Q4 2020 Milestone Scientific Inc Earnings Call
Thank you Bill and good afternoon, and thank you everyone for joining milestone scientific 'twenty 'twenty year end financial results conference call on the call with US today are of Leonard author of interim Chief Executive Officer Ari on her house.
President of milestone scientific and see of one Samsung and Joseph D'agostino of Chief Financial Officer. The company issued a press release today Thursday April 1st containing 2020, you're on financial results, which is also posted on the company's website. If you have any questions after the call or like any additional information about the company. Please.
A question of the communications at true once you pick seven 110 of the company's management will now provide prepared remarks, the reading of the financial and operational results for the year ended December 31, 2020 before we get started we would like to remind everyone that during this conference call. We may make forward looking statements regarding timing.
<unk> financial impact of milestones of the ability to implement its business plan expected revenues in the 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.
And apparently and many of which are beyond milestones control. 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.
She is expected revenue growth changes in our operating expense is adverse patent rulings and day or legal developments competitive pressures changes.
The actemra and market requirements and standards and the risk factors detailed from time to time of milestones periodic filings within the Securities and Exchange Commission, including without limitation milestones report on form 10-K for the year ended December 31, 2020. The forward looking statements made during this call are based upon management's response reasonable belief as.
The date if of course 2021 milestone undertakes no obligation to revise or update publicly any forward looking statements for any reason without either way. We will now turn the call over to let Arthur in terms of Chief Executive Officer. Please go ahead ma'am.
Thank you and the Italian and thanks to everyone for joining us today.
I am pleased.
As of today reported that our revenue for the fourth quarter of 2020 increased sequentially by approximately $1 million or 78% versus the third quarter of 2020. We achieved this result, despite the impact of COVID-19, which indicates that we are successfully navigating the pandemic.
Pleased and remain on the growth trajectory good this quarter.
Fortunately, we continue to carefully manage our operating expenses, reducing our net loss for the year with COVID-19 infections declining in certain regions and several hospitals reopening to outside vendors.
From a good progress over the past year of advancing our commercial efforts around the comp you flow epidural instruments and the cash check system.
Specifically, we have added several new hospitals that are of purchasing our disposables with prospects of increased business in the coming months most.
Most notably.
We have made in the first three months of 'twenty. One we began selling comp you flow epidural and cash check disposables. The three premier medical centers Regional Medical center of Premier Regional healthcare system in South Carolina, The University of Texas Medical branch of the Galveston.
And.
<unk> of the University of Texas system in the agency of the state of Texas The <unk>.
Actually recognized medical University of South Carolina.
And the leading German hospital, the University hospital of Wurzburg. The purchase orders received from these three U S medical centers and one European.
Touche in hospital further reinforces our confidence in the outlook for both cats check and the comp you flow and the value proposition to other healthcare systems across Europe and the.
Fourth of America, as we strive to become the new standard of care in the epidural procedures in labor and delivery of.
Additionally.
The appeal, we enter into an agreement with the medical AEG to distribute the comp you flow of epidural instrument and Capex system as well as related disposables in both Switzerland and Austria.
Penetrating the sizable Austrian and Swiss markets is an important step forward in our commercial launch.
The of the comp you flow epidural system in Europe.
In October 2020, we were awarded of group purchasing agreement for compute flow and cats check with the Premier.
A leading group purchasing organization with approximately 4100 U S hospitals and 200000.
And the other providers within their network at the same time.
Given the sales to these hospitals, we are now expanding our medical sales force.
Now the new protocols are in place in hospitals, we are better able to enter the hospitals and have commenced the number of new pilot programs.
The results.
<unk> of our clinical trials have also been published in the leading medical journals, which AIDS in driving market awareness and further validation of our technology importantly, the comp you flow epidural system is validated in terms of safety.
Efficacy and the economics similarly, the cash.
Check technology has the potential to transform the monitoring of catheter placement following an epidural procedure by confirming the placement of the catheter within two minutes versus 20 to 40 minutes using conventional methods are unique computer control of real time pressure sensing technology.
<unk> provides the anesthesiologists and objective and quantifiable techniques to build confidence from success.
Yeah.
For these reasons. We are further encouraged that our technology will become the new standard of care in labor and delivery anesthesia.
Replacing the presence of standard of care, which is the 18.
18, 60 hypodermic syringe.
As we are consistently and evolving our injection in drug delivery systems. We recently received two notices of allowance for a key patent from the U S patent and trademark office and the notice of allowance from the European patent.
And all of us.
The first patent relates to the disposable component of milestones compu flow instrument and covers the unique interactions of the disposable of assembly and the Microchip security verification feature embedded in the disposables, which provides clinical and safety.
The benefits to the patient and practitioner of the second patent relates to our new compute pulse system, which integrates the comp you wave technology with the manual syringe. This new technology provides an efficient and low cost alternative for procedures, where Emmanuel syringe makes.
May surprise, while still providing the ability to verify needle and subsequent catheter placement, which opens up a number of exciting new markets and applications for our technology.
The third patent from the European patent office combines minimum intensity of nerve stimulation and real time injection.
<unk> pressure monitoring utilizing milestones comp you flow instrument and the associated D. P. S dynamic pressure sensing technology to optimize the needle tip location and ultrasound guided peripheral nerve block procedures, thus, helping to reduce the risk of.
Needle injury during P. N V procedures. This is the large market opportunity given that the direction of the industry is true regional anesthesia.
In summary, we have been successful in convincing the first phase of our commercial rollout of the comp you blow epidural instrument.
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.
Overall, the response from both hospitals and physicians has been positive and we are in a few trials across the country that have the potential.
To convert two additional commercial orders our sales pipeline is more robust than ever and we look forward to finalizing additional agreements with several of Premier Hospital soon.
At this time, we were actively engaged in the hiring sales professionals to enhance the rollout in the U S.
At this point I'd like to turn the call over to Iran have all of our president of <unk>.
Milestone and Chief Executive Officer of.
The one dental.
To describe the sales and marketing activities around the one instrument in more detail. Please go ahead already.
[laughter].
Thank you Linda.
Our dental business has begun to recover as the result of successful sales and marketing initiatives as well as dental offices reopening across the country and around the world.
We believe our rapid progress illustrates the positive response on the growing market demand.
Four of our dental instrument we.
We have begun implementing a three year strategy to expand the worldwide global dental market, we are successfully adding domestic and global distribution partners, which reflects our new decentralized sales strategy.
Specifically, we are targeting.
The distributors with existing relationships within their respective territories and dental networks we.
We believe we have developed of highly cost effective and scalable platform to help drive our dental instrument and handpiece sales in the coming years.
The goal of changing our marketing plan from the Soc.
All exclusive distributor in the U S and Canada to a large number of non exclusive distributors is to increase the placement of a one the SDA instrument and does the expansion of the dental disposables.
We look forward to further expanding our coverage and working closely with our new distributors.
We believe that with this decentralized sales strategy in combination with our increased marketing efforts. We can further grow the dental business in the coming years.
In less than a month, we have expanded our network to increase seven or to include seven independent distributors covering key markets across the.
Plus the new distributor in Canada the.
These are important additions to our distribution network as we educate dental professionals on the significant benefits of identical instrument in terms of establishing a safe environment for patients and staff during the pandemic and.
Fortunately supporting the growth of dental practices.
As I mentioned, we accomplished our goal of building a robust distribution network covering important territories in the U S and the key market in Canada through our new decentralized sales strategy.
We are now accelerating our rest.
The same into new global markets, while supporting our president of distributors.
At this point I'd like to turn the call over to our C of O. Joseph D'agostino to go over the financials in detail. Please go ahead Joseph.
Thank you Gordon.
Total revenue for the.
So it stands at December 31, 2020 was $5 4 million per.
<unk> $8 3 million for the same period last year.
Potential revenue decreased by approximately $2 9 million, which was related to the impact of the COVID-19 pandemic on the company's customers.
<unk> and other business partners.
Medical revenue for the 12 months ended December 31, 2020 was approximately 16000 versus 38000 per the year Andy December 31 2019.
Gross profit for the year ended.
The year over 31 2020 was 3.6.
<unk> million dollars or.
We're 67% of revenue.
$5 7 million or 68% of revenue for the year ended December 31 2019.
Operating loss for the year ended December 31.
<unk> 7020 was approximately 7.5 million versus approximately 4 million per the year ended December 31 2019.
Net loss was approximately $7 3 million or <unk> 12 per cent per share for the year ended December 31, two.
120.
First of the net loss of seven 5 million or <unk> 16 per share for the comparable period in 2019.
Now I'd like to take a look and turn our attention to the liquidity and capital resources.
At December 31.
2020, the company had cash and cash equivalents of approximately $14 2 million.
Total current assets of approximately $18 6 million.
And working capital of <unk>.
$15 7 million.
At this point I'd like to return the call back.
200 offer.
Thank you Joseph.
We remain encouraged by the outlook for the business as the dental business is starting to recover.
Through our new decentralized sales strategy and our enhanced marketing efforts around the one the instrument. We believe this will increase our mark.
Back to the penetration as we focus on the significant value drivers of our instrument.
Which includes safety.
The efficiency and importantly, supporting the growth of dental practices.
In addition, we remain confident in the market potential of the comp flow epidural, which we believe will.
Market form the industry and ultimately become the standard of care.
Accordingly, we have begun selling of our comp do flow epidural to a number of hospitals and medical centers in the U S and Europe.
Moreover, we are building the sales pipeline, including the advanced trials underway that we believe we will convert.
Trends in new commercial orders.
Overall, we are in the strong financial position with over $14 million in cash cash equivalents and other short term investments as of December 31, 2020 and the.
Additionally, the proceeds from the recent exercise of warrants strength.
So our balance sheet with an additional $4 million plus of cash since November of 2020.
This liquidity combined with our improved cash flow should help accelerate our sales and marketing activities around both of our dental and medical instruments and the addition.
<unk> are now positioned to institute of the development of both the new dental product and further increase of product portfolio in the medical sector once again.
We believe the strength of our balance sheet provides us substantial runway to help mitigate the risk related to.
19, as well as accelerate the development and commercialization of other indications from our profound IP platform. We believe this technology platform is quite broad with multiple opportunities available to our company and large and underserved markets.
Covid made committed to driving shareholder value and look forward to providing further updates as developments unfold.
I'd like to thank you for joining the call today at this point, we would like to open the call for questions.
<unk>.
At this time, we'll be conducting a question and.
The recession, if you would like to ask the question. Please press star one on your telephone keypad of coffee.
Permission so of indicate your line is in the question queue. You May Press Star two if you would like to remove your question from the queue for.
From participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys, one more of a please pull for questions.
Our first question comes from the lineup of Anthony Vendetti with Maxim. Please see with your question.
Thank you.
I was just wondering if you could talk a little bit the the.
Pilot programs.
You know how many of them.
How long do.
Do you think they will last and then.
Those reps, how many of your targeting or how many territories are you targeting.
Right, well I'll turn that over to the Aryan, but first I'd like to say that.
Being conservative by nature, if not politically economically.
I'd like to say that we held.
The sales and any significant hiring until we were in the first couple of hospitals, which is now the case and that's why we're expanding our sales force.
The two things that are generally asked the first thing sort of generally yes by doctors when a sales person approaches them is number one.
The clinical studies of which we have an abundance, but number two is where else are you who else is using it so prior to going all out and hiring sales people for the United States, We decided to first.
The successful in at least two hospitals given the debt that.
We're out of the case, we are now part of them. So I'll turn it over to the iron yes. Thank you.
In addition to what the what Atlanta.
Eluded too of course, but we always say the moment you are in the hospital of deaths in the way also where the work starts so part of the sales team.
That is not in those hospitals that we have received per chase's orders from debt task because also to further increase the penetration within the hospital. So that's that's why we give them. So when you have a number of hospitals, increasing the penetration inside of them is very important.
In addition to the.
Our current sales.
Yes.
Since we have now around force, where we had four sales people. We're looking in the expansion and we are looking we are not just saying, okay. Let's go in debt territorial debt territory, it's completely dependent on the number of hospitals on what the gross number of hospitals.
Those mean in terms of the potential.
The number of epidural procedures, so we have enough of them too spread out all over the country.
We remain focused first of I would always say we draw the line from Chicago down to Dallas.
Houston and east of.
Because.
We also need to manage the team and we want to avoid to spread as of two thing over the entire country.
The number of people that we would add.
As a minimum we would like to double the debt.
Current.
The size of the sales team.
And then in parallel.
Commercial successes that we anticipate for the coming year, we will further expand on the sales organization.
Okay, Great and then just in terms of.
Access to the hospitals or are you.
Are you close to almost full access now or.
Is it really on the hospital by hospital basis.
No its still a mix, but the trend is very encouraging there are several things that are taking place.
For the first for example of hospitals that we were active.
The active in or active at the.
More than a year.
Year ago prior to the pandemic day said in March you know, let's wait.
And you will hear from US when you are when you can get back or when we allow you to.
To become a went into premises of the hospital that is actually taking place. So that's that's what we see.
The we did not.
Number of hospitals that we were the.
Discussing with a year ago, where we are now back at the table so to say in the theater.
Getting into debt proceeds the value assessment and value added team and value out of the committee made things. So that's the one happening second.
Secondly, what we also see it in particular in the North East.
When I follow the the.
The news that we received a lot of hospitals are.
Re opening again also.
In particular of one one area of new England, and Massachusetts, where day.
So to say defries, I would say of through debt capital equipment budgets. So they were frozen during the pandemic and.
Debt is lifted now as well and of course as we have been active in a number of hospitals since the second.
Half of last year.
Still for the building up and the number of demos and trials that we are performing.
In the hospitals.
As we speak.
So in addition to debt with the hospitals that we already have placed all of have placed per the chase orders with us.
We also see that in an uptake in the reordering of the hospital in getting the consumables going which is of course for us very important because that's the confirmation of the business model that we choose to have.
Sure sure of social last question some of the G. P O S.
Has the GPO.
GPO relationship.
You have in place has that.
<unk> been able to facilitate.
Any of the meetings with the hospitals during during this time and if not because of Covid.
Do you believe that.
The GPO relationship is going to start to.
The beneficial.
As we move through 'twenty one.
No no absolutely.
And I think of the evidence is already there are two debt extend as we said in October last year when we.
<unk> reached or we were rewarded in the agreement with Premier of the group.
With their choice of organization.
I think it's definitely important for US we were able to.
To have.
One of the first hospitals ordering product from US was from <unk> University of Texas Medical branch wishes belonging.
Two the premier.
GPO group.
Again.
It's not a given debt when we have an agreement with the G. P. O debt sales is automatically coming but what is important is it.
Definitely takes away some barriers or hurdles for us to.
To get access to the hospital it is an endorsement.
<unk> facilitates.
The introduction and the entrance at the hospital, we still have to do of course, and we have to make an effort of getting the sales and but it's important for us absolutely.
We go into further looking.
Look at the hospitals that belong to the Premier GPO group, absolutely, we're going to look into other gpo's across the country. That's definitely one of the.
Part of our strategy for growth.
For the next coming years and period.
Okay, Great that's helpful.
At the back over thank you.
Thank you Anthony stay well.
And once again as a reminder, if you would like to ask the question. Please press star one on the telephone keypad. Once again, if you would like to ask the question. Please press star one on your telephone keypad. Our next question comes from the line of Jerry Cow private Investor Please share with your question.
Hey, guys, Gary Carol how are you.
We're doing very very well things the growth looking forward to the weekend.
I would like to express my condolences to Eric Gilbert's family and to the milestone family and his loss.
I had.
Europe meeting with our men and the.
Visiting of hospital here locally in South Florida.
So I know that was that was kind of tough on everyone. So I guess my question is relating to especially Florida as we know, it's a very target rich environment and I know.
At some point, we had a lot of activity going on so.
The expansion of the sales team are we anticipating or do you already have someone that will be wrapping in the state of Florida here.
Thank you for asking that question absolutely.
And as we speak a I've already had introduced with the number of candidates for Florida and this is definitely part of the expansion plan and I leave it a little of it in the middle of what it's going to be well know two two per since Florida the Florida.
The state, but it's definitely.
And the high priority for US also based on the activities that were undertaken.
A year ago again prior to the pandemic and also later on.
Where we would like to in a way to put it in these words to take the benefit of the initial discussions debt has taken place in the number of hospitals.
And it wasn't the Florida.
And Gary.
Thank you very much for your condolences are Eric was not just the series of professional.
From a of.
Very good friend to us of the company so very much appreciate it.
You're welcome Yeah. He was a good guy and.
The spitball at any rate it sounds like you guys are on the right track as far as expanding sales. So we're going to go from four of approximately four people to your gas is approximately eight salespeople and when do you anticipate that we would have.
Those eight out of in the field actively working.
The sooner the better I would say it is one of the key priority agenda of highest priorities that we are currently are undertaking of part of course.
Of getting more of hospitals in but you know it goes hand in hand, if we want to increase our.
The commercial platform in our commercial.
Yes. It also means that we need to invest and get more people within the organization. So the.
These days, it's a it's a it's sales and it is a lot of interviews and identifying the right talent to the team.
Okay, and I guess, we're still on track.
As far as the the offering of the instrument on a I I prefer to call a day consignment basis to remove that capital budget hurdle and the situation of where the hospital doesn't have the capital budget, but wants to start using the disposable.
And we're.
Track of consigned the box and upcharge. The disposables is that that's still out there on the table and it's still something that we're actively.
Hmm.
Yeah, we have not changed our flexible sales strategy.
It has always been part of the original sales strategy and the only thing that debt.
Willing debt last year was based on the on the pandemic and to help the.
The hospitals and we went for lending the equipment to the first hospitals.
This is dan of commitment to a minimum volume at a premium price on the consumables and debt.
We sell a part of our sales strategy. So that's not changed but of course also of moving forward. We would also love to see that if for example of a hospital has a first instrument that we get additional sales on the instrument as well.
Absolutely.
So for example.
The state of that so I can just add something here.
Yeah.
The reason why we say debt is important is that the.
That entire strategy works like for example, the University in Wurzburg.
In Germany that we announced the I think it was a yeah.
Two of the of the fifth.
First quarter.
That has not been a consignment agreement at all that was pure for chasing or offsetting the instrument to the hospitals. So I think it's important that everybody understands that the entire sales strategy and the three different pillars.
In the middle of thing is actually working.
Okay. That's that's great news and that's the excellent and.
The anything I can do to lend you guys I had the Florida. Let me know I think you guys know that I have the 35 year of medical background, including Interventional Anesthesiology and pain management, then I have a lot of connections still.
Feel free to call on me for anything you guys.
But I can help you with the Florida.
Very good Gerry all health as always appreciate it. Thank you very much of a good weekend.
Our next question comes from the line of Derek Roulston private Investor Please share with your question.
Hi, Thanks for taking my question.
Question.
I just had a quick.
The question about manufacturing I don't want to put the cart before the horse, but in terms of manufacturing can you just give a little color onto where you know, where we're where youre getting supplied from as the China and if so are there any hurdles that you see or foresee with the political.
You know the political stage.
State right now with them.
Well the the instrument is as our dental instrument is produced in the United States outside of Chicago.
The disposables will be produced in China.
We've been producing.
Disposables at the same facility for Joseph of 18 years.
About 18 years and the we've had no difficulty whatsoever, it's the very the.
Owners of that.
The facility include one of our major investors.
Hum set up that factory.
For us so that we could.
Get excellent pricing, which has always been the case the pea.
People that own that come.
Come out of a Japanese company debt.
Were they were of the the upper management.
The number of.
Of years of the Japanese zone facility.
Tien tsin in China, So we.
We don't foresee any problem with.
With the facility with the management with the production there very very professional they were on a worldwide level. There was good as Germany, the United States in the facility, which I personally.
The visit with some frequency while I'm there as.
As far as the political situation.
I don't see that.
Having any.
Any difficulty going forward, but naturally I have no crystal ball I'm not in the meetings between all of precedent from changing thing but.
I think they're going to come down too.
The pragmatic decisions based on both countries, where true so I don't foresee any problem in that area of you never know what happens as the regulatory agencies change things.
Often.
We have.
Of the skill set both here and there to deal with that.
The the short answer is I don't foresee any difficulty with the manufacturing either of the the instruments.
The disposables.
Always work towards lowering the prices.
Doing things in a more efficient way buying in certain quantities.
Each will bring down our price and our objective.
For the disposables will be.
No.
Around the 70% margin as we go as we go forward nothing inadequate nothing.
Nothing nothing has changed the man.
Excellent. Thank you very much thanks have a good weekend.
Use of my pleasure.
Our final question comes from the line of John Corp, Private Investor. Please see with your question.
Hi, Leonard IRI on a nice to be with you again.
Uh huh.
With.
Yeah.
Seems to me and my long time.
Sort of sessions of shareholder where milestone the most exciting time ever.
I'm kind of figure out.
Where the what are the possibilities for the company.
You recently outlined.
The possible.
Income per.
Protections if the epidural of becomes the standard of care, which is pretty striking that a lot of pretty striking.
My specific question I'm trying to figure out where the company is garnering relates to.
Your.
Of our announcement on March 10th.
Of a.
Of the European patent a combination of our assimilation in TPS dynamic pressure sensing technology.
I'm I'm not in the medical field, so I'm not fully aware of of the implications.
Of that pattern.
The market participants on the night of tap.
Seem to indicate this might be a big deal now I know you don't comment on market.
Action, but.
The.
That day was greeted by a huge upside volume and price per milestone.
Some of them.
And I'm reading the sorry, I don't think of them if that was related to this.
Is this particular path.
Patent open up of Hull no.
The set of possibilities from milestone of could you comment on the implications from this pattern, where it might laid the cash.
Yes, so well. Thank you for your question and let me try to explain that so.
The the release on March 10th it was as you correctly say.
It was what we call the peripheral nerve block P N V and newest stimulation.
And.
Why is that important because we always have said debt, whereas the HIFU did a mixture of range is used potentially our technology can be used in this case for peripheral nerve block.
The dynamic pressure sensing technology would do it.
Two of.
<unk>, let's say interim there or the delineation of the differentiation between interim rural and extra new injection. So it is similar as a positioning of the needle that we would have in the epidural.
What we also have been doing is and that's the clinical research ongoing.
And we have been part of that in particular index area and then to your question why is it important.
It is important for the following the reason first of all of it is proving that our technology has a role and has a place in this indication of secondly also in combination.
<unk> with what they call nerve stimulation, which is in all of their technology used in that indication, but certainly I think the what you know to your words, if I may.
Tim you said the seem to be of high level of enthusiasm. It's also related to the addressable market size because.
If you look into the epidural market, where we have about 11 million procedures.
In the U S alone I think about 30 million procedures on the global.
The level.
In peripheral nerve block that is 41 million procedures.
In peripheral nerve blocks, so our technology to be used in the different and then the new area.
In association with the.
A large of potential market or the larger addressable market.
That might have been the reason why some of your colleagues attending debt.
That meeting where we're emphasized.
The stick, but for US it is an important confirmation when we a have the pets and b already involved in clinical.
Research too.
To have an opportunity to invest in that area in the future of as well.
To elaborate a bit we were approached about.
Four years ago by professor of cap of appeal.
Montpelier.
The hospital and friends and the vessels should cash.
The gift my French pronunciation of them better in the in English.
Somewhat better than its value however.
They approached us because.
They were working with ultrasound and nerve stimulation, but found our technology as the missing link to produce a device that would successfully.
M&A the.
Very expensive and very dangerous morbidity.
The associated with peripheral nerve blocks. So they are the world leaders in peripheral nerve blocks.
And they approached US we've been working with them for approximately four years.
In the development and this has culminated in the patents, which we receive these are up our patents.
That's the milestone scientific so.
Youre correct. The market was correct. This is very very important it is a huge market. It is going to expand dramatically because we are moving away.
From the from the dangers of in the high cost of both general.
Anesthesia and conscious sedation wherever we can do regional anesthesia, that's where the world is moving so the potential for this.
Is enormous and in this area and we are certainly according to the world experts the.
Missing link in this and.
They have proven that so.
Yeah.
There are some other things are very very important of the future of our company.
So one of your new sales force.
Works for the hospitals they are not just working on epidural.
Africa.
Application of there also.
Addressing the PMD procedure of potential for all hospitals, so I understand correctly.
No not yet right now, we're putting all of our efforts.
<unk> significantly expanding the dental and growth in.
In Europe, and the United States.
The epidural market in the labor and delivery, we will be moving into a new instrument.
That will do peripheral nerve block that is one of the areas that we're moving into as you know.
Botox is one possibility intra articular.
But.
<unk> said, we're wherever the syringe is use the subcutaneous injections, we can replace the hypodermic syringe. So those of the areas that we're looking to.
Immediately.
The P M B a.
The dental instrument the <unk>.
Volta and the bolt ons.
The area, while we expanded the dental.
And the reason for that.
Great. Thank of summer I appreciate all your efforts.
I continue to be.
Hopeful shareholder of milestone scientific facts.
Our pleasure thank you.
And with that this concludes our question and answer session and I would like to turn the call back over to management for any closing remarks.
I'd like to thank everybody for joining the call.
I'd like to say that we continue to work diligently and expanding the epidural.
Oral market.
And we are also working worldwide to expand the dental market.
We have probably 354% of market share in the first world. So there is a great deal of room for expansion.
We continue to.
Bring bring down and hope to continue bringing down our burn rate.
And we've been successful at that.
The other issue that is added considerably.
Two our balance sheet in the first quarter as the conversion of the warrants.
<unk>.
I believe thus far brought in $4 three Joseph yes about $4 $3 million on the conversion of warrants. We had said when we did the last raised the Maxim that we had.
Did that raise because we were very nervous.
Should.
And then given the pandemic, we didn't know how long it would take to move out of that in the subsequent recession. It now looks like we're far more optimistic about that.
One way of which we have then to secure the success of the company over a long period of time.
And dramatically.
We expanded.
With this other money coming in.
We remain in very good financial.
Position.
We cannot see no reason.
Operationally for raising any capital.
Going forward.
Obviously, if the stock with 10 of $20.
A share the board of my things differently, but from where we are right now we have no we have no operational needs from money going forward.
Well over the 12 month period.
In the fourth.
So thank you all for joining us we very much appreciate it and hope to have additional.
Some of the four over this quarter.
Ill turn it back over to you to Devon.
And with that this concludes today's teleconference. You may now disconnect. Your lines at this time. Thank you for your participation and have a wonderful day.
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Sure.
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Uh huh.
Yeah.
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