Milestone Scientific Reports Preliminary Sales Results for Q1 2021; Revenue Increases 61% Over the Same Period Last Year

Rhea-AI Summary

Milestone Scientific (NYSE: MLSS) announced a significant business update, reporting a 61% increase in Q1 2021 revenue to $2.9 million from $1.8 million year-over-year. Sequentially, sales rose 32% from Q4 2020. The company attributes this growth to a successful dental sales strategy and initial revenues from medical disposables, which they see as a transformative opportunity. Milestone’s innovative injection technology continues to position the company favorably in the biomedical market.

Positive

• Revenue increased by 61% in Q1 2021 to $2.9 million.
• Sequential sales growth of 32% versus Q4 2020.
• Growth observed in both domestic and international markets.
• Early revenue generation from medical disposables indicates a new growth opportunity.

Negative

• None.

ROSELAND, N.J., May 03, 2021 (GLOBE NEWSWIRE) -- Milestone Scientific Inc. (NYSE: MLSS), a leading developer of computerized drug delivery instruments that provide painless and precise injections, today provided a business update and announced preliminary financial results for the first quarter of 2021.

Arjan Haverhals, President of Milestone Scientific and CEO of Wand Dental Inc., stated, "I am pleased to report that our revenue for the first quarter of 2021 increased more than 61% to $2.9 million versus $1.8 million for the same period last year. We also achieved a strong sequential increase in sales of 32% versus the fourth quarter of 2020. Importantly, we witnessed growth in both our domestic and international revenues. We attribute this improvement to the success of our new dental sales and marketing strategy. At the same time, we are beginning to generate early revenue from the sale of our medical disposables, which we believe represents a transformative growth opportunity for our company.”

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, 2020. 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 were the revenue figures for Milestone Scientific in Q1 2021?

Milestone Scientific reported a revenue of $2.9 million for Q1 2021, a 61% increase from $1.8 million in the same period last year.

How much did Milestone Scientific's revenue grow sequentially in Q1 2021?

The company's revenue grew by 32% sequentially from Q4 2020.

What factors contributed to Milestone Scientific's revenue growth in Q1 2021?

The growth was attributed to a successful dental sales and marketing strategy and early revenue from medical disposables.

What is Milestone Scientific's stock ticker?

The stock ticker for Milestone Scientific is MLSS.