Milestone Scientific, maker of a computerized anesthesia injection system, announced record profits for the second quarter of 2010.
For the quarter (end-June 30), net income was $264,000, compared to a net loss of $1.2 million in the same quarter last year. Revenues climbed 58% to $3.22 million from $2.04 million in the second quarter of 2009.
International sales rose 212% to $1.96 million from $629,000, while U.S. sales declined 11% to $1.26 million from $1.41 million. Disposable handpiece sales increased 14% to $1.37 million, up from $1.2 million, while sales of instruments rose 124% to $1.82 million, up from $816,000.
"As indicated by our record second-quarter performance, Milestone benefited from the shipment of the first 1,000 STA Single Tooth Anesthesia System units to China, pursuant to the 12,000 unit purchase order received from China National Medicines Corporation late last year," CEO Leonard Osser stated in a press release.
The company is still awaiting regulatory approval to market the device to the Chinese dental market, he added.
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