Milestone Scientific Inc. (NYSEAMERICAN:MLSS) said it has raised its 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.
In a statement, 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."
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Haverhals added: "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,” he concluded.
Milestone Scientific 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.
The company’s proprietary DPS Dynamic Pressure Sensing technology is its 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.
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