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Milestone Scientific Reports Ten-Fold Increase in Domestic Dental Sales for the Third Quarter of 2017

Gross margin for the third quarter of 2017 increases to 63% versus 52% for the same period last year

LIVINGSTON, NJ--(Marketwired - November 15, 2017) - Milestone Scientific Inc. (NYSE: MLSS ), a medical company that develops and commercializes a growing portfolio of proprietary injection technologies, today provided a business update and announced financial results for the third quarter and nine months ending September 30, 2017.

Leslie Bernhard, Chairman and Interim Chief Executive Officer of Milestone Scientific stated, "We saw a sharp improvement in domestic dental instrument and handpiece sales, increasing to $1.4 million in the third quarter of 2017 versus $0.1 million for the same period last year, which reflects the transition to our new distributor, Henry Schein, in the third quarter of 2016. Growth in domestic sales was offset by a decline in international sales due to marketing promotions we ran last year, and upfront stocking orders in both Europe and China. We expect to resume international growth in our dental division in 2018 as these distributors sell through inventory. We continue to gain traction through the exclusive product sales team at Henry Schein, which we believe will help further accelerate domestic revenue growth in 2018."

"We are also gaining traction commercializing our first medical instrument following successful FDA marketing clearance of the CompuFlo™ Epidural Instrument earlier this year. We have engaged a number of the top key opinion leaders in the U.S., Europe and around the world, and have begun actively recruiting distribution partners. In fact, the CompuFlo® Epidural System has now been successfully utilized in over 600 epidural procedures, including both labor and delivery, as well as pain management, with no complications reported to date. Moreover, the CompuFlo® epidural instrument was presented on September 13, 2017 at the 36th Annual European Society of Regional Anaesthesia & Pain Therapy (ESRA) Congress 2017, in Lugano, Switzerland. The case, featured by a leading anesthesiologist in Europe, clearly demonstrated the value and effectiveness of CompuFlo® in identifying and locating the epidural space, especially in complicated cases. The success of our instrument is gaining widespread attention in the industry given the potential risk factors associated with a traditional epidural procedure."

Total revenues for the three months ended September 30, 2017 and 2016 were approximately $2.9 million and $3.2 million, respectively. Total revenues decreased by approximately 10% which was principally related to the decrease in international sales of approximately $1.6 million, offset by the increase in domestic sales of approximately $1.2 million in 2017. International sales in 2017 decreased due to a reduction in shipments of handpieces and instruments to Milestone China. The decrease in Milestone China revenue is due to Milestone China working through its current inventories and adjusting its business model. Gross profit for the third quarter of 2017 was $1.8 million or 63% of revenue versus $1.7 million or 52% of revenue in the third quarter of 2016. Net loss attributable to common shareholders for the third quarter of 2017 was $(1.4) million, or $(0.04) per share, versus net loss of $(1.7) million, or $(0.06) per share, for the comparable period in 2016.

Total revenues for the nine months ended September 30, 2017 and 2016 were approximately $9.1 million and $9.0 million, respectively. Total revenues increased by approximately 1% which was principally related to the increase in domestic sales of handpieces by approximately $1.7 million in 2017. International sales in 2017 decreased by approximately $1.6 million over the same period in 2016 due to a reduction in shipments to Milestone China. The reductions in shipments to Milestone China is due to Milestone China working through inventory purchases from late 2016. Gross profit for the nine months ended September 30, 2017 was $5.7 million or 63% of revenue versus $5.3 million or 59% of revenue in the nine months ended September 30, 2016. Net loss attributable to common shareholders for the nine months ended September 30, 2017 was $(3.4) million, or $(0.10) per share, versus net loss attributable to common shareholders of $(4.2) million, or $(0.16) per share, for the comparable period in 2016.

Conference Call

Milestone Scientific's executive management team will host a conference call at 8:30 AM Eastern Time on Thursday, November 16, 2017 to discuss the Company's financial results for the third quarter ended September 30, 2017, as well as the Company's corporate progress and other developments.

The conference call will be available via telephone by dialing toll free 800-281-7829 and entering the pass code 6331613 or on the Company's website at www.milestonescientific.com. For those unable to participate at that time, a replay of the call will be archived on the Company's website or can be accessed by dialing 888-203-1112 and entering the pass code 6331613. The replay will be available for 90 days.

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, 2016. 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.

(tables follow)

                 MILESTONE SCIENTIFIC INC. AND SUBSIDIARIES                 
                   CONDENSED CONSOLIDATED BALANCE SHEETS                    
                                                                            
                                               September 30,  December 31,  
                                                   2017           2016      
                                              -------------- -------------- 
                                                (Unaudited)     (Audited)   
                                   ASSETS                                   
Current Assets:                                                             
  Cash and cash equivalents                   $    2,307,497 $    3,602,229 
  Accounts receivable, net of allowance for                                 
   doubtful accounts of $10,000 as of                                       
   September 30, 2017 and $5,000 as of                                      
   December 31, 2016                               1,999,636        802,384 
  Accounts receivable from related party             712,800      2,714,600 
  Other receivable                                         -         10,000 
  Notes receivable from financing transaction,                              
   short term                                        500,000              - 
  Inventories                                      4,165,721      4,602,719 
  Advances on contracts                              992,242        700,900 
  Deferred Cost                                      362,718        620,041 
  Prepaid expenses and other current assets          552,010        291,929 
                                              -------------- -------------- 
Total current assets                              11,592,624     13,344,802 
  Furniture, fixtures & equipment net of                                    
   accumulated depreciation of $703,191 as of                               
   September 30, 2017 and $659,144 as of                                    
   December 31, 2016                                 119,729        159,026 
  Patents, net of accumulated amortization of                               
   $904,295 as of September 30, 2017 and                                    
   $717,086 as of December 31, 2016                3,152,415        660,457 
  Notes receivable from financing transaction                               
   long term                                         650,000              - 
  Other assets                                        26,878         17,355 
                                              -------------- -------------- 
Total assets                                  $   15,541,646 $   14,181,640 
                                              ============== ============== 
                                                                            
                    LIABILITIES AND STOCKHOLDERS' EQUITY                    
--------------------------------------------------------------------------- 
Current Liabilities:                                                        
  Accounts payable                            $      616,036 $    1,341,207 
  Accounts payable related party                     902,341      1,235,052 
  Accrued expenses and other payables              2,162,786      1,436,262 
  Deferred profit, related party                     659,931        630,990 
  Deferred revenue                                   712,800      1,001,800 
                                              -------------- -------------- 
Total current liabilities                          5,053,894      5,645,311 
                                                                            
  Deferral from financing transaction              1,400,000              - 
                                              -------------- -------------- 
Total liabilities                                  6,453,894      5,645,311 
                                                                            
Commitments and Contingencies                                               
Stockholders' Equity                                                        
  Series A convertible preferred stock, par                                 
   value $.001, authorized 5,000,000 shares,                                
   33,333 shares held in the treasury, and                                  
   7,000 shares issued and outstanding as                                   
   September 30, 2017 and December 31, 2016                7              7 
  Common stock, par value $.001; authorized                                 
   50,000,000 shares;33,023,057 shares issued,                              
   1,404,405 shares to be issued and                                        
   32,989,724 shares outstanding as of                                      
   September 30, 2017; 30,457,224 shares                                    
   issued, 1,270,481 shares to be issued and                                
   30,423,891 shares outstanding as of                                      
   December 31, 2016                                  34,426         31,720 
  Additional paid-in capital                      86,442,802     82,761,503 
  Accumulated deficit                            (76,778,556)   (73,381,491)
  Treasury stock, at cost, 33,333 shares            (911,516)      (911,516)
                                              -------------- -------------- 
Total stockholders' equity                         8,787,163      8,500,223 
                                              -------------- -------------- 
  Noncontrolling interest                            300,589         36,106 
                                              -------------- -------------- 
Total Equity                                       9,087,752      8,536,329 
                                              -------------- -------------- 
Total liabilities and stockholders' equity    $   15,541,646 $   14,181,640 
                                              ============== ============== 
                         MILESTONE SCIENTIFIC INC.                          
              CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS               
                                (Unaudited)                                 
                                                                            
                            Three Months Ended         Nine Months Ended    
                               September 30,             September 30,      
                         ------------------------  ------------------------ 
                             2017         2016         2017         2016    
Revenue                                                                     
  Product sales, net     $ 2,853,813  $ 3,186,596  $ 9,066,550  $ 8,973,726 
  Cost of products sold    1,044,540    1,517,561    3,320,411    3,675,552 
                         -----------  -----------  -----------  ----------- 
Gross profit               1,809,273    1,669,035    5,746,139    5,298,174 
                         -----------  -----------  -----------  ----------- 
                                                                            
  Selling, general and                                                      
   administrative                                                           
   expenses                3,205,996    2,933,950    8,996,092    9,226,062 
  Research and                                                              
   development expenses       16,884      303,268      241,964      756,045 
                         -----------  -----------  -----------  ----------- 
Total operating expenses   3,222,880    3,237,218    9,238,056    9,982,107 
                         -----------  -----------  -----------  ----------- 
Loss from operations      (1,413,607)  (1,568,183)  (3,491,917)  (4,683,933)
  Other (expenses)            (1,046)        (846)      (3,278)      (2,782)
  Interest income              3,582            -        6,495            - 
                         -----------  -----------  -----------  ----------- 
Loss before provision for                                                   
 income tax and equity in                                                   
 net earnings of equity                                                     
 investments              (1,411,071)  (1,569,029)  (3,488,700)  (4,686,715)
                         -----------  -----------  -----------  ----------- 
  Provision for income                                                      
   tax                        (6,475)     (16,522)     (18,339)     (80,147)
                         -----------  -----------  -----------  ----------- 
Loss before equity in net                                                   
 earnings of equity                                                         
 investments              (1,417,546)  (1,585,551)  (3,507,039)  (4,766,862)
  Loss on earnings from                                                     
   China Joint Venture             -     (253,451)     (28,941)    (554,766)
                         -----------  -----------  -----------  ----------- 
Loss in equity                                                              
 investments                       -     (253,451)     (28,941)    (554,766)
                         -----------  -----------  -----------  ----------- 
Net Loss                  (1,417,546)  (1,839,002)  (3,535,980)  (5,321,628)
                         -----------  -----------  -----------  ----------- 
Net loss attributable to                                                    
 noncontrolling interests     (6,605)    (137,752)    (138,915)  (1,113,958)
                         -----------  -----------  -----------  ----------- 
Net loss attributable to                                                    
 Milestone Scientific                                                       
 Inc.                    $(1,410,941) $(1,701,250) $(3,397,065) $(4,207,670)
                         ===========  ===========  ===========  =========== 
                                                                            
Net loss per share                                                          
 applicable to common                                                       
 stockholders-                                                              
Basic                    $     (0.04) $     (0.06) $     (0.10) $     (0.16)
                         ===========  ===========  ===========  =========== 
Diluted                  $     (0.04) $     (0.06) $     (0.10) $     (0.16)
                         ===========  ===========  ===========  =========== 
                                                                            
Weighted average shares                                                     
 outstanding and to be                                                      
 issued-                                                                    
Basic                     33,573,676   29,155,712   32,501,221   25,965,566 
                         ===========  ===========  ===========  =========== 
Diluted                   33,573,676   29,155,712   32,501,221   25,965,566 
                         ===========  ===========  ===========  =========== 

Contact:
David Waldman or Natalya Rudman
Crescendo Communications, LLC
Email: [email protected]
Tel: 212-671-1020

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