Milestone Scientific Inc. Reports Continued Growth in Dental Sales
Anticipates over 40% sequential increase in sales for Q4 2020 versus Q3 2020
ROSELAND, N.J., Nov. 30, 2020 (GLOBE NEWSWIRE) -- Milestone Scientific Inc. (NYSE American:MLSS), a leading developer of computerized drug
delivery instruments that provides virtually painless and precise injections, today provided an update on the expected growth in dental sales during the fourth quarter of 2020.
Arjan Haverhals, President of Milestone Scientific and CEO of Wand Dental Inc., stated, “As previously reported, our dental business has continued to recover, as dental offices reopen across the country and around the world. While we are not back to pre-pandemic levels, I am pleased to report our sales continue trending in the right direction and we anticipate revenue in the fourth quarter of 2020 to be a minimum of $1.7 million. This would represent a 40% sequential increase versus the third quarter, which follows the 718% increase for the third quarter of 2020 versus the second quarter of 2020. This does not include recent sales to our Chinese distributor of approximately $450,000, which we will only record as revenue when the inventory is resold by our distributor. We are encouraged by the current trends in both the USA and around the world, which has improved our cash flow and provides us greater financial stability along with the necessary funds for marketing and sales to continue the growth in the dental sector. At the same time, we continue to execute on our commercial strategy around the CompuFlo Epidural System and CathCheck.”
“We attribute the improvement in dental sales to our successful sales and marketing initiatives as a result of our direct efforts. Furthermore, we have terminated the exclusive rights granted to Henry Schein for distribution of The Wand STA instrument and disposables in the USA and Canada. As per the agreement, Henry Schein Inc. will remain a distributor, albeit on a non-exclusive basis. As a result, we now look forward to implementing a strategy where we will have multiple distributors throughout the United States and Canada. We believe this will allow us to increase our market penetration, with a more significant return on our marketing dollars.”
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