Expands senior leadership team and board of directors to support next phase of growth
ROSELAND, N.J., Aug. 14, 2025 (GLOBE NEWSWIRE) -- Milestone Scientific Inc. (NYSE: MLSS), a leading developer of computerized drug delivery instruments that provide painless and precise injections, today provides a business update and reported financial results for the second quarter ended June 30, 2025.
Neal Goldman, Chairman of the Board, stated, “We are pleased with our revenue performance in the second quarter, delivering a 25% increase in revenue to $2.3 million, driven by strong international dental sales, which more than doubled year-over-year. We also maintained a strong gross margin of 70%, reflecting the benefits of our high-margin dental business and disciplined cost management. Equally important, we have significantly strengthened our leadership and governance to support the next phase of accelerated growth — beginning with the appointment of Eric Hines as our new CEO. Eric brings exceptional experience leading successful organizations and driving operational excellence, and we are confident in his ability to guide Milestone through its next chapter. In addition, Jason Papes has joined as Senior Vice President, Global Head of Sales and Marketing, bringing a proven track record in building and executing global sales strategies. We also welcomed a new member to our Board of Directors — Shanth Thiyagalingam, an accomplished medtech executive with over 20 years of global leadership in commercial growth, product innovation, and reimbursement strategy. Together, these appointments significantly enhance our capabilities as we execute our growth strategy across both the medical and dental segments.”
Eric Hines, CEO of Milestone Scientific, added, “With this strong foundation in place, we are now positioned to accelerate our momentum in both our dental and medical businesses. In addition to our revenue growth, we have taken steps to further streamline operations across the organization, aligning our efforts with our goal of achieving positive cash flow company-wide. In dental, we are capitalizing on the success of our direct sales model, our strengthened e-commerce platform, and targeted marketing campaigns to drive further adoption of our STA® system.”
“In medical, we are building on recent milestones — including securing Medicare Part B payment rate assignment under CPT® code 0777T in multiple jurisdictions and gaining initial coverage from commercial insurers — to advance the adoption of our CompuFlo® Epidural System in leading institutions. Our Federal Supply Schedule (FSS) contract also provides access to key U.S. government healthcare facilities, creating meaningful new growth channels.”
“Looking ahead, our focus is on disciplined execution and expansion. We intend to broaden our federal presence, deepen JMAC coverage, expand internationally with new distribution partners, and unlock untapped potential in both the dental and the medical businesses. I am confident that the combination of our innovative technology, talented team, and clear strategic priorities will translate into sustainable growth and long-term value for our shareholders,” concluded Hines.
Financial Results for the Three Months and Six Months Ended June 30, 2025
For the three months ended June 30, 2025, and 2024, revenues were approximately $2.3 million and $1.9 million, respectively, an increase of approximately $470,000. E-commerce and dental service revenue for the three months ended June 30, 2025 and 2024, was approximately $1.3 million respectively. For the three months ended June 30, 2025, international revenue was approximately $1.0 million, an increase of approximately $524,000, compared to the same period in 2024. Medical revenue was approximately $32,000 in the second quarter of 2025, compared to $19,000 in the second quarter of 2024, an increase of approximately $13,000. Gross profit for the second quarter ended June 30, 2025, was $1.6 million or 70% of revenue, compared to $1.4 million, or 76% of revenue for the second quarter ended June 30, 2024. Operating loss for the three months ended June 30, 2025, was approximately $(1.5) million versus approximately $(1.8) million for the second quarter ended June 30, 2024. Net loss was approximately $(1.5) million, or $(0.02) per share for the three months ended June 30, 2025, versus a net profit of $0.2 million, or $0.00 per share, for the comparable period in 2024. Net income for the three months ended June 30, 2024, included approximately $2.0 million, net of expenses, from the sale of New Jersey net operating losses (“NOL”).
For the three six months ended June 30, 2025 and 2024, revenues were approximately $4.6 million and $4.1 million, respectively, an increase of approximately $453,000. E-commerce and dental service revenue for the six months ended June 30, 2025 and 2024, was approximately $2.5 million and $2.6 million respectively. For the six months ended June 30, 2025, international revenue was approximately $1.9 million, an increase of approximately $460,000, compared to the same period in 2024. Medical revenue was approximately $83,000 for the first six months of 2025, an increase of approximately $57,000 compared to the first six months of 2024. Gross profit for the first six months of 2025 was $3.3 million, or 72% of revenue, versus $3.1 million, or 75% of revenue, for the first six months of 2024. Operating loss for the first six months of 2025 was approximately $(3.5) million versus approximately $(3.2) million for the first six months of 2024. Net loss for the first six months of 2025 was $(3.5) million, or $(0.04) per share, versus net loss of $(1.2) million, or $(0.02) per share for the comparable period in 2024.
As of June 30, 2025, the Company reported cash and cash equivalents of approximately $1.3 million and working capital of approximately $3.9 million.
Conference Call
Milestone Scientific’s executive management team will host a conference call on Friday, August 15, 2025 at 8:00 AM Eastern Time to discuss the Company’s financial results for the second quarter ended June 30, 2025, as well as the Company’s corporate progress and other developments.
The conference call will be available via telephone by dialing toll free 888-506-0062 for U.S. callers or +1 973-528-0011 for international callers and by entering the access code: 470429. A webcast and replay of the call may be accessed at Webcast URL: https://www.webcaster4.com/Webcast/Page/2306/52876 .
An audio replay of the call will be available through Friday, August 29, 2025, and can be accessed by dialing 877-481-4010 for U.S. callers or +1 919-882-2331 for international callers and by entering the access code: 52876.
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: mlss@crescendo-ir.com
Tel: 212-671-1020
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MILESTONE SCIENTIFIC AND SUBSIDIARIES | ||||||||
June 30, 2025 | December 31, 2024 | |||||||
ASSETS | (unaudited) | |||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 1,274,314 | $ | 3,258,058 | ||||
Accounts receivable, net of allowance for credit losses of $10,000, respectively | 684,201 | 475,376 | ||||||
Accounts receivable, related party net | 6,429 | - | ||||||
Prepaid expenses and other current assets | 637,583 | 564,645 | ||||||
Inventories | 3,897,017 | 3,713,215 | ||||||
Advances on contracts | 1,131,284 | 1,275,260 | ||||||
Total current assets | 7,630,828 | 9,286,554 | ||||||
Furniture, fixtures and equipment, net | 14,671 | 12,921 | ||||||
Intangibles, net | 113,494 | 148,404 | ||||||
Right of use assets finance lease | 53,330 | 67,201 | ||||||
Right of use assets operating lease | 214,357 | 257,842 | ||||||
Other assets | 24,150 | 24,150 | ||||||
Total assets | $ | 8,050,830 | $ | 9,797,072 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 1,450,585 | $ | 1,021,393 | ||||
Accounts payable, related party | 505,455 | 493,313 | ||||||
Accrued expenses and other payables | 1,388,782 | 1,796,319 | ||||||
Accrued expenses, related party | 279,185 | 304,293 | ||||||
Current portion of finance lease liabilities | 20,502 | 12,530 | ||||||
Current portion of operating lease liabilities | 123,161 | 116,279 | ||||||
Total current liabilities | 3,767,670 | 3,744,127 | ||||||
Non-current portion of finance lease liabilities | 41,005 | 54,672 | ||||||
Non-current portion of operating lease liabilities | 101,883 | 165,573 | ||||||
Convertible notes payable, related parties | 800,000 | - | ||||||
Total liabilities | $ | 4,710,558 | $ | 3,964,372 | ||||
Commitments and contingencies | ||||||||
Stockholders’ equity | ||||||||
Common stock, par value $0.001; authorized 100,000,000 shares; 78,592,480 shares issued and 78,559,147 shares outstanding as of June 30, 2025; 78,047,798 shares issued and 78,014,465 shares outstanding as of December 31, 2024; | 78,592 | 78,048 | ||||||
Additional paid in capital | 135,703,998 | 134,719,274 | ||||||
Accumulated deficit | (131,530,802 | ) | (128,053,106 | ) | ||||
Treasury stock, at cost, 33,333 shares | (911,516 | ) | (911,516 | ) | ||||
Total Milestone Scientific, Inc. stockholders' equity | 3,340,272 | 5,832,700 | ||||||
Total liabilities and stockholders’ equity | $ | 8,050,830 | $ | 9,797,072 | ||||
MILESTONE SCIENTIFIC AND SUBSIDIARIES | |||||||||||||||||||||||||||
For the three months ended June 30, 2025 | For three months ended June 30, 2024 | For the six months ended June 30, 2025 | For the six months ended June 30, 2024 | ||||||||||||||||||||||||
Product sales, net | $ | 2,323,466 | $ | 1,853,764 | $ | 4,555,886 | $ | 4,102,609 | |||||||||||||||||||
Cost of products sold | 705,860 | 442,560 | 1,290,845 | 1,015,302 | |||||||||||||||||||||||
Gross profit | 1,617,606 | 1,411,204 | 3,265,041 | 3,087,307 | |||||||||||||||||||||||
Selling, general and administrative expenses | 3,030,952 | 2,868,182 | 6,287,680 | 5,903,458 | |||||||||||||||||||||||
Research and development expenses | 51,789 | 314,968 | 420,909 | 409,179 | |||||||||||||||||||||||
Depreciation and amortization expense | 19,496 | 8,477 | 38,936 | 20,161 | |||||||||||||||||||||||
Total operating expenses | 3,102,237 | 3,191,627 | 6,747,525 | 6,332,798 | |||||||||||||||||||||||
Loss from operations | (1,484,631 | ) | (1,780,423 | ) | (3,482,484 | ) | (3,245,491 | ) | |||||||||||||||||||
Interest income, net | 1,521 | 20,966 | 4,788 | 45,505 | |||||||||||||||||||||||
Gain on sale of net operating losses | - | 1,983,095 | - | 1,983,095 | |||||||||||||||||||||||
Loss before provision for income taxes | (1,483,110 | ) | 223,638 | (3,477,696 | ) | (1,216,891 | ) | ||||||||||||||||||||
Provision for income taxes | - | - | - | - | |||||||||||||||||||||||
Net loss | (1,483,110 | ) | 223,638 | (3,477,696 | ) | (1,216,891 | ) | ||||||||||||||||||||
Net loss per share applicable to common stockholders— | |||||||||||||||||||||||||||
Basic and Diluted | (0.02 | ) | 0.00 | (0.04 | ) | (0.02 | ) | ||||||||||||||||||||
Weighted average shares outstanding and to be issued— | |||||||||||||||||||||||||||
Basic and diluted | 82,049,984 | 79,966,833 | 81,903,323 | 80,412,397 | |||||||||||||||||||||||