Milestone Scientific reports fourteen-fold increase in revenue in 2Q as dental business recovers

Milestone Scientific Inc revealed that the re-opening of dentists in the US and globally helped the medtech group post a US$2.3 million increase in revenue to US$2.4 million in its second-quarter this year compared to US$168,000 for the year earlier period.  Gross profit for the three months to June 30, 2021, came in at US$1.4 million versus US$112,000 for the same quarter in 2020.  READ: Milestone Scientific expands sales in Texas as UTMB Health Clear Lake Campus Hospital begins using CompuFlo epidural instrument The net loss was around US$2.7 million, narrower than the net loss of US$3.2 million seen in the comparable quarter in 2020.  "Importantly, our dental segment remains cash flow positive on a standalone basis with continued growth opportunities," said Arjan Haverhals, CEO of Milestone Scientific in a statement.  "In terms of our CompuFlo Epidural and CathCheck Systems, we are beginning to see the positive effect of our commercial efforts and are encouraged by the traction we are gaining with healthcare institutions. "We have significantly expanded our direct sales force with the addition of nine new sales executives this year, as well as a new Vice President of Sales for our Medical segment." Haverhals said the "initiatives" were "taking hold" and that the firm's sales pipeline was "robust". "We are in late-stage discussions with a number of hospitals, and the feedback from both anesthesiologists and the healthcare institutions has been positive, given the safety and economic benefits of our instruments. "We are also in the process of adding new international distributors to build upon the traction we are gaining in the domestic market. "We continue to maintain a strong balance sheet with approximately $16.0 million in cash and cash equivalents as we drive forward our commercial initiatives, while continuing to carefully manage our expenses. Although we faced challenges during the pandemic, we are back on a strong growth trajectory and I am encouraged by the outlook for the balance of 2021 and beyond." Milestone Scientific designs and develops innovative injection technologies and instruments for medical, dental and cosmetic applications. Contact the author at giles@proactiveinvestors.com