The following is a summary of the Milestone Scientific Inc. (MLSS) Q1 2024 Earnings Call Transcript:
Financial Performance:
Milestone Scientific recorded Q1 2024 revenue of $2.2 million, seeing a slight decrease compared to the same period last year due to a drop in international sales and a reserve reversal in Q1 2023.
E-commerce sales witnessed a year-on-year growth of 31%.
Shift to a direct sales model led to an increase in the gross margin, up to 74.5% in Q1 2024 from 72.7% the previous year.
The Dental division earned an operating income of approximately $625,000 for Q1 2024.
Despite the reduction in sales from $2.6 million to $2.2 million, and continued losses at $1.5 million per quarter, the company ensures sufficient liquid assets for operations.
Business Progress:
Launched a new online sales portal, transitioning from distributor-based relationships to a direct sales model in the US.
Established direct relationships with dental customers leading to potential recurring orders.
Interactive digital learning platform is in the works and sales to organizations like Meridian Endo Imperial and Main Dental Group have been recorded.
Expansion plans are in place for improvement in international markets, with new partnerships being formed.
Significant progress in Medical segment, especially on reimbursement for CompuFlo technology.
Ongoing negotiations with Medicare in the US, targeting the first two jurisdictions representing around 22% of all epidural steroid injections.
Continuing relationships and negotiations to further develop and promote patented technology in Europe and the US, especially for fields like anesthesia and peripheral nerve block.
Innovation found applications in neurosurgery, enhancing efficiency and safety of spinal cord stimulation procedures.
More details: Milestone Scientific IR
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