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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 announced that its CompuFlo® Epidural System received favorable Medicare pricing from First Coast Service Options (FCSO) in Florida. This marks a critical milestone in Milestone's strategy to enhance coverage and payment for its technology. The decision impacts an estimated $125 million market among Florida Medicare patients. CEO Arjan Haverhals highlighted the strategic and methodical approach to achieving this reimbursement. The FDA-cleared CompuFlo® System uses Dynamic Pressure Sensing® technology to ensure accurate needle placement, enhancing patient safety and comfort. Milestone plans to expand its reimbursement strategy to other Medicare jurisdictions nationwide.
Milestone Scientific has received approval from Brazil's National Health Surveillance Agency (ANVISA) to market its CompuFlo® Epidural System in Brazil. This system uses patented Dynamic Pressure Sensing® technology for accurate, safe, and comfortable epidural needle placement, applicable to lumbar, thoracic, and cervical-thoracic areas. Brazil, being the 9th largest economy, has over 21 million people with chronic back pain and performs an estimated 4-5 million epidural procedures annually. The company has established key relationships with medical institutions and commercial entities in Brazil, expecting to expand the addressable market and improve patient safety and provider experience. This approval follows prior FDA approval in the U.S. and marks a significant step in Milestone's global expansion.
Milestone Scientific (NYSE: MLSS) reported $2.2 million in revenue for Q1 2024, down from $2.6 million in Q1 2023. The company's gross margin increased to 74.5%, up from 72.7%. The increase is attributed to a 31% rise in sales through their new online portal.
However, international revenues fell by $274,000. The company continues to advance its CompuFlo® Epidural System and has submitted over 160 claims for reimbursement. Operating loss for the quarter was $1.5 million, slightly higher than the $1.3 million loss in Q1 2023. Milestone Scientific ended the quarter with $5 million in cash and marketable securities.
Milestone Scientific Inc. (NYSE:MLSS) is set to announce its first-quarter 2024 financial results and business updates on May 16th, 2024. The company specializes in computerized drug delivery instruments for painless and precise injections. The conference call will cover financial performance, corporate progress, and recent developments.
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