Milestone Scientific Reports Financial Results for First Quarter 2026
Rhea-AI Summary
Milestone Scientific (NYSE:MLSS) reported Q1 2026 revenue of $2.16 million, slightly below $2.23 million in Q1 2025. Gross profit was $1.56 million with a 72.3% margin. Operating loss improved to $828,000 from $2.0 million as operating expenses fell over 30%.
Net loss was $840,000 ($0.01 per share). Medical segment revenue more than doubled year-over-year. As of March 31, 2026, cash was $1.2 million. A subsequent private placement raised $2.15 million. Management reaffirmed 2026 revenue guidance of $9.8–$10.2 million and continues to target cash flow breakeven in early 2027, while substantial doubt about going concern status remains.
AI-generated analysis. Not financial advice.
Positive
- Operating loss reduced to $828,000, improving by $1.2 million year-over-year
- Operating expenses decreased by more than 30% versus Q1 2025
- Medical segment revenue more than doubled year-over-year in Q1 2026
- Reaffirmed 2026 revenue outlook of $9.8–$10.2 million, implying double-digit growth
- Completed April 2026 private placement raising $2.15 million in gross proceeds
- Company targets cash flow breakeven in early 2027 based on current plans
Negative
- Q1 2026 revenue dipped to $2.16 million from $2.23 million year-over-year
- Gross margin declined to 72.3% from 73.8% due to mix and cost pressures
- Q1 2026 net loss was $840,000, or $(0.01) per share
- Cash balance was $1.2 million with $800,000 in convertible debt outstanding
- Ongoing conflict in the Middle East constrained shipment of certain booked orders
- Auditor included a going concern explanatory paragraph, and substantial doubt remains
Key Figures
Market Reality Check
Peers on Argus
MLSS was modestly higher (0.09%) while 3 peers in momentum (NEPH, POCI, NXGL) also moved up with scanner changes of 6.48%, 9.13%, and 5.55%, respectively. This aligns with broader strength in Medical Instruments & Supplies rather than a purely idiosyncratic move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Mar 31 | FY 2025 earnings | Positive | +3.7% | Full-year 2025 growth, improved losses, and 2026 double-digit revenue outlook. |
| Apr 15 | FY 2024 earnings | Neutral | -5.4% | 2024 revenue decline but margin improvements and better losses with positive outlook. |
| Aug 15 | Q2 2024 earnings | Neutral | -3.0% | Q2 2024 margin gains and profitability despite year-over-year revenue decline. |
Earnings-related releases have produced mixed to mildly negative average reactions (-1.55%), with one positive response and two subsequent selloffs despite operational progress.
Recent earnings and year-end updates for MLSS have emphasized gradual revenue growth, high gross margins, and narrowing operating losses. The 2025 and 2024 reports both highlighted restructuring, reimbursement wins for CompuFlo®, and improving operating metrics, yet share-price reactions were modest and sometimes negative. Today’s Q1 2026 update, which reiterates 2026 revenue guidance and continued loss reduction, fits this pattern of operational improvement against a cautious market backdrop and ongoing going-concern disclosures.
Historical Comparison
Earnings updates for MLSS over the past few cycles have averaged a -1.55% next-day move, indicating cautious reactions even when losses narrowed and guidance improved. Today’s essentially flat move around 0.09% fits this historically muted response pattern to financial updates.
Across recent earnings, MLSS has shown a progression from restructuring toward growth: 2024 and 2025 reports emphasized stable-to-rising revenue, high gross margins, and shrinking operating losses, alongside expanding reimbursement and adoption for CompuFlo®. The current Q1 2026 results and reiterated 2026 revenue outlook continue this trajectory of incremental financial and commercial improvement.
Market Pulse Summary
This announcement highlights stable Q1 2026 revenue around $2.16M, high gross margin of 72.3%, and a significantly reduced operating loss, while reaffirming full‑year revenue guidance of $9.8M–$10.2M. It also notes recent financing that bolsters liquidity and ongoing going‑concern risk disclosures. Investors may focus on execution around medical-segment growth, CompuFlo® adoption, and progress toward the stated cash flow breakeven target in early 2027.
Key Terms
private placement financial
convertible debt financial
going concern regulatory
AI-generated analysis. Not financial advice.
Operating Loss Reduced As Company Advances Toward Profitability
Reaffirms Outlook for Double-Digit Revenue Growth in 2026, including Significant Growth in CompuFlo® Sales
ROSELAND, N.J., May 14, 2026 (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 three months ended March 31, 2026.
“Our first quarter results reflect continued progress as we execute on the foundation established in 2025,” said Eric Hines, Chief Executive Officer of Milestone Scientific. “We delivered meaningful improvements in operating efficiency, reducing expenses by more than
“Following the quarter, we strengthened our balance sheet through a
Financial Results for the Three Months Ended March 31, 2026
For the three months ended March 31, 2026, total revenue was relatively stable at
Gross profit for the three months ended March 31, 2026 was
Operating loss for the three months ended March 31, 2026 was
As of March 31, 2026, the Company had cash of
Subsequent to quarter end on April 20, 2026, the Company completed a private placement of 7,962,963 units at a purchase price of
2026 Outlook
Management reaffirms its outlook for the year ending December 31, 2026, with expected revenue of
Required Disclosure
Milestone also announces that Financial Statements included in its Annual Report on Form 10-K for the year ended December 31, 2025, contained an audit report from its Independent Registered Public Accounting Firm with an explanatory paragraph emphasizing that the Consolidated Financial Statements were prepared assuming that the Company will continue as a going concern. Release of this information is required by Section 610(b) of the NYSE American Company Guide and does not reflect any change or amendment to any of the Company’s filings for the fiscal year ended December 31, 2025.
With the implementation of cost reduction initiatives, anticipated revenue growth, improved operating leverage, and a reduction in cash burn relative to 2025, together with the
Conference Call
Milestone Scientific’s executive management team will host a conference call at 8:30 am ET on Thursday, May 14, 2026 to discuss the Company’s financial results for the three months ended March 31, 2026, 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: 950491. A live webcast and replay are available here: https://www.webcaster5.com/Webcast/Page/2306/53997.
An audio replay of the call will be available through May 28, 2026, 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: 53997.
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. 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, 2025. 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. Coding and payment decisions are determined solely by providers and payers based on applicable laws and policies. Any potential Category I designation is determined solely by the American Medical Association and is not guaranteed. Providers remain responsible for compliance with all applicable billing, coding, and regulatory requirements. Forward-looking case submission expectations, reimbursement targets, and revenue estimates referenced herein are based on current program enrollment, advisor commitments, and historical payer activity, and are subject to change based on clinical scheduling, payer processing timelines, regulatory developments, and other factors. There can be no assurance that Category I designation, targeted reimbursement levels, or projected revenue levels will be achieved.
Contact:
HAYDEN IR:
James Carbonara
(646)-755-7412
james@haydenir.com
Brett Maas
(646) 536-7331
brett@haydenir.com
-- Tables Follow –
| MILESTONE SCIENTIFIC AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| March 31, 2026 | December 31, 2025 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | 1,194,424 | $ | 1,112,642 | |||||
| Accounts receivable, net of allowance for credit losses of | 555,766 | 680,620 | ||||||
| Accounts receivable, related party | 22,337 | 25,548 | ||||||
| Prepaid expenses and other current assets | 676,820 | 468,792 | ||||||
| Inventories | 3,491,513 | 3,781,837 | ||||||
| Advances on contracts | 1,411,785 | 1,408,395 | ||||||
| Total current assets | 7,352,645 | 7,477,834 | ||||||
| Furniture, fixtures and equipment, net | 18,474 | 19,193 | ||||||
| Intangibles, net | 61,960 | 79,063 | ||||||
| Right of use assets finance lease | 51,255 | 55,811 | ||||||
| Right of use assets operating lease | 121,799 | 150,378 | ||||||
| Deferred financing costs | 332,671 | - | ||||||
| Other assets | 24,150 | 24,150 | ||||||
| Total assets | $ | 7,962,954 | $ | 7,806,429 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | 2,269,296 | 1,430,250 | ||||||
| Accounts payable, related party | 992,874 | 1,359,698 | ||||||
| Accrued expenses and other payables | 1,053,535 | 995,206 | ||||||
| Accrued expenses, related party | 376,969 | 188,406 | ||||||
| Current portion of finance lease liabilities | 30,753 | 27,347 | ||||||
| Current portion of operating lease liabilities | 134,093 | 130,355 | ||||||
| Total current liabilities | 4,857,520 | 4,131,262 | ||||||
| Non-current portion of finance lease liabilities | 20,502 | 27,336 | ||||||
| Non-current portion of operating lease liabilities | - | 35,208 | ||||||
| Convertible notes payable, related parties | 800,000 | 800,000 | ||||||
| Total liabilities | $ | 5,678,022 | $ | 4,993,806 | ||||
| Commitments and contingencies | ||||||||
| Stockholders’ equity | ||||||||
| Common stock, par value | 80,487 | 80,487 | ||||||
| Additional paid in capital | 137,731,136 | 137,418,974 | ||||||
| Accumulated deficit | (134,615,175 | ) | (133,775,322 | ) | ||||
| Treasury stock, at cost, 33,333 shares | (911,516 | ) | (911,516 | ) | ||||
| Total Milestone Scientific Inc. stockholders’ equity | $ | 2,284,932 | $ | 2,812,623 | ||||
| Total liabilities and stockholders’ equity | $ | 7,962,954 | $ | 7,806,429 | ||||
| MILESTONE SCIENTIFIC AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
| March 31, 2026 | March 31, 2025 | |||||||
| Product sales, net | $ | 2,162,033 | $ | 2,232,420 | ||||
| Cost of products sold | 598,009 | 584,985 | ||||||
| Gross profit | 1,564,024 | 1,647,435 | ||||||
| Selling, general and administrative expenses | 2,372,653 | 3,256,728 | ||||||
| Research and development expenses | - | 369,120 | ||||||
| Depreciation and amortization expense | 19,454 | 19,440 | ||||||
| Total operating expenses | 2,392,107 | 3,645,288 | ||||||
| Loss from operations | (828,083 | ) | (1,997,853 | ) | ||||
| Interest (expense) income, net | (11,770 | ) | 3,267 | |||||
| Loss before provision for income taxes | (839,853 | ) | (1,994,586 | ) | ||||
| Provision for income taxes | - | - | ||||||
| Net loss | $ | (839,853 | ) | $ | (1,994,586 | ) | ||
| Net loss per share applicable to common stockholders— | ||||||||
| Basic and Diluted | (0.01 | ) | (0.02 | ) | ||||
| Weighted average shares outstanding and to be issued— | ||||||||
| Basic and diluted | 85,041,913 | 81,854,512 | ||||||
