LIVINGSTON, New Jersey--Milestone Scientific, a leader in advanced injection technologies, has announced its first quarter financial results for the three months ended March 31, 2009.
Financial Highlights When Comparing Three Months Ended March 31, 2009 with Three Months Ended March 31, 2008:
• Total revenues climbed 58% to $2.21 million, up from $1.40 million.
* Total instrument sales rose 261% to $792,000 from $219,000. Sales of the STA Single Tooth Anesthesia System totaled $617,000, up 626% over $85,000.
* Sales of disposable handpieces increased 22% to $1.40 million from $1.15 million.
* Overall domestic sales grew 65% to $1.48 million from $898,000.
* International sales increased 48% to $726,000 from $490,000.
• Total operating expenses rose 18% to $1.80 million from $1.52 million.
* Selling, general and administrative expenses increased 17% to $1.73 million from $1.47 million, due largely to $426,000 in increased sales and marketing costs in the first quarter of this year relating to media placement, trade show participation, sales promotions, increased field sales personnel, higher third party sales commissions and international selling participation; this increase was offset by a $92,000 decrease in professional accounting services due to completion of the Sarbanes-Oxley initiative and lower audit fees and a $57,000 decrease in consulting services.
* Research and development expenses totaled, $68,000 rising 42% from $48,000.
• Loss from operations declined 13% to $508,000 from $582,000.
• Net loss totaled $562,000, or $0.05 loss per basic and diluted share, down 9% from $616,000, or $0.05 loss per basic and diluted share.
As of March 31, 2009, Milestone had $1.60 million in cash and accounts receivables, working capital of $1.19 million, and total shareholders' equity of $1.06 million.
According to Leonard Osser, chairman and interim CEO, "2009 has started off on very solid footing, buoyed by strong market acceptance and accelerating adoption of our award-winning STA System by the global dental industry. With the recent addition of China National Medicines Corporation, d/b/a Sinopharm, to our growing worldwide distribution network, we have good reason to be enthusiastic about our anticipated sales performance in the coming quarters."
Continuing, Osser noted, "As we progress through 2009, we plan to expand Milestone's worldwide sales and marketing resources to further enhance our revenue growth potential, with particular emphasis centered on strengthening our distribution channels in Europe. We are also concentrating our efforts on pursuing several potential strategic collaborations to develop new product applications using our patented CompuFlo technology that have been deemed the most promising and commercially viable. We look forward to providing details regarding our success on these and other important objectives in the near future."
Unfortunately, Milestone's management team is unable to host a conference call in tandem with the release of the first quarter results due to unexpected scheduling conflicts; however, the company will resume its practice of hosting regular quarterly calls with the release of its second-quarter results.
Questions regarding the results or other Milestone-related matters should be directed to Dodi Handy at Elite Financial Communications Group by calling (407) 585-1080 or via e-mail at Dodi Handy.
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