ROSELAND, N.J. - Milestone Scientific Inc. (NYSE: NYSE:MLSS), a developer of advanced drug delivery instruments, announced that the iHeal Pain Center has integrated its CompuFlo® Epidural System into clinical use after successful procedures by Dr. Desai. The adoption follows the company's recent Medicare Part B Physician payment rate approval for the system under a new CPT code.
The CompuFlo Epidural System, which provides real-time pressure-sensing guidance for epidural injections, was used by Dr. Desai in six cervical and two lumbar procedures. This integration marks the commencement of a new phase in Milestone's commercial strategy, building on the Medicare pricing assigned across several U.S. regions, including Florida, Texas, and Pennsylvania.
The system's clinical advantages, such as increased precision and patient safety, have been highlighted by the positive feedback from clinicians. Milestone Scientific's CEO, Arjan Haverhals, expressed satisfaction with the outcomes and the partnership with Axial Biologics, which has been instrumental in the system's integration at iHeal Pain Center.
In light of the Medicare price assignment, Milestone Scientific is actively demonstrating the system in clinics, aiming to convert these into long-term users. The company's partnership and ongoing customer pilots are part of a broader strategy to enhance the adoption of the CompuFlo Epidural System.
Milestone Scientific is a medical R&D company that specializes in the development of injection technologies for medical and dental applications. Their proprietary technology aims to improve the precision and safety of injections. The company's forward-looking statements indicate plans for continued expansion and implementation of its business strategy, although they are subject to market and regulatory factors.
This announcement is based on a press release statement from Milestone Scientific Inc. and does not include any promotional content. The information provided is focused on the factual developments regarding the CompuFlo Epidural System's integration and adoption within the medical community.
In other recent news, Milestone Scientific announced its Q2 2024 financial results, reporting a net income of $0.2 million. The company revealed a significant achievement of securing the Medicare Part B physician payment rate assignment for their CompuFlo Epidural System, which targets an initial market potential of about $250 million among Medicare patients. Milestone Scientific also expanded its business by partnering with Axial Biologics and obtaining regulatory approval to sell CompuFlo in Brazil. Despite a decrease in overall revenue compared to the same period last year, the company's U.S. e-commerce sales slightly increased, and gross margins improved. These recent developments highlight the company's strategic efforts to enhance its market position and financial stability. However, the company faced challenges with freight forwarders, leading to lower international sales. Despite these setbacks, the company remains confident in improving sales for the remainder of the year.
InvestingPro Insights
As Milestone Scientific Inc. (NYSE: MLSS) advances its commercial strategy for the CompuFlo® Epidural System, investors may find value in examining the company's financial metrics and market performance. According to InvestingPro data, MLSS has a market capitalization of $72 million, reflecting its position as a small-cap player in the medical technology sector.
The company's recent progress in clinical adoption aligns with its strong market performance. InvestingPro Tips highlight that MLSS has shown a strong return over the last three months, with a price total return of 39.91% in that period. Additionally, the stock has seen a large price uptick over the last six months, boasting a 46.52% price total return.
Despite these positive market indicators, it's important to note that MLSS is not currently profitable. The company's P/E ratio stands at -15.48, and an InvestingPro Tip indicates that analysts do not anticipate the company will be profitable this year. This aligns with the reported operating income of -$6.73 million for the last twelve months as of Q2 2023.
However, MLSS does have some financial strengths. An InvestingPro Tip reveals that the company's liquid assets exceed short-term obligations, suggesting a stable short-term financial position. Additionally, MLSS operates with a moderate level of debt, which could provide flexibility as it continues to expand its product adoption.
For investors considering MLSS, it's worth noting that InvestingPro offers 7 additional tips that could provide further insights into the company's financial health and market position. These additional tips, along with real-time data, can be valuable for making informed investment decisions in the dynamic medical technology sector.
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