Milestone Scientific Inc. Raises Revenue Guidance to Over $2 Million for Q4 2020

Rhea-AI Summary

Milestone Scientific (NYSE American: MLSS) has raised its revenue guidance for Q4 2020 to over $2 million, marking a 67% increase from $1.2 million in Q3 2020. This optimistic outlook is attributed to a recovery in the dental sector as dental offices reopen. Notably, this figure excludes recent sales of approximately $450,000 to a Chinese distributor. The company is also gaining traction with its CompuFlo® Epidural System, having started sales of disposables to the University of Texas Medical Branch, with plans to expand to more hospitals.

Positive

• Increased Q4 2020 revenue guidance to over $2 million, a 67% rise from Q3 2020.
• Strong recovery in the dental business as offices reopen.
• Positive cash flow and strong cash position for growth initiatives.
• Sales of CompuFlo® disposables initiated with the University of Texas Medical Branch.

Negative

• None.

ROSELAND, N.J., Jan. 06, 2021 (GLOBE NEWSWIRE) -- Milestone Scientific Inc. (NYSE American:MLSS), a leading developer of computerized drug delivery instruments that provides virtually painless and precise injections, today raised revenue guidance to over $2 million for the fourth quarter of 2020, a 67% sequential increase over $1.2 million reported for the third quarter of 2020.

Arjan Haverhals, President of Milestone Scientific and CEO of Wand Dental Inc., stated, “I am pleased to report we are increasing our revenue guidance to over $2 million for the fourth quarter of 2020, which compares favorably to the $1.2 million we reported for the third quarter of 2020, and our prior guidance of $1.7 million, which we had previously forecast for the fourth quarter of 2020. We attribute this strong performance to the improvement in our dental business, which has continued to recover as dental offices reopen across the country and around the world. Notably, this guidance 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. In addition to our revenue growth, we are seeing improvement in our cash flow. Given our strong cash position at the end of the third quarter, we are well funded to support our growth initiatives within the medical division and have no plans to raise capital for the foreseeable future.”

“At the same time, I am pleased to report we are gaining traction with our CompuFlo® Epidural System. Specifically, we recently announced we have begun selling CompuFlo® disposables to the University of Texas Medical Branch at Galveston (UTMB), an institution of the University of Texas System and agency of the State of Texas. We anticipate adding additional hospitals during the first quarter of 2021 and remain steadfast in our goal of establishing the CompuFlo Epidural System as the new standard of care in epidural anesthesia.”

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.

Contact:
David Waldman or Natalya Rudman
Crescendo Communications, LLC
Email: mlss@crescendo-ir.com
Tel: 212-671-1020

FAQ

What is Milestone Scientific's revenue guidance for Q4 2020?

Milestone Scientific has raised its revenue guidance for Q4 2020 to over $2 million.

How much did Milestone Scientific earn in Q3 2020?

Milestone Scientific reported earnings of $1.2 million for Q3 2020.

What factors contributed to the revenue increase for Milestone Scientific?

The revenue increase is primarily attributed to the recovery of the dental sector as offices have reopened.

What new development has Milestone Scientific announced regarding its CompuFlo® Epidural System?

Milestone Scientific has begun selling CompuFlo® disposables to the University of Texas Medical Branch.

Are there any notable sales that Milestone Scientific recorded to its Chinese distributor?

Yes, Milestone Scientific noted sales of approximately $450,000 to a Chinese distributor, which will be recorded as revenue once the inventory is resold.