Milestone Scientific Achieves 25% Increase in Revenue for the Second Quarter of 2025

Rhea-AI Summary

Milestone Scientific (NYSE:MLSS), a developer of computerized drug delivery instruments, reported strong Q2 2025 financial results with a 25% revenue increase to $2.3 million. The growth was primarily driven by international dental sales, which more than doubled year-over-year, maintaining a robust 70% gross margin.

The company has strengthened its leadership team with the appointment of Eric Hines as CEO, Jason Papes as SVP of Global Sales and Marketing, and Shanth Thiyagalingam joining the Board of Directors. Despite revenue growth, the company reported an operating loss of $(1.5) million and ended Q2 with $1.3 million in cash and $3.9 million in working capital.

Notable progress includes securing Medicare Part B payment coverage, gaining commercial insurer support for the CompuFlo® Epidural System, and expanding through the Federal Supply Schedule contract.

Positive

• Revenue increased 25% year-over-year to $2.3 million in Q2 2025
• International dental sales more than doubled compared to Q2 2024
• Strong gross margin maintained at 70%
• Medical revenue grew from $19,000 to $32,000 in Q2 2025
• Secured Medicare Part B payment coverage and commercial insurer support
• Operating loss improved from $(1.8) million to $(1.5) million year-over-year

Negative

• Operating loss of $(1.5) million in Q2 2025
• Net loss of $(1.5) million compared to $0.2 million profit in Q2 2024
• E-commerce and dental service revenue remained flat at $1.3 million
• Cash position decreased to $1.3 million
• Gross margin declined from 76% to 70% year-over-year

Insights

Financial Analyst

MLSS shows 25% revenue growth with strong international dental sales, but continues to operate at a loss despite leadership expansion.

Milestone Scientific's Q2 2025 results present a mixed financial picture. The company achieved $2.3 million in revenue, marking a 25% year-over-year increase primarily driven by international dental sales, which more than doubled compared to Q2 2024. The company maintained a robust gross margin of 70%, though this represents a decline from the 76% margin in the same quarter last year.

The financial fundamentals reveal several key insights. While dental revenue remains the core business driver, medical segment revenue, though growing by $13,000 to $32,000, remains minimal relative to total revenue. This suggests the CompuFlo Epidural System has yet to achieve meaningful commercial traction despite regulatory and reimbursement progress.

Operating losses improved to $(1.5) million from $(1.8) million in Q2 2024, indicating some operational efficiency gains. However, the bottom line shows a concerning shift from a $0.2 million net profit in Q2 2024 to a $(1.5) million net loss in Q2 2025. This reversal is explained by the one-time $2.0 million gain from the sale of New Jersey net operating losses in 2024 that masked underlying profitability challenges.

The cash position of $1.3 million with working capital of $3.9 million provides limited runway at the current burn rate of approximately $1.5 million per quarter. Without accelerated revenue growth or reduced expenses, the company may face liquidity challenges within 3-4 quarters.

The leadership expansion with a new CEO, SVP of Global Sales and Marketing, and board member represents a significant organizational investment aimed at scaling both business segments. However, these additions likely increase operating expenses in the near term before potentially delivering revenue acceleration.

The company's strategic emphasis on e-commerce, direct sales, and federal contracts indicates a multi-channel approach to growth, but meaningful profitability remains elusive despite these initiatives.

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

(tables follow)
MILESTONE SCIENTIFIC AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
		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 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
		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

FAQ

What were Milestone Scientific's (MLSS) Q2 2025 earnings results?

Milestone Scientific reported Q2 2025 revenue of $2.3 million, up 25% year-over-year, with a gross margin of 70%. The company posted an operating loss of $(1.5) million and a net loss of $(1.5) million or $(0.02) per share.

Who is the new CEO of Milestone Scientific (MLSS)?

Eric Hines was appointed as the new CEO of Milestone Scientific, bringing experience in leading successful organizations and driving operational excellence.

What drove Milestone Scientific's revenue growth in Q2 2025?

The 25% revenue growth was primarily driven by strong international dental sales, which more than doubled year-over-year. International revenue reached approximately $1.0 million, an increase of $524,000 compared to Q2 2024.

What is Milestone Scientific's (MLSS) cash position as of Q2 2025?

As of June 30, 2025, Milestone Scientific had $1.3 million in cash and cash equivalents and working capital of approximately $3.9 million.

What recent regulatory achievements has Milestone Scientific (MLSS) secured?

The company secured Medicare Part B payment rate assignment under CPT® code 0777T, gained initial coverage from commercial insurers for their CompuFlo® Epidural System, and obtained a Federal Supply Schedule (FSS) contract for access to U.S. government healthcare facilities.