MILESTONE: strona spółki
20.03.2020, 15:47
MMD The Impact of the COVID-19 Outbreak on Commercial Rollout of CompuFlo® Epidural System and Financial Results in 2020
The Board of Directors of Milestone Medical Inc. (WAR: MMD, “the Company", “the Issuer"), today announced the impact of the COVID-19 outbreak on the commercial rollout of the CompuFlo® Epidural System and the Issuer's financial results in 2020, in relation to the recommendation of The European Securities and Markets Authority (ESMA) on March 11, 2020 and The Polish Financial Supervision Authority (KNF) on March 12, 2020. The Board of Directors of the Issuer is continually monitoring and following the advice of the WHO and national authorities in the U.S. and Europe to reduce the spread of COVID-19. The Company is doing its part to promote and protect the health of the employees and partners by maintaining safe working environments or remote working. On the supply side, the current inventory level for epidural instruments and handpieces are sufficient to cover immediate needs for at least the next two financial quarters. All of the Issuer’s suppliers continue to manufacture the instrument and The Board of Directors of Issuer do not anticipate any supply chain disruptions. The Issuer’s epidural instrument factory in the USA is still producing instruments under current purchase orders. The Company’s supplier in China is in operation for limited production and the Issuer is anticipating the first delivery of handpieces by the end of May 2020.
Going forward, as the social gatherings are currently prohibited, the Board of Directors od the Issuer adjusted its commercial rollout strategy by placing the system with key opinion leaders, leading anesthesiologists in the U.S., and Europe as well as distributors and Group Purchasing Organizations (GPO) utilizing distance communication and training instead of face-to-face meetings and trade shows. The Issuer’s presentation at the prestigious Euroanaesthesia 2020 Congress in Barcelona was postponed to either 21-24 August or 28-31 August 2020. However, the Board of Directors of the Company is aware of the potential for lower demand near-term, as the anesthesiologists and hospitals are currently focusing on fighting the COVID-19 pandemic. Nevertheless, the Board of Directors of the Issuer remains confident in the long-term outlook for the business, and the prospects for the CompuFlo Epidural System to become the standard of care in the coming years. At the moment, it is difficult to predict the magnitude, duration and precise impact of the COVID-19 outbreak on Issuer’s financial results in 2020.
Going forward, as the social gatherings are currently prohibited, the Board of Directors od the Issuer adjusted its commercial rollout strategy by placing the system with key opinion leaders, leading anesthesiologists in the U.S., and Europe as well as distributors and Group Purchasing Organizations (GPO) utilizing distance communication and training instead of face-to-face meetings and trade shows. The Issuer’s presentation at the prestigious Euroanaesthesia 2020 Congress in Barcelona was postponed to either 21-24 August or 28-31 August 2020. However, the Board of Directors of the Company is aware of the potential for lower demand near-term, as the anesthesiologists and hospitals are currently focusing on fighting the COVID-19 pandemic. Nevertheless, the Board of Directors of the Issuer remains confident in the long-term outlook for the business, and the prospects for the CompuFlo Epidural System to become the standard of care in the coming years. At the moment, it is difficult to predict the magnitude, duration and precise impact of the COVID-19 outbreak on Issuer’s financial results in 2020.