Tue, 21 May 2019

LIVINSTON, NJ / ACCESSWIRE / May 15, 2019 / Milestone Scientific Inc. (NYSE American: 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 first quarter ended March 31, 2019.

Leonard Osser, Interim Chief Executive Officer of Milestone Scientific, commented, 'We achieved steady growth in our dental division, with sales increasing 8% to $1.9 million for the first quarter ended March 31, 2019. We are also beginning to generate traction with the CompuFlo Epidural System. Approximately 2,000 epidural procedures have been performed by key opinion leaders worldwide using our instrument, and three major anesthesia journals have recently published clinical research highlighting the benefits of the technology.'

'A key element of our strategy includes entering the medical education market with the CompuFlo Epidural Trainer (CompuFlo Trainer). The CompuFlo Trainer reduces uncertainty with objective measurements that help reduce the number of epidural attempts, build confidence and speed trainee competency for all techniques. Most recently, we announced that we signed an agreement to distribute the CompuFlo Trainer with American 3B Scientific, a leading supplier of didactic material for medical education covering North, Central and select countries in South America. We believe that entering the medical education market is an important step to position CompuFlo as a new standard of care for the next generation of anesthesiologists and certified registered nurse anesthetists.'

'As recently announced, the Board is also evaluating potential strategic options for the Company. We recognize our core competence is developing a portfolio of technologies centered around our platform technology, the patented DPS Dynamic Pressure Sensing technology. Our goal is to either sell or license the respective technologies for specific indications, in order to maximize value for our shareholders. We look forward to providing further updates on this front.'

For the three months ended March 31, 2019 and 2018, revenues were approximately $1.9 million and $1.8 million, respectively. The increase of 8% is primarily due to a 5% increase in international revenue, principally the rise in handpieces revenue. Gross profit for the first quarter ended March 31, 2019 was approximately $1.3 million, or 68% of revenue, versus approximately $1.2 million, or 69% of revenue for the first quarter ended March 31, 2018. Operating loss for the three months ended March 31, 2019 was approximately $(818,000) versus approximately $(2.0) million for the quarter ended March 31, 2018. The decrease in the operating loss quarter over quarter is due to a decrease in selling, general and administration expenses of approximately $1 million and a reduction of approximately $219,000 in research and development Net loss for the three months ended March 31, 2019 was approximately $(783,000), or $(0.02) per share, versus a net loss of $(1.9) million, or $(0.06) per share, in the prior period.

Conference Call

Milestone Scientific's executive management team will host a conference call at 8:30 AM Eastern Time on Thursday, May 16, 2019 to discuss the Company's financial results for the first quarter ended March 31, 2019, as well as the Company's corporate progress and other developments.

The conference call will be available on the Company's website at www.milestonescientific.com, or via telephone by dialing toll free 800-458-4121 and entering the pass code: 4124860 . 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 4124860. The replay will be available for 90 days.

About Milestone Scientific Inc.

Milestone Scientific Inc. (MLSS) is a biomedical technology research and development company that patents, designs and develops innovative diagnostic and therapeutic injection technologies and instruments for medical, dental, cosmetic and veterinary applications. Milestone's computer-controlled systems are designed to make injections precise, efficient, and virtually painless. Milestone's proprietary DPS Dynamic Pressure Sensing technology is our technology platform that advances the development of next-generation devices, regulating flow rate and monitoring pressure from the tip of the needle, through platform extensions for local anesthesia for subcutaneous drug delivery, with specific applications for cosmetic botulinum toxin injections, epidural space identification in regional anesthesia procedures and intra-articular joint injections. 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, 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, 2018. 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.

CONDENSED CONSOLIDATED BALANCE SHEET

ASSETS
March 31,
2019
December 31, 2018
(Unaudited)
(Audited)
Current assets:
Cash and cash equivalents
$
2,739,700
$
743,429
Accounts receivable, net
1,512,746
1,978,456
Accounts receivable, related party, net
50,000
100,000
Prepaid expenses and other current assets
595,951
414,541
Deferred cost, related party
24,602
50,000
Inventories, net
1,861,291
1,921,051
Advances on contracts
530,114
648,783
Total current assets
7,314,404
5,856,260
Furniture, fixtures and equipment, net
77,869
82,557
Patents, net
422,021
435,273
Operating lease-right of use assets
129,982
-
Other assets
17,355
26,878
Total assets
$
7,961,631
$
6,400,968
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
$
1,198,624
$
1,205,396
Accounts payable, related party
1,400,806
1,663,849
Accrued expenses and other payables
1,548,353
1,481,715
Accrued expenses, related party
110,215
-
Derivative liability
365,785
-
Operating lease-current
114,058
-
Deferred profit, related party
431,364
421,800
Deferred revenue, related party
50,000
100,000
Total current liabilities
5,219,205
4,872,760
Operating lease-non current
15,924
-
Total liabilities
$
5,235,129
$
4,872,760
Commitments and contingencies
Stockholders' equity
Series A convertible preferred stock, par value $.001, authorized 5,000,000 shares, and 7,000 shares issued and outstanding (liquidation preference of $7,000,000 as of March 31, 2019 and December 31, 2018 )
$
7
$
7
Common stock, par value $.001; authorized 50,000,000 shares; 40,855,721 shares issued, 2,807,710 shares to be issued and 40,822,388 shares outstanding as of March 31, 2019; 33,859,034 shares issued, 2,470,565 shares to be issued and 33,825,701 shares outstanding as of December 31, 2018;
43,662
36,330
Additional paid in capital
90,398,875
88,414,718
Accumulated deficit
(86,782,681
)
(85,999,929
)
Treasury stock, at cost, 33,333 shares
(911,516
)
(911,516
)
Total Milestone Scientific Inc. stockholders' equity
2,748,347
1,539,610
Noncontrolling interest
(21,845
)
(11,402
)
Total stockholders' equity
2,726,502
1,528,208
Total liabilities and stockholders' equity
$
7,961,631
$
6,400,968

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
March 31,
2019
March 31,
2018
Product sales, net
$
1,915,909
$
1,805,605
Cost of products sold
618,694
562,676
Gross profit
1,297,215
1,242,929
Selling, general and administrative expenses
2,109,050
3,018,780
Research and development expenses
6,346
225,817
Total operating expenses
2,115,396
3,244,597
Loss from operations
(818,181)
(2,001,668
)
Other expenses
1,019
(1,700
)
Interest income
(2,264
)
2,664
Change in fair value of derivative liability
(40,260)
-
Loss before provision for income taxes and equity in net losses of equity investments
(779,166
)
(2,000,704
)
Provision for income taxes
(4,465
)
(11,464
)
Loss before equity in net earnings (losses) of equity investments
(783,631
)
(2,012,168
)
(Loss) earnings from China Joint Venture
(9,564
)
36,783
Net loss
(793,195
)
(1,975,385
)
Net loss attributable to noncontrolling interests
(10,443
)
(101,407
)
Net loss attributable to Milestone Scientific Inc.
$
(782,752
)
$
(1,873,978
)
Net loss per share applicable to common stockholders-
Basic
$
(0.02
)
$
(0.06
)
Diluted
$
(0.02
)
$
(0.06
)
Weighted average shares outstanding and to be issued-
Basic
40,531,762
34,766,014
Diluted
40,531,762
34,766,014


Contact:

David Waldman or Natalya Rudman

Crescendo Communications, LLC

Email: mlss@crescendo-ir.com

Tel: 212-671-1020

SOURCE: Milestone Scientific, Inc.



View source version on accesswire.com:
https://www.accesswire.com/545476/Milestone-Scientific-Provides-Business-Update-for-the-First-Quarter-of-2019

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