MLSS - Earnings call transcript Q1 2020 | Milestone Scientific Inc.

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Operator

Greetings and welcome to the Milestone Scientific First Quarter 2020 Business Update Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions].

As a reminder, this conference is being recorded. to host, pleasure Relations. Waldman, my now introduce David your Investor It's go sir. Please ahead,

David Waldman

and joining Good quarter you thank morning for results call. XXXX Milestone conference financial first Scientific's

Chief today On with Chief are Executive Officer, Len Financial the Officer. and us Osser, call D'Agostino, Joseph Interim

financial a company's XXXX website. which company first issued May containing posted release press The is Monday, also today, XXth, quarter results, the on

at questions any please and have first any reviewing after The Communications additional contact XXXX. XX, about you or remarks, like ended the quarter will If would operational management company, information the Crescendo prepared the now XXX-XXX-XXXX. company's call March results provide for financial the

Before implement success. this financial expected timing we everyone future and remind we its revenues we'd of and statements that to Milestone's ability regarding business conference impact get plan, to during may started, like call make forward-looking

risks a decisions, of or economic, assumptions predict respect many which judgments involve with number statements accurately Milestone's impossible conditions are These future uncertainties, market of on based are control. and and difficult involving of which and and future are to to and beyond competitive all business

quarter XX, XX, Milestone's time-to-time on XXXX, factors December June on general from Commission, indicated of results to those pressures, in risk adverse expenses, and cause in or periodic the the limitation developments, could and requirements forward-looking and FDA XXXX. achieve the legal XX-Q by the for report revenue for Milestone's failure year conditions, customer actual competitive the Form the changes report in detailed important Exchange second Form statements from materially Some our filings Milestone's standards, operating ended to differ factors and are including and without XX-K expected economic ended changes that growth, patent with market rulings, Securities

for forward-looking today's or May statements no publicly made any to call beliefs XXXX. revise obligation this reason. reasonable update date, Milestone any XX, forward-looking as management's statements based during are upon of undertakes These

Len. now Executive With Len over Interim we'll the turn call to Osser, ahead, Chief that, go Please Officer.

Leonard Osser

everyone, call questions. conference And us on your try that keep time you, more the for joining had providing a I'll May we to X, short, for Thank this on call David. call Considering thanks, today. just

As we witness to United the system, new growing we is our in in a a last institution call, now on indicated continue leading CathCheck interest in pilot at which medical States. the

marks patent to system, forward leap epidural years in and the property XX adding technological CathCheck both protection. capabilities our intellectual surrounding the another a CompuFlo

taking instrument method, can This subjective way This of body. the in XX minutes. using XX confirm accomplished that capability makes CompuFlo only anywhere catheter presence that seconds in conventional an to be be can can identify a of pressure the first waveform the proper the commercially available signal opposed in and to known and a as placement objective used between

Using and of to now a can tip the only catheter. of what absence CathCheck, pulsatile that's the can or of nurses objective determine determine at heartbeat the but placement the physicians presence not monitor – the pressure – is waveform needle, a the

money and patient care. much and time capability Importantly, provides saves this better

A is which major and new COVID-XX especially pandemic. its attracted important CompuFlo, the minimize familiar CathCheck to was our given patient between university ability with the provider, contact to during hospital, technology,

possibility less and or virus. the virus to nurses less the doctors Specifically, recognize handle the patients they you the subjected virus of that you have immediately the are contracting handling with the the been and patients, transmitting

of period instrument short the a and the delivered Within we time, disposables.

are it they a pilot program in using far patients. feedback now actively The on been quite are thus has and We positive.

many the stay. epidural more the the that procedures disposables used means worth use by the patient's the course of post It's extended during noting hospital potentially CathCheck of

way go that also to market. important the beyond market for could is CathCheck the note It epidural

placed is be that array the catheter we our to areas in applied pulsatile technology can of can We a As heartbeat. where the long believe form within a body read the exists, broad the wave as body.

other Journal CompuFlo the catheter of study announced Anesthesiology. in the or of Last important the we study We have safely an of body. system possibilities exploring in published the begun other accurately location which space. use of validates ability the was week, CathCheck the parts for further the to epidural in Open of This identify CathCheck needle the and

drive help providers. significantly reduce these believe anesthesia and more as quickly that far the such We CathCheck procedure, benefits time technology, of while which to providing both and patient. serve highlight our Publications adoption management of pain the effectively to this should can among cost

We also many recently pathway procedure. system. Start announced alternative preparation The procedure instrument simplifies and epidural This prior the the the the reduce an important into from anesthesiologists pathway the provides for Start Quick successful implementation to feedback to of very time States. the CompuFlo given a United the was Quick throughout

providing of be disposables our we update In we this efficient, addition, exploring use ways will the achieve and more to we an milestone. when are make

month, completion of cost which economic a the and savings traditional technique. resistance announced first of Last the validated of within the for of CompuFlo we labor delivery, loss use the versus study system

a prior the year, is on year using using I from to product assume would exclusively. a per it institution question in save invented as XXXXs was XXXX. would million XX,XXX no hospital last of the versus the by $X economics product has X:XX:XX], mentioned study, which, our births technique know, As our example, [indiscernible call, developed that be favor this way if in over per There our you reasonable

and CompuFlo commercial cost in advancing benefits first is our the epidural validate phase the This major rollout. clearly study final to system, was the the of

regulatory commercial leaders countries, key the other as approval to opinion in and States as begin many obtaining support receiving United from are poised completed rollout. patents well now Having we and our

date our complications. these Over of have with epidural pleased I'm performed and X,XXX injections to instrument report had to have completed procedures been CompuFlo all no

we day several towards we lockdown, have we are are announced not complete Had the fact would Nevertheless, it every been goal. believe on already COVID-XX and working agreements. that commercial for hospitals that important

dental and offices and our third the hours and revenue closings to X% sales current the a the of be business, dental country saw possibly second Turning our decrease reduced the for the We that COVID-XX approximately and affected. quite the world. will quarter, quarter, anticipate the of to of we in due rest pandemic throughout

Nevertheless, start states, we are dental soon. are encouraged by will reopening pick the gradual we businesses hopeful practices up and in of certain that to

the go I over back ahead, this like Please the at discussion. to our point, CFO, Joseph. D'Agostino, the but I'd Joseph turn will At go call of in over financials detail, Joseph's conclusion to to be

Joseph D'Agostino

million in XX, approximately $XXX,XXX and Canada first decreased quarter the States Leonard. XXXX. decrease revenue million and and approximately $X.X XXXX primarily international for a of three Thank for were due by three Dental versus respectively. the Revenue $X.X March offset sales ended by China and you, months million sales for Dental approximately ended in the million approximately to decrease a $X.X handpiece of XXXX and revenue XXXX in $X.X XX, $XXX,XXX March was increase by $XX,XXX, $XXX,XXX. approximately device revenue the United in Milestone by handpiece months an

no nominal, the place March March the months XX. instrument KOLs cost awareness for of at the to were instrument. adoption XXXX XX, and three then our to drive and reflecting Medical ended strategy XXXX with revenue

first $X.X Gross which revenue was XX% or for million the the of ending quarter of quarter XXXX profit approximately million or $X.X XX% for XXXX. is of revenue,

general months last approximately was $XXX,XXX selling, primarily XX, operating ended an $X.X of in of in the period to increase operating the expenses approximately development. for and March loss Operating XXXX increase research is million three This increase approximately approximately of loss attributable and $XXX,XXX, in an an and $XXX,XXX versus in same year. loss administrative

selling, in to company addition The increase of to general business alternatives, expenses and in reflects fees an possible in capital professional $XXX,XXX approximately seeking administrative due the increase funding.

the a $XXX,XXX or March per approximately months the for XXXX XX, three $X.XX loss for approximately share $X.X was comparable net Net period per versus XXXX. loss $X.XX share or in ended million of

would not as completed equivalents to resources. of compared company Cash XX, turn March the April liquidity I and cash At and XXXX. capital million financing cash does include XXXX. XX, the cash cash attention XXXX, cash equivalents and now of as XXXX in of your equivalents approximately $X.X to December had March of $XXX,XXX $X.X million of like to and

XXXX, current total assets of current were of approximately as $X.X March $X.X compared to million approximately total XX, million assets of December As XX, XXXX.

approximately March of XXXX, company capital at $XX,XXX capital At working of December had $X.X million versus working XXst, the XXXX. XX,

At call this the back point, like turn to I'd to Leonard? Leonard.

Leonard Osser

Thank you, Joseph.

forward. We which make to support commercial believe advancements, going efforts will continue our we technological

of can be a used other applications. medical technology variety epidural procedures for Our and

labor the remain market. initial delivery the the CompuFlo especially the is by and our system. and However, outlook on encouraged focus for market potential for the business, epidural We

the towards and the ultimately the becoming standard care. working are procedures transformation We of of

were what time. believe market commercial pandemic, COVID-XX to million connected market to epidural we CathCheck terms continue favorable the a the cash relative of we and system of as We system. financing Joseph in rollout the turbulence additional believe $X.X that at the financing the completed the us one Despite way as gives mentioned, CompuFlo we this price

value as developments committed to updates are shareholder unfold, to driving further We forward look and providing

I'd the time. safe at all to remain for operator? the up you careful like wish for and you today. very that like joining call And this to thank we'd questions. call open to like I'd

Operator

Thank you. [Operator Instructions].

Our from coming Maxim today Vendetti question is Anthony Group. from first

Your is now live. line

Anthony Vendetti

Leonard. morning, Good Joe. Good morning,

Leonard Osser

morning, Anthony. Good

Anthony Vendetti

safe staying all you're Hope and healthy.

Leonard Osser

getting day. Safe We fatter certainly and are and yes. healthy trying, every

Anthony Vendetti

the on that impact but not is And know with wondering is CompuFlo, of epidural progress make was business, to you pretty dental I the hold the there way system. I or that talked about a just the been COVID-XX to able on much there? could talk the ability about you've roll engaging out much if GPOs. pretty on some you

Leonard Osser

are answers questions. Well, a a few different different to Yeah. few there

in all fact that's information We really we we're considerable our stymied supplying the because given are have in them. making no the particular, with not we're ahead and That's And progress with efforts one competition. moving to unique at that GPOs.

in Commercially, has at a all, hospital COVID-XX. not cannot States a as university I vendor. into United that been believe, by or a yeah, stymied So, you the get

mentioned regarding CathCheck, our twice in CathCheck. importance allowed executive study Having of been in what salesperson given that, I pilot and said because major the institution earlier of now a of has CathCheck the

So, that is, in fact, moving ahead.

two selling of country. the to the areas immediately in for hired pandemic I different have We people, guess, prior

cannot demonstrate. by of have go we reaching they they out but by Zoom, into Skype, hospitals and unfortunately, course, the trained phone, to So, been by are

So, we're sales been we're in, can a that other marketing perspective. whatever already perspective, doing on than from the hold we've institutions in we but a

Does that Tony? answer question, the

Anthony Vendetti

Len. Yes,

and guess that the start GPOs – start going best probably will to knees have here opening these to your such hips, hospitals, York, you to back – with surgery many so are case, allow elective What's for vendors, particularly move joints. HSS certain not some reopening, Okay. or, forth, ones are start as hospitals in forward New as elective as are up COVID-XX patients in and anyway hospitals procedures, businesses

As think that couple GPOs, get going have you're with these couple or you you think into situation able in-a-couple-of-weeks you starts away? of still a months it's a to salespeople, where a to hospitals you start happen, to be certain to have they're negotiations do

Leonard Osser

they labor once as that done we will quickly because and that in procedures move can think hospital rather – the as by this state a – of state, and salespeople I on because to stymied far through think start by we're be delivery. not hospital in basis we're process go allowing come I

no what. So, that matter happens

going procedure. the to the the But purchasing not thing needed in us chairman procedure. States, hospitals front we that validation through the that along department of new that economic hospitals all. The has already And been that So, we're getting of in – of very issue to a much for the number we last United hospitals. normal quite that is in the go the at was issue the the

very active Unfortunately, procedure at given on up, at none that the the proof, are But economics. the that that recent very, moment. end when compelling of is we of opens independent study the with

soon don't other we open timing, move So, – than as COVID-XX purchasing at obviously, they're product and can they product, I don't quickly. think I we point. start anyone the I up this does believe a can as know very to because ready

Anthony Vendetti

Or you to Sure. in patent going said is system. potentially then, that your of CathCheck, the Have that's you extension? life applied process? the CompuFlo already for the patent on And extend that

Leonard Osser

believe weeks that we about awarded No, was announced been I we believe, patent, have – about six I ago that. that it

years, founded and on patent patent. computer in us allows delivery and we that that. Anthony, having secured, Hochman, have having authority delivery to But our That So, XX of do Dr. which this. doing drug computerized keep inventor already about drug we keep space is resident the mind, the for world by

the last in noticed, quarter, we As increased you $XXX,XXX. by R&D expenses

ourselves. we to So, continue leapfrog

history continue every So, extend there's itself, you do to reason if patent we our thereby that that continuing believe, so, portfolio. to will repeats believe to

Anthony Vendetti

Okay. CathCheck you what could obviously epidural on on and that possible delivery, spread call, CathCheck, it's elaborate system, than possible being labor the Correct? further And said it's opportunity not since is hospital, said through just every you market. to on up quite larger just end that the the that business obviously

Leonard Osser

can. market, is for and The It's here. moment of our cash though, by as that's we effort labor at about epidural because delivery a for know. focus possibly billion as we're you us control absolutely. one $X our is to CathCheck low. best medical Yeah, very trying It's and these only the us smaller markets, The is reduced as and market what

epidural of success in labor for now delivery segment the and looking market. we're So, the the

used are all body. the catheters However, over

labor advantage delivery for of the and management. herself having be because the used alarm have in it's patient pain We the

patient pain, that doing indicator. she's the telling the is the in the she's So, anesthesiologist the one so rounds

as would reduce down know, So, dosage XX procedure she's the dislodged. actually or you under the XX has insufficient we And, that's become you catheter CathCheck seconds. then, to to of to XX pain use which drug because minute determine in whether

of However, one the catheter in that alarm doesn't have placements. other patient

any catheter body. into drug you're a using to the For example, deliver the for drug where

or the that area example, and patient for effect. will know drug a you're the is don't dislodged targeted this take good become entering no drug you So, in chemotherapy that injecting, the the let's I But part drug make to you reacting words, become the know days to placed as catheter of benefits is catheter insufficient into agent you the anything in body certain for is seeing if the dislodged. example, or a don't of if catheter a that now have of you for the will has is not not either determination, the delivered some wrong body, an other but and drug reason is the amount, then weeks or the drug or practitioner. drug, the specific as has in – have the the It misplaced the the say,

delivery in the not catheter can time we instrument whether the the can We our but the with also time target, to tell during in them the from we – only catheter can ideal drug place location. of check remains right

throughout for of possibility the other should the being So, many delivery quite body large. procedures CathCheck be used drug

a we've begun So, ago. looking weeks into that few

Anthony Vendetti

in Okay, yeah. No, that's very helpful. Thanks very much. I'll hop queue. back

Leonard Osser

Anthony. you, Thank

Operator

the to Thank the over you. of session. floor for I'd comments. the [Operator Instructions]. management reached closing further or like turn end any We've back question-and-answer to

Leonard Osser

I'd your I'd thank like for to us. you joining patience. for everyone to like thank

to have safe of our as careful. happy Good are this bring to working will stay forefront All when report them. We product to a day. area particular team the best. of medicine. Please and tenaciously very the developments, we we And further

Operator

teleconference. That you. today's conclude Thank does

time have you We today. participation thank this your for line your a and disconnect at may day. You wonderful

Milestone Scientific (MLSS) 18 May 202020 Q1 Earnings call transcript