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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), a developer of computerized drug delivery instruments for painless and precise injections, has announced its participation in The Benchmark Company's 13th Annual Discovery One-on-One Investor Conference. The event will take place on December 11th, 2024 at the New York Athletic Club in New York City.
CEO Arjan Haverhals and Chairman Neal Goldman will represent the company, with Haverhals conducting one-on-one meetings with investors and analysts throughout the conference day. The conference provides emerging growth companies the opportunity to connect with institutional and individual investors in a unique format.
Milestone Scientific has secured Federal Supply Schedule (FSS) approval for its CompuFlo® Epidural System, enabling pre-vetted contractor status with pre-negotiated pricing. The contract has a potential duration of up to 20 years, including extensions. The FSS designation opens significant opportunities within federal healthcare systems, including the Department of Defense, Veterans Affairs, and Indian Health Service. The CompuFlo® system uses patented Dynamic Pressure Sensing Technology® for accurate needle placement during epidural procedures. The contract provides access to the VHA's network of 1,380 facilities serving 9.1 million veterans, the Military Health System's 9.5 million beneficiaries, and the IHS's 687 facilities serving 2.8 million American Indians and Alaska Natives.
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.
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