The following is a summary of the Milestone Scientific Inc. (MLSS) Q2 2024 Earnings Call Transcript:
Financial Performance:
Milestone Scientific reported Q2 2024 revenues of approximately $1.9 million, a decrease from $2.9 million in Q2 2023.
The U.S. e-commerce revenue for Q2 2024 was $1.3 million, up from $1.2 million in Q2 2023.
Gross profit for Q2 2024 was $1.4 million, representing 76% of revenue, an improvement from 65% in Q2 2023.Net income for Q2 2024 was approximately $0.2 million, a positive shift from a loss of $1.3 million in Q2 2023.
Business Progress:
Successfully secured Medicare Part B physician payment rate assignment for CompuFlo Epidural System across multiple JMAC regions, marking a significant commercial milestone.
Launched a strategic partnership with Axial Biologics to enhance commercial penetration and adoption of the CompuFlo system in key states.
Achieved regulatory approval in Brazil to market the CompuFlo Epidural System, enhancing global market presence.
Focused on e-commerce platform enhancement in the Dental division to improve customer interaction and sales.
Opportunities:
Anticipates ongoing revenue opportunities from gradual deployment of the CompuFlo epidural system under the new Medicare reimbursement plan.
Potential expansion in the federal and other government sectors pending Federal Supply Schedule (FSS) approval.
Growth prospects in Brazil and other Latin American markets following regulatory approval.
Risks:
Revenue challenges due to unresolved issues with freight forwarders, impacting international sales.
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