- Earnings call transcript Q3 2022

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Operator

Good day ladies and gentlemen and welcome to the Milestone Scientific’s Third Quarter 2022 Business Update Call. At this time, all participants have been placed on a listen-only mode and the floor will be open for questions and comments after the presentation. It is now my pleasure to turn the floor over to your host David Waldman, Investor Relations. Sir, the floor is yours.

David Waldman

Good morning, and thank you for joining Milestone Scientific's third quarter 2022 financial results conference call. press which morning the is a XXXX third company's issued results, financial also company release containing this quarter website. The posted on

would about have any Crescendo you any after XXX-XXX-XXXX. call If questions Communications at additional company, the or information please contact the like

will Harcum, and September call who Keisha recent personal of the quarter us ended developments XXXX. is join Executive with of Due unable [indiscernible] overview the the are Arjan for an On Chief Milestone Scientific call the XX, to Haverhals, Controller today Officer, provide financial results to third today.

Haverhals be will So, detailed Mr. also financial discussion. the covering

Milestone's Before this to plan, risks business number revenues, we conference which beyond would statements predict implement with started, and economic, we may expected These many statements are to Milestone's future future we to and are involving of business of make forward-looking get accurately, assumptions and control. all remind involve and market ability future judgments during call, of impossible based which to timing a regarding its respect difficult and everyone or that the decisions, success. and like uncertainties, impact competitive, and on conditions are of financial

The limitation, changes periodic factors growth, and important in Some with of achieve economic Milestone’s for our XX-Q in beliefs December upon Milestone’s without pressures, from any statements XX, competitive customer publicly reasonable forward-looking revise go Officer. general based differ management's now we'll FDA the Please expenses, September reason. and results the for to made as actual forward-looking XXXX. Exchange XXXX, XX, Milestone's changes turn developments, statements XX, for factors requirements are ahead, any Form no With revenue of Form the from and XX-K on Commission, over obligation Executive the this to the operating the filings or update Milestone detailed standards, third forward-looking could undertakes date, legal patent the that Chief market are time-to-time report during quarter those to in Securities cause including, the and call risk materially call statements ended by on year to that, Arjan. rulings, indicated XXXX. conditions, or expected November Haverhals, report ended adverse today's Arjan failure

Arjan Haverhals

us sales Thank of you, sequential pleased to XXXX. joining David, of XX.X% on we third quarter with for solid thanks are the report today. and growth growth trajectory second over everyone to the in back I'm quarter the

quarter over to our addition, last of third XX.X% for benefit period XXXX the the revenue increased the sales In same without year China. of

We overcome these the multi-channel last in war. The temporary our growth we illustrated discussed revenue the quarter, we dental Ukraine for we both second third and reflects as on XXXX. sequential sales fact year-over-year of successful in challenges year, revenue China by and challenges quarter in and fronts growth part strategy. decentralized in large in the of achieved quarter our Russia, international to domestic segment part, the faced this situation challenging As the have, due believe both

over United America, distributors announcing to to sell to grow strategic within increasingly market. XX XX% approximately as of to States, bring areas domestic the or look customers, to We as our dentistry we to their and respective additional DSOs. the growth. working South distribution through years. as as international which on we networks agreements help add specialized are especially Europe. continue market partners in XX% accelerate and across current an dental important In XX% our is will of DSOs we new penetration Importantly, network we XX% continue channel believe in to third-party such forward Africa, well dentistry Asia, aesthetics, and DSO organizations dental dental international large distribution dental expected further next implant that markets, The build of role service the play to

cash we to within a flow on So to solid dental standalone generate summarize, basis. our business, continue

grow economies the of from Overall, revenues, remains As our to due we and expect disposables. we nature margins to our recurring dental our continue strong. benefit to on business high scale

We are continue. expect instruments interest the encouraged momentum increased dental by in to our and our

to Turning the to System our CathCheck Medical the CompuFlo Verification our around Epidural System. commercial and segment, advance we continued efforts

activities, marketing Epidural and As a systems in result System CompuFlo hospitals' management sales our our pain focused clinics. healthcare of key we trialed and have

capability CompuFlo based As academy an in University CathCheck of Kentucky. and example, Epidural Health, in August, its the a adoption the Louisville, the System of leading system at we announced health

our in We each year and in introducing strategy the With and validation to care. sign, of CompuFlo Kentucky. by from and system new delivery, four as million the pain, six the owns institution medical UofL sales, providing This room. to important X.X the patient growing acute labor medical is not Health across each care also of market. more are patients three another become execute but a validation within we we operates centers, we benefit hospitals standard operating only leading than departments: health and the distinct state

we of targeting teaching part As sales several our tier one strategy, are university hospitals.

believe will institutions. Top names, the begin sales reduce greater in larger, these it the among we with penetrate are add hospitals these of as and credibility the to We XX that of some cycle recognized more Some nation. smaller

pipeline a institutions. hospitals Our discussions with is we number and advancing sales are healthcare and of solid

commence provide these further we as formal with as will institutions. commercial We respective sales soon updates

hospitals, sports reported and the the million specialty not pain segment market We also our System, centers. than includes XX segments. medicine procedures the Epidural centers, twice management more Epidural to delivery targeting which is and continue With introduce of also market CompuFlo outpatient centers, over the pain each year, size but market, only labor

healthcare payment and American payers issuance a payment as code as who on billing our the goes for This of Association. use The the Medicaid, announced recently pathways effect by Code Medicare personnel health CPT well we code allow such to and X, discretionary into for choose as Importantly, from commercial XXXX. January plans. coverage technology will Medical and

aiding rollout the process clinics. will by Specifically, particular, our we decision believe pain in that private reimbursement commercial financial accelerate within

We CPT are this cleared code take to the implemented of be XXXX. in reimbursement plan our quarter that will advantage of actively new preparing first AMA

sales are our to our also of direct addition channels, network expanding we In partners. distribution

over United On hospitals, East a bringing forward specialty CTI clinics, with well proven the medical as and our devices. CTI, partner, products in East sales years Greece, equipment. We in look heels leading medical in record medical is a regions leading extensive announced of devices Coast new rollout. consumables. of of our introducing provider of the the and as an of distributors track field the new healthcare international of relationships experience as They launching force, CPT We August, ideal is commercial code, a a additional medical believe and bring Midwest In our a F&M we devices receiving partnership new and successful Midwest to with sizable and the having record, pain of XX partner States. equipment Coast advance announcing track physicians, distributor Feed, we

much materials, our corporate more. and effective, to CompuFlo in sales Epidural We invested the be videos, more videos, build marketing education, provide CathCheck including tools for awareness to initiatives and system representatives and our training digital also with marketing brand the heavily brand have literature,

the large for to cost Medical CPT continue addressable market, care. We safety factors, the will segment convenience ultimately the CompuFlo and driven coupled the standard provider, by cost was code a not represents believe lead considerations issuance only savings. by with a the the and of recent These to driven of becoming

important financial Let undertaken. me now some initiatives discuss take we to a moment have

quarter, resources medical last the company. continue towards announced As we reallocate to represents we additional believe segment, the of future our which

of in third same the and time, expenses our reduction corporate the in dental focus third have party quarter, rate. which certain While on evident segment. a we the distribution number is overhead increasing in and the of avenues our burn DSO reduced in operating At

shareholder We provide Combined which recurring towards high we believe expect long-term market hand help million cash the drive to reductions cost well-positioned benefits instruments. performance we are strategy, significant us drive capital revenue. business sufficient come. margin to of quarter with and both our for the should no our to these activities improved provides on revenue, ended around accelerating see including grow which the value We executing years us and with to medical debt, our continue quarters, continue continued approximately as to disposables, which $X.X coming in we of dental

to pursuing Given new our we strong indications. new are also cash and position, instruments planning launch are

associated the company the the will for our effective which with and labor positioned in in as industry, risk of with the growth providing confident quarters. Epidural of positive potential have of Epidural well the We transform we believe care patients we reducing pain by for market and become pain the costs. system, relief, remain coming summarize, standard complications the ultimately delivery, CompuFlo and significant to management as while So, procedures

Importantly, we seeding with and Europe, our centers, the the within CompuFlo medical a management of hospitals, have clinics States number key are of with to to and the contribute this pain success. Instrument will the results months. begun believe and Epidural United financial in CPT our market quick provide three along for of we financial other undertaking At long-term point, recap steps like issuance our a I'd

excluding as market, increased revenue Securities compared no approximately XXXX, increased expanded our discussion, million and XX, approximately XXXX. XXXX for Total been X.X domestic detailed revenue revenue and Dental September three-months we was approximately approximately X.X Dental in versus more compared the increased which China for domestic approximately new a to partnership from September the XX-Q, quarter global recorded Chinese XX, please revenue company The refer with our dental Commission. as regulatory to related the of Form $XXX,XXX, gross results, year. nine-month marketing well has for and general, $XX,XXX and third For third Medical the increased period. reduced $XXX,XXX quarter last the third XXXX, $X consolidated were respectively. same and the million ended revenue including and approximately with the filed the administrative [ph] also period same and Exchange XXX,XXX approximately to the ended international the $X.X million increase time, of At XXXX, and decreased and increase million, of services. we months for million for revenue certain $XX,XXX. control, quality months September which a expenses, $X.X The fees to XX, as approximately expenses three the the Consolidated other decreased $X.X salaries during and result was XXXX. for profit as selling, XXXX for professional ended Consolidated XX, expenses, other versus million employee warehousing, quarter [$XXX,XXX] in of three approximately September the XXXX. distributors.

and X the the XX, for medical segments. our the mentioned $X.X towards and approximately XXXX, additional of three million three XX, September focus ending increased we and $XXX,XXX approximately approximately expenses ended months respectively. The As million resources million for of September the decrease capital and and our working $X.XX on to third Scientific respectively. I the Consolidated delay or million in and earlier, operations respectively. party for dental XXXX were approximately and The System. XXXX versus The approximately have equivalents share September and Milestone of and On certain XXXX research reallocated XXXX months three $X $XXX,XXX, distributors XX, had enhancement XX, $XX.X to XXXX million $XX.X XX, Anesthesia STA of XXXX related cash loss loss was is $XXX,XXX XXXX. Tooth Single cash from working development approximately December was capital of per months September net ending

the For million flows of and months XXXX, approximately ended million, X.X used XXXX X.X respectively. cash we September operating nine in activities XX, and had

dental platform to medical drive scalable highly effective wrap and believe developed within So, cost divisions. have our up, to both growth we a and we

segment, the XXXX. back growing with interest the take of disposals in trajectory are believe our the witnessing growth in on XX.X% excluding solid dental XX.X% second for and to last the sequential quarter Within over the advantage instrument XXXX of opportunities are our are quarter over period market. sales available same growth to a We sales quarter, and well-positioned we the our both we in we of to increased third compared year, China. Year third of year, revenue

continue front. solid can a time, initiatives also this grow will expanded that support partners, business forward code, At list to built the sales remain our not standalone see, reimbursement Within help we structure our our to fund of same and streamline you segment, the stream growth, the a that and shareholder added value. to initiatives As until but we becomes formal hospitals, our distribution steady dental to continue look of a to have only planned continue our contribute basis. and new the cash pipeline implementation segment which to driving we within on on Medical on provide believe revenue will operating CPT self-sustaining segment flow will Medical committed our our

and today. At would outlook We like providing unfold. as encouraged the questions. to up I'd by the you for are developments updates thank of the call to further like look the this open business to point, Operator? we call joining forward to

Operator

is question Group. [Operator today at for coming Instructions] Your Maxim first Anthony from Vendetti

Anthony Vendetti

you, Thank I wanted bit talk you. just Arjan. to little a Thank more.

I think X. it's to for major into goes effect the code deal a CPT have January a Epidural

tell to around code what good right is, a be what us for So, is this actual five reimbursement you is years temporary and at point? corner code the here, the can amount going the it that's

Arjan Haverhals

you Anthony, Thank your for good morning. question, and

analgesia. a is guiding pressure defined system Epidural during code reimbursement So, the sensing as

that always code, a explaining And is Category to code, use company. that technology yes, years one which called local code. the temporary then to and I'm the point, is want insurance our their normally a I a code, have for we can is the cost to Category a that to their coding coding structure a providers and been code. Medicare to five building apply based Category the The on which trajectory and [indiscernible] they personnel in make the is is sending technology and III Medicaid already So, insurance III your what billing the so company, from that a the private beauty and healthcare and

gone is the process a that because is future of course, clinicians are important work they bright. If whole the issued is, in fact providing of unique technology the with doing to extent company that we temporary to the granted simple need of company. that do particular, But for be – then to information that that that have code. into them extremely with at the opportunity it send a what what and which we in number code, moving Now, just have to a forward with I the and is able we insurance we local been look is all

paperwork a it the of is letter compared new and in use to this So why technology, as clinicians necessity, a are needed it justification is that compared example have insurance and for explain so a like to to the medical of technology, letter is to that companies to existing you benefits technologies. existing technologies is what the of important also our technology, because

second price That reimbursing Now, the the area We reimbursement the to a current the the something part Jersey for look at for pricing. set private in of in insurance the that be are fluoroscopy $XXX health example, extra On Medicare as New cannot clinicians is an company, that pain extent. you that, explain policies again that top addition the that the can that, reimbursement fees, procedure. What procedure, an discussions is is with paperwork is they the the your you clinic, Epidural And the company, recovering needs if additional question, we for do but on, gets get when extra the that something guidance their in I clinician in Medicare to to using the to $XXX. to is plus what we providing. will clinician of give defined. of and can cost the on the consumables, goal of we and

that if so and extent. So, works goal to everything to say $XXX our ourselves position is to out between that $XXX

make documentation because environment, money. insurance more with to the to technology. get everybody in are a that a or the clinics the pain as the here an sufficient to in today safer pain efficient opportunity issue important marketplace adoption is and is in new company, private to reimburse technology or clinicians in clinics i.e. because more make money really an healthcare everybody the to to for able It knows need additional understand the opportunity just not having our have private to that that to well clinicians send So get is

CPT the whole is in. code of and scale that reimbursement So CPT the area where code and the comes

that we needed. working are the prepping hard So, documentation paperwork all the we are in and

if you when will companies, to – healthcare For either healthcare also example, an acceptance clinician the the in because the establish insurance the get the clinician a denial. we documentation insurance a to sends hotline providers, or

make are insurance as we denial Now, call with sent negotiate the we to with thing company. directly healthcare up for provider. that argumentation has allowed do that we submit able insurance a to reimbursement, company to come to are the to clinicians in acceptance of right papers acceptance billing not enabling only coding he company to his the him when is to a and needs that the and he denial the provide the services that or the what about The

a us it the a moving over the comp right rather we to is question, It to that a forward. to journey is the what that Anthony? will private for important change fantastic So, but answer time, extent Does is because up is is interesting able are things that service your It physicians. provide ourselves to pain area. and area clinicians set for

Anthony Vendetti

a like providers that's you're as hotline No, the it And the end, them well from through, with your paperwork Arjan. as device. doing for as new go your they providing particular process everything because Yes, it's for great. sounds

that reimbursed they helping them properly makes to So, of lot a sure get make sense.

there's negotiations initial it's way at here? at made around code a it that, customers, or CompuFlo it to made from with know but sort the least, that has In easier least sell the it has paved system of early, conversations, easier corner now of terms now I right the

Arjan Haverhals

extensive well. always Yes, your do, I've I've been, the been fields for question. as in as pretty I you Thank

that opening been is in which of [ph], Physicians. us the impressed Society have entity [XXXX] during it's having was code, that days Society with close. called the to There we at awarded So, fact simple is that Interventional The that stays already that fact XX temporary was Anesthesiology; code. simple as Pain doors get I have normally weekends. the clinicians. we just that announce New are you and we a a are a general is I earlier York, Also, smaller industry explained to meetings But can enjoyed we – American share Jersey, just temporary ago staying able New a looking people, code. American there of able were several

course the up a lot open for Now, with it them second a centers, so eager ASCs, ambulatory as opportunities part will of clinics. up opens surgical and to together work be some they fee to technology this reimbursable is, enthusiastic practices. of their establishing And also within it to yes, because with definitely be private well pain as part used of are

for win-win for definitely, clinicians, and is is it's the end say, of So, for main a of motivation Scientific. quality because more and it's course, one the company for proven still would the the Milestone company every life importantly, our patients that both we've of factors I patient of the representing person working definitely the that but day, at and

Anthony Vendetti

No, I should mean, of the standard it become care. agree. I

applications. cash point? products you in I at ones said starting to past, have which was forefront at explore might applications lastly, the contemplate Just now, can be we've pursuing you which us, know, remind and I this you the to are discussed if you wondering enough new

Arjan Haverhals

Yes.

explained like there, times they applications numerous, right. are several I well, as the So,

other look we As to speak, get we different areas. companies requests into from

also the have [ph] peripheral a nerve peripheral We Europe. in We block. recently for been granted in patent have [patent] U.S. been a granted block in nerve

neurology [ph]. is in potentially block We nerve for on rated peripheral our about screen. general [specificity] So, talked

botulinumtoxin in medicine We cosmetic have for cosmetic patent applications. a

articular. have, course, We into of

and further within believe numerous So, One the I opportunities. new that potentially discuss that a the that to can have a technology do and areas you opportunities that we them is explore cooperation developing interesting means and but thing of could are enjoy be to area, are partners, to to sure development we of launch that for indication out the potential come the that. research make these not you further also course certain here. have that pipeline, with and products that identified have able also commercialize sell the to revenues that

some thing in short-term, you’ve So, we looking STA that enhancements dental Q in only the the if the heard of morning, the current said my and instrument. we Q, this comments have are at

not within also priorities I like kicked-off R&D And project on medical this looking prioritizing like We us major the have opportunities. high are of to several everybody I still area. potential mind the in call. said, bear joining into the would a we and and

Of each still where a sized remain we employee is five course, three to company smaller wearing hats.

on many on instead to my our say would team taking things time execute within difficult can we execute on I given on it to So, the things we we execute frames. always that be right do the plate better that too and of

Anthony Vendetti

Arjan, Okay. hop Thank color. I'll back in the you for all that queue.

Arjan Haverhals

Thank you. Thank you, Anthony.

Operator

[Operator Private is question Investor. Instructions] [John [ph], coming Korb] a Your next from

Unidentified Analyst

Hello.

Arjan Haverhals

Good morning, John.

Unidentified Analyst

are Arjan. you? morning, Good How

Arjan Haverhals

I'm doing well.

Unidentified Analyst

when bunch how are I until of as expectations company, and the actually them this me they do can't and sure hospital get say, changed where have I your how that questions anything are because Good. where could technology? went they help but to a and the we from I'm Louisville, when where or X, Do might want wonder CompuFlo not you even understand, And not using were a the a say beginning maybe your I salesmen system code in we the system if me in or accepts introduce you to correct it if XX one you rollout up, milestone understand force go help and your and please. have university is on changed into it, does you then go this where the have marshal started me that going of Are at sales understand hands what person? back all with there we that, and of resources you to out time happened we you don't help on view kind or it. from the costs? your just of original what jump sit now? let's has Does cut the happens? Then and save and forward then with all X, how dragged XX

Arjan Haverhals

And John. thank your for Absolutely. you question,

So, in one. two start way, you questions, me with the asked a let first

a we And that correct was moment, as to build my announced XX. vision XX the direct ways. a had force prior initial certain quarter, parted sales then absolutely with at I You're people, of just in up not in-light We measurements, only taking more also performance attitude the too right right not but much importantly necessarily yes, sell the products and the issues directly. cost having time, of skill we set to

should forget at that states. about what we we to that with time, has able sales were because in we And They Now, XX liaised do not reps. presence CTI. CTI have also XX

organization entire the trained CTI. have We of

instead also in So, I marketplace, the and on group of penetration us representing on definitely the only the ground sales four now direct are that still organization, side, have balance I but plus my XX help through a the not right. in having CTI reps that sheet, our on of with XX and have cost feet us will

So that's one part of the comment.

the for flavor eight We've second at trial that done We in getting University that to weeks in were Your a process just he example, being again Louisville them is vetted. has field, tremendous persistent of done a job Kentucky. process you absolutely with is, trial. the of time. to person give the our very The question, in getting prior a

we approved able we they hospital. able be with pleased and were We and with and that in of to that were technology had have meetings were CFO hospital our the

case, will of point initial high order, an volume pattern it like call from process is, course Louisville, would University ordering Kentucky, this which your the is, Now, and question the In how of placed I view. a they order. an look of

August consumables. XXX in and So, they order an placed started of they

it other then will in high that salespeople BMI are epidural words, in. that first daily working our you a through X.X acceleration X.X typical clinical continuing did they have up. or patients to with are in our that use where see use. in so comes come weeks, product did rolled normally, in patient they sorry, And routine they in XXX about what ramp with the procedures a hospitals and they shelves out complications these time XX in, other volume. weeks, either for products X.X every they patients immediately cases the they higher the to in In committed about the use and a – it there's to cases on enough So, first that for and pattern That's their making – when sure procedures complications,

always the So, department, penetrate why clinical their day they me, not to and one the probably between clinic] what [ph] that [A isn't for department? people it's day ask everything other XXX% anesthesiologists. XX anesthesiology XX go from to

You normally and championing that using two are four have champions to technology. the

year high Kentucky the the been our he our in orders where using sales is, of to Louisville, [OR are for what gigantic in approved initially the pain. and next also the get got the in So, That's increasing way, it of [ph] volume. positive thereby when in and approved coming course and company to with I that University still able room] ago it guy has department, But delivery also has BMI. work labor also with the anesthesiologists, patients a good it they expect way, very A for example purchase UTMB, sorry. for the that other

So, they now after can that, their for that facilities. to enter have can use clinical they product wanted where teaching routine now area done have use. they daily they a it in And they institution went around that

and your you question on lights shined I questions that the that answers So, post. that some hope

Unidentified Analyst

you. Thank question. I have additional does. an It

You is believe have used I and word how this it the it out. might play

Louisville prospects places hockey started how is using new that a it, easier it and the used most are in to are sales what various you're them snowball might and get because others And You've beginning difficult. it, it effect. it. using grow word for? is and the the snowballing told, still then like are looking then and contact they're stick in that they find Is to out while

Arjan Haverhals

Absolutely, like Louisville working let situated effect We But believe process registered I able in. area recently place the trial. or institutions should long the these What more Absolutely. are domino when institutions a to larger in in just were detail. is or we get in decision-making we believe the the that to I me explain hospitals. in also to closing we weeks in in that that. is effect where took never nine Yes. are be do It with get us it taking snowballing Do we forget Texas.

supporting this are Absolutely. and and So, if I in noble we institutions using products. to get believe able yes, more do effect when that's we are are our

even That second believe important is entrance of strongly And the pathway driver from, a is code that we for to let's the have or second market that importantly, the in a being with the six have pain nine forward. more why company You the growth decision not pathway third process months. that? I reimbursement say, what be segment. will pathway, do However, definitely making for very moving a

You the thirdly, do to direct for the make that through And have necessarily a not pain clinic can committee. a clinic make financial the that right private There pain can technology The of he the no are with offering. benefit we owner are go immediately away. a is decision constraints. money

A And that private have really for a to in the one, year with a yes, code, in it, was really, thanks say, a the market, the dependent other the In CPT mid-size, decision-making always to now have clinicians. labor the let's process. to undertaken. very year we which we an opportunity roll I thanks so unique being ago, much centers. delivery longer regional to on later, call and proposition the and private all-in-all, physicians through and we So, were hospital granted the are code thanks larger selling that things

to hockey that uptake of of in parameters will strategy the the and time then to stick I certain see currently all moment are Now, in company. at execution that expect that in XXXX, then to there medical point, we that these undertaking result the revenues together going your a the

that So, calls XXXX. in bigger believe getting I size I that mentioned one apart of initial I the in probably and of much that expect is do snowball snowball that the snowball, more out earlier from my effect of the

Unidentified Analyst

immediate to and understand the clinics, longer. I correctly? that hope a and milestone and the trust great a you Epidural might I hospitals if going is get then little work of So, correctly, to you take degree with understand pain Do

Arjan Haverhals

already and of have Yes, hospitals right with evaluation. these but we a trialing in and will now been working in so forget where we number hospitals, that don't are the continue we have hospitals we

to So, I'm hospital. making an and going in do up not of definitely to short-term are important, clinics, is compared but them saying we point labor we absolutely give and not. both advantage that parallel private decision process in delivery, that the the are is pain My

I that than And is faster of expect there private course, labor a clinic a and into the the results also have is So, different is operatory will pain within shorter point. we for two and delivery. hospitals, would clinics, we more as go internally hospitals pain in decision-making process just the between the these in into process That's It my room. the entities.

of positioned both but year take to So, a one more does at compared are benefit exclude to not not market segments, the other, ago. better we all,

Unidentified Analyst

has in we up] technology or of a more track. that the I Okay. little or embracing to still product, as of process believer that this threshold of say, [ph] better. at a long-time maybe But length is in rollout so little how year and in coming I a do shareholder. sure. the going too. the expect a guess a you be I I it you it? this be of it's new faster taken on to a maybe [drawn disappointed I envision I'm Are firm time are the the I'm guess must not understand

Arjan Haverhals

and No, in years cervical. indication at then that better on our I hand. call we think ago, an we a more that this said if a FDA I I I focusing this we also for a I'm in so thoracic say an allowed we of have are position, options are good like during only arguments, we I think lumbar we are as may, initiatives, We should morning, position, in not submitted not and and forget have think strategic to widening, – so that are couple

important it's technology lumbar are will the spine FDA cervical spine XX% unique and with. rates things benefit what timing are our the those known, come in Of of but you control our But benefits technology our the the and out because course, XX%, and the of are the are because of up the enter the even understands higher, and of right? X%, the thoracic mobility rates in cervical higher is much are everybody the mobility higher that thoracic Lumbar spine, immediately spine XX%. to they

I the compared that pleased were been unique were us we disappointed marketplace. where little able a gives also in year in you opportunities. took year we have the to it in ago have say, with to that bit And that I'm we particular, time. with a the mentioned would you last what opportunities achieve, So

Operator

Haverhals back questions any in to would turn remarks. floor like no are Mr. queue. further for There to I closing the

Arjan Haverhals

and the are wish to I you Yes. think you safe enjoyed good much and months the have to shareholder additional sure will I the stay in in Bye-bye. All and thank again in time very talk value not position very years. that said, I for meet good best. to you you continue me the hesitate like sessions. a soon. I'm I your questions. create to contact And and Please please questions we And personally and do case we Tuesday. Well, coming And a

Operator

does conclude Thank conference you ladies and gentlemen. call. today's This

day. participation. You this may a at disconnect lines your phone time and your have wonderful you for Thank

Milestone Scientific (MLSS) 15 Nov 222022 Q3 Earnings call transcript