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Watch This CEO Video Discussing Q4 Guidance
Milestone Scientific Inc. Announces Agreement with Bitmedical AG to Distribute the CompuFlo® Epidural Instrument Across Austria and Switzerland
ROSELAND, N.J., Jan. 11, 2021 (GLOBE NEWSWIRE) — Milestone Scientific Inc. (NYSE American:MLSS), a leading developer of computerized drug delivery instruments that provides virtually painless and precise injections, today announced that it has entered into an agreement with Bitmedical AG (“Bitmedical”) to distribute the CompuFlo® Epidural Instrument and CathCheck™ System, as well as related disposables in Switzerland and Austria. Bitmedical is a premier distributor of medical devices and equipment within Switzerland and Austria, supporting many of the leading global manufacturers in these markets.
Hansruedi Muehlegg, CEO Bitmedical stated: “We are impressed with Milestone Scientific’s CompuFlo® Epidural System following extensive due diligence and positive feedback from end users prior to entering this agreement. Our analysis found CompuFlo’s objective, quantifiable and real-time pressure detection provides a measure of safety not currently available in epidural anesthesia. In addition to the inclusion of this extraordinary precision instrument to our product portfolio, we look forward to working closely with Milestone to introduce the CompuFlo and CathCheck System across Austria and Switzerland.”
Arjan Haverhals, President of Milestone Scientific, further noted, “We are pleased to enter into this distribution agreement with Bitmedical in such a short period of time since our first contact in November of 2020, which we believe illustrates their confidence in the market potential for our instruments. Bitmedical is an ideal distribution partner as its principals have extensive expertise and proven track records launching new medical devices in Austria and Switzerland. We believe that the deep reach of Bitmedical into Austrian and Swiss hospitals, as well as their specific expertise in Intensive Care, Cardiac Surgery and Anesthesiology will further expand our European and international market presence. Besides his current role as CEO of Bitmedical, Hansruedi has a direct anesthesia background as a Clinical Registered Nurse Anesthetist, and thus is very familiar with the challenges associated with epidural procedures. We believe that Switzerland and Austria are important markets for us based on the growing number of epidural procedures in both childbirth and pain management.”
Leonard Osser, Interim Chief Executive Officer of Milestone Scientific, commented, “We are pleased to welcome Bitmedical as our exclusive distribution partner in the region. We have a shared vision of applying advanced technological solutions to enhance the patient experience. We look forward to working closely with Bitmedical in order to educate medical professionals in the region on the benefits of our system, which provides objective, quantifiable and real-time confirmation when accessing the epidural space. Penetrating the sizeable Austrian and Swiss markets is an important step forward in our commercial launch of the CompuFlo Epidural System in Europe. We look forward to adding new distributors, hospitals and key opinion leaders across Europe and worldwide.”
The clinical and safety benefits of the CompuFlo Epidural and CathCheck Systems are backed by extensive published clinical data demonstrating significant reductions in epidural punctures, as well as complication rates, and contribute to a significant savings of time on the part of anesthesiologists. Moreover, the CompuFlo Epidural Instrument has the potential to significantly reduce costs associated with morbidity, providing a direct economic benefit to healthcare institutions. Similarly, the CathCheck technology has the potential to transform the monitoring of catheter placement following an epidural procedure by confirming the placement of a catheter within 2 minutes, versus 20-40 minutes using conventional methods.
About Bitmedical AG
Bitmedical AG is a distribution company for leading international manufacturers in Switzerland and Austria for over ten years. They represent a number of companies in the field of ICU, Anesthesiology, Cardiac Surgery, Orthopedics, and Laboratories. The companies represented include Medtronic, Rivanna and Thermacor and Tahat. The company is active in Switzerland and Austria with own direct sales organization, technical support, warehousing, logistics and administration. The company works together with all University Hospitals in Austria and Swizerland and has offices in Kaiseraugst Switzerland and Vienna, Austria. For more information please visit our website: https://www.bitmedical.com/
About Milestone Scientific Inc.
Milestone Scientific Inc. (MLSS) is a biomedical technology research and development company that patents, designs and develops innovative diagnostic and therapeutic injection technologies and instruments for medical, dental, cosmetic and veterinary applications. Milestone’s computer-controlled systems are designed to make injections precise, efficient, and virtually painless. Milestone’s proprietary DPS Dynamic Pressure Sensing technology® is our technology platform that advances the development of next-generation devices, regulating flow rate and monitoring pressure from the tip of the needle, through platform extensions for local anesthesia for subcutaneous drug delivery, with specific applications for cosmetic botulinum toxin injections, epidural space identification in regional anesthesia procedures and intra-articular joint injections. For more information please visit our website: www.milestonescientific.com .
Safe Harbor Statement
This press release contains forward-looking statements regarding the timing and financial impact of Milestone’s ability to implement its business plan, expected revenues, timing of regulatory approvals and future success. These statements involve a number of risks and uncertainties and are based on assumptions involving judgments with respect to future economic, competitive and market conditions, future business decisions and regulatory developments, all of which are difficult or impossible to predict accurately and many of which are beyond Milestone’s control. Some of the important factors that could cause actual results to differ materially from those indicated by the forward-looking statements are general economic conditions, failure to achieve expected revenue growth, changes in our operating expenses, adverse patent rulings, FDA or legal developments, competitive pressures, changes in customer and market requirements and standards, and the risk factors detailed from time to time in Milestone’s periodic filings with the Securities and Exchange Commission, including without limitation, Milestone’s Annual Report for the year ended December 31, 2019. The forward-looking statements in this press release are based upon management’s reasonable belief as of the date hereof. Milestone undertakes no obligation to revise or update publicly any forward-looking statements for any reason.Guidance – $2 Mill In Revs Expected For Q 4
ROSELAND, N.J., Jan. 06, 2021 (GLOBE NEWSWIRE) — Milestone Scientific Inc. (NYSE American:MLSS), a leading developer of computerized drug delivery instruments that provides virtually painless and precise injections, today raised revenue guidance to over $2 million for the fourth quarter of 2020, a 67% sequential increase over $1.2 million reported for the third quarter of 2020.
Arjan Haverhals, President of Milestone Scientific and CEO of Wand Dental Inc., stated, “I am pleased to report we are increasing our revenue guidance to over $2 million for the fourth quarter of 2020, which compares favorably to the $1.2 million we reported for the third quarter of 2020, and our prior guidance of $1.7 million, which we had previously forecast for the fourth quarter of 2020. We attribute this strong performance to the improvement in our dental business, which has continued to recover as dental offices reopen across the country and around the world. Notably, this guidance 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. In addition to our revenue growth, we are seeing improvement in our cash flow. Given our strong cash position at the end of the third quarter, we are well funded to support our growth initiatives within the medical division and have no plans to raise capital for the foreseeable future.”
At the same time, I am pleased to report we are gaining traction with our CompuFlo® Epidural System. Specifically, we recently announced we have begun selling CompuFlo® disposables to the University of Texas Medical Branch at Galveston (UTMB), an institution of the University of Texas System and agency of the State of Texas. We anticipate adding additional hospitals during the first quarter of 2021 and remain steadfast in our goal of establishing the CompuFlo Epidural System as the new standard of care in epidural anesthesia
About Milestone Scientific Inc.
Milestone Scientific Inc. (MLSS) is a biomedical technology research and development company that patents, designs and develops innovative diagnostic and therapeutic injection technologies and instruments for medical, dental, cosmetic and veterinary applications. Milestone’s computer-controlled systems are designed to make injections precise, efficient, and virtually painless. Milestone’s proprietary DPS Dynamic Pressure Sensing technology® is our technology platform that advances the development of next-generation devices, regulating flow rate and monitoring pressure from the tip of the needle, through platform extensions for local anesthesia for subcutaneous drug delivery, with specific applications for cosmetic botulinum toxin injections, epidural space identification in regional anesthesia procedures and intra-articular joint injections. For more information please visit our website: www.milestonescientific.com.