|By Marketwired .||
|March 12, 2014 07:07 PM EDT||
LIVINGSTON, NJ--(Marketwired - March 12, 2014) - Milestone Scientific Inc. (OTCQB: MLSS), a leading medical research and development company that designs and patents innovative injection technology, today announced financial results for the fourth quarter and year ended December 31, 2013.
2013 Operating Highlights:
- Formed a strategic partnership with Tri-anim Health Services Inc., a division of Sarnova Inc., one of the nation's largest specialty distributors of healthcare products, to distribute Milestone Medical's epidural instrument
- Listed Milestone Medical subsidiary on the Warsaw Stock Exchange and raised $3 million from European investors
- Implemented the use of the Wand® STA instrument in additional college and university dental hygienist programs
Leonard Osser, Chief Executive Officer of Milestone Scientific stated, "We are pleased to report positive financial results for the year ended December 31, 2013. We continue to see top and bottom line growth, with revenue increasing 15.8% to $10.0 million and net income increasing to $1.5 million for 2013, compared to a net loss of approximately ($870,306) in 2012. Notably, we achieved a 44.8% increase in domestic instrument sales to $1.2 million in 2013. At the same time, our balance sheet continues to improve as we increased shareholders' equity to $5.5 million as of December 31, 2013. The improvement in shareholders' equity was principally attributable to the increase in net income, conversion of a long term note, and a small private placement in 2013."
"We continue to maintain a successful distribution relationship with Aseptico, which provides us greater transparency with our customers. As a result, we are able to establish a direct relationship with dentists and provide them with a training program through our in-house education staff as well as our hygienists in the field to make an effort to have them use the instrument to the fullest capacity. Due to certain sales incentives and arrangements with our distributors, we anticipate lower handpiece sales in the first quarter and second quarter of 2014 as compared to the fourth quarter of 2013. However, we expect to more than make up for this decline in the second half of 2014 since we know from experience that once we train dentists, they utilize a greater number of handpieces each year. We are also implementing promotions and incentives on the Wand® STA instruments in 2014 to our distributors worldwide which should increase instrument sales. The increase in instrument sales will help drive handpiece sales beginning in the second half of 2014, which will result in increased sales and increased bottom line but lower margins.
"In 2013, we announced a strategic partnership with Tri-anim Health Services Inc., one of the nation's largest specialty distributors of healthcare products. Upon FDA approval, Tri-anim will be the exclusive distributer of Milestone Medical's epidural instrument. Tri-anim is one of the largest distributors to birthing hospitals across the U.S., and is an important validation of the market potential for our instruments."
"Lastly, our subsidiary, Milestone Medical Inc., recently listed on the Warsaw Stock Exchange. The listing followed a $3 million raise from European investors. The money we raised in Poland will help us accelerate the launch of our first two medical instruments, epidural and intra-articular, which are based on our patented Dynamic Pressure Sensing® system. We believe these first two medical instruments represent a significant market opportunity for both Milestone Medical Inc. and Milestone Scientific Inc. We look forward to introducing additional instruments serving a wide array of medical applications, and believe this recent funding demonstrates our ability to cost-effectively bring new instruments to market, while minimizing dilution to shareholders."
Revenue for the three months ended December 31, 2013 increased 23.3% to $2.8 million versus $2.3 million for the fourth quarter of 2012. Domestic instrument sales increased by 30.9% to $378,801 in the fourth quarter of 2013 versus the same quarter in 2012 due to the increased demand at the distributor and group dental practice levels. In the domestic market, handpiece sales increased by $211,547 or 27.3%. On the international front, total revenue was $1,407,455, a 18.9% increase versus the same period in 2012. International handpiece sales increased by $166,973 or 20.6% in the fourth quarter of 2013 versus 2012. Gross profit for the fourth quarter of 2013 was $1.8 million or 65.5% of revenue versus $1.4 million or 59.8% of revenue in the fourth quarter of 2012. Net income for the fourth quarter of 2013 was $1.0 million, or $0.05 per diluted share, versus net loss of ($365,735), or ($0.02) per diluted share for the comparable period in 2012.
Revenue for the year ended December 31, 2013 increased 15.8% to $10.0 million versus $8.6 million for the year ended 2012. The increase in product sales of $1,363,178 was primarily the result of increased domestic revenue. Domestic instrument sales increased by $377,752 or 44.8% in 2013 versus 2012 due to increased demand at the distributor and group dental practice levels. In the domestic market, handpiece sales increased by $561,355 or 16.5%. International instrument sales increased by $147,517 or 11.3% in 2013 versus 2012. In the international market, handpiece sales increased by $389,434 or 13.2%. Gross profit for 2013 was $6.8 million or 68.0% of revenue versus $5.6 million or 64.7% of revenue in 2012. Operating income for 2013 was $1.1 million versus operating loss of ($520,353) for 2012. Net income for 2013 was $1.5 million or $0.08 per diluted share, versus net loss of ($870,306), or ($0.05) per diluted share in 2012. The increase in net income is attributable to an increase in sales and gross margin dollars, as well as a significant decrease in selling, general and administrative expenses and the net positive impact of Milestone Medical Inc. (joint venture).
Milestone's executive management team will host a teleconference on Thursday, March 13
About Milestone Scientific Inc.
Milestone Scientific Inc. (MLSS) is a leading medical research and development company that designs and patents innovative injection technology. Milestone's computer-controlled systems make injections precise, efficient, and virtually painless. For more information please visit our website: www.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 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 and future business decisions, 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, 2013. 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.
MILESTONE SCIENTIFIC INC. CONDENSED STATEMENTS OF OPERATIONS (Unaudited) December 31, December 31, 2013 2012 --------------- --------------- Product sales, net $ 10,011,420 $ 8,648,242 Cost of products sold 3,198,908 3,055,991 --------------- --------------- Gross profit 6,812,512 5,592,251 --------------- --------------- Selling, general and administrative expenses 5,534,463 5,930,625 Research and development expenses 191,345 181,979 --------------- --------------- Total operating expenses 5,725,808 6,112,604 --------------- --------------- Income (loss) from operations 1,086,704 (520,353) Other income (expense) Other income 17,543 - Interest income 115 34 Interest expense (70,801) (175,905) Interest-Amortized debt issuance - cost - (3,065) Loss on Earnings from Medical Joint Venture (924,363) (171,016) Loss on Earnings from Education Joint Venture (7,918) - Gain on dilutive effect on Medical Joint Venture stock issuance 1,363,650 - --------------- --------------- Total other expense, net 378,226 (349,952) --------------- --------------- Income (loss) 1,464,930 (870,306) --------------- --------------- Provision for Income Tax - - --------------- --------------- Net income (loss) $ 1,464,930 $ (870,306) =============== =============== Net income (loss) per share applicable to common stockholders - Basic $ 0.09 $ (0.05) =============== =============== Diluted $ 0.08 $ (0.05) =============== =============== Weighted average shares outstanding and to be issued - Basic 17,127,468 16,080,474 =============== =============== Diluted 17,483,638 16,080,474 =============== ===============
MILESTONE SCIENTIFIC INC. CONDENSED BALANCE SHEETS December 31, 2013 December 31, 2012 ----------------- ----------------- ASSETS Current Assets: Cash and cash equivalents $ 1,147,198 $ 165,249 Accounts receivable, net of allowance for doubtful accounts of $5,000 in 2013 and $179,259 in 2012 1,532,856 978,982 Inventories 1,321,652 638,561 Advances on contracts 727,478 476,969 Prepaid expenses and other current assets 150,451 239,061 ----------------- ----------------- Total current assets 4,879,635 2,498,822 Accounts receivable-long term, net of allowance for doubtful accounts of $167,971 in 2012 - 119,201 Advances on contracts 1,580,874 2,350,477 Investment in Milestone Medical Inc 924,115 - Investment in Milestone Education LLC 42,082 - Furniture, Fixtures & Equipment net of accumulated depreciation of $476,884as of December 31, 2013 and 23,988 36,624 $458,708 as of December 31, 2012 Patents, net of accumulated amortization of $498,502 as of December 31, 2013 and $420,556 as of December 31, 2012 591,735 648,662 Other assets 12,917 7,317 ----------------- ----------------- Total assets $ 8,055,346 $ 5,661,103 ================= ================= LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 2,020,368 $ 2,336,594 Accrued expenses and other payable 515,132 581,407 Accrued interest on Notes Payable - 356,563 ----------------- ----------------- Total current liabilities 2,535,500 3,274,564 ----------------- ----------------- Long-term Liabilities: Notes payable - 450,000 ----------------- ----------------- Total long-term liabilities - 450,000 ----------------- ----------------- Commitments and Contingencies Stockholders' Equity Preferred Stock, par value $.001, 5,000,000 shares - - Common stock, par value $.001; authorized 50,000,000 shares; 17,759,540 shares issued 1,839,930 shares to be issued and 17,726,207 shares outstanding as of December 31, 2013; 16,563,306 shares issued 1,635,709 shares to be issued and 16,529,973 shares out 19,599 18,199 Additional paid-in capital 66,677,200 64,560,224 Accumulated deficit (60,265,438) (61,730,368) Treasury stock, at cost, 33,333 shares (911,516) (911,516) ----------------- ----------------- Total stockholders' equity 5,519,846 1,936,539 ----------------- ----------------- Total liabilities and stockholders' equity $ 8,055,346 $ 5,661,103 ----------------- -----------------
David Waldman or Natalya Rudman
Crescendo Communications, LLC
Email: [email protected]
So, you bought into the current machine learning craze and went on to collect millions/billions of records from this promising new data source. Now, what do you do with them? Too often, the abundance of data quickly turns into an abundance of problems. How do you extract that "magic essence" from your data without falling into the common pitfalls? In her session at @ThingsExpo, Natalia Ponomareva, Software Engineer at Google, will provide tips on how to be successful in large scale machine lear...
May. 2, 2016 01:45 AM EDT Reads: 1,269
The IoT has the potential to create a renaissance of manufacturing in the US and elsewhere. In his session at 18th Cloud Expo, Florent Solt, CTO and chief architect of Netvibes, will discuss how the expected exponential increase in the amount of data that will be processed, transported, stored, and accessed means there will be a huge demand for smart technologies to deliver it. Florent Solt is the CTO and chief architect of Netvibes. Prior to joining Netvibes in 2007, he co-founded Rift Technol...
May. 1, 2016 11:00 PM EDT Reads: 1,589
If there is anything we have learned by now, is that every business paves their own unique path for releasing software- every pipeline, implementation and practices are a bit different, and DevOps comes in all shapes and sizes. Software delivery practices are often comprised of set of several complementing (or even competing) methodologies – such as leveraging Agile, DevOps and even a mix of ITIL, to create the combination that’s most suitable for your organization and that maximize your busines...
May. 1, 2016 08:00 PM EDT Reads: 1,845
The increasing popularity of the Internet of Things necessitates that our physical and cognitive relationship with wearable technology will change rapidly in the near future. This advent means logging has become a thing of the past. Before, it was on us to track our own data, but now that data is automatically available. What does this mean for mHealth and the "connected" body? In her session at @ThingsExpo, Lisa Calkins, CEO and co-founder of Amadeus Consulting, will discuss the impact of wea...
May. 1, 2016 07:00 PM EDT Reads: 750
SYS-CON Events announced today that Peak 10, Inc., a national IT infrastructure and cloud services provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Peak 10 provides reliable, tailored data center and network services, cloud and managed services. Its solutions are designed to scale and adapt to customers’ changing business needs, enabling them to lower costs, improve performance and focus inter...
May. 1, 2016 06:00 PM EDT Reads: 1,160
See storage differently! Storage performance problems have only gotten worse and harder to solve as applications have become largely virtualized and moved to a cloud-based infrastructure. Storage performance in a virtualized environment is not just about IOPS, it is about how well that potential performance is guaranteed to individual VMs for these apps as the number of VMs keep going up real time. In his session at 18th Cloud Expo, Dhiraj Sehgal, in product and marketing at Tintri, will discu...
May. 1, 2016 06:00 PM EDT Reads: 813
We’ve worked with dozens of early adopters across numerous industries and will debunk common misperceptions, which starts with understanding that many of the connected products we’ll use over the next 5 years are already products, they’re just not yet connected. With an IoT product, time-in-market provides much more essential feedback than ever before. Innovation comes from what you do with the data that the connected product provides in order to enhance the customer experience and optimize busi...
May. 1, 2016 05:00 PM EDT Reads: 1,031
Up until last year, enterprises that were looking into cloud services usually undertook a long-term pilot with one of the large cloud providers, running test and dev workloads in the cloud. With cloud’s transition to mainstream adoption in 2015, and with enterprises migrating more and more workloads into the cloud and in between public and private environments, the single-provider approach must be revisited. In his session at 18th Cloud Expo, Yoav Mor, multi-cloud solution evangelist at Cloudy...
May. 1, 2016 04:30 PM EDT Reads: 1,480
In his session at @ThingsExpo, Chris Klein, CEO and Co-founder of Rachio, will discuss next generation communities that are using IoT to create more sustainable, intelligent communities. One example is Sterling Ranch, a 10,000 home development that – with the help of Siemens – will integrate IoT technology into the community to provide residents with energy and water savings as well as intelligent security. Everything from stop lights to sprinkler systems to building infrastructures will run ef...
May. 1, 2016 04:00 PM EDT Reads: 947
SYS-CON Events announced today that Enzu, a leading provider of cloud hosting solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive advantage. By offering a suite of proven hosting and management services, Enzu wants companies to foc...
May. 1, 2016 03:15 PM EDT Reads: 1,039
SYS-CON Events announced today that Stratoscale, the software company developing the next generation data center operating system, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Stratoscale is revolutionizing the data center with a zero-to-cloud-in-minutes solution. With Stratoscale’s hardware-agnostic, Software Defined Data Center (SDDC) solution to store everything, run anything and scale everywhere...
May. 1, 2016 01:30 PM EDT Reads: 1,581
Digital payments using wearable devices such as smart watches, fitness trackers, and payment wristbands are an increasing area of focus for industry participants, and consumer acceptance from early trials and deployments has encouraged some of the biggest names in technology and banking to continue their push to drive growth in this nascent market. Wearable payment systems may utilize near field communication (NFC), radio frequency identification (RFID), or quick response (QR) codes and barcodes...
May. 1, 2016 01:30 PM EDT Reads: 820
Angular 2 is a complete re-write of the popular framework AngularJS. Programming in Angular 2 is greatly simplified – now it's a component-based well-performing framework. This immersive one-day workshop at 18th Cloud Expo, led by Yakov Fain, a Java Champion and a co-founder of the IT consultancy Farata Systems and the product company SuranceBay, will provide you with everything you wanted to know about Angular 2.
May. 1, 2016 01:00 PM EDT Reads: 1,753
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
May. 1, 2016 12:45 PM EDT Reads: 829