Milestone Scientific Reports Financial Results for Fourth Quarter and Full Year 2025
Q4 2025 Marks Transition from Restructuring to Growth
For 2026, Expects Double-Digit Revenue Growth, 400% Increase in CompuFlo Sales, and Continued Progress Toward Profitability
ROSELAND, N.J., March 31, 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 year ended December 31, 2025.
Eric Hines, Chief Executive Officer of Milestone Scientific commented:
“When I joined Milestone in August 2025, we were in the middle of the third quarter following a period without consistent executive leadership. During that time, certain spending had occurred that was not always aligned with revenue generation or disciplined capital allocation. Since August, the Company has taken deliberate steps to strengthen financial discipline across the organization, scrutinizing every expense, prioritizing initiatives tied to revenue and measurable ROI, and eliminating spending that does not directly support our path to sustainable growth. We also made a conscious decision not to raise new capital simply to fund inefficient practices. Instead, our focus has been on responsible stewardship of shareholder capital and building a stronger operational foundation
“Under new leadership, the Company has been focused on understanding the business, restructuring and building the right team. In the fourth quarter, we began transitioning to a more offensive posture, launching our dental ambassador program as a pilot in December, relaunching our CompuFlo® commercialization efforts and increasing our investment in digital marketing. Our dental business remains the foundation of our company, with continued strength internationally and significant room for domestic expansion. The Company is also processing registrations in Japan, India and Mexico for STA. On the medical side, the Company has secured multiple new distribution partners for CompuFlo®, as well as identifying two national and several local VA channels. At the same time, we are increasingly encouraged by the potential of CompuFlo®, our proprietary system for precise, controlled epidural injections, which we believe represents a transformative growth driver as reimbursement and clinical adoption expand.
“As we enter 2026, we expect to transition from a period of stabilization to a more offensive posture, investing selectively in initiatives that accelerate growth while maintaining financial discipline. In January, we launched our dental ambassador program nationally, with plans to expand the model to CompuFlo® over time, and in February, we launched our CompuFlo® advisor program with more than ten physician partners and dedicated reimbursement support infrastructure. We expect these efforts, along with continued strength in our dental business and expansion into new international markets to begin contributing to revenue growth over the coming quarters, with more pronounced impact anticipated in the second and third quarters of 2026 as these initiatives gain scale. Our objective is clear: position the Company to achieve cash flow breakeven in early 2027 and create long-term shareholder value.”
Financial Results for the Three Months Ended December 31, 2025
For the three months ended December 31, 2025 and 2024, total revenue was $2,1 million and $2.0 million, respectively, an increase of 2.2% or $45,000.
Gross profit for the three months ended December 31, 2025 was $1.5 million, unchanged compared to $1.5 million in the prior year period.
Operating loss for the three months ended December 31, 2025 was $1.1 million, an 89% improvement of $963,000 compared to an operating loss of $2.0 million in the prior year period. Net loss was $1.1 million,compared to a net loss of $2.0 million,in the prior year period.
Financial Results for the Year Ended December 31, 2025
For the years ended December 31, 2025 and 2024, total revenue was $9.0 million and $8.6 million, respectively, an increase of 4% or $344,000. The increase reflects higher international dental sales, which were partially offset by a decline in domestic U.S. dental sales. International dental sales increased 9% year over year, while domestic dental sales decreased 7%.
Gross profit for 2025 was $6.4 million, relatively unchanged from $6.4 million in 2024 reflecting changes in product mix and cost structure.
Operating loss for 2025 was $5.7 million, an improvement of $1.1 million compared to an operating loss of $6.8 million in 2024. The improvement was driven by lower SG&A and lower dental-related research and development expense. Net loss was $5.7 million, or $(0.07) per share, compared to a net loss of $4.7 million, or $(0.06) per share, in 2024.
As of December 31, 2025, the Company had cash of $1.1million, working capital of $3.3 million, and $800,000 in convertible debt outstanding.
2026 Outlook
For the year ending December 31, 2026, management expects total revenue to be in the range of $9.8 million to $10.2 million, reflecting double digit revenue growth driven by broadening commercial adoption across both the dental and medical segments. Within that range, CompuFlo revenue is expected to be $500,000 to $600,000, representing an approximately 400% increase over 2025. Combined with the structural cost reductions implemented in 2025, this 2026 revenue growth is expected to yield improved operating leverage and a meaningful reduction in cash burn relative to the prior year.
Conference Call
Milestone Scientific’s executive management team will host a conference call at 8:30 am ET on Wednesday, April 1, 2026 to discuss the Company’s financial results for the year ended December 31, 2025, 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: 875878. A webcast and replay of the call may be accessed at Webcast URL: https://www.webcaster5.com/Webcast/Page/2306/53250.
An audio replay of the call will be available through Wednesday, April 15, 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: 53770.
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, 2024. 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
| MILESTONE SCIENTIFIC AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| December 31, 2025 | December 31, 2024 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 1,112,642 | $ | 3,258,058 | ||||
| Accounts receivable, net of allowance for credit losses of $10,000, respectively | 680,620 | 475,376 | ||||||
| Accounts receivable, related party | 25,548 | – | ||||||
| Prepaid expenses and other current assets | 468,792 | 564,645 | ||||||
| Inventories | 3,781,837 | 3,713,215 | ||||||
| Advances on contracts | 1,408,395 | 1,275,260 | ||||||
| Total current assets | 7,477,834 | 9,286,554 | ||||||
| Furniture, fixtures and equipment, net | 19,193 | 12,921 | ||||||
| Intangibles, net | 79,063 | 148,404 | ||||||
| Right of use assets finance lease | 55,811 | 67,201 | ||||||
| Right of use assets operating lease | 150,378 | 257,842 | ||||||
| Other assets | 24,150 | 24,150 | ||||||
| Total assets | $ | 7,806,429 | $ | 9,797,072 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 1,430,250 | $ | 1,021,393 | ||||
| Accounts payable, related party | 1,359,698 | 493,313 | ||||||
| Accrued expenses and other payables | 995,206 | 1,796,319 | ||||||
| Accrued expenses, related party | 188,406 | 304,293 | ||||||
| Current portion of finance lease liabilities | 27,347 | 12,530 | ||||||
| Current portion of operating lease liabilities | 130,355 | 116,279 | ||||||
| Total current liabilities | 4,131,262 | 3,744,127 | ||||||
| Non-current portion of finance lease liabilities | 27,336 | 54,672 | ||||||
| Non-current portion of operating lease liabilities | 35,208 | 165,573 | ||||||
| Convertible notes payable, related parties | 800,000 | – | ||||||
| Total liabilities | $ | 4,993,806 | $ | 3,964,372 | ||||
| Commitments and contingencies | ||||||||
| Stockholders’ equity | ||||||||
| Common stock, par value $0.001; authorized 125,000,000 shares; 80,486,449 shares issued and 80,453,116 shares outstanding as of December 31, 2025; 78,047,798 shares issued and 78,014,465 shares outstanding as of December 31, 2024; | 80,487 | 78,048 | ||||||
| Additional paid in capital | 137,418,974 | 134,719,274 | ||||||
| Accumulated deficit | (133,775,322 | ) | (128,053,106 | ) | ||||
| Treasury stock, at cost, 33,333 shares | (911,516 | ) | (911,516 | ) | ||||
| Total Milestone Scientific, Inc. stockholders’ equity | 2,812,623 | 5,832,700 | ||||||
| Total liabilities and stockholders’ equity | $ | 7,806,429 | $ | 9,797,072 | ||||
| MILESTONE SCIENTIFIC AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
| 2025 | 2024 | |||||||
| Product sales, net | $ | 8,973,982 | $ | 8,629,928 | ||||
| Cost of products sold | 2,566,405 | 2,195,340 | ||||||
| Gross profit | 6,407,577 | 6,434,588 | ||||||
| Selling, general and administrative expenses | 11,576,529 | 12,295,330 | ||||||
| Research and development expenses | 449,469 | 858,767 | ||||||
| Depreciation and amortization expense | 78,195 | 37,448 | ||||||
| Total operating expenses | 12,104,193 | 13,191,545 | ||||||
| Loss from operations | (5,696,616 | ) | (6,756,957 | ) | ||||
| Interest (expense) income, net | (25,599 | ) | 60,265 | |||||
| Gain on sale of net operating losses | – | 1,983,095 | ||||||
| Loss before provision for income taxes | (5,722,215 | ) | (4,713,597 | ) | ||||
| Provision for income taxes | – | – | ||||||
| Net loss | $ | (5,722,215 | ) | $ | (4,713,597 | ) | ||
| Net loss per share applicable to common stockholders— | ||||||||
| Basic and Diluted | (0.07 | ) | (0.06 | ) | ||||
| Weighted average shares outstanding and to be issued— | ||||||||
| Basic and diluted | 82,064,109 | 79,791,188 | ||||||
