Milestone Scientific Reports Revenue of $2.2 Million and Provides Business Update for the First Quarter of 2025

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: [email protected]

Tel: 212-671-1020

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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