural System in New Jersey, Texas, and Florida. This follows recent Medicare Part B Physician payment rate approvals for the system under the AMA's Category III CPT® code CPT0777T by Novitas Solutions, Inc. and First Coast Service Options Inc.
The partnership aims to leverage Axial Biologics' extensive experience and relationships in the pain management sector to accelerate the adoption of CompuFlo®. This collaboration represents a focused approach to expand Milestone's reach in key states, potentially driving growth and enhancing patient outcomes.
The CompuFlo® Epidural System is designed to provide precise identification of the epidural space, reducing complications associated with traditional methods. The recent Medicare Price Assignment is expected to facilitate broader adoption across the United States.
Milestone Scientific Inc. (NYSE: MLSS) has received multiple Notices of Allowance for key patent applications in the U.S. and Europe. These patents cover the company's next-generation Dynamic Pressure Sensing® (DPS) technology for real-time pressure-sensing guidance in manual injection systems and the new CompuPulse System for identifying pulsatile pressure waveforms.
The DPS technology enables fluid-pressure analysis to compare pressure signals, alert pressure thresholds, and display pressure graphs, enhancing the safety and precision of manual injections. The CompuPulse System improves the reliability and safety of drug delivery using manual syringes.
CEO Arjan Haverhals stated that these patent approvals significantly broaden the company's intellectual property foundation and reinforce its leadership in the computerized injection market, while opening new avenues for their technology in diverse markets and applications.
Milestone Scientific (NYSE: MLSS) has secured Medicare price assignment for its CompuFlo® Epidural System in 12 states through Novitas Solutions. This covers Medicare regions Jurisdiction L and H, following a recent approval in Florida. The decision applies to the AMA's Category III CPT® code CPT0777T for real-time pressure-sensing epidural guidance systems.
This expansion represents a significant market opportunity, with an estimated 3.0 million epidural steroid injection procedures performed annually in these jurisdictions, accounting for about one-third of total U.S. procedures. The initial addressable market among Medicare patients in these regions is approximately $250 million. The CompuFlo® system uses Dynamic Pressure Sensing® technology to enhance patient safety and outcomes in epidural procedures.
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