Milestone Scientific, a leading developer of computerized drug delivery instruments, has reported a significant increase in domestic dental sales and expansion in its medical division. The company announced a 45% increase in domestic dental sales for the third quarter of 2023, driven by the success of their direct sales model through a new online store. This model has allowed Milestone Scientific to establish a closer relationship with customers and improve profit margins, with gross profit increasing to 73% compared to 66% for the same period last year.
In addition to their dental sales success, Milestone Scientific’s medical division has reported an expansion of sales in a prominent hospital system and pain management clinics. The company’s CompuFlo Epidural System, which provides painless and precise injections, has been adopted in various medical settings including labor and delivery and neurostimulation spinal cord stimulator implantation procedures. Milestone Scientific is also making progress with their reimbursement strategy for the CompuFlo Epidural System, with positive feedback from insurance providers to clinicians and increasing claim activity.
The company’s revenues for the third quarter of 2023 were approximately $2.1 million, slightly lower than the previous year due to a decrease in international dental sales. However, gross profit increased due to higher margin sales through the new online store. Milestone Scientific also reduced their operating loss and reported a net loss of $1.5 million for the quarter.
For the nine months ended September 30, 2023, the company’s revenues increased by 15% compared to the same period last year, driven by higher domestic dental sales. Gross profit for the nine-month period was $5.3 million, reflecting a gross profit margin of 70%. Milestone Scientific’s operating loss for the first nine months of 2023 decreased compared to the previous year, and the net loss for the period was $5.0 million.
Milestone Scientific is focused on expanding its penetration within international markets and expects sales to international distributors to resume growth. The company is also planning to announce the addition of new international partners to support its global expansion strategy.
With a strong financial position, including approximately $4.6 million in cash, cash equivalents, and short-term securities, and approximately $6.7 million in working capital, Milestone Scientific is well-positioned to continue its growth and innovation in the medical and dental sectors.
Frequently Asked Questions (FAQs) Related to the Above News
What has contributed to Milestone Scientific's significant increase in domestic dental sales?
The success of their direct sales model through a new online store has driven the 45% increase in domestic dental sales for the third quarter of 2023. This sales model has allowed Milestone Scientific to establish a closer relationship with customers, leading to improved profit margins.
What products have contributed to the expansion of Milestone Scientific's medical division?
The CompuFlo Epidural System, which provides painless and precise injections, has contributed to the expansion of Milestone Scientific's medical division. It has been adopted in various medical settings including labor and delivery and neurostimulation spinal cord stimulator implantation procedures.
How is Milestone Scientific progressing with their reimbursement strategy for the CompuFlo Epidural System?
Milestone Scientific is making progress with their reimbursement strategy for the CompuFlo Epidural System, with positive feedback from insurance providers to clinicians and increasing claim activity.
What was the company's revenue for the third quarter of 2023, and why was it slightly lower than the previous year?
The company's revenue for the third quarter of 2023 was approximately $2.1 million. It was slightly lower than the previous year due to a decrease in international dental sales. However, the company experienced an increase in gross profit due to higher margin sales through their new online store.
How did Milestone Scientific's financial performance for the nine months ended September 30, 2023, compare to the same period last year?
For the nine months ended September 30, 2023, Milestone Scientific's revenues increased by 15% compared to the same period last year, driven by higher domestic dental sales. Gross profit for the nine-month period was $5.3 million, reflecting a gross profit margin of 70%. The company also reduced its operating loss compared to the previous year.
What are Milestone Scientific's plans for international markets?
Milestone Scientific is focused on expanding its penetration within international markets and expects sales to international distributors to resume growth. The company is also planning to announce the addition of new international partners to support its global expansion strategy.
What is Milestone Scientific's financial position?
Milestone Scientific has a strong financial position, including approximately $4.6 million in cash, cash equivalents, and short-term securities, and approximately $6.7 million in working capital. This positions the company well to continue its growth and innovation in the medical and dental sectors.
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