Milestone Scientific Reports Year-End 2024 Financial Results and Reports Strong Outlook for 2025
Reports expansion of CompuFlo® Epidural System across additional
pain management clinics and ambulatory surgery centers following
Medicare price assignment in multiple U.S. states
ROSELAND, N.J., April 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 announced financial results for the year ended December 31, 2024.
Neal Goldman, Chairman and Interim Chief Executive Officer of Milestone Scientific, stated, "While 2024 was a year of transition for Milestone Scientific, we laid the foundation for a strong rebound in 2025. We focused intently on streamlining operations and aligning our cost structure to support sustainable growth. The initial performance in Q1 2025 has been highly encouraging, and we are optimistic about continued traction in both the dental and medical segments."
"On the medical side, we made substantial progress in establishing the reimbursement infrastructure to drive adoption of our CompuFlo® Epidural System. In 2024, First Coast Service Options (FCSO) and Novitas Solutions, two Jurisdictional Medicare Administrative Contractors (JMACs), assigned favorable Medicare Part B physician payment rates for our technology under CPT code 0777T. These assignments now cover providers in Florida, New Jersey, Texas, Pennsylvania, Maryland, Delaware, Washington D.C., Colorado, Louisiana, Mississippi, New Mexico, Oklahoma, and Arkansas. These Medicare pricing decisions have significantly expanded our addressable market and positioned us to scale adoption. Importantly, we are actively pursuing reimbursement approvals with additional JMACs to further our national expansion and make the CompuFlo system more widely accessible across the U.S."
"Additionally, we were awarded a contract for the Federal Supply Schedule (FSS), enabling federal medical facilities to purchase CompuFlo. We are currently working with key stakeholders to drive adoption of the CompuFlo® Epidural System and improve patient outcomes within the U.S. Department of Veterans Affairs (VA), Department of Defense (DoD), Indian Health Service (IHS), and other federal healthcare systems."
"Beyond our federal initiatives, we are seeing strong commercial traction in the private sector, highlighted by new rollouts during Q1 2025 at Advanced Spine and Pain Management, Pain Doctors Medical LLC, and InfiniSurg, LLC. These recent adoptions demonstrate growing clinical confidence in the CompuFlo system and broader market acceptance of our technology across pain management clinics and ambulatory surgery centers. Our strategic partnership with Axial Biologics has also continued to enhance our distribution footprint in key U.S. markets."
"In the dental segment, our STA Single Tooth Anesthesia System remains the global leader in computer-controlled local anesthetic delivery, with over 95 million injections administered to date. In 2024, we further leveraged this leadership through the expansion of our direct-to-consumer e-commerce platform, which is already delivering improved margins and increased customer engagement."
Mr. Goldman concluded, "We believe we are in the early stages of unlocking the true commercial potential of our core technology. The clinical response has been exceptionally positive, and we are well-positioned to capitalize on the growth opportunities ahead. Q1 2025 results thus far reinforce our confidence, and we are highly encouraged by the outlook for the balance of the year on both the dental and medical fronts."
Financial Results for the Year Ended December 31, 2024
For the years ended December 31, 2024 and 2023, revenue was approximately $8.6 million and $9.8 million, respectively, a decrease of approximately $1.2 million. The Company launched an e-commerce platform to sell and ship the STA Single Tooth Anesthesia System® (STA) and handpieces directly to dental offices and groups within the U.S. U.S. E-commerce revenue was approximately $5.1 million in 2024, compared to $4.8 million in 2023.
The Company recorded no revenue from Henry Schein in 2024, compared to approximately $179,000 in 2023. Revenue from other U.S. distributors was approximately $9,000 in 2024, down from $485,000 in 2023. The Company terminated all non-exclusive distributor agreements in the U.S. in September 2023.
International revenue was approximately $3.4 million in 2024, a decline of $756,000 from 2023, primarily due to underperformance in certain markets and shipping delays.
Gross profit for 2024 was $6.4 million, compared to $6.8 million in 2023. The decrease reflects lower international sales, partially offset by higher margins from e-commerce. In 2023, the Company also recorded a $258,000 inventory write-off for expired/obsolete medical inventory.
Operating loss for 2024 was $6.8 million, an improvement from $7.1 million in 2023. The improvement was driven by higher-margin e-commerce sales and reduced SG&A. Net loss was approximately $4.7 million, or $(0.06) per share, compared to a net loss of $6.9 million, or $(0.10) per share, in 2023.
As of December 31, 2024, the Company had cash of $3.3 million, working capital of approximately $5.5 million, and no debt.
About Milestone Scientific Inc.
Milestone Scientific Inc. (MLSS), 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. Their proprietary DPS Dynamic Pressure Sensing Technology® instruments is the 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 anesthetic. 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, 2024. 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
(tables follow)
| MILESTONE SCIENTIFIC AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| December 31, 2024 | December 31, 2023 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 3,258,058 | $ | 2,977,713 | ||||
| Marketable securities | - | 2,976,573 | ||||||
| Accounts receivable, net of allowance for credit losses of $10,000, respectively | 475,376 | 312,664 | ||||||
| Prepaid expenses and other current assets | 564,645 | 517,785 | ||||||
| Inventories | 3,713,215 | 2,638,186 | ||||||
| Advances on contracts | 1,275,260 | 1,371,548 | ||||||
| Total current assets | 9,286,554 | 10,794,469 | ||||||
| Furniture, fixtures and equipment, net | 12,921 | 10,024 | ||||||
| Intangibles, net | 148,404 | 178,636 | ||||||
| Right of use assets finance lease | 67,201 | 8,998 | ||||||
| Right of use assets operating lease | 257,842 | 355,235 | ||||||
| Other assets | 24,150 | 24,150 | ||||||
| Total assets | $ | 9,797,072 | $ | 11,371,512 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 1,021,393 | $ | 689,604 | ||||
| Accounts payable, related party | 493,313 | 410,512 | ||||||
| Accrued expenses and other payables | 1,796,319 | 1,511,717 | ||||||
| Accrued expenses, related party | 304,293 | 137,189 | ||||||
| Accrued liabilities noncontrolling interest | - | 214,000 | ||||||
| Current portion of finance lease liabilities | 12,530 | 10,264 | ||||||
| Current portion of operating lease liabilities | 116,279 | 103,427 | ||||||
| Total current liabilities | 3,744,127 | 3,076,713 | ||||||
| Non-current portion of finance lease liabilities | 54,672 | 434 | ||||||
| Non-current portion of operating lease liabilities | 165,573 | 281,853 | ||||||
| Total liabilities | $ | 3,964,372 | $ | 3,359,000 | ||||
| Commitments and contingencies | ||||||||
| Stockholders' equity | ||||||||
| Common stock, par value $0.001; authorized 100,000,000 shares; 78,047,798 shares issued and 78,014,465 shares outstanding as of December 31, 2024; 75,881,840 shares issued and 75,848,507 shares outstanding as of December 31, 2023; | 78,048 | 75,881 | ||||||
| Additional paid in capital | 134,719,274 | 132,187,656 | ||||||
| Accumulated deficit | (128,053,106 | ) | (123,339,509 | ) | ||||
| Treasury stock, at cost, 33,333 shares | (911,516 | ) | (911,516 | ) | ||||
| Total Milestone Scientific, Inc. stockholders' equity | 5,832,700 | 8,012,512 | ||||||
| Total liabilities and stockholders' equity | $ | 9,797,072 | $ | 11,371,512 | ||||
| MILESTONE SCIENTIFIC AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS FOR YEARS ENDED DECEMBER 31, | ||||||||
| 2024 | 2023 | |||||||
| Product sales, net | $ | 8,629,928 | $ | 9,827,444 | ||||
| Cost of products sold | 2,195,340 | 3,034,832 | ||||||
| Gross profit | 6,434,588 | 6,792,612 | ||||||
| Selling, general and administrative expenses | 12,295,330 | 13,135,796 | ||||||
| Research and development expenses | 858,767 | 701,378 | ||||||
| Depreciation and amortization expense | 37,448 | 61,912 | ||||||
| Total operating expenses | 13,191,545 | 13,899,086 | ||||||
| Loss from operations | (6,756,957 | ) | (7,106,474 | ) | ||||
| Interest income | 60,265 | 125,527 | ||||||
| Gain on sale of net operating losses | 1,983,095 | - | ||||||
| Loss before provision for income taxes | (4,713,597 | ) | (6,980,947 | ) | ||||
| Net loss | (4,713,597 | ) | (6,980,947 | ) | ||||
| Net loss attributable to noncontrolling interests | - | (51,843 | ) | |||||
| Net loss attributable to Milestone Scientific Inc. | $ | (4,713,597 | ) | $ | (6,929,104 | ) | ||
| Net loss per share applicable to common stockholders— | ||||||||
| Basic and Diluted | (0.06 | ) | (0.10 | ) | ||||
| Weighted average shares outstanding and to be issued— | ||||||||
| Basic and diluted | 79,791,188 | 72,775,781 | ||||||
