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Financial Highlights When Comparing Three Months Ended June 30, 2009 with Three Months Ended June 30, 2008:
Financial Highlights When Comparing Six Months Ended June 30, 2009 with Six Months Ended June 30, 2008:
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As of June 30, 2009, Milestone had $1.30 million in cash and accounts receivables and total shareholders' equity of $544,000. During the first six months of this year, the Company has used $195,000 net cash in its operating activities, compared to $589,000 net cash used in its operating activities in the same six month period in 2008.
Leonard Osser, Chairman and Interim CEO of Milestone, stated, "The Company continues to see positive traction with sales of our STA Single Tooth Anesthetic System(TM) in both the domestic and international markets."
"Recently," continued Osser, "Milestone has taken important steps towards expanding our growing global distribution network. More specifically, in May we announced that we entered into an exclusive distribution and marketing agreement with China National Medicines Corporation, d/b/a Sinopharm, which is China's largest domestic manufacturer, distributor and marketer of pharmaceuticals and importer of medical devices and the country's largest domestic distributor of dental anesthetic carpules to the Chinese dental industry. As our relationship with Sinopharm evolves and strengthens, we look forward to working with our new Chinese partner to clearly distinguish Milestone's C-CLAD technologies as the new standard of care for dental injections by the growing body of progressive oral care professionals practicing Modern Dentistry in China. This represents a compelling long term growth opportunity for Milestone and one that we fully intend to optimize."
About Milestone Scientific Inc.
Headquartered in Piscataway, New Jersey, Milestone Scientific is engaged in pioneering proprietary, highly innovative technological solutions for the medical and dental markets. Central to the Company's IP platform and product development strategy is its patented CompuFlo(R) technology for the improved and painless delivery of local anesthetic. Specifically, CompuFlo is a computer-controlled, pressure sensitive infusion, perfusion, suffusion and aspiration technology, which provides real-time readouts of pressures, fluid densities and flow rates, enabling the advanced delivery and removal of a wide array of fluids. The STA Single Tooth Anesthesia System(TM), a computer-controlled local anesthesia delivery system, uses this technology to provide dentists with audible and visual signals as to in-tissue pressure. Milestone's existing painless injection systems are currently sold in 25 countries. For more information on these and other innovative Milestone products, please visit the Company's web site found at www.milestonescientific.com and www.STAis4U.com.
Safe Harbor Statement
This press release contains forward-looking statements regarding the timing and financial impact of the Milestone's ability to implement its business plan, expected revenues 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 and future business decisions, 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, 2008. 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.
-- Total revenues rose to $2.04 million, up 32% from $1.55 million. -- Total instrument sales increased 533% to $816,000 from $129,000. -- Sales of disposable hand pieces declined 14% to $1.20 million from $1.39 million. -- Overall domestic sales improved 43%, rising to $1.41 million from $989,000. -- International sales increased 14% to $629,000 from $552,000. -- Total operating expenses were $1.79 million, up 28% from $1.40 million. -- Selling, general and administrative expenses increased 28% to $1.75 million from $1.37 million, which was largely attributable to higher expenses relating to Milestone's 2nd Annual C-CLAD Symposium held in May, attendance at trade shows and various global sales promotions the Company launched during the second quarter of 2009, as well as higher personnel and related costs, third party sales commissions and royalty expenses. This increase in SG&A expenses was offset by a reduction in accounting costs, proxy costs, warehousing fees and insurance costs. -- Research and development expenses remained relatively unchanged at $32,000 compared to $36,000. -- Loss from operations rose 36% to $611,000 from $448,000. -- Net loss totaled $657,000, or $0.05 loss per basic and diluted share, from $473,000, or $0.04 loss per basic and diluted share.
SOURCE Milestone Scientific Inc.
