Milestone Scientific Inc (NYSE:MLSS) reported a 69% uplift in revenue in its third quarter to end-September compared to last year, as dental offices began opening up again and the group's medical sales and marketing initiatives began to stick.
For the three months to September 30, the medtech group said revenue was around $2.1 million versus $1.2 million in the year-ago quarter, with dental revenue increasing around $0.8 million on last year.
"We are also starting to see the results of our sales and marketing initiatives within the Medical segment, as illustrated by our recent selection to supply our CompuFlo Epidural instrument and CathCheck Verification System throughout Florida’s Memorial Healthcare network," noted Arjan Haverhals, CEO.
"The first hospital within this health system, Memorial Regional Hospital, has begun using the CompuFlo Epidural instrument. We look forward to expanding our sales across the other hospitals within their network," he added.
"Additionally, we have expanded our global reach by adding three new international distributors in Canada, Slovenia and the United Arab Emirates. Each brings extensive relationships within key global markets and proven track records introducing medical devices within their territories.
READ: Milestone Scientific initiates international expansion for its CompuFlo Epidural Instrument
"We remain committed to our goal of establishing CompuFlo Epidural instrument as the new standard of care in epidural anesthesia by providing patients with effective pain relief, while reducing the risk of complications."
The gross profit in the third quarter was $1.4 million versus $0.8 million for 3Q, 2020, while the operating loss was around $2 million versus around a loss of $1.5 million for the third quarter ended September 30, 2020.
The net loss attributable to shareholders was around $2 million, compared to a net loss of $1.5 million for the comparable period in 2020.
"We have maintained a solid balance sheet with approximately $14.5 million of cash and cash equivalents and approximately $15.7 million of working capital, allowing us to continue to execute on our business growth strategy," added Haverhals.
"Irrespective of our investments in sales and marketing around the CompuFlo Epidural instrument and CathCheck Verification System, we continue to carefully manage our expenses."
Milestone Scientific patents, designs and develops innovative injection technologies and instruments for medical, dental and cosmetic applications. Its computer-controlled systems are designed to make injections precise, efficient and increase the overall patient comfort and safety.
Contact the author at giles@proactiveinvestors.com