Milestone Scientific Reports Financial Results for Third Quarter 2026

Rhea-AI Summary

Milestone Scientific (MLSS) reported third-quarter revenue of $2,219,747, down year over year as lower dental sales outweighed medical growth. Medical segment revenue grew 136%. Gross margin rose to 72.3% from 69.5%, while operating expenses fell 15.3%. Net loss narrowed to $747,545 from $1,153,959.

Nine-month revenue increased 4.4% to $7,222,818, and net loss narrowed to $2,467,985 from $4,631,655. Cash totaled $1,315,401 at September 30. Director loans were eliminated through a debt-to-equity conversion.

Management reaffirmed 2026 revenue guidance of $9.8 million to $10.2 million and expects to approach or achieve profitability in the fourth quarter. Identified initiatives are expected to produce approximately $400,000 in additional annual savings. CompuFlo entered clinical use at Rothman Orthopaedics; a 79-patient study associated its use with approximately 91% lower adjusted odds of composite complications during spinal cord stimulator implantation.

22 points · 0 major

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Positive

• Moderate pointMedical segment revenue grew 136% year over year in the third quarter.
• Moderate pointThird-quarter gross margin rose to 72.3% from 69.5% a year earlier.
• Moderate pointThird-quarter operating expenses declined 15.3% to $2,351,821 from $2,775,341 a year earlier.
• Moderate pointThird-quarter net loss narrowed to $747,545 from $1,153,959; loss per share remained $0.01.
• Moderate pointNine-month revenue increased 4.4% to $7,222,818 from $6,916,003.
• Moderate pointDirector loans were eliminated through a debt-to-equity conversion.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Management reaffirmed $9.8 million to $10.2 million in 2026 revenue guidance, representing double-digit growth.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Cost-reduction initiatives are expected to generate approximately $400,000 in additional annual savings. 1.5% of market cap
• Moderate point. Forward-looking: it has not happened yet and may not happen.Management expects to approach or achieve profitability in Q4 2026.

13 minor points

• Minor pointNine-month gross profit increased to $5,079,720 from $4,905,911.
• Minor pointNine-month operating expenses decreased 20.9% to $7,536,913 from $9,522,866.
• Minor pointNine-month net loss narrowed to $2,467,985 from $4,631,655.
• Minor pointCash increased to $1,315,401 at September 30, 2026, from $1,112,642 at December 31, 2025.
• Minor point. Forward-looking: it has not happened yet and may not happen.CompuFlo medical revenue is expected to grow faster than overall company revenue.
• Minor point. Forward-looking: it has not happened yet and may not happen.Management expects considerably lower losses in 2027 than in 2026.
• Minor point. Forward-looking: it has not happened yet and may not happen.Management expects reduced cash burn versus the prior year from commercialization initiatives and expense management.
• Minor pointCompuFlo began clinical use at Rothman Orthopaedics.
• Minor pointPain and Spine Specialists joined the CompuFlo Advisor Program.
• Minor pointThe U.S. commercial pipeline reached more than 500 leads.
• Minor pointCompleted online demonstrations more than doubled in the first nine months versus the prior-year period.
• Minor pointA 79-patient study associated CompuFlo with approximately 91% lower adjusted odds of composite complications during spinal cord stimulator implantation.
• Minor pointA provisional patent application was submitted for potential CompuFlo use in intrathecal pump refills.

Negative

• Moderate pointThird-quarter revenue fell 5.9% to $2,219,747 from $2,360,117, primarily reflecting lower dental product sales.
• Moderate pointThe debt-to-equity conversion issued equity in exchange for director loans, diluting existing holders.
• Minor pointThird-quarter gross profit decreased to $1,605,529 from $1,640,870.
• Minor pointNine-month gross margin declined to 70.3% from 70.9%.
• Minor point. Forward-looking: it has not happened yet and may not happen.Additional profitable quarters in 2027 remain dependent on revenue levels.

News Explained

Common shares outstanding rose from 80,453,116 at December 31, 2025 to 90,611,070 at September 30, 2026. The report does not reconcile that increase or state how many shares, if any, were issued in the director-loan conversion, so the conversion’s contribution to dilution is not specified.

Key Figures

Medical segment revenue growth: 136% year-over-year Total revenue: $2.2 million vs. $2.4 million; down 5.9% Gross margin: 72.3% vs. 69.5% +5 more

Medical segment revenue growth

136% year-over-year

Third quarter 2026

Total revenue

$2.2 million vs. $2.4 million; down 5.9%

Three months ended September 30, 2026 vs. 2025

Gross margin

72.3% vs. 69.5%

Three months ended September 30, 2026 vs. 2025

Operating expenses

$2.4 million; down 15.3%

Three months ended September 30, 2026 vs. 2025

Net loss

$748,000 vs. $1.2 million

Three months ended September 30, 2026 vs. 2025

Additional annual savings

Approximately $400,000

Expected from cost-reduction initiatives

2026 revenue outlook

$9.8 million to $10.2 million

Full-year outlook reaffirmed; double-digit growth

Profitability outlook

Approach or achieve profitability

Expected in the fourth quarter of 2026

Previous Earnings Reports

1 past event · Latest: Aug 14

Same Type 1 event

1. Aug 14

   Q2 earnings report

   24h Move

   -10.5%

   Q2 revenue grew 22% year over year, and the company reaffirmed its 2026 revenue outlook.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

debt-to-equity conversion, provisional patent application, intrathecal, adjusted odds

4 terms

debt-to-equity conversion financial

"through a debt-to-equity conversion"

A debt-to-equity conversion is when a company swaps outstanding loans or bonds for ownership shares, effectively turning an IOU into an ownership stake. Investors should care because it reduces the company’s debt burden and interest costs but also dilutes existing shareholders’ ownership and can change control and risk profiles—like trading a loan payment for a piece of the company, which can improve solvency while altering potential upside and voting power.

provisional patent application regulatory

"Submitted a provisional patent application"

A provisional patent application is a lightweight, temporary filing that records an inventor’s idea and sets an official filing date without starting the full patent review process. Think of it as placing a hold on an idea while you prepare the complete paperwork; it doesn’t grant a patent but can preserve the right to seek one later. For investors, it signals a company is protecting potential intellectual property, which can affect future competitive advantage and valuation, but it is not a guarantee of patent protection.

intrathecal medical

"in intrathecal pump refills"

Intrathecal describes a method of delivering a drug or therapy directly into the fluid-filled space around the spinal cord and brain so the medicine reaches the central nervous system more directly. For investors, intrathecal delivery matters because it often signals higher development complexity, specialized manufacturing and administration, and greater regulatory and safety scrutiny—factors that can affect costs, timelines and market adoption like choosing a specialist tool instead of a general one.

adjusted odds technical

"approximately 91% lower adjusted odds of composite complications"

Adjusted odds (often reported as an adjusted odds ratio) is a statistical measure from a model that estimates how much more or less likely an outcome is for one group compared with another after accounting for other factors that could influence the result. Think of it as comparing two players’ chances while holding constant differences like age or prior health, so the comparison isolates the effect of the factor of interest. Investors use it to judge whether reported links—such as between a treatment and an outcome—remain after controlling for confounding variables.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Medical Segment Revenue Grows 136% Year-Over-Year

Expands CompuFlo® Physician Partnerships and Advances Medical Commercialization

Online Demonstrations More Than Double Reflecting Increased Customer Engagement

Reaffirms 2026 Outlook for Double-Digit Revenue Growth, Including Significant Growth in CompuFlo® Sales

Identifies approximately $400,000 in Additional Annual Savings, Supporting Expectation to Approach or Achieve Profitability in Fourth Quarter 2026 and Additional Profitable Quarters in 2027

ROSELAND, N.J., Nov. 13, 2026 (GLOBE NEWSWIRE) -- Milestone Scientific Inc. (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 and nine months ended September 30, 2026.

Recent Business Highlights

• Identified cost-reduction initiatives expected to generate approximately $400,000 in additional annual savings, strengthening the Company’s path to potential profitability in Q4 2026 and additional profitable quarters in 2027.
• Expanded CompuFlo® clinical adoption across major healthcare organizations, highlighted by the initiation of clinical use at Rothman Orthopaedics, a nationally recognized orthopedic organization, and the addition of Pain and Spine Specialists, a 22-location Northeastern U.S. pain management network, and its medical director, Dr. Sudhir Rao, to the CompuFlo Advisor Program.
• Built a pipeline of more than 500 U.S. commercial leads, supported by five dedicated medical sales professionals, approximately 15 sales consultants and three distribution partners, with federal market access through Red One Medical.
• Reinforced CompuFlo’s clinical value proposition through a peer-reviewed 79-patient University of Texas Medical Branch study associating CompuFlo-guided epidural access with approximately 91% lower adjusted odds of composite complications compared with conventional loss-of-resistance techniques during spinal cord stimulator implantation.
• Highlighted substantial market potential across an estimated 30 million-plus annual epidural procedures worldwide, including more than 11 million in the U.S. Just 2% U.S. penetration could represent approximately $33 million in annual disposable revenue at $150 per procedure (illustrative only; not a revenue forecast).
• Submitted a provisional patent application for a potential new application of CompuFlo technology in intrathecal pump refills, extending its potential beyond epidural procedures.
• Strengthened international medical commercialization through distributor engagement and market development activities in Italy and Greece to support CompuFlo adoption and recurring sales.
• Pursued global strategic partnerships through go-to-market and licensing discussions with major medical technology organizations to expand international market reach.
• Broadened dental distribution opportunities through engagement with four potential distribution channels collectively serving thousands of dental offices.
• Achieved a debt-free balance sheet by eliminating outstanding director loans through a debt-to-equity conversion, supporting the Company’s focus on financial discipline.
  
  

“During the third quarter, we continued to advance our commercial strategy while maintaining disciplined expense management,” said Eric Hines, Chief Executive Officer of Milestone Scientific. “As anticipated, revenue moderated following the second quarter, which benefited from two large international orders. At the same time, we continued to build our commercial pipeline, with completed online demonstrations more than doubling during the first nine months of the year compared with the prior-year period. We believe this reflects growing customer engagement and the continued development of a more scalable sales process that can support future growth across our business. In dental, we are making progress with four potential distribution channels serving thousands of offices.

“In our medical business, we are gaining traction with major healthcare organizations, highlighted by the initiation of clinical use at Rothman Orthopaedics, a nationally recognized orthopedic organization with 34 locations, and the addition of Pain and Spine Specialists, a 22-location pain management network, to our CompuFlo® Advisor Program. These developments represent important milestones in expanding institutional engagement and physician adoption. We continue to strengthen reimbursement access, commercial infrastructure and clinical support to accelerate utilization and recurring disposable revenue with more than 500 U.S. commercial leads, our priority is converting that pipeline into active accounts and increasing procedure volumes. Internationally, we are seeing growing momentum in medical, and we are pursuing go-to-market and licensing initiatives with a few large medical technology organizations.

“Looking ahead, we expect to approach profitability, or be profitable, in the fourth quarter of 2026. Our team has remained focused on identifying cost-saving opportunities across the business, with initiatives expected to generate approximately $400,000 in additional annual savings, further strengthening our path to profitability. For 2027, we expect considerably lower losses than in 2026, and our significantly lower expense base positions us to deliver additional profitable quarters, depending on revenue levels. We believe quarterly revenue of approximately $2.6 million to $2.7 million would bring us near our profitability threshold, beyond which incremental sales can drive meaningful improvements in operating performance. Combined with continued growth in our core dental business and CompuFlo® commercialization, we believe this operating leverage provides a foundation for sustainable growth and long-term shareholder value.”

Financial Results for the Three Months Ended September 30, 2026

For the three months ended September 30, 2026, total revenue was $2.2 million, compared to $2.4 million for the same period in 2025, representing a decrease of $140,000, or 5.9%. As expected, sales declined compared with the prior-year period, primarily reflecting lower dental product sales. The third quarter is typically a seasonally slower period, and the Company anticipated a moderation in revenue following the second quarter, which benefited from two large international orders. The impact of lower dental product sales was partially offset by growth in medical sales, as well as an increase in dental repair income.

Gross profit for the three months ended September 30, 2026 and 2025 was $1.6 million. Gross margin was 72.3% for the three months ended September 30, 2026 compared with 69.5% for the same period in 2025. The increase in gross margin was primarily due to lower product costs relative to sales during the current-year period.

Operating expenses decreased by $424,000, or 15.3%, to $2.4 million for the three months ended September 30, 2026, compared with $2.8 million for the three months ended September 30, 2025. The decrease was primarily attributable to lower salaries and compensation, stock-based compensation, professional fees and contract-related expenses, partially offset by increased marketing, regulatory, warehousing and travel expenses.

Net loss was $748,000, or ($0.01) per share, compared to a net loss of $1.2 million, or ($0.01) per share, in the prior year period.

Financial Results for the Nine Months Ended September 30, 2026

For the nine months ended September 30, 2026 and 2025, total revenue was $7.2 million and $6.9 million, respectively, an increase of $307,000, or 4.4%, driven by continued growth in international dental sales and higher recurring revenue from the Company’s medical segment.

Gross profit for the nine months ended September 30, 2026 and 2025 was $5.1 million and $4.9 million, or 70.3% and 70.9% of revenue, respectively.

Operating expenses decreased by $2.0 million, or 20.9%, to $7.5 million for the nine months ended September 30, 2026, compared with $9.5 million for the nine months ended September 30, 2025. The decrease was primarily attributable to lower professional fees, research and development, salaries and compensation, contract-related expenses, and quality control and regulatory expenses. These decreases were partially offset by higher warehousing and logistics, travel and marketing expenses. Expenses under an existing agreement decreased to approximately $91,000 from approximately $351,000 in the prior-year period, after the Company evaluated and optimized its contractual obligations.

Net loss for the nine months ended September 30, 2026 was $2.5 million, or $(0.03) per share, compared to a net loss of $4.6 million, or $(0.06) per share, for the comparable period in 2025.

As of September 30, 2026, the Company had cash and cash equivalents of $1.3 million, working capital of $3.5 million and $0 debt outstanding.

2026 Outlook

Management reaffirms its full-year 2026 revenue outlook of $9.8 million to $10.2 million, representing double-digit growth driven by continued expansion of commercial adoption across both the dental and medical segments. Revenue from the Company’s CompuFlo® medical business is expected to grow at a faster rate than overall Company revenue as it continues to expand physician engagement, strengthen reimbursement access and build its commercial infrastructure.

Management expects these initiatives, together with continued cost discipline and operating expense management, to support improved operating leverage and a meaningful reduction in cash burn compared with the prior year. The Company remains focused on increasing CompuFlo® adoption and utilization and growing recurring disposable revenue. Management expects the Company to approach or achieve profitability in the fourth quarter of 2026 and expects considerably lower losses in 2027 compared with 2026, with additional profitable quarters depending on revenue levels.

Conference Call

Milestone will host a conference call at 8:30 AM Eastern Time today, Friday, November 13, 2026, to discuss the company’s financial results for the third quarter ended September 30, 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 973-528-0011 for international callers and by entering the access code: 612206. A live webcast and replay are available here: https://www.webcaster5.com/Webcast/Page/2306/54665.

An audio replay of the call will be available through November 25, 2026, and can be accessed by dialing 877-481-4010 for U.S. callers or 919-882-2331 for international callers and by entering the access code: 54665.

About Milestone Scientific Inc.

Milestone Scientific Inc. 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.

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 (UNAUDITED)
		September 30, 2026				December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents		$	1,315,401			$	1,112,642
Accounts receivable, net of allowance for credit losses of $10,000, respectively			1,087,584				680,620
Accounts receivable, related party			12,834				25,548
Other receivable			55,664				-
Prepaid expenses and other current assets			279,283				468,792
Inventories			2,735,323				3,781,837
Advances on contracts			1,279,102				1,408,395
Total current assets			6,765,191				7,477,834
Furniture, fixtures and equipment, net			18,795				19,193
Intangibles, net			27,754				79,063
Right of use assets finance lease			44,421				55,811
Right of use assets operating lease			62,433				150,378
Other assets			24,150				24,150
Total assets		$	6,942,744			$	7,806,429
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable		$	2,250,262			$	1,430,250
Accounts payable, related party			49,810				1,263,651
Accrued expenses and other payables			872,925				995,206
Accrued expenses, related party			-				88,799
Current portion of finance lease liabilities			37,587				27,347
Current portion of operating lease liabilities			68,927				130,355
Total current liabilities			3,279,511				3,935,608
Non-current portion of finance lease liabilities			6,834				27,336
Non-current portion of operating lease liabilities			-				35,208
Convertible notes payable, related parties			-				800,000
Total liabilities		$	3,286,345			$	4,798,152
Commitments and contingencies
Stockholders’ equity
Common stock, par value $0.001; authorized 135,000,000 shares; 90,644,403 shares issued and 90,611,070 shares outstanding as of September 30, 2026; 80,486,449 shares issued and 80,453,116 shares outstanding as of December 31, 2025;		$	90,645			$	80,487
Additional paid in capital			140,524,925				137,418,974
Accumulated deficit			(136,047,655	)			(133,579,668	)
Treasury stock, at cost, 33,333 shares			(911,516	)			(911,516	)
Total stockholders’ equity			3,656,399			$	3,008,277
Total liabilities and stockholders’ equity			6,942,744			$	7,806,429

MILESTONE SCIENTIFIC AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
		Three Months Ending				Three Months Ending				Nine Months Ending				Nine Months Ending
		September 30, 2026				September 30, 2025				September 30, 2026				September 30, 2025
Product sales, net		$	2,219,747			$	2,360,117			$	7,222,818			$	6,916,003
Cost of products sold			614,218				719,247				2,143,098				2,010,092
Gross profit			1,605,529				1,640,870				5,079,720				4,905,911
Selling, general and administrative expenses			2,321,312				2,739,011				7,474,552				9,026,691
Research and development expenses			10,413				16,226				3,222				437,135
Depreciation and amortization expense			20,096				20,104				59,139				59,040
Total operating expenses			2,351,821				2,775,341				7,536,913				9,522,866
Loss from operations			(746,292	)			(1,134,471	)			(2,457,193	)			(4,616,955	)
Interest (expense) income, net			(1,253	)			(19,488	)			(10,792	)			(14,700	)
Loss before provision for income taxes			(747,545	)			(1,153,959	)			(2,467,985	)			(4,631,655	)
Provision for income taxes			-				-				-				-
Net loss		$	(747,545	)		$	(1,153,959	)		$	(2,467,985	)		$	(4,631,655	)
Net loss per share applicable to common stockholders—
Basic and Diluted			(0.01	)			(0.01	)			(0.03	)			(0.06	)
Weighted average shares outstanding and to be issued—
Basic and diluted			93,913,021				82,049,984				90,151,697				81,903,323

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Milestone Scientific's third-quarter 2026 revenue and net loss?

Milestone Scientific reported $2,219,747 in revenue and a $747,545 net loss for the three months ended September 30, 2026. Revenue declined 5.9% year over year, while net loss narrowed from $1,153,959. Loss per share remained $0.01.

What is Milestone Scientific's 2026 revenue and profitability outlook?

Management reaffirmed 2026 revenue guidance of $9.8 million to $10.2 million and expects to approach or achieve profitability in the fourth quarter of 2026. CompuFlo medical revenue is expected to grow faster than overall company revenue.

What quarterly revenue does Milestone Scientific believe would bring it near profitability?

Management believes quarterly revenue of approximately $2.6 million to $2.7 million would bring Milestone Scientific near its profitability threshold. Additional profitable quarters in 2027 depend on revenue levels.