Benzinga | Oct 1, 2020 08:12AM EDT

Milestone Scientific Says Projects Increase In Dental Sales For Q3

ROSELAND, N.J., Oct. 01, 2020 (GLOBE NEWSWIRE) -- Milestone Scientific Inc. (NYSE American: MLSS), a leading developer of computerized drug delivery instruments that provides painless and precise injections, today announced that it projects sales for the third quarter ending September 30, 2020 increased sequentially more than five-fold versus the second quarter ending June 30, 2020.

Leonard Osser, Interim CEO of Milestone Scientific, noted, "Although we continue to witness the negative impact of the COVID-19 pandemic, I am pleased to report our dental sales have improved considerably. Specifically, dental offices throughout the country and the rest of the world have begun to reopen, as illustrated by the increase in handpiece orders. The dental business has proven quite resilient, illustrating the loyalty of our current users and reinforcing the long-term positive outlook for the business. Moreover, we have enhanced our sales and marketing activities, which should boost sales of our dental instruments as the market recovers, which, in turn, should help drive incremental high margin, recurring handpiece sales."

"Our sales and marketing initiatives around the CompuFlo(r) Epidural System are also taking hold. We have added additional anesthesiologists utilizing our instrument. We remain highly encouraged by the feedback from hospitals and look forward to announcing several important transactions that we believe will further validate our strategy."

"Overall, we are in a strong financial position, given the fact we had over $14 million of cash on hand as of September 30, 2020. In the meantime, gross margins from the dental business have held steady in the high 60 percent range, we continue to carefully monitor expenses and we have maintained appropriate inventory levels to ensure available stock as dental offices begin to return to more normal levels. Given the increase in dental sales, which contribute substantial margin, our burn has been substantially reduced in the third quarter. We have no plans to raise capital and, in fact, have a strong cash runway to support our accelerated marketing activities both on the dental and medical fronts as the market improves."