Q2 2024 Milestone Scientific Inc Earnings Call Transcript
Key Points
- Achieved Medicare Part B physician payment rate assignment for the CompuFlo Epidural System, covering key states and representing a significant market opportunity.
- Partnership with Actual Biologics to leverage their extensive experience and relationships in the pain management sector, aiming to accelerate market penetration.
- Regulatory approval received from Brazil's national health surveillance agency to market and sell the CompuFlo Epidural System, opening a significant market opportunity.
- US E-commerce sales increased to $1.3 million in Q2 2024 compared to $1.2 million in the same period last year, reflecting successful strategic shifts.
- Gross margins improved significantly to 76.1% in Q2 2024 from 65% in the same quarter last year, driven by cost efficiencies and direct sales strategies.
- Total revenue for Q2 2024 decreased to $1.9 million from $2.9 million in Q2 2023, indicating a significant drop in overall sales.
- International revenue decreased by $710,000 compared to Q2 2023, primarily due to issues with freight forwarders and halted sales in China.
- Operating losses for Q2 2024 were approximately $1.8 million, although reduced from $2.3 million in Q2 2023, still indicating ongoing financial challenges.
- Net income for Q2 2024 was only $0.2 million, a marginal improvement from a loss of $1.3 million in Q2 2023, suggesting limited profitability.
- The company recorded no revenue from China for Q2 2024, compared to $270,000 in Q2 2023, impacting overall international sales performance.
Good morning, and welcome to the Milestone Scientific second-quarter 2024 financial results and business update conference call. (Operator instructions) Please note this conference is being recorded.
I will now turn the conference over to your host, Mr. David Waldman, Investor Relations of Crescendo Communications. David, the floor is yours.
Thank you, Jenny. Good morning, and thank you for joining Milestone Scientific's second-quarter 2024 financial results conference call. On the call with us today [Arjan] Haverhals, Chief Executive Officer, and Keisha Harcum, Vice President of Finance Milestone Scientific. The company issued a press release this morning containing second-quarter 2024 financial results, which is also posted on the company's website. If you have any questions after the call would like any additional information about the company, please contact Crescendo Communications at 2126711020.
The company's management will now provide prepared remarks reviewing the financial
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