MILESTONE SCIENTIFIC INC.
For the period ended Dec 31, 2025. Filed Mar 31, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Mar 31, 2026
MLSS$0.30+1.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2024-12-31; filed 2025-04-15.
0001437749-25-012050
Item 7. Management ’ s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2025-12-31; filed 2026-03-31.
0001493152-26-014117
Item 7. Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 61 previous paragraphs and 72 current paragraphs.
16 unchanged; 11 reworded; 44 added; 34 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 12 previous and 10 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (44)
Current report
The Company’s proprietary Dynamic Pressure Sensing® (DPS) technology platform enables real-time pressure monitoring and controlled fluid delivery during injections. This platform serves as the foundation for the Company’s dental and medical product offerings. It supports multiple applications, including local anesthesia delivery, subcutaneous drug delivery, fluid aspiration, and epidural space identification.
Current report
Business Strategy
Current report
Products and Technology Platform
Current report
Dental Market Products
Current report
Since its commercial introduction in early 2007, the STA Single Tooth Anesthesia (STA) System, together with its predecessor C-CLAD devices, has been used to administer more than 95 million injections globally. The system is designed to provide controlled delivery of local anesthetics and has been utilized in a broad range of dental procedures. The STA Instrument has been evaluated in multiple peer-reviewed clinical studies and published articles. Feedback from practitioners and published literature indicates that the technology has been incorporated into clinical practice in various markets worldwide.
Current report
Medical Market Products
Current report
As of 2025, the CompuFlo® Epidural System has received multiple regulatory clearances and reimbursement milestones in the United States. The system initially received FDA 510(k) clearance in 2017 for epidural injections in the lumbar region, with expanded clearance in 2023 for use in the thoracic region, including the cervicothoracic junction. In 2022, the American Medical Association assigned a technology-specific Category III CPT® code (0777T), effective January 1, 2023, to facilitate tracking and reimbursement submissions when the system is used in conjunction with primary epidural steroid injection procedures. In 2024, Medicare Administrative Contractors in Florida and multiple additional jurisdictions established Medicare Part B physician payment determinations for CPT code 0777T. The Company also received Notices of Allowance in the United States and Europe in 2024 related to its next-generation Dynamic Pressure Sensing® technology.
Current report
The preparation of the Company’s consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates, assumptions, and judgments that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period.
Current report
Management considers an accounting estimate to be critical if it requires significant judgment, is inherently subjective, and if changes in the estimate could have a material impact on the Company’s financial condition or results of operations. Actual results may differ from those estimates under different assumptions or conditions.
Current report
Management evaluates its estimates and assumptions on an ongoing basis using historical experience, current trends, and other information believed to be reasonable under the circumstances. Management regularly reviews revenue trends, liquidity and cash position, inventory levels, and operating forecasts. The estimates discussed below represent those that management believes are the most critical to understanding the Company’s financial condition and results of operations.
Current report
For a more complete discussion of the Company’s significant accounting policies, seeNote C to the consolidated financial statements.
Current report
Management’s assessment of the Company’s ability to continue as a going concern requires significant judgment and is based on estimates regarding future revenues, operating expenses, working capital requirements, timing of cash flows, and access to additional sources of capital.
Current report
The Company has incurred recurring operating losses and has an accumulated deficit. In addition, the Company’s available cash and cash equivalents are not sufficient to fund operations for at least twelve months from the issuance date of these financial statements without obtaining additional financing.
Current report
Management has developed plans intended to improve liquidity and operating results, including initiatives to increase revenues, reduce professional and consulting expenses, and defer certain discretionary expenditures, including delaying research and development activities related to the next-generation Single Tooth Anesthesia System instrument. In April 2025, the Company received $800,000 in related party financing (see Note H).
Current report
However, management’s plans are dependent on the Company’s ability to generate additional revenues and/or obtain additional financing, and there can be no assurance that such plans will be successful or that additional capital will be available on acceptable terms, or at all. Accordingly, management has concluded that substantial doubt exists about the Company’s ability to continue as a going concern within one year after the issuance date of these financial statements.
Current report
The accompanying financial statements have been prepared assuming the Company will continue as a going concern and do not include any adjustments that might result from the outcome of this uncertainty.
Current report
Revenue Recognition
Current report
Revenue recognition is a critical accounting estimate due to the judgment required in determining the timing of revenue recognition, identifying performance obligations, and estimating variable consideration, including returns and discounts.
Current report
The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers. Revenue is recognized when control of the promised goods transfers to the customer, in an amount that reflects the consideration the Company expects to receive in exchange for those goods.
Current report
Revenue is derived primarily from the sale of dental and medical instruments and related single-use disposable handpieces. Instrument revenue is generally recognized upon shipment or delivery, depending on the contractual terms, while disposable handpiece revenue is recognized upon transfer of control to the customer. Management evaluates whether contracts contain multiple performance obligations and allocates consideration based on relative standalone selling prices when applicable.
Current report
Judgment is required in estimating expected returns, distributor incentives, and other variable consideration, which are recorded as reductions of revenue. These estimates are based on historical experience, current market conditions, and anticipated future trends. Changes in assumptions related to these estimates could have a material impact on reported revenue.
Current report
Inventory valuation is considered a critical accounting estimate due to the judgment required in assessing excess and obsolete inventory, forecasted demand, and the recoverability of inventory carrying values, particularly in light of the Company’s operating losses and liquidity considerations.
Current report
Inventories are stated at the lower of cost or net realizable value. Cost is determined using the first-in, first-out (FIFO) method. The Company periodically reviews inventory quantities on hand relative to historical sales, projected future demand, product life cycles, technological changes, regulatory developments, and market conditions.
Current report
Management records reserves for excess, slow-moving, or obsolete inventory based on its assessment of expected future sales and usage. This evaluation requires significant judgment, particularly with respect to estimating future demand for instruments and related disposable handpieces, anticipated product transitions, and distributor purchasing patterns. If actual demand is lower than forecasted, or if products become obsolete due to technological advancements, regulatory changes, or shifts in market acceptance, additional inventory write-downs may be required.
Current report
Inventory write-downs are recorded as a component of cost of goods sold and establish a new cost basis for the inventory. Given the Company’s current liquidity position and operating results, adverse changes in demand forecasts or market conditions could have a material impact on inventory reserves and future operating results.
Current report
For the year ended December 31, 2025, total net sales were approximately $8.9 million, an increase of approximately $344,000, or 4%, compared to approximately $8.6 million in 2024.
Current report
Dental sales were approximately $8.8 million, compared to $8.5 million in the prior year. The increase reflects higher international sales, including sales in China during 2025, 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%.
Current report
Medical sales are approximately $183,000, compared to $104,000 in 2024, reflecting higher domestic medical handpiece sales. Medical sales continue to represent a small portion of total revenue.
Current report
Gross margin was approximately 71% in 2025 compared to approximately 75% in 2024. The decline in gross margin percentage reflects changes in product mix and cost structure during the period.
Current report
Total selling, general and administrative expenses for the year ended December 31, 2025 were approximately $11.6 million, compared to $12.3 million in 2024, representing a decrease of approximately $718,000, or 6%. As a percentage of net sales, selling, general and administrative expenses decreased to approximately 129% of net sales in 2025, compared to approximately 142% of net sales in 2024.
Current report
Total salaries decreased by approximately $653,000, or 17%, primarily reflecting lower headcount and related personnel costs during the year. Quality and regulatory expenses decreased by approximately $146,400, or 30%, primarily due to reduced regulatory consulting and compliance-related activities. Marketing expenses decreased by approximately $236,200, or 42%, primarily reflecting reduced promotional and advertising activities. Insurance costs decreased by approximately $57,900, or 10%, and other SG&A expenses decreased by approximately $90,300, or 10%, primarily due to general cost containment efforts.
Current report
These decreases were partially offset by an increase in stock-based compensation included in salaries of approximately $234,400, or 17%, primarily related to equity compensation granted during the year. Professional fees and consultants increased by approximately $223,600, or 7%, primarily due to higher legal, accounting, and consulting expenses. Warehouse expenses increased by approximately $18,400, or 4%, reflecting higher distribution and logistics costs. Rent increased modestly by approximately $4,500, or 3%, while royalties increased slightly by approximately $3,000, or 1%.
Current report
Research and development expenses for the year ended December 31, 2025 were approximately $449,000 compared to $859,000 for the year ended December 31, 2024, representing a decrease of approximately $409,000, or 48%.
Current report
The decrease in research and development expenses was primarily attributable to a reduction in dental-related research and development activities, which decreased to $0.4 million in 2025 from $0.8 million in 2024, representing a decrease of $0.4 million. This reduction reflects the Company’s decision to delay research and development efforts related to the next-generation Single Tooth Anesthesia System instrument during 2025.
Current report
Medical research and development expenses decreased modestly to $0.02 million in 2025 from $0.02 million in 2024, reflecting limited ongoing development activity related to the Company’s medical product platform.
Current report
Overall, the decrease in research and development expenses reflects management’s focus on cost containment and prioritization of resources toward commercialization and operational activities during 2025.
Current report
Loss from operations for the year ended December 31, 2025, was approximately $(5,700,000) compared to $(6,800,000) for the year ended December 31, 2024, representing an improvement of approximately $1.06 million, or 16%. As a percentage of net sales, operating loss improved to approximately 63% of net sales in 2025 compared to approximately 78% of net sales in 2024.
Current report
The year-over-year improvement in operating results primarily reflects lower operating expenses, including reductions in selling, general and administrative expenses and research and development expenditures, partially offset by a modest decline in gross margin percentage.
Current report
Cash Flows
Current report
Net cash used in operating activities for the year ended December 31, 2025, and 2024 was $2.9 million, which was substantially consistent year over year.
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Removed paragraphs (34)
Previous report
We have focused our resources on redefining the worldwide standard of care for injection techniques by making the experience more comfortable for the patient by reducing the anxiety and stress of receiving injections from the healthcare provider. Our computer-controlled injection devices make injections precise, efficient, and virtually painless.
Previous report
We have developed a proprietary, revolutionary, computer-controlled anesthetic delivery device, our DPS Dynamic Pressure Sensing Technology® System, to meet the needs of various subcutaneous drug delivery injections and fluid aspiration – enabling healthcare practitioners to achieve multiple unique benefits that cannot currently be accomplished with the 160-year-old manual syringe. Our proprietary DPS Dynamic Pressure Sensing technology is our technology platform that advances the development of next-generation devices. It regulates flow rate and monitoring pressure from the tip of the needle, through platform extensions for local anesthesia for subcutaneous drug delivery, used in various dental and medical injections. It has specific medical applications for epidural space identification in regional anesthesia procedures.
Previous report
Our device, The Wand®, a single use disposable handpiece, is marketed in dentistry under the trademark CompuDent®, and STA Single Tooth Anesthesia System® and is suitable for all dental procedures that require local anesthetic. The dental devices currently are sold in the United States, Canada and in over 41 other countries. Milestone Scientific also has 510(k) marketing clearance from the U.S. Food and Drug Administration (FDA) on the CompuFlo® Epidural Computer Controlled Anesthesia System in the lumbar, thoracic and cervical thoracic junction of the spine region. In addition, Milestone Scientific has obtained CE mark approval and can be marketed and sold in most European countries.
Previous report
Our recent receipt of chronology-Specific CPT Code for the Company's technology by the American Medical Association marks an important milestone, that could increase the potential number of anesthesia pain management clinics adopting the CompuFlo instrument. A CPT code expands the potential for reimbursement of epidural procedures in pain management utilizing the CompuFlo Epidural System., which should help accelerate the commercial roll-out of CompuFlo in the U.S
Previous report
Milestone Scientific and its subsidiaries currently hold over 317 U.S. and foreign patents, and many patents pending and patent applications. The Company’s patents and patent applications relate to drug delivery methodologies, Peripheral Nerve Block, drug flow rate measurement, pressure/force computer-controlled drug delivery with exit pressure, dynamic pressure sensing, automated rate control, automated charging, drug profiles, audible and visual pressure/force feedback, tissue identification, identification of a target region drug delivery injection unit, drug drive unit for anesthetic, handpiece, and injection device.
Previous report
Our dental devices have been used to administer over 95 million injections worldwide. Each of our devices has a related single use disposable handpiece, leading to a continuing revenue stream following the sale of the device. At present, we sell disposable handpieces unique to our legacy product (the Wand and CompuDent) to users who have not upgraded to our current dental product, the STA Single Tooth Anesthesia System.
Previous report
Building on the success of our proprietary, core technology platform for dental injections, and desiring to pursue other growth opportunities, we have begun to expand the uses and applications of our proprietary, patented technologies to achieve greater operational efficiencies, enhanced patient safety and therapeutic adherence, patient satisfaction, and improved quality of care across a broad range of medical specialties.
Previous report
We intend to continue to expand the uses and applications of ourDPS Dynamic Pressure Sensing technology. We believe that we and our technology solutions are recognized by key opinion leaders (i.e., academics, anesthesiologists and practicing dentists whose opinions are widely respected), industry experts and medical and dental practitioners as a leader in the emerging, computer-controlled injection industry.
Previous report
The Single Tooth Anesthesia System (Dental)
Previous report
Since its market introduction in early 2007, the STA Single Tooth Anesthesia System and prior C-CLAD devices have been used to deliver over 95 million safe, effective, and comfortable injections. The instrument has also been favorably evaluated in numerous peer-reviewed, published clinical studies and associated articles. Moreover, there appears to be a growing consensus among users that the STA Instrument is proving to be a valuable and beneficial instrument that is positively impacting the practice of dentistry worldwide.
Previous report
Medical Market Product
Previous report
In June 2017, we received FDA regulatory clearance to sell the CompuFlo Epidural Computer Controlled Anesthesia System in the United States for epidural injections.
Previous report
In May, 2022, the Company received a chronology-specific CPT Code for the Company’s technology by the American Medical Association, which marks an important milestone that could increase the potential number of anesthesia pain management clinics adopting the CompuFlo instrument. Effective January 1, 2023, this temporary tracking code allows clinicians to submit claims to healthcare insurance providers using the Company’s technology for Epidural Sterile Injections in the lumbar, thoracic, and cervical thoracic junction of the spinal region for reimbursement. A CPT code expands the potential for reimbursement of epidural procedures in pain management utilizing the CompuFlo Epidural System, which should help accelerate the commercial roll-out of CompuFlo in the United States.
Previous report
On February 27, 2023, the Company announced that its CompuFlo® Epidural System has received 510(k) FDA clearance for use in the thoracic region of the spine, including the cervical thoracic junction. This approval expands upon the Company’s prior approval of CompuFlo for use within the lumbar region of the spine, where the focus has been epidural analgesia during labor and delivery procedures.
Previous report
On June 18, 2024, the Company announced that it has received regulatory approval from Brazil's National Health Surveillance Agency (ANVISA) to market and sell its CompuFlo® Epidural System in Brazil. The approval includes the lumbar, thoracic, and cervical-thoracic junction of the spine.
Previous report
On July 10, 2024, the Company announced that First Coast Service Options Inc. (FCSO), a Jurisdictional Medicare Administrative Contractor (“JMAC”), has granted favorable Medicare Part B physician price assignment across Florida for use of the Company’s CompuFlo® Epidural System under the American Medical Association’s (AMA) technology-specific Category III CPT® code CPT0777T (real-time pressure-sensing epidural guidance system when used in conjunction with a primary ESI procedure).
Previous report
On July 23, 2024 the Company announced that Novitas Solutions, Inc. (Novitas), a Jurisdictional Medicare Administrative Contractor (JMAC), had granted a Medicare Part B Physician payment rate for the Company’s CompuFlo® Epidural System under the American Medical Association’s (AMA) technology-specific Category III CPT® code CPT0777T (real-time pressure-sensing epidural guidance system when used in conjunction with a primary ESI procedure).This new price assignment applies to two Medicare regions: Jurisdiction L (JL) and Jurisdiction H (JH). JL includes Delaware, District of Columbia, Maryland, New Jersey, and Pennsylvania. JH includes Arkansas, Colorado, Louisiana, Mississippi, New Mexico, Oklahoma, and Texas.
Previous report
On July 30, 2024, the Company announced receipt of multiple Notices of Allowance (NOA) for essential patent applications in both the U.S. and Europe. One NOAs was granted by the U.S. Patent and Trademark Office and one NOA was granted by the European Patent Office for a new patent titled “Device and Method for Needle/Catheter Location Utilizing Correlation Analysis.” These patent applications cover Milestone Scientific’s next-generation Dynamic Pressure Sensing® (DPS) technology for real-time pressure-sensing guidance in manual injection systems
Previous report
On August 7, 2024, the Company announced a strategic partnership with Axial Biologics, a premier medical device company with a vast distribution network. Under the agreement, Axial Biologics will serve as the distributor of Milestone Scientific's CompuFlo® Epidural System in New Jersey, Texas, and Florida jurisdictions.
Previous report
On October 3, 2024, the Company announced that iHeal Pain Center had adopted the CompuFlo® Epidural System following successful epidural steroid injection (ESI).
Previous report
On November 26,2024, the Company announced its approval on contract for the Federal Supply Schedule (FSS), also known as the GSA Schedule, for the CompuFlo® Epidural System.
Previous report
We have identified the accounting estimates below as critical to the understanding of our results of operations and our financial condition. In applying these critical accounting estimates in preparing our financial statements, management must use critical assumptions, estimates and judgments concerning future results or other developments, including the likelihood, timing or amount of one or more future events. Actual results may differ from these estimates under different assumptions or conditions. On an ongoing basis, we evaluate our assumptions, estimates and judgments based upon historical experience and various other information that we believe to be reasonable under the circumstances. Management reviews revenue, and its cash position on regularly basis along with the company inventory needs. We believe that the following discussion addresses our most critical accounting estimates, which are those that are most important to the portrayal of our financial condition and results of operations and require management’s most difficult, subjective and complex judgments.
Previous report
For a detailed discussion of significant accounting policies, see Note C.
Previous report
Management has developed and is implementing plans to increase revenues and decrease professional and consulting fees over the next twelve months. The Company has also decided to delay all research and development on the Single Tooth Anesthesia System next generation instrument. The Company believes that our existing cash and cash equivalents along with management plans, and the $800,000 in related party note financing received in April 2025 (See Note P) will be sufficient to enable the Company to fund operations for the twelve months from the issuance of these financial statements and alleviates substantial doubt about the Company’s ability to continue as a going concern.
Previous report
Inventories principally consist of finished goods and component parts stated at the lower cost (first-in, first-out method) or net realizable value. Inventory quantities on hand are reviewed on a quarterly basis and a provision for excess and obsolete inventory is recorded if required based on past and expected future sales, potential technological obsolescence and product expiration requirement and regulations.
Previous report
Consolidated revenue for the years ended December 31, 2024 and 2023 was approximately $8.6 million and $9.8 million, respectively, a decrease of approximately $1.2 million. As of January 3, 2023, the Company launched an E-Commerce platform, selling and shipping the STA Single Tooth Anesthesia System® (STA) and handpieces directly to end users, including dental offices and dental groups, within the U.S. E-commerce revenue for the year ended December 31, 2024 was approximately $5.1 million as compared to $4.8 million for the year ended December 31, 2023.
Previous report
The Company recorded no revenue from Henry Schein for the year ended December 31, 2024, compared to approximately $179,000 recorded for the year ended December 31, 2023. Revenue from other U.S. distributors was approximately $9,000 for the year ended December 31, 2024, a decrease of $476,000 compared to December 31, 2023. The Company terminated all non-exclusive agreements with other distributors in the US in September 2023. For the year ended December 31, 2024, international revenue was approximately $3.4 million, a decrease of $756,000 compared to December 31, 2023. The decrease in international revenue is due low performing markets and shipping delays. For the year ended December 31, 2024, the Company reported zero revenue from China, a decrease of approximately $270,000. For the year ended December 31, 2024, medical revenue increased approximately $37,000 compared to December 31, 2023.
Previous report
Gross Profit for years ended December 31, 2024, and 2023 were as follows:
Previous report
Consolidated selling, general and administrative expenses for the years ended December 31, 2024 and 2023 were approximately$12.3 million and $13.1 million, respectively. The decrease of approximately $840,000 is due to several factors. Employee salaries and benefits expenses decreased approximately $654,000 for the year ended December 31, 2024 compared to the same period in 2023. The Company decreased warehousing, marketing, regulatory, royalties’ and travel expenses by approximately $324,000 compared to the same period in 2023. The Company increased professional fees, and quality control by approximately $305,000 compared to the same period in 2023. The Company recorded and decreased in other selling, general and administrative expenses of approximately $167,000 for the year ended December 31, 2024, compared to the same period in 2023 due to the launch of E-Commerce.
Previous report
Consolidated research and development expenses for the years ended December 31, 2024 and 2023 were approximately $859,000 and $701,000 respectively. The increase of approximately $157,000 is related to the Company's development of the next generation STA Single Tooth Anesthesia System, offset by a decrease in medical expenses relating to the epidural consumables development. The Company has also decided to delay all research and development on the STA Single Tooth Anesthesia System next generation instrument
Previous report
The loss from operations was approximately $6.8 million and $7.1 million for the years ended December 31, 2024 and 2023, respectively, a decrease of approximately $350,000. As stated above, the decrease in the loss from operations is driven by increased margins in E-Commerce dentals sales, offset by lower international dental sales and lower selling, general and administrative expenses during period.
Previous report
C****ash Flows
Previous report
Cash flows provided by investing activities was $3.0 million for the year ended December 31, 2024, compared to $3.0 million of cash flows used in investing activities for the year ended December 31, 2023, an increase of $6.0 million. We sold $3.0 million of marketable securities during the year ending December 31, 2024, compared to $5.0 million sold during the year ended December 31, 2023, which increased cash and equivalents by $2.0 million. We purchased approximately $8.0 million in marketable security during the during the year ending December 31, 2023 compared to no purchases made during the year ended December 31, 2024.
Previous report
Cash flows provided by financing activities decreased $2.3 million to $0.2 million for the year ended December 31, 2024 compared to $2.6 million for the year ended December 31, 2023. The decrease in cash used in financing activities was the result of gross proceeds of approximately $3.0 million received from a public offering of common stock, offset by $0.4 million of offering costs associated with the public offering during the year ended December 31, 2023, that did not recur during the year ended December 31, 2024.
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Previous wording
The following discussions of the financial condition and results of operations should be read in conjunction with the financial statements and the notes to those statements included elsewhere in this annual report. Certain statements in this discussion and elsewhere in this report constitute forward-looking statements, within the meaning of section 21E of the Exchange Act, which involve risks and uncertainties. The actual results may differ materially from those anticipated in these forward-looking statements. See "Risk Factors" elsewhere in this Form 10-K.
Current wording
The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with the consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those discussed under “Risk Factors” in this Form 10-K.
Previous wording
Milestone Scientific is a biomedical technology company that patents, designs, develops and commercializes innovative diagnostic and therapeutic injection technologies and devices for medical and dental use. Since our inception, we have engaged in pioneering proprietary, innovative, computer-controlled injection technologies, and solutions for the medical and dental markets. We believe our technologies are proven and well established. Our common stock was initially listed on the NYSE American on June 1, 2015, and trades under the symbol “MLSS".
Current wording
Milestone Scientific, Inc. is a biomedical technology company that patents, designs, develops, and commercializes innovative diagnostic and therapeutic injection technologies and devices for medical and dental use. Since its inception, the Company has focused on pioneering proprietary, computer-controlled injection technologies intended to improve the standard of care by making injections more precise, efficient, and more comfortable for patients.
Previous wording
Milestone Scientific remains focused on advancing efforts to achieve the following three primary objectives:
Current wording
Milestone Scientific remains focused on advancing the following primary objectives:
Previous wording
For the year end December 31, 2024, compared to year ended December 31, 2023.
Current wording
For the year-end December 31, 2025, compared to the year ended December 31, 2024
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Net sales for year ended December 31, 2024, compared to year ended December 31, 2023
Current wording
Net sales for the year ended December 31, 2025, compared to the year ended December 31, 2024
Previous wording
Consolidated gross profit for the year ended December 31, 2024 decreased by approximately $358,000 or 5%, compared to the same period in 2023. Dental gross profit for the years ended December 31, 2024 and 2023 we approximately 74% and 72% respectively. The decrease was due to higher margins in sales associated with the launch of E-Commerce platform offset by lower international sales. The Company recorded approximately $258,000 allowance for medical inventory that was obsolete and or expired for the year ended December 31, 2023.
Current wording
Gross Profit for the years ended December 31, 2025, and 2024 was as follows:
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Selling, general and administrative expenses for years ended December 31, 2024, and 2023 were as follows:
Current wording
Selling, general, and administrative expenses for the years ended December 31, 2025, and 2024 were as follows:
Previous wording
Research and Development for years ended December 31, 2024, and 2023 were as follows:
Current wording
Research and Development for the years ended December 31, 2025, and 2024 were as follows:
Previous wording
Cash flows used in operating activities decreased by $2.4 million for the year ended December 31, 2024 compared to December 31, 2023. The decrease was primarily driven by our receipt of approximately $2.0 million, net of expenses, from the sale of New Jersey net operating losses ‘(NOL”), that were eligible for sale under the State of New Jersey’s Economic Development Authority’s New Jersey Technology Business Tax Certificate Transfer program (“NJEDA Program”).
Current wording
For the year ended December 31, 2024, the Company received approximately $2.0 million, net of related expenses, from the sale of New Jersey net operating losses under the New Jersey Economic Development Authority’s Technology Business Tax Certificate Transfer Program.
Previous wording
The impact of the consolidated contractual obligations on December 31, 2024, expected on the liquidity and cash flows in future periods, is as follows:
Current wording
The impact of the consolidated contractual obligations on December 31, 2025, on the liquidity and cash flows in future periods, is as follows:
Previous wording
See “Note C - Summary of Significant Accounting Policies” to the consolidated financial statements for explanation of recent accounting pronouncements impacting Milestone Scientific.
Current wording
See “Note C - Summary of Significant Accounting Policies” to the consolidated financial statements for an explanation of recent accounting pronouncements impacting Milestone Scientific.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Milestone Scientific’s common stock has been listed on the NYSE American since June 1, 2015, and trades under the symbol “MLSS.”