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Milestone Scientific Inc. reports developments tied to computerized drug delivery instruments for dental and medical applications. The company’s Dynamic Pressure Sensing technology supports pressure-guided injection and fluid-aspiration procedures, including dental anesthesia delivery through The Wand STA system and medical applications such as CompuFlo for controlled epidural injections.
Recurring news themes include financial results, business-update calls, commercialization programs, physician and dental-practice adoption, distributor and reimbursement infrastructure, international product registrations, disposable utilization, operating expense initiatives, and capital actions involving common stock and warrants.
Milestone Scientific announced that its CompuFlo® Epidural System received favorable Medicare pricing from First Coast Service Options (FCSO) in Florida. This marks a critical milestone in Milestone's strategy to enhance coverage and payment for its technology. The decision impacts an estimated $125 million market among Florida Medicare patients. CEO Arjan Haverhals highlighted the strategic and methodical approach to achieving this reimbursement. The FDA-cleared CompuFlo® System uses Dynamic Pressure Sensing® technology to ensure accurate needle placement, enhancing patient safety and comfort. Milestone plans to expand its reimbursement strategy to other Medicare jurisdictions nationwide.
Milestone Scientific has received approval from Brazil's National Health Surveillance Agency (ANVISA) to market its CompuFlo® Epidural System in Brazil. This system uses patented Dynamic Pressure Sensing® technology for accurate, safe, and comfortable epidural needle placement, applicable to lumbar, thoracic, and cervical-thoracic areas. Brazil, being the 9th largest economy, has over 21 million people with chronic back pain and performs an estimated 4-5 million epidural procedures annually. The company has established key relationships with medical institutions and commercial entities in Brazil, expecting to expand the addressable market and improve patient safety and provider experience. This approval follows prior FDA approval in the U.S. and marks a significant step in Milestone's global expansion.
Milestone Scientific (NYSE: MLSS) reported $2.2 million in revenue for Q1 2024, down from $2.6 million in Q1 2023. The company's gross margin increased to 74.5%, up from 72.7%. The increase is attributed to a 31% rise in sales through their new online portal.
However, international revenues fell by $274,000. The company continues to advance its CompuFlo® Epidural System and has submitted over 160 claims for reimbursement. Operating loss for the quarter was $1.5 million, slightly higher than the $1.3 million loss in Q1 2023. Milestone Scientific ended the quarter with $5 million in cash and marketable securities.
Milestone Scientific Inc. (NYSE:MLSS) is set to announce its first-quarter 2024 financial results and business updates on May 16th, 2024. The company specializes in computerized drug delivery instruments for painless and precise injections. The conference call will cover financial performance, corporate progress, and recent developments.
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