Milestone Scientific Inc (NYSE:MLSS). has prepared investors for an 85% increase in revenue for its 2021 financial year as its dental and medical divisions continue to gain traction.
The company said it expects revenue of over $2.6 million for the fourth quarter of 2021, up from $2.2 million in 4Q 2020, while full-year revenue is likely to be more than $10 million compared to revenue of $5.4 million for fiscal 2020.
“This growth is due in part to the success of our sales and marketing initiatives within the dental division, as well as the addition of new distributors,” President and CEO Arjan Haverhals said in a statement.
“We are also gaining momentum within our medical division, reflecting the early success of our commercial initiatives as we begin to penetrate large hospitals, healthcare systems and pain management clinics with our CompuFlo Epidural and CathCheck Verification System", he added.
READ: Milestone Scientific announces purchase of its CompuFlo Epidural and CathCheck Verification System disposables at two leading hospitals
The company said it expects the momentum to continue in 2022 as it gains recognition in the marketplace due to the enhanced safety and efficacy of its instruments, as well as the economic benefit for the institutions.
With over $5 billion spent annually on epidural analgesia in the US alone, it said it believes there is a substantial market opportunity given the inherent risks of traditional epidural procedures.
“Given our solid balance sheet and sales pipeline, we remain encouraged regarding our business in 2022 and therefore have neither needs nor plans to raise capital for the foreseeable future,” Haverhals concluded.
Milestone Scientific is a technology-focused medical research and development company that patents, designs and develops innovative injection technologies and instruments for medical, dental, and cosmetic applications.
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