Milestone Scientific Inc.

Hey, ladies and gentlemen, and welcome to the Milestone Scientific second quarter 2021 business update call. All lines have been placed on a listen-only mode, and the floor will be open for questions and comments following the presentation. If you should require assistance throughout the conference, please press star zero on your telephone keypad to reach a live operator. At this time, it is my pleasure to turn the floor over to your host, Natalia Rudman. Ma'am, the floor is yours.

Thank you. Good morning and thank you everyone for joining Mobstone Scientific second quarter 2021 financial results conference call. On the call with us today are Ariane Haverhal, chief executive officer and Keisha Harcum, controller of Mobstone Scientific. The company issued a press release today, Monday, August 16th, containing second 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 for prayer remarks reviewing the financial and operational results for the second quarter as of June 30th, 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 Mothlone's ability to implement its business plan, expected revenues, and future success. These statements involve a number of risks and uncertainties and are based on assumptions involving judgment with respect to the future economic, competitive, and marketing conditions and future business decisions, all of which are difficult or impossible to predict accurately, and many of which are beyond Moscow's control. Some of the important risk factors that could actually result 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 market requirements and standards, and the risk factors detailed from time to time in Milestone's periodic filings within the Security and Exchange Commission, including without limitation, Milestone's report on the Form 10-K for the year ended December 31, 2020, and Milestone's report on Form 10-Q for the second quarter ended June 30, 2021. The forward-looking statements made during this call are based upon management's reasonable belief as of today's date, August 16th, 2021, Milestone undertakes no obligation to revise or update publicly any forward-looking statements for any reason. With that out of the way, we'll now turn the call over to Ariane Hatterhall, Chief Executive Officer. Please go ahead, Ariane.

Thank you, Natalia, and thanks to everyone for joining us today. I'm pleased to report that our revenue for the second quarter of 2021 increased more than 14-fold to $2.4 million versus $168,000 for the same period last year. Our dental business continues to generate strong cash flow as a result of dental offices reopening across the country and around the world. Moreover, we have enhanced our sales and marketing activities, which should support sales of our dental instruments and help drive high-margin recurring handpiece sales. We believe our progress illustrates the positive response and growing market demand for our dental products. Through our new decentralized dental sales strategy, we are working towards our goal of building a robust distribution network in the United States and Canada. In parallel, we are focusing our efforts into new global markets while supporting our present distributors. Overall, we are encouraged by the growing interest in our dental technology. Our dental business continues to generate positive cash flow on a standalone basis, and as we continue to grow this business, we expect to benefit from high recurring margins on our disposables. Turning now to our medical instruments. In the first half of 2021, we began selling CompriFlow epidural and cath jack disposables to four medical centers in the United States and one in Europe. We recently reported that the University of Texas Medical Branch Health Clear Lake Campus Hospital has initiated use of our CompuFlow epidural instrument, which follows the successful use of the instrument and disposables at the UTMB Galveston Campus Hospital. This expansion within the UTMB Health Network is a validation of the favorable response to our technology by anesthesiologists. The purchase orders received from these medical centers reinforces our confidence in the outlook for both CAT-CHECK and CompuFlow and the value proposition to other healthcare systems as we strive to become the new standard of care in epidural procedures and the testing of catheter placement. We believe these expanded orders are confirmation that our technology provides a level of safety and efficiency not currently available to medical professionals using conventional standard of care. The clinical and safety benefits of the CompuFlow epidural systems are backed by extensive published clinical data demonstrating significant reductions in epidural punctures and complication rates. We expect to announce several additional publications that further reinforce the clinical benefits of our technology. In addition, the CompuFlow instrument has been shown to significantly reduce the total cost per hospital stay, providing a direct economic benefit to healthcare institutions. Since joining Milestone and subsequently taking over as CEO, we have embarked on a number of initiatives to move the company from an R&D focus to a sales-focused sales organization. We will continue the development of the instruments for additional areas of drug delivery in diverse areas of medicine. Bear in mind, during the peak of the pandemic, our primary consideration was preservation of capital. However, now as things are trending towards normal, we are investing in marketing and sales. Towards this end, we have completely overhauled the sales and marketing teams. I've set ambition goals for our sales team with very specific near-term targets that they are held accountable for. That said, I've been pleased by the traction we are gaining and the feedback we are receiving from the marketplace. We now have a direct sales team of 11 sales representatives, including Chad Trachok, our newly appointed Vice President of Sales for Medical. Chad brings an impressive track record in both medical devices and in the field of epidural drug delivery, which I'm confident will help accelerate our growth and support our expansion initiatives. In the short time since joining the organization, He has already had a meaningful impact. Chad brings extensive relationships with key opinion leaders and physicians in the field of epidural drug delivery, which has been extremely helpful in opening doors. Overall, these sales initiatives are taking hold, and our sales pipeline is robust. I know our investors are expecting updates on new hospitals. I can reassure you We are in late stage discussions with a number of hospitals. We are working with large and complex organizations that are also dealing with the global pandemic. The feedback from both anesthesiologists and healthcare institutions remains positive given the safety and economic benefits of our instruments. This feedback that I have witnessed firsthand has only strengthened my conviction that our instruments can, in time, become the new standard of care. On the international front, we remain focused on expanding our global footprint. Earlier this year, we announced we had commenced sales at the University Hospital of Würzburg in Germany. They are increasing utilization within the hospital and are now placing repeat orders as one of the leading national hospitals in Germany. and highly regarded across Europe, they are a great referential account as we seek to bring on new hospitals in Europe. We are also in the process of adding new international distributors to expand upon our internal efforts. At this point, I'd like to turn the call over to our controller, Kisha Harkam, to go over the financials in detail. Please go ahead, Kisha.