Milestone Scientific Inc.

Good morning, ladies and gentlemen, and welcome to the Milestone Scientific Third Quarter 2021 Business Update Call. At this time, all participants are on a listen-only mode, and the floor will be open for your questions and comments following the presentation. It is now my pleasure to return the floor over to your host, David Waldman, with Investor Relations. Sir, the floor is yours.

Good morning, and thank you for joining Milestone Scientific's Third Quarter 2021 Financial Results Conference Call. On the call with us today are Ariane Hoverhals, Chief Executive Officer, and Keisha Harcum, Controller of Milestone Scientific. The company issued a press release today, Monday, November 15th, containing third 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 third quarter ended September 30th, 2021. Before we get started, we'd 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 and 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 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, the milestones periodic filings with the Securities and Exchange Commission, including without limitation milestones report on Form 10-K for the year ended December 31st, 2020, and milestones report on Form 10-Q for the third quarter ended September 30th, 2021. The forward-looking statements made during this call are based upon management's reasonable belief as of today's date, November 15th, 2021. Milestone undertakes no obligation to revise or publicly update any forward-looking statements for any reason. With that, we'll now turn the call over to Aryan Hoverhals, Chief Executive Officer. Please go ahead, Aryan.

Thank you, David, and thanks to everyone for joining us today. I'm pleased to report continued revenue growth for the third quarter as we achieved a 69% increase in revenue to $2.1 million versus $1.2 million for the same period last year. This growth reflects the continuous strength of our dental division as dental offices continue to reopen around the world. Additionally, our dental division continues to generate solid cash flow on a standalone basis. At the same time, we are starting to see the results of our aggressive sales and marketing initiatives within the medical segment. As we have discussed previously, we have pulled back on some of our sales efforts to preserve cash during the pandemic. However, hospitals have begun to meet with our sales representatives and international distributors. And during the second quarter, we really kicked off an aggressive sales and marketing push. We have invested heavily in our new sales force and now have 11 full-time experienced sales representatives in the field that are calling on hospitals every day. Of course, it's not only about recruiting the right talent, but more importantly, developing the sales team and monitoring its performance closely on a daily basis. At the same time, we've invested heavily in our marketing initiatives to build brand awareness for the Compuflow epidural and calf check system and provide our sales representatives with the tools to be much more effective, including training videos, corporate brand video, educational literature, digital marketing materials, and much more. These efforts are paying off as our sales pipeline is now more solid than at any point in the company's history. And the feedback from physicians, hospitals, and major healthcare system has been positive, given the safety and economic benefits of the CompuFlow Epidural System. As an example, we were recently selected to supply a CompuFlow epidural and cath check system throughout Florida's Memorial Healthcare Network. The first hospital within this health system, Memorial Regional Hospital, has begun using the CompuFlow epidural and cath check system. Memorial Regional Hospital is one of the largest hospitals in Florida. We look forward to expanding ourselves across the other hospitals within their network, which includes the Joe DiMaggio Children's Hospital, Memorial Regional Hospital South, Memorial Hospital West, Memorial Hospital Miramar, and Memorial Hospital Pembroke. More importantly, each hospital we add provides strong validation of the instrument and provides referenceable accounts making it easier to open up subsequent hospitals. As we sit here today, we are in advanced discussions with a number of premier hospitals and large healthcare systems, which we look forward to announcing in the future. Turning to our global efforts, we have added three new international distributors for our CompuFlow epidural instrument. We are pleased to expand our reach in Canada with the addition of Andal Medical, in Slovenia with Sano Labor DD, and in the United Arab Emirates with new Al Farwania surgicals and medical equipment. These are important global markets, and each of these distributors brings extensive relationships for introducing medical devices within their respective territories. I mentioned earlier our investment in marketing. In addition to helping our internal sales force, these new collateral materials have been very helpful in opening up new distributors as we are able to equip them with all the information they need to open up new sales channels. It's important to note that Milestone has traditionally been a research and development focused organization. In the short time since I joined the organization, we have overhauled the sales organization. We are setting high performance standards for our sales team, and I believe we now have the tools in place to make this a truly commercial organization. In speaking directly with our customers, our mission to establish our technology as the new standard of care in epidural anesthesia for labor and delivery has been further validated for me. This has been a long road to get here, and we faced setbacks due to the pandemic. But similar to other medical device companies and products I've personally been involved with before Milestone, it often takes years, several years, to properly seed the market. I believe that we are reaching the point that shareholders should start to see the results from all of these efforts, and we look forward to creating significant shareholder value in the months and years ahead. The market for these instruments is substantial, and given the nature of the disposables, our business model is largely built around a high-margin recurring revenue model. Not only is this a good model for us, but it also provides a strong return on investment for the hospital, as the CompreFlow epidural system has been shown to significantly reduce the total cost per hospital stay. This does not even factor in the potential liability for both hospitals and physicians. This is because the physicians and hospitals will now have a clear choice to use the CompuFlow epidural system and instruments or continue performing epidural procedures using the traditional and antiquated technique. We expect this potential liability will be magnified as we gain broader adoption of the instruments. Our CompuFlow epidural system offers objective detection of pressure changes to verify through loss of resistance and confirm epidural space within minutes. The clinical and safety benefits of the CompuFlow epidural system are backed by extensive published clinical data demonstrating significant reductions in epidural punctures and complication rates. We expect to announce additional publications that further reinforce the clinical benefits of our technology. So to wrap up, we have overhauled our sales and marketing initiatives and have brought on experienced sales executives to capitalize on the market opportunity. We are also seeing a more normalized environment following the height of the pandemic and are realizing the benefits of our efforts with growing demand and displacement of our instruments. We are starting to achieve the ambitious goals that we outlined in the past and intend to continue on this trajectory with a solid sales pipeline and additional discussions on the way. At this point, I'd like to turn the call over to our controller, Keisha Harkin, to go over the financials in detail. Please go ahead, Keisha.