Milestone Scientific Inc (NYSE:MLSS) has announced that its fiscal 2021 revenue climbed by 90% year over year to $10.3 million, boosted by a $4.7 million increase in its dental revenue due to the re-opening of dental offices throughout the country and the rest of the world, including China.
The company said the results have surpassed its previous revenue guidance and have exceeded pre-pandemic levels.
“We are encouraged by the growing interest in our dental instrument, and expect our momentum to continue in 2022,” Milestone Scientific CEO Arjan Haverhals said in a statement.
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“Importantly, the dental division remains profitable on a standalone basis with high gross margins, and we expect to benefit from economies of scale as we continue to carefully manage our expenses,” Haverhals added.
Milestone Scientific noted that the growth in its dental division reflects the success of its sales and marketing initiatives, as well as the expansion of its distribution network.
The company added that it ended the year with a “strong runway” of more than $14.8 million in cash and equivalents as of December 31, 2021, which combined with its improving cash flow is expected to accelerate marketing activities around both its dental and medical instruments.
As well, Milestone Scientific reported that it has “made progress” over the past year rolling out its CompuFlo Epidural System, adding new distributors as well as beginning to penetrate key hospitals, healthcare systems and pain management clinics.
And, the company said it has expanded its focus to include pain management centers, which were less impacted by the pandemic.
Its net loss for the year, meanwhile, narrowed to about $6.8 million, or $0.10 per share, from $7.3 million, or $0.12 per share, for the comparable period in 2020.
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.
The company's computer-controlled systems are designed to make injections precise, efficient and increase overall patient comfort and safety. Its proprietary DPS Dynamic Pressure Sensing Technology instruments is the platform to advance the development of next-generation devices, regulating flow rate and monitoring pressure from the tip of the needle, through platform extensions of subcutaneous drug delivery, including local anesthetic.
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