Milestone Scientific(US:MLSS)2022-11-13 16:00Financial Performance - Total product sales for the three months ended September 30, 2022, reached $2,215,699, an increase from $2,108,233 in the same period of 2021, representing a growth of approximately 5.1%[132] - Total product sales for the nine months ended September 30, 2022, were $6,564,969, a decrease of approximately $893,709 or 12% compared to $7,458,678 for the same period in 2021[142] - Dental revenue for the nine months ended September 30, 2022, was $6,509,619, down approximately $825,009 or 11% from $7,334,628 in the prior year[143] - The net loss attributable to Milestone Scientific Inc. for the nine months ended September 30, 2022, was $6,732,007, compared to a net loss of $5,696,544 for the same period in 2021[136] - The loss from operations for the three months ended September 30, 2022, was $2,013,495, a slight increase of approximately $32,574 or 1.6% compared to $1,980,921 in 2021[141] - The loss from operations for the nine months ended September 30, 2022, was approximately $6.8 million, compared to a loss of $5.8 million in the same period in 2021, impacted by higher costs and reduced shipments[147] - The company reported an accumulated deficit of $114.4 million and a net loss of approximately $6.7 million for the nine months ended September 30, 2022[148] Sales and Distribution - Milestone Scientific's dental devices have generated a continuing revenue stream through the sale of disposable handpieces, with significant sales of $680,173 for handpieces in the domestic market for the three months ended September 30, 2022[132] - The company has expanded its distribution strategy by signing twelve new non-exclusive dental distributors in the United States and Canada, aiming to increase the placement of the Wand STA System[121] - Milestone Scientific's international sales for the three months ended September 30, 2022, totaled $1,339,381, compared to $956,996 in the same period of 2021, indicating a growth of approximately 40%[132] - The company is actively evaluating and adding new international distributors to expand its global footprint in various regions, including Asia, Africa, South America, and Europe[123] Product Development and Innovation - The Wand STA System has been used to deliver over 80 million injections since its market introduction in early 2007, establishing a strong presence in the dental market[119] - The CompuFlo Epidural System received FDA approval for epidural injections in June 2017, marking a significant milestone in the medical market[125] - The introduction of the CathCheck feature into the CompuFlo Epidural System allows for real-time monitoring of catheter placement, enhancing patient safety and procedural accuracy[127] - The recent receipt of a chronology-specific CPT code for the CompuFlo technology could enhance reimbursement potential and accelerate its adoption in anesthesia pain management clinics[131] Expenses and Cash Flow - Operating expenses for the nine months ended September 30, 2022, totaled $10,628,665, an increase of approximately $258,915 or 2.5% from $10,369,750 in 2021[136] - Research and development expenses for the nine months ended September 30, 2022, were $897,218, an increase of approximately $309,175 or 52.6% compared to $588,043 in 2021[136] - Selling, general and administrative expenses for the nine months ended September 30, 2022, were $9,681,326, a slight decrease of approximately $48,268 or 0.5% from $9,729,594 in 2021[136] - Cash flows used in operating activities for the nine months ended September 30, 2022, were approximately $4.9 million, compared to $3.6 million in the same period in 2021[148] - The company implemented a cost restructuring program that reduced the direct medical sales organization by half, resulting in a cash burn rate of approximately $1.1 million for the three months ended September 30, 2022, lower than previous quarters in 2022[149] Financial Position - As of September 30, 2022, the company had cash and cash equivalents of approximately $9.8 million and working capital of approximately $10.8 million, down from $15.8 million on December 31, 2021[148] - Management believes that the company will have sufficient cash reserves to meet its anticipated obligations for at least the next twelve months[148] - The company is actively pursuing positive cash flows from its dental business and medical devices to improve financial performance[147]