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November 15 , 2021 MILESTONE SCIENTIFIC Milestone Scientific Reports 69 % Increase in Revenue for Third Quarter of 2021 ROSELAND , N.J. , Nov. 15 , 2021 ( GLOBE NEWSWIRE ) -- Milestone Scientific Inc. ( NYSE : MLSS ) , a leading developer of computerized drug delivery instruments that provide painless and precise injections , today provided a business update and announced financial results for the third quarter ended September 30 , 2021 . Arjan Haverhals , President and Chief Executive Officer of Milestone Scientific , commented , " We are pleased to report continued revenue growth , achieving a 69 % increase in revenue to $ 2.1 million for the three months ended September 30 , 2021. This growth is a reflection of the solid performance of our dental division , as dental offices have been re - opening around the world . We are also starting to see the results of our sales and marketing initiatives within the Medical segment , as illustrated by our recent selection to supply our CompuFloⓇ Epidural instrument and CathCheck TM Verification System throughout Florida's Memorial Healthcare network . The first hospital within this health system , Memorial Regional Hospital , has begun using the CompuFlo Epidural instrument . We look forward to expanding our sales across the other hospitals within their network . We are in advanced discussions with a number of additional hospitals and large healthcare systems , which we look forward to announcing in the future . Additionally , we have expanded our global reach by adding three new international distributors in Canada , Slovenia and the United Arab Emirates . Each brings extensive relationships within key global markets and proven track records introducing medical devices within their territories . We remain committed to our goal of establishing CompuFlo Epidural instr ment as the new standard of care in epidural anesthesia by providing patients with effective pain relief , while reducing the risk of complications . " " We have maintained a solid balance sheet with approximately $ 14.5 million of cash and cash equivalents and approximately $ 15.7 million of working capital , allowing us to continue to execute on our business growth strategy . Irrespective of our investments in sales and marketing around the CompuFlo Epidural instrument and Cath Check Verification System , we continue to carefully manage our expenses . Although cash used in operating activities for the third quarter of 2021 increased by approximately $ 456,000 , compared to the second quarter of 2021 , $ 356,000 of this amount was directly related to the development of a new instrument and disposables , which will be introduced in 2023. With our healthy sales pipeline , expanded sales force , and increased interest in adopting our products , we are encouraged by the outlook of the medical business . " For the three months ended September 30 , 2021 and 2020 , revenues were approximately $ 2.1 million and $ 1.2 million , respectively . Dental revenue increased approximately $ 0.8 million for the three months ending September 30 , 2021 as compared to the three months ended September 30 , 2020 , due to re - opening dental offices throughout the country , and the rest of the world , including China . Gross profit for the third quarter ended September 30 , 2021 was $ 1.4 million versus $ 0.8 million for third quarter ended September 30 , 2020 . Operating loss for the three months ended September 30 , 2021 was approximately $ ( 2.0 )