The following is a summary of the Milestone Scientific Inc. (MLSS) Q4 2023 Earnings Call Transcript:
Financial Performance:
Milestone Scientific reported a 12% increase in revenue for 2023, reaching $9.8 million.
Gross profit for the full year rose 39% to $6.8 million.
Dental operating income rose 90% to $2.1 million, largely attributed to optimized operations and the success of their new direct selling portal for FDA-approved dental products.
Business Progress:
Milestone Scientific has successfully transitioned to a direct sales strategy, contributing to improved margins and better client relationships.
The launch of a new portal has allowed for enhanced sales tracking, data analysis, and improved sales execution.
The company has expanded its customer base and plans for further growth via direct sales and increased marketing efforts.
Significant progress has been made in penetrating hospitals, health care systems, and pain clinics with the CompuFlo Epidural System.
Emphasizing on reimbursement strategy, the company is planning marketing initiatives to boost visibility and expand distribution partners for its Epidural system.
Anticipations are high for coverage from commercial payers and utilization of the CompuFlo Epidural system in 2024.
More details: Milestone Scientific IR
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