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

Reports Increased CompuFlo$(R)$ Adoption Following Assignment of Favorable Medicare Payment Rates; Expands Federal Outreach Following FSS Contract Award

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(R) 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(R) 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

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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     For the three months 
                      ended March 31, 2025     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 
 
 

(END) Dow Jones Newswires

May 15, 2025 16:15 ET (20:15 GMT)