Milestone Scientific Reports Revenue of $2.2 Million and Provides Business Update for the First Quarter of 2024
Milestone Scientific (NYSE: MLSS) reported $2.2 million in revenue for Q1 2024, down from $2.6 million in Q1 2023. The company's gross margin increased to 74.5%, up from 72.7%. The increase is attributed to a 31% rise in sales through their new online portal.
However, international revenues fell by $274,000. The company continues to advance its CompuFlo® Epidural System and has submitted over 160 claims for reimbursement. Operating loss for the quarter was $1.5 million, slightly higher than the $1.3 million loss in Q1 2023. Milestone Scientific ended the quarter with $5 million in cash and marketable securities.
- Gross margin increased to 74.5% from 72.7%.
- Sales through the new online portal rose by 31%.
- Commencement of disposable sales with multiple pain relief centers.
- 160+ claims submitted for CompuFlo® reimbursement.
- Maintained a solid balance sheet with over $5 million in cash and marketable securities.
- Dental business generating positive cash flow on a standalone basis.
- Revenue declined to $2.2 million from $2.6 million year-over-year.
- International revenue fell by $274,000.
- Operating loss increased to $1.5 million from $1.3 million year-over-year.
- Net loss was $1.4 million, or $0.02 per share.
Insights
The earnings report shows a nuanced financial picture for Milestone Scientific. The company's revenue of
The gross margin increase to
Investors should note the working capital of
The progress in advancing the CompuFlo® Epidural System is a noteworthy development for Milestone Scientific. The successful evaluations at PRC Alliance Pain Relief Center and Omaha Pain Physicians, which resulted in 100% clinical success and zero epidural punctures, underscore the technology’s efficacy and reliability. This could potentially drive adoption in more clinics and hospitals, particularly for pain management applications.
The reimbursement strategy for the CompuFlo® system is also progressing, with over 160 claims submitted to various payor systems, including Medicare jurisdictions, using a specific CPT code. Achieving reimbursement status is important as it would make the technology more accessible and financially viable for a broader range of healthcare providers. This could open up new revenue streams and significantly impact the company's long-term financial health.
However, it's important to remain cautious until reimbursement status is fully secured, as this can be a lengthy and uncertain process. Nonetheless, the strides made so far are promising and indicate a well-thought-out strategy to integrate this technology into mainstream medical practice.
Sales through new online portal increase
Gross margin for the first quarter of 2024 increases to
from
Reports steady progress on reimbursement strategy
for the CompuFlo® Epidural System
ROSELAND, N.J., May 16, 2024 (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 announces financial results for the first quarter ended March 31, 2024.
Arjan Haverhals, CEO and President of Milestone Scientific, stated, “I am pleased to report our domestic, direct sales strategy within our dental segment has proven effective, as a result of our new online sales portal, which recorded growth of
“Within our medical segment, we continue to advance our CompuFlo® Epidural System, including the commencement of disposable sales with PRC Alliance Pain Relief Center in Florida, which operates seven offices and an ambulatory surgical center (ASC), as well as Omaha Pain Physicians, a comprehensive medical pain management center in Omaha, NE. Both of these rollouts followed successful evaluation periods and
“In addition to the improved margins within our dental segment, we continue to carefully manage our expenses. Our dental business continues to generate positive cash flow on a standalone basis and we remain focused on achieving our goal of positive cash flow company wide. Moreover, we have maintained a solid balance sheet and ended the quarter with over
For the three months ended March 31, 2024 and 2023, revenues were approximately
Gross profit for the first quarter ended March 31, 2024, was
As of March 31, 2024, the Company had cash, cash equivalents and short-term securities of approximately
Conference Call
Milestone Scientific’s executive management team will host a conference call on Thursday, May 16, 2024, at 8:30 AM Eastern Time to discuss the Company’s financial results for the first quarter ended March 31, 2024, 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: 525731. A webcast and replay of the call may be accessed at Webcast URL: https://www.webcaster4.com/Webcast/Page/2306/50619.
An audio replay of the call will be available through May 30, 2024, 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: 50619.
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, 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, 2024 | December 31, 2023 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 4,005,477 | $ | 2,977,713 | ||||
| Marketable securities | 1,000,000 | 2,976,573 | ||||||
| Accounts receivable, net of allowance for credit losses of | 661,838 | 312,664 | ||||||
| Prepaid expenses and other current assets | 863,589 | 517,785 | ||||||
| Inventories | 2,860,029 | 2,638,186 | ||||||
| Advances on contracts | 1,421,120 | 1,371,548 | ||||||
| Total current assets | 10,812,053 | 10,794,469 | ||||||
| Furniture, fixtures and equipment, net | 8,023 | 10,024 | ||||||
| Intangibles, net | 168,956 | 178,636 | ||||||
| Right of use assets finance lease | 6,835 | 8,998 | ||||||
| Right of use assets operating lease | 330,769 | 355,235 | ||||||
| Other assets | 24,150 | 24,150 | ||||||
| Total assets | $ | 11,350,786 | $ | 11,371,512 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 1,105,589 | $ | 689,604 | ||||
| Accounts payable, related party | 789,317 | 410,512 | ||||||
| Accrued expenses and other payables | 1,241,403 | 1,511,717 | ||||||
| Accrued expenses, related party | 170,720 | 137,189 | ||||||
| Accrued Liabilities noncontrolling interest | 214,000 | 214,000 | ||||||
| Current portion of finance lease liabilities | 8,219 | 10,264 | ||||||
| Current portion of operating lease liabilities | 107,355 | 103,427 | ||||||
| Total current liabilities | 3,636,603 | 3,076,713 | ||||||
| Non-current portion of finance lease liabilities | - | 434 | ||||||
| Non-current portion of operating lease liabilities | 253,774 | 281,853 | ||||||
| Total liabilities | $ | 3,890,377 | $ | 3,359,000 | ||||
| Commitments | ||||||||
| Stockholders’ equity | ||||||||
| Common stock, par value | 76,632 | 75,881 | ||||||
| Additional paid in capital | 133,075,331 | 132,187,656 | ||||||
| Accumulated deficit | (124,780,038 | ) | (123,339,509 | ) | ||||
| Treasury stock, at cost, 33,333 shares | (911,516 | ) | (911,516 | ) | ||||
| Total Milestone Scientific, Inc. stockholders' equity | 7,460,409 | 8,012,512 | ||||||
| Total liabilities and stockholders’ equity | $ | 11,350,786 | $ | 11,371,512 | ||||
| MILESTONE SCIENTIFIC AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS FOR YEARS ENDED DECEMBER 31, (UNAUDITED) | ||||||||
| For the three months ended March 31, 2024 | For the three months ended March 31, 2023 | |||||||
| Product sales, net | $ | 2,248,845 | $ | 2,597,598 | ||||
| Cost of products sold | 572,742 | 708,135 | ||||||
| Gross profit | 1,676,103 | 1,889,463 | ||||||
| Selling, general and administrative expenses | 3,035,276 | 3,074,572 | ||||||
| Research and development expenses | 94,211 | 140,347 | ||||||
| Depreciation and amortization expense | 11,684 | 17,220 | ||||||
| Total operating expenses | 3,141,171 | 3,232,139 | ||||||
| Loss from operations | (1,465,068 | ) | (1,342,676 | ) | ||||
| Interest income (expense) | (3,351 | ) | 23,345 | |||||
| Unrealized Gain Treasury investment | 27,890 | - | ||||||
| Loss before provision for income taxes | (1,440,529 | ) | (1,319,331 | ) | ||||
| Provision for income taxes | - | - | ||||||
| Net loss | (1,440,529 | ) | (1,319,331 | ) | ||||
| Net loss attributable to noncontrolling interests | - | (11,665 | ) | |||||
| Net loss attributable to Milestone Scientific Inc. | $ | (1,440,529 | ) | $ | (1,307,666 | ) | ||
| 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 | 79,738,551 | 72,104,234 | ||||||
FAQ
What was Milestone Scientific's revenue for Q1 2024?
How did Milestone Scientific's online sales perform in Q1 2024?
What is the gross margin reported by Milestone Scientific for Q1 2024?
How did Milestone Scientific's international revenue perform in Q1 2024?
What is the operating loss reported by Milestone Scientific for Q1 2024?
What is the net loss per share reported by Milestone Scientific for Q1 2024?
How many claims has Milestone Scientific submitted for CompuFlo® reimbursement?
What is Milestone Scientific's cash and marketable securities balance as of Q1 2024?
