ROSELAND, N.J., March 31, 2023 (GLOBE NEWSWIRE) — Milestone Scientific Inc. (NYSE: MLSS), a leading developer of computerized drug delivery instruments that provide painless and precise injections, today provided a business update and announced financial results for the year ending December 31, 2022.
Arjan Haverhals, CEO and President of Milestone Scientific, stated, “2022 was a productive year for the Company as we advanced the rollout of the CompuFlo® Epidural System across key hospitals, healthcare systems and pain management clinics. Following up on the issuance of a Category III Current Procedural Terminology (CPT®) code to identify the use of our patented technology will be a focus area in 2023. We believe this would potentially allow billing and payment pathways for healthcare personnel who choose to use our technology for coverage and discretionary payment by payers such as Medicare and Medicaid as well as commercial health plans. More recently, we received 510(k) FDA clearance for use of the CompuFlo Epidural System in the thoracic region of the spine, including the cervical thoracic junction, where the incidence rates of morbidity are believed to be much higher than in the lumbar spine region. This has helped drive the adoption of our CompuFlo Epidural System within a number of prominent pain management clinics. We were also granted registration with the U.S. Government’s System for Award Management (SAM) and are actively pursuing U.S. Federal Supply Service (FSS) approval for the CompuFlo® Epidural Instrument.”
“Within our Dental Segment, we made a number of key changes to our overall sales and marketing strategy that we believe will support and enhance our long-term growth. In the U.S., we launched a new online store for US dentists to order the STA Single Tooth Anesthesia® System Instruments and Handpieces, and ended the agreement with our prior distributor as we exited 2022. This new site went live on January 3, 2023. While this change in US distribution strategy resulted in lower fourth quarter of 2022 sales, as the prior distributor wound down its operations, we expect our new direct online channel will provide us with a closer relationship to our customers and better margins. Additionally, we experienced continued growth in international sales, excluding China. Overall, we remain encouraged by the growing interest in both our dental and medical products.”
For the years ended December 31, 2022, and 2021, revenues were $8.8 million and $10.3 million, respectively. The decrease in revenue was driven by lower revenue from China of $1.4 million and a decrease in domestic dental revenue of $278,000, of which $179,000 related to an allowance for sales returns due to the termination of a U.S. distributor agreement. Gross profit for the year ended December 31, 2022, was $4.9 million versus $6.3 million for the year ended December 31, 2021. The year-over-year decline in gross profit was driven by lower revenue and the impact of an approximate $0.4 million non-cash inventory reserve related to medical products. Operating loss for the year ended December 31, 2022, was $8.8 million versus $7.4 million for the year ended December 31, 2021.
As of December 31, 2022, the Company had cash and cash equivalents of $8.7 million, working capital of approximately $9.7 million and no debt.
About Milestone Scientific Inc.
Milestone Scientific Inc. (MLSS), a technology focused medical research and development company that patents, designs and develops innovative injection technologies and instruments for medical, dental and cosmetic applications. Milestone Scientific’s computer-controlled systems are designed to make injections precise, efficient and increase the overall patient comfort and safety. Their 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. To learn more, view the MLSS brand video or visit milestonescientific.com.
