Milestone Scientific Inc.

Greetings and welcome to the Milestone Scientific first quarter conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I would now like to turn the conference over to your host, David Waldman. Thank you. You may begin.

Good morning, everyone, and thank you for joining Milestone Scientific's first quarter 2021 financial results conference call. On the call with us today are Len Ossor, interim chief executive officer, Ariane Haberhals, president of Milestone and CEO of One Dental Inc., and Keisha Harcum, controller. The company issued a press release today, Monday, May 17th, containing first quarter 2021 financial results, which is also posted on the company's website. If you have any questions after the call or would like any additional information about the company, please contact Crescendo Communications at 212-671-1020. The company's management will now provide prepared remarks reviewing the financial and operational results for the first quarter ended March 31st, 2021. Before we get started, we would like to remind everyone that during this conference call, we may make forward-looking statements regarding timing and financial impact of Milestone's ability to implement its business plan, expected revenues, and future success. These statements involve a number of risks and uncertainties that are based on assumptions involving judgments with respect to future economic, competitive, and market conditions, and future business decisions, all of which are difficult or impossible to predict accurately, and many of which are beyond milestones control. Some of the important factors that could cause actual results 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 market requirements and standards, and the risk factors detailed from time to time in milestones, periodic filings with the Securities and Exchange Commission, including without limitation, without milestones report on Form 10-K for the three months ended December 31st, 2020, a milestones report on Form 10-Q for the first quarter ended March 31st, 2021. The forward-looking statements made during this call are based upon management's reasonable belief as of today's date. May 17th, 2021. Milestone undertakes no obligation to revise or update publicly any forward-looking statements for any reason. With that, we'll now turn the call over to Len Oster, Interim Chief Executive Officer. Please go ahead, Len.

Thank you, David, and thanks to everyone for joining us today. The first quarter and subsequent period have been highly productive for the company. First, I am pleased to report that our revenue for the first quarter of 2021 increased more than 61%, to 2.9 million versus 1.8 million for the same period last year. We also achieved a strong sequential increase in sales of 32% versus the fourth quarter of 2020. Importantly, our dental segment remains cash flow positive on a standalone basis with continued growth opportunities. Clearly, our dental business is back on track. In terms of our CompuFlow epidural and cath check systems, we have already added new hospitals that have purchased our disposables with the prospects of increased business in the coming months. We have many more that are starting trials and others that are at later stage of development. Existing trials that we expect to convert to commercial orders. During the first quarter of 21, we began selling CompuFlow epidural and cath check disposables to three premier medical centers in the United States and one in Europe. These hospitals include Regional Medical Center, a premier regional healthcare system in South Carolina, the University of Texas Medical Branch at Galveston, an institution of the University of Texas system, an agency of the state of Texas, and the nationally recognized Medical University of South Carolina, and a leading German hospital, the University Hospital of Wurzburg. The purchase orders received from these four medical centers reinforces our confidence in the outlook for both cath check and CompuFlow, and the value proposition to other healthcare systems across Europe and the United States. As we strive to become the new standard of care in epidural procedures and labor and delivery. It is also a validation that our technology provides a level of safety and efficiency not currently available to medical professionals. The clinical and safety benefits of the CompuFlow epidural and cath check systems are backed by extensive published clinical data demonstrating significant reductions in epidural procedures as well as the complication rates and contributes to the savings of time on the part of anesthesiologists. Moreover, the CompuPlo instrument has the potential to significantly reduce costs associated with morbidity, providing a direct economic benefit to healthcare institutions. Similarly, the CasCheck technology has the potential to transform the monitoring of catheter placement following an epidural procedure. by confirming the placement of a catheter within one to two minutes versus 20 to 40 minutes using the present method. In summary, we are aggressively accelerating our commercialization efforts in both the domestic and global markets as we pursue our goal to become the new standard of care for epidural procedures in labor and delivery. A key element of our sales strategy focuses on the disposable components of our system. which we believe will contribute to high margins and recurring revenue. In addition to hiring more salespeople and expanding our sales funnel, as I mentioned earlier, several advanced trials are already underway with hospitals that we believe will convert to commercial orders. At this point, I'd like to turn the call over to Ariane Haverholtz, President of Milestone Scientific and Chief Executive Officer of One Dental Inc. to describe the sales and marketing activities around the WAND instrument in more detail. Please go ahead, Arjan. Thank you, Len. Our dental business is recovering nicely and continues to generate strong cash flow as a result of successful sales and marketing initiatives, as well as dental offices reopening across the country and around the world. We have begun implementing our three-year strategy to expand the worldwide global dental market. We believe our rapid progress illustrates the positive response and growing market demand for our dental instrument. Through our decentralized sales strategy, we accomplished our goal of building a robust distribution network covering important territories in the United States and Canada. We are now accelerating our efforts into new global markets while supporting our present distributors. We believe we have developed a highly cost effective and scalable platform to help drive our dental instrument and hand piece of sales in the coming years. In regards to our medical business, we were saddened by the tragic loss of our Vice President of Sales, Eric Gilbert. I would like to express our condolences to his family and we continue to support his family in these difficult times. Although the sudden passing of Eric caused us a temporary setback, we are now adding new sales territory managers with the necessary sales skills and experience that will help propel us moving forward. We have increased our sales team to nine territory managers covering the Central, Northeast, and Southeast area. We've also appointed a territory manager in California assisting us to penetrate major hospitals in this state. We continued the execution of our digital marketing strategy and recently launched our new website presence. Furthermore, we increased our social media communication activities. All these activities are focused on increasing our brand awareness and should result in additional lead generation for our sales team. I'd also like to take a moment on behalf of myself, the Milestone team, and our board of directors to personally thank Len Osser for his immeasurable contribution to the company over the years. He has been a visionary and guiding force for the company since its inception. He has helped Milestone navigate through both good and difficult market environments. investing his own capital when needed carefully managing expenses and serving as a strong steward looking after and protecting shareholder interests we truly appreciate everything he has done for the company building a foundation for growth and success in the years to come we truly look forward to his ongoing contributions to the success of the company at this point I'd like to turn the call over to our controller, Keisha Harkam, to go over the financials in detail. Please go ahead, Keisha.