News Feed Item

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)   
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.                          
                            Three Months Ended         Nine Months Ended    
                               September 30,             September 30,      
                         ------------------------  ------------------------ 
                             2017         2016         2017         2016    
  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                                                      
   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                                                       
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                                                      
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 
                         ===========  ===========  ===========  =========== 

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

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Nordstrom is transforming the way that they do business and the cloud is the key to enabling speed and hyper personalized customer experiences. In his session at 21st Cloud Expo, Ken Schow, VP of Engineering at Nordstrom, discussed some of the key learnings and common pitfalls of large enterprises moving to the cloud. This includes strategies around choosing a cloud provider(s), architecture, and lessons learned. In addition, he covered some of the best practices for structured team migration an...
Mobile device usage has increased exponentially during the past several years, as consumers rely on handhelds for everything from news and weather to banking and purchases. What can we expect in the next few years? The way in which we interact with our devices will fundamentally change, as businesses leverage Artificial Intelligence. We already see this taking shape as businesses leverage AI for cost savings and customer responsiveness. This trend will continue, as AI is used for more sophistica...
Most technology leaders, contemporary and from the hardware era, are reshaping their businesses to do software. They hope to capture value from emerging technologies such as IoT, SDN, and AI. Ultimately, irrespective of the vertical, it is about deriving value from independent software applications participating in an ecosystem as one comprehensive solution. In his session at @ThingsExpo, Kausik Sridhar, founder and CTO of Pulzze Systems, discussed how given the magnitude of today's application ...
Recently, REAN Cloud built a digital concierge for a North Carolina hospital that had observed that most patient call button questions were repetitive. In addition, the paper-based process used to measure patient health metrics was laborious, not in real-time and sometimes error-prone. In their session at 21st Cloud Expo, Sean Finnerty, Executive Director, Practice Lead, Health Care & Life Science at REAN Cloud, and Dr. S.P.T. Krishnan, Principal Architect at REAN Cloud, discussed how they built...
The “Digital Era” is forcing us to engage with new methods to build, operate and maintain applications. This transformation also implies an evolution to more and more intelligent applications to better engage with the customers, while creating significant market differentiators. In both cases, the cloud has become a key enabler to embrace this digital revolution. So, moving to the cloud is no longer the question; the new questions are HOW and WHEN. To make this equation even more complex, most ...
In his session at 21st Cloud Expo, Raju Shreewastava, founder of Big Data Trunk, provided a fun and simple way to introduce Machine Leaning to anyone and everyone. He solved a machine learning problem and demonstrated an easy way to be able to do machine learning without even coding. Raju Shreewastava is the founder of Big Data Trunk (www.BigDataTrunk.com), a Big Data Training and consulting firm with offices in the United States. He previously led the data warehouse/business intelligence and B...
As you move to the cloud, your network should be efficient, secure, and easy to manage. An enterprise adopting a hybrid or public cloud needs systems and tools that provide: Agility: ability to deliver applications and services faster, even in complex hybrid environments Easier manageability: enable reliable connectivity with complete oversight as the data center network evolves Greater efficiency: eliminate wasted effort while reducing errors and optimize asset utilization Security: imple...
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, led attendees through the exciting evolution of the cloud. He looked at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering m...
With tough new regulations coming to Europe on data privacy in May 2018, Calligo will explain why in reality the effect is global and transforms how you consider critical data. EU GDPR fundamentally rewrites the rules for cloud, Big Data and IoT. In his session at 21st Cloud Expo, Adam Ryan, Vice President and General Manager EMEA at Calligo, examined the regulations and provided insight on how it affects technology, challenges the established rules and will usher in new levels of diligence arou...
The past few years have brought a sea change in the way applications are architected, developed, and consumed—increasing both the complexity of testing and the business impact of software failures. How can software testing professionals keep pace with modern application delivery, given the trends that impact both architectures (cloud, microservices, and APIs) and processes (DevOps, agile, and continuous delivery)? This is where continuous testing comes in. D
Modern software design has fundamentally changed how we manage applications, causing many to turn to containers as the new virtual machine for resource management. As container adoption grows beyond stateless applications to stateful workloads, the need for persistent storage is foundational - something customers routinely cite as a top pain point. In his session at @DevOpsSummit at 21st Cloud Expo, Bill Borsari, Head of Systems Engineering at Datera, explored how organizations can reap the bene...
Digital transformation is about embracing digital technologies into a company's culture to better connect with its customers, automate processes, create better tools, enter new markets, etc. Such a transformation requires continuous orchestration across teams and an environment based on open collaboration and daily experiments. In his session at 21st Cloud Expo, Alex Casalboni, Technical (Cloud) Evangelist at Cloud Academy, explored and discussed the most urgent unsolved challenges to achieve f...
The dynamic nature of the cloud means that change is a constant when it comes to modern cloud-based infrastructure. Delivering modern applications to end users, therefore, is a constantly shifting challenge. Delivery automation helps IT Ops teams ensure that apps are providing an optimal end user experience over hybrid-cloud and multi-cloud environments, no matter what the current state of the infrastructure is. To employ a delivery automation strategy that reflects your business rules, making r...
The 22nd International Cloud Expo | 1st DXWorld Expo has announced that its Call for Papers is open. Cloud Expo | DXWorld Expo, to be held June 5-7, 2018, at the Javits Center in New York, NY, brings together Cloud Computing, Digital Transformation, Big Data, Internet of Things, DevOps, Machine Learning and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding busin...
In a recent survey, Sumo Logic surveyed 1,500 customers who employ cloud services such as Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform (GCP). According to the survey, a quarter of the respondents have already deployed Docker containers and nearly as many (23 percent) are employing the AWS Lambda serverless computing framework. It’s clear: serverless is here to stay. The adoption does come with some needed changes, within both application development and operations. Tha...