Milestone Scientific Reports Revenue of $2.2 Million and Provides Business Update for the First Quarter of 2025
MWN-AI** Summary
Milestone Scientific Inc. (NYSE: MLSS) released its financial results for the first quarter of 2025, reporting revenues of approximately $2.2 million, reflecting a slight decrease from the prior year. The company's revenue streams included e-commerce and dental services, which remained stable at around $1.2 million, while international revenue decreased to approximately $863,000. Notably, medical revenue showed significant improvement, rising to approximately $51,000 compared to just $7,400 in the same quarter of 2024, indicating increasing acceptance of their CompuFlo® Epidural System in medical facilities.
Chairman and Interim CEO Neal Goldman expressed optimism regarding the medical segment's growth, emphasizing the system's integration into new practices and the recognition of its capacity to enhance patient safety and procedural efficiency. Milestone is focusing on expanding its reach among Jurisdictional Medicare Administrative Contractors (JMACs) and has initiated efforts to improve its reimbursement framework. Notably, favorable Medicare Part B physician payment rates under CPT code 0777T have been granted by key JMACs, which Goldman believes will catalyze broader adoption of their technology.
In addition to its medical advancements, Milestone is working to bolster its presence in federal healthcare settings following a new contract under the Federal Supply Schedule, aiming for additional adoption within the Department of Veterans Affairs and other federal entities. Despite a net loss of approximately $(2.0) million for the quarter, which reflects an increase from $(1.4) million year-over-year, the company maintained financial discipline by delaying non-essential R&D and containing costs. Furthermore, Milestone secured $800,000 in convertible financing from Board members, underscoring investor confidence and support for the company's growth trajectory. With $2.2 million in cash and cash equivalents, Milestone Scientific is positioned to pursue its commercial objectives and expand market access.
MWN-AI** Analysis
Milestone Scientific Inc. (NYSE: MLSS) reported revenues of $2.2 million for Q1 2025, reflecting a slight decrease from the previous year but showing notable promise in the medical segment, particularly with the CompuFlo Epidural System. The positive momentum in adoption within new practices indicates growing acceptance of their technology, which is critical for enhancing patient safety and procedural efficiency.
Despite an operating loss of approximately $2 million, the company is strategically attempting to bolster its presence in the Medicare reimbursement landscape. The assignment of favorable payment rates for CompuFlo systems under CPT code 0777T by key JMACs signals a potential catalyst for increasing adoption and market penetration. This, coupled with ongoing initiatives to tap into federal healthcare systems, could spur revenue growth in the medium to long term.
Investors should take note of the contrast between stable performance in Milestone’s dental division and the increased medical revenue, which signifies a pivot toward more lucrative market opportunities. The recent $800,000 convertible financing from board members underscores confidence in the company's leadership and growth trajectory, suggesting that insiders believe in the potential for a turnaround.
While maintaining financial discipline and delaying non-essential R&D expenses appears prudent for navigating current challenges, the company’s ability to convert its solid gross profit margin of 74% into sustainable profitability remains a key focus. The cash position of approximately $2.2 million offers a cushion but demands vigilant management as the company works to execute its growth strategy.
In summary, while Milestone faces hurdles with operating losses and international revenue declines, strategic initiatives in medical markets and federal contracts may position the company for recovery. Investors should monitor progress in these areas, alongside broader healthcare market trends, to assess Milestone’s potential for upward momentum.
**MWN-AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
ROSELAND, N.J., May 15, 2025 (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 reported financial results for the first quarter ended March 31, 2025.
Neal Goldman, Chairman and Interim Chief Executive Officer of Milestone Scientific, commented, "We are encouraged by the growing momentum in our medical segment, where first quarter results reflect increased traction for the CompuFlo® Epidural System. During the quarter, we were pleased to see new practices integrating CompuFlo into their workflows. These adoptions reflect both the clinical value of our technology and the increasing recognition among pain management specialists of its ability to enhance patient safety and procedural efficiency."
"Commercially, we remain focused on expanding penetration within existing Jurisdictional Medicare Administrative Contractors (JMACs) and are making measurable progress in our efforts to add new jurisdictions. We are actively engaging with additional JMACs and their advisory networks, and we are optimistic about securing broader regional alignment in the coming quarters. These efforts are supported by the assignment of favorable Medicare Part B physician payment rates for our technology under CPT code 0777T by First Coast Service Options (FCSO) and Novitas Solutions—two key JMACs. We believe this reimbursement framework is a critical catalyst for expanding access and accelerating adoption."
"We are also advancing initiatives to expand access to CompuFlo in federal healthcare settings following the award of a contract under the Federal Supply Schedule (FSS). This agreement enables eligible U.S. government medical facilities to procure CompuFlo, and we are now collaborating with key stakeholders to support adoption within the Department of Veterans Affairs (VA), Department of Defense (DoD), Indian Health Service (IHS), and other federal healthcare systems committed to enhancing patient care.”
Mr. Goldman concluded, “In parallel, we maintained stable performance in our dental business and continued to exercise financial discipline, including the strategic delay of non-essential R&D and ongoing cost containment. Importantly, during the quarter, we secured $800,000 in convertible financing from members of our Board of Directors, including myself. The note carries a below-market interest rate of prime minus 2.5% and converts at the then-current market price, underscoring both investor-friendly terms and the strong confidence our leadership team has in Milestone’s growth trajectory. With this additional support and disciplined execution across both business segments, we are well-positioned to advance our commercial initiatives, broaden our reimbursement footprint, and create long-term value for shareholders.”
Financial Results for the Three Months Ended March 31, 2025
Revenues for the three months ended March 31, 2025, were approximately $2.2 million, a slight decrease of approximately $16,000. E-commerce and dental service revenue was approximately $1.2 million in both the first quarters of 2025 and 2024. For the three months ended March 31, 2025, international revenue was approximately $863,000, a decrease of approximately $67,000, compared to March 31, 2024. Medical revenue was approximately $51,000 in the first quarter of 2025, compared to $7,400 in the first quarter of 2024, an increase of approximately $44,000.
Gross profit for the first quarter ended March 31, 2025, was $1.6 million or 74% of revenue, compared to $1.7 million or 75% of revenue for the first quarter ended March 31, 2024.
Operating loss for the three months ended March 31, 2025, was approximately $(2.0) million versus approximately $(1.5) million for the first quarter ended March 31, 2024.
Net loss was approximately $(2.0) million, or $(0.02) per share for the three months ended March 31, 2025, versus a net loss of $(1.4) million, or $(0.02) per share, for the comparable period in 2024.
As of March 31, 2025, the Company reported cash and cash equivalents of approximately $2.2 million and working capital of approximately $2.4 million.
About Milestone Scientific Inc.
Milestone Scientific Inc. (MLSS) is a technology-focused medical research and development company that patents, designs, and develops innovative injection technologies and instruments for medical and dental applications. Milestone Scientific’s computer-controlled systems are designed to make injections precise, efficient, and increase the overall patient comfort and safety. The Company leverages its proprietary DPS Dynamic Pressure Sensing Technology ® platform to advance the development of next-generation devices, regulating flow rate and monitoring pressure from the tip of the needle, through platform extensions of subcutaneous drug delivery, including local anesthetics. To learn more, view the MLSS brand video or visit milestonescientific.com .
Safe Harbor Statement
This press release contains forward-looking statements regarding the timing and financial impact of Milestone's ability to implement its business plan, expected revenues, timing of regulatory approvals 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, future business decisions and regulatory developments, all of which are difficult or impossible to predict accurately and many of which are beyond Milestone's 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, 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 in Milestone's periodic filings with the Securities and Exchange Commission, including without limitation, Milestone's Annual Report for the year ended December 31, 2022. The forward-looking statements in this press release are based upon management's reasonable belief as of the date hereof. Milestone undertakes no obligation to revise or update publicly any forward-looking statements for any reason.
Contact:
Crescendo Communications, LLC
Email: mlss@crescendo-ir.com
Tel: 212-671-1020
(tables follow)
| MILESTONE SCIENTIFIC AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) | |||||||
| March 31, 2025 | December 31, 2024 | ||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 2,246,387 | $ | 3,258,058 | |||
| Marketable securities | 518,547 | 475,376 | |||||
| Accounts receivable, net of allowance for credit losses of $10,000, respectively | 6,423 | - | |||||
| Prepaid expenses and other current assets | 750,333 | 564,645 | |||||
| Inventories | 4,159,496 | 3,713,215 | |||||
| Advances on contracts | 943,740 | 1,275,260 | |||||
| Total current assets | 8,624,926 | 9,286,554 | |||||
| Furniture, fixtures and equipment, net | 12,240 | 12,921 | |||||
| Intangibles, net | 130,949 | 148,404 | |||||
| Right of use assets finance lease | 63,784 | 67,201 | |||||
| Right of use assets operating lease | 231,967 | 257,842 | |||||
| Other assets | 24,150 | 24,150 | |||||
| Total assets | $ | 9,088,016 | $ | 9,797,072 | |||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 1,918,301 | $ | 1,021,393 | |||
| Accounts payable, related party | 760,888 | 493,313 | |||||
| Accrued expenses and other payables | 1,315,937 | 1,796,319 | |||||
| Accrued expenses, related party | 311,741 | 304,293 | |||||
| Current portion of finance lease liabilities | 17,086 | 12,530 | |||||
| Current portion of operating lease liabilities | 119,680 | 116,279 | |||||
| Total current liabilities | 4,443,633 | 3,744,127 | |||||
| Non-current portion of finance lease liabilities | 47,838 | 54,672 | |||||
| Non-current portion of operating lease liabilities | 134,093 | 165,573 | |||||
| Total liabilities | $ | 4,625,564 | $ | 3,964,372 | |||
| Commitments | |||||||
| Stockholders’ equity | |||||||
| Common stock, par value $0.001; authorized 100,000,000 shares; 78,230,382 shares issued and 78,197,049 shares outstanding as of March 31, 2025 shares; 78,047,798 shares issued and 78,014,465 shares outstanding as of December 31, 2024; | 78,230 | 78,048 | |||||
| Additional paid in capital | 135,343,430 | 134,719,274 | |||||
| Accumulated deficit | (130,047,692 | ) | (128,053,106 | ) | |||
| Treasury stock, at cost, 33,333 shares | (911,516 | ) | (911,516 | ) | |||
| Total Milestone Scientific, Inc. stockholders' equity | 4,462,452 | 5,832,700 | |||||
| Total liabilities and stockholders’ equity | $ | 9,088,016 | $ | 9,797,072 | |||
| MILESTONE SCIENTIFIC AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS FOR YEARS ENDED DECEMBER 31, (UNAUDITED) | ||||||||
| For the three months ended March 31, 2025 | For the three months ended March 31, 2024 | |||||||
| Product sales, net | $ | 2,232,420 | $ | 2,248,845 | ||||
| Cost of products sold | 584,985 | 572,742 | ||||||
| Gross profit | 1,647,435 | 1,676,103 | ||||||
| Selling, general and administrative expenses | 3,256,728 | 3,035,276 | ||||||
| Research and development expenses | 369,120 | 94,211 | ||||||
| Depreciation and amortization expense | 19,440 | 11,684 | ||||||
| Total operating expenses | 3,645,288 | 3,141,171 | ||||||
| Loss from operations | (1,997,853 | ) | (1,465,068 | ) | ||||
| Interest income | 3,267 | 24,539 | ||||||
| Loss before provision for income taxes | (1,994,586 | ) | (1,440,529 | ) | ||||
| Net loss | (1,994,586 | ) | (1,440,529 | ) | ||||
| Net loss per share applicable to common stockholders— | ||||||||
| Basic and Diluted | (0.02 | ) | (0.02 | ) | ||||
| Weighted average shares outstanding and to be issued— | ||||||||
| Basic and Diluted | 81,854,512 | 79,738,551 | ||||||
FAQ**
What specific strategies is Milestone Scientific Inc. (MLSS) implementing to increase market penetration for the CompuFlo® Epidural System among existing and new Medicare Administrative Contractors (JMACs)?
How does Milestone Scientific Inc. (MLSS) plan to leverage the recent contract under the Federal Supply Schedule to drive adoption within federal healthcare systems and improve patient care?
Given the reported decrease in international revenue for Milestone Scientific Inc. (MLSS), what steps are being taken to reverse this trend and enhance their global market presence?
With the recent convertible financing obtained by Milestone Scientific Inc. (MLSS), how does the company intend to use these funds to drive growth and improve its financial performance in the upcoming quarters?
**MWN-AI FAQ is based on asking OpenAI questions about Milestone Scientific Inc. (NYSE: MLSS).
NASDAQ: MLSS
MLSS Trading
9.5% G/L:
$0.2848 Last:
16,101 Volume:
$0.29 Open:
