Milestone Scientific Commences Direct Sales of STA Single Tooth Anesthesia System® to Maine Dental Group, a Premier Group Practice with 21 Locations Across the Northeast

Rhea-AI Summary

Milestone Scientific Inc. (MLSS) announces the commencement of sales of its STA Single Tooth Anesthesia System® with Maine Dental Group. The agreement reflects the success of their new sales strategy targeting Dental Service Organizations (DSOs) and large group practices. The partnership aims to enhance patient experience, improve practice efficiency, and drive greater awareness of Milestone's technology in the dental industry.

Insights

Market Research Analyst

The commencement of sales for Milestone Scientific's STA Single Tooth Anesthesia System with Maine Dental Group is a strategic business development that can have a tangible impact on the company's revenue streams. The partnership with a prominent group of 21 dental practices signifies an expansion of Milestone's market presence in the northeastern United States. The decision to focus on Dental Service Organizations (DSOs) and large group practices aligns with industry trends, where there is a growing inclination towards such affiliations, as indicated by the American Dental Association's statistic of 23% dentist affiliation with group practices and DSOs.

This relationship not only serves as a case study for the efficacy of Milestone's direct sales model but also potentially shortens the sales cycle for future deals. The ability to support customers through sales portals and educational programs is an added value that can enhance the customer experience and foster long-term relationships. Furthermore, the introduction of new marketing initiatives aimed at raising awareness of Milestone's technology could lead to increased adoption and market penetration, thereby strengthening the company's competitive position.

Financial Analyst

Investors should note the potential for Milestone Scientific's stock (NYSE:MLSS) to respond favorably to this announcement due to the direct impact on the company's sales and market expansion efforts. The adoption of the STA system by Maine Dental Group could serve as a proof of concept that may encourage other DSOs and dental practices to follow suit, potentially leading to a multiplier effect in sales growth. By reducing the time to full anesthesia, the STA system also offers an efficiency value proposition to dental practices, which could translate into higher demand and increased sales volume for Milestone Scientific.

While the financial details of the agreement were not disclosed, the long-term benefits include recurring revenue from this and potentially similar future agreements. The direct sales model may also improve margins by eliminating or reducing reliance on intermediaries. Investors should monitor subsequent earnings reports and management discussions for indications of the financial impact of this agreement and the effectiveness of the new sales and marketing strategies.

Healthcare Industry Analyst

The STA Single Tooth Anesthesia System represents a significant technological advancement in dental anesthetics, offering painless and precise injections. Its adoption by Maine Dental Group underscores the product's value in enhancing patient experience and operational efficiency in dental practices. This is particularly relevant in the healthcare industry, where patient satisfaction is increasingly becoming a differentiator for medical service providers.

The emphasis on patient experience, as highlighted by Dr. Jin Hwang of Maine Dental Group, reflects a broader industry shift towards patient-centric care. The ability of the STA system to attract and retain patients by offering a more pleasant experience could become a compelling selling point for Milestone Scientific in the competitive dental equipment market. The long-term impact of such technological adoption could lead to standardization of advanced anesthetics practices, potentially setting a new benchmark for patient care in dentistry.

ROSELAND, N.J., Feb. 20, 2024 (GLOBE NEWSWIRE) -- Milestone Scientific Inc. (NYSE:MLSS), a leading developer of computerized drug delivery instruments that provide painless and precise injections, today announces it has commenced sales of its STA Single Tooth Anesthesia System® (STA) with Maine Dental Group, a premier group of 21 dental practices across the northeastern United States.

Arjan Haverhals, Chief Executive Officer of Milestone Scientific, noted, “We are honored to add Maine Dental Group to our growing roster of dental practices, and believe this agreement is further validation of our new direct sales model, as well as our emphasis on Dental Service Organizations (DSOs) and large group practices, which we initiated last year. We are executing our new sales strategy, which allows us to leverage a lean sales organization, while providing a cost-effective means to scale the business. According to the American Dental Association, approximately 23% of all dentists are now affiliated with group practices and DSOs. Although this latest relationship required a long introductory period, we believe that having such a prestigious large group practice will help shorten our sales cycle and enable us to further penetrate the DSO market going forward. Moreover, we now have the ability to support these customers on an ongoing basis, through both our new sales portal and educational programs to enhance the customer experience, as well as maximize the relationship over time. In addition to targeting the DSO market, we are rolling out a variety of new marketing initiatives to drive greater awareness of our technology among dental practices nationwide.”

Dr. Jin Hwang, CEO of Maine Dental Group, stated, “The STA allows our practices to provide a painless and more pleasant experience for patients, which has helped to attract and retain patients. In addition, the STA has allowed us to improve the efficiency of our practices by reducing the time required before the onset of full anesthesia, thereby enabling us to see more patients in less time. We could not be more pleased with the STA, and plan on expanding its use within our group.”

About Milestone Scientific Inc.

Milestone Scientific Inc. (MLSS) is a biomedical technology company that patents, designs, develops and commercializes innovative diagnostic and therapeutic injection technologies and devices for medical and dental use. Since inception, Milestone Scientific has engaged in pioneering proprietary, innovative, computer-controlled injection technologies, and solutions for the medical and dental markets.

Milestone Scientific has developed a proprietary, revolutionary, computer-controlled anesthetic delivery device, our DPS Dynamic Pressure Sensing Technology® System, to meet the needs of various subcutaneous drug delivery injections and fluid aspiration – enabling healthcare practitioners to achieve multiple unique benefits that cannot currently be accomplished with the 160-year-old manual syringe. The company’s proprietary DPS Dynamic Pressure Sensing technology is a technology platform that advances the development of next-generation devices. It regulates flow rate and monitoring pressure from the tip of the needle, through platform extensions for local anesthesia for subcutaneous drug delivery, used in various dental and medical injections. It has specific medical applications for epidural space identification in regional anesthesia procedures. To learn more, view the MLSS brand video or visit 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, 2022. 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.

Contact:
Crescendo Communications, LLC
Email: mlss@crescendo-ir.com
Tel: 212-671-1020

 

FAQ

What is the name of the computerized drug delivery instrument developed by Milestone Scientific Inc.?

The computerized drug delivery instrument developed by Milestone Scientific Inc. is called the STA Single Tooth Anesthesia System®.

Who has Milestone Scientific Inc. commenced sales of its STA system with?

Milestone Scientific Inc. has commenced sales of its STA system with Maine Dental Group, a premier group of 21 dental practices across the northeastern United States.

What is the significance of the agreement with Maine Dental Group for Milestone Scientific Inc.?

The agreement with Maine Dental Group validates Milestone Scientific's new direct sales model and focus on Dental Service Organizations (DSOs) and large group practices.

What percentage of dentists are now affiliated with group practices and DSOs according to the American Dental Association?

Approximately 23% of all dentists are now affiliated with group practices and DSOs according to the American Dental Association.

How does the STA system benefit Maine Dental Group practices?

The STA system allows Maine Dental Group practices to provide a painless and more pleasant experience for patients, attract and retain patients, and improve practice efficiency by reducing the time required before the onset of full anesthesia.