Sentiment Analysis of the earnings transcript to help figure out if there are any bullish or bearish sentiments that could be gathered from it. We're doing ML and AI based analysis on the earnings call to get some more insights.
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| We also believe there is a market opportunity for our CompuFlo Epidural Instrument within federal and other government agencies as our system can contribute to both improved patient outcomes as well as increased efficiencies |
| Through our new dental sales strategy, including our online store, and our enhanced marketing efforts, we are increasing domestic sales at higher margins |
| On the Medical side, we remain encouraged by the outlook for the business given our sales pipeline, the addition of new hospitals and expansion in existing pain management clinics as well as expansion of our distribution partners |
| And as we continue to grow our revenues, we expect to benefit from economies of scale due to the recurring nature and high margins on our disposables |
| In fact, our gross profit margins increased from 66% for the third quarter last year to 73% for the third quarter of this year |
| We achieved growth in our domestic revenue and margins despite a small sales team, which shows the potential of our new business model |
| Our Dental business continues to generate positive cash flow on a stand-alone basis |
| In addition to higher margins, this strategy has provided us a closer and more direct relationship with our customers, thereby increasing our stickiness with the dentists allowing us to do a better job selling and improving customer service |
| There's a lot of activities going on, of which we believe that the company and the shareholders will benefit from in the future |
| Nevertheless, our international pipeline remains solid, and we expect our international sales to resume growth |
| That said, we expect to resume solid international growth going forward and continue to add new distributors |
| So to wrap up, we are witnessing growing interest in both our Dental and Medical instruments, and we believe we are well positioned to take advantage of the opportunities available in the market |
| In fact, the Dental division generated over $458,000 of operating income on a stand-alone basis, which is a 48% increase over the same period last year |
| So to summarize, we believe that through our new sales strategy, in combination with our increased marketing efforts, we aim to further grow the Dental business at attractive margins in the coming quarters |
| The Medical segment represents a large addressable market, and we remain confident in our belief that CompuFlo will ultimately become the standard of care, given both the safety advantages as well as cost savings to the providers and payers |
| So that's the reason why I'm very encouraged also that we get access and that we increase the penetration in these type of hospitals for these type of procedures, which is important |
| This hospital that I alluded on for spinal cord stimulator procedures, I can share with you that, that's a major breakthrough for the company |
| The submission of claims by our providers and recognition of the Category III code by the payers is an important positive step along the journey to positive reimbursement for CompuFlo, which will drive further commercialization of the CompuFlo Epidural System |
| Most notably, domestic dental sales increased by 45% due to the early success of our new online store for selling and shipping the STA, single-tooth anesthesia system, and hand pieces directly to dental offices and dental groups within the United States |
| As we continue to grow our revenues, we expect to benefit from economies of scale as well as the recurring nature and high margins on our disposables |
| Even more notably, the new direct selling model has resulted in an increase in gross profit for the third quarter of 2023 |
| In addition to the humanitarian aspects of our work, we believe this would be an ideal opportunity to fortify our relationship with the DoD by highlighting the safety and efficiency of our technology |
| These factors coupled with our reimbursement strategy, should ultimately lead to increased sales and adoption of the CompuFlo system |
| The fact that our code is uploaded in the insurance systems, that is fantastic because what other people tell me, what other companies have been seeing in the past is that if insurance providers would not be interested in a new technology like ours, you will get a denial within two weeks |
| It was really good information |
| We create a solid baseline |
| I'm encouraged that health care payer systems appear to have our code loaded into their systems and the code is accepted for claim processing versus a claim rejection because the code is not recognized |
| We are now building on this success and making continued progress advancing our reimbursement strategy |
| Finally, the increase in utilization provides Milestone the opportunity to engage with payers to directly educate them on CompuFlo technology |
| It's also worth noting that our Dental division continues to operate profitably |
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| These complications include intraoperative cerebral fluid leakage and trauma to underlying nerve routes |
| While our international sales pulled back, this was largely a result of the timing of orders and our focus on the domestic market |
| I mentioned in previous call, Brazil, the ramp-up is slow |
| Operating losses for the three months ended September 30, 2023, was approximately $1.5 million versus approximately $2 million from third quarter ended September 30, 2022 |
| Some of the important factors that could cause actual results to differ materially from those indicated by the forward-looking statements are general economic conditions, failure to achieve expected revenue growth, changes in our operating expenses, adverse patent rulings, FDA or legal developments, competitive pressures, changes in customer and market requirements and standards and the risk factors detailed from time to time in Milestone's periodic filings with the Securities and Exchange Commission, including without limitation, Milestone's report on Form 10-K for the year ended December 31, 2022, and Milestone's report on Form 10-Q for the third quarter ended September 30, 2023 |
| Where we are coming from, and I want to refresh everybody, if we look in the second quarter last year and the third quarter last year, business was dramatically hit by the Ukrainian-Russian war |
| Operating losses for the first nine months of 2023 was approximately $5.1 million versus approximately $6.8 million for the first nine months of 2022 |
| Secondly, you asked a question about lumpiness |
| While international sales declined, it's important to note that orders from third-party distributors can be lumpy due to the timing and the size of the orders |
| So just a general question, overall macroeconomic conditions |
| The reduction in operating losses reflects the increase of gross profit and the decrease of selling and general and administrative expenses |
| So it is not that nothing is happening on the execution side |
| The net loss was approximately $1.5 million or $0.02 per share for the three months ended September 30, 2023, versus net loss of $2 million or $0.03 per share for the comparable period in 2022 |
| Net loss for the first nine months of 2023 was $5 million or $0.07 per share versus net loss of $6.8 million or $0.10 per share for the comparable period |
| On the contrary, increased activities |
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