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Milestone Scientific Announces 2007 Year-End Results

Company to Host Teleconference Tuesday, April 1, 2008 at 9:30 AM EDT

LIVINGSTON, N.J., March 31 /PRNewswire-FirstCall/ -- Milestone Scientific, Inc. (OTC Bulletin Board: MLSS), the recognized leader in advanced injection technologies, today reported its operational and financial results for its 2007 fiscal year, ended December 31, 2007.

Key Operational Highlights:

-- In February 2007, the STA(TM) System was formally unveiled to market at

the 142nd Chicago Dental Society Midwinter Meeting, one of the largest

dental trade events held annually in the United States. The award-

winning STA System is a patented Computer Controlled Local Anesthesia

Delivery (CCLAD) system that incorporates the 'pressure feedback'

elements of Milestone's patented CompuFlo(R) technology.

-- In June 2007, the Company was granted a CE Mark approval of the STA

System, giving Milestone the ability to begin marketing the instrument

to dental professionals in European Union countries and other countries

around the world that recognize the CE Mark approval process.

-- In November 2007, Milestone entered into a collaborative agreement with

a globally diversified healthcare company to conduct a feasibility

study evaluating the potential application of the Company's patented

CompuFlo technology for injecting certain medicaments produced by this

company. The initial study has been completed and Milestone is now

anticipating moving forward with this company.

-- Milestone's management team underwent significant change and

rejuvenation in 2007. In May, the Company welcomed Joe W. Martin to

its team as Chief Executive Officer of the newly formed Medical

Division. Then in December, when Leonard Osser, Milestone's Chairman

and CEO, stepped down from the chief executive post, Joe was appointed

as a new member of the Board of Directors and was named Milestone's new

CEO. In addition, in the fall, Robert (Bob) Presutti joined Milestone

as VP of Sales and Marketing, assuming the overall coordination,

functional management and leadership of all sales, marketing and

customer service activities of the Company. Subsequent to the end of

2007, Joseph D'Agostino joined Milestone as the new Acting Chief

Financial Officer, replacing former Acting CFO Arthur Goldberg, who

left the Company to pursue other career opportunities.

Key Financial Highlights:

-- Total revenue increased approximately 9% to $6.39 million, up from

$5.84 million in 2006.

-- Domestic revenue, favorably impacted by more than $1.15 million in

sales of the Company's new STA System offset by a 55% decrease in

domestic sales of the legacy CompuDent(R) system. Total domestic

revenue rose 10.8% to $4.59 million from $4.15 million on a comparable

year-over-year basis. Domestic revenues represented 73% of total sales

for the year, compared to 75% in the prior year.

-- International sales also improved, rising to $1.68 million from $1.42

million, despite a year-over-year 44% decline in sales of CompuDent

systems. This revenue growth was largely attributable to $165,000 in

sales of the new STA System, as well as a 47% increase in sales of

disposable hand pieces used in conjunction with both the CompuDent and

STA System. International sales were 27% of total 2007 sales, a modest

increase from 26% of total sales reported in 2006.

-- Gross profit margins saw a significant improvement, rising to 55% from

48%. This improvement was due primarily to the market launch of the

STA System, reduced inventory write downs in 2007 when compared to

2006, and an increase in global sales of higher margin disposable hand


-- Total operating costs in 2007 increased 6% to $6.7 million from $6.3

million in the previous year.

-- Net loss attributable to common stockholders totaled $2.9 million, or

$0.24 per basic and diluted share, in 2007, a 6.8% decline from $3.2

million, or $0.27 per basic and diluted share, reported for 2006.

Joe W. Martin, Chief Executive Officer of Milestone, stated, "Looking ahead, our focus in 2008 will be largely centered on increasing sales of the STA System, both domestically and internationally, as well as supporting sales of our legacy CCLAD system, CompuDent, and driving recurring orders of the disposable hand pieces used in conjunction with both instruments. The challenge going forward will be leveraging creative and tactical advertising and proactive marketing strategies to spread the 'right' message about the STA System to each and every dentist."

Continuing, Martin added, "Worldwide, we estimate that over 35 million dental injections have been administered to patients with either the STA or CompuDent systems, to date. Moreover, our patented CompuFlo technology, embedded in the STA System, has been the subject of more than 50 publications validating the efficacy and safety of the technology in a wide range of medical injection applications. In 2008, we will accelerate our pursuit of collaborative opportunities with medical, pharmaceutical and healthcare companies interested in developing new product applications using CompuFlo, in order to build and grow long term shareholder value in Milestone."

"Although there is still a lot of work to do, I believe that Milestone is well positioned to begin demonstrating much improved sales growth from our existing product line as our new marketing messages take hold and our market penetration efforts gain greater traction. Moreover, our results-driven game plan for leveraging CompuFlo to introduce innovative new products to the medical industry should provide us with ample opportunities to seek truly dynamic growth in the future," concluded Martin.

The Company will host a teleconference on Tuesday, April 1, 2008, beginning at 9:30 AM Eastern Daylight Time, and invites all interested parties to join management in a discussion regarding the Company's financial performance, corporate progress and other meaningful developments. The conference call can be accessed by dialing toll-free 800-257-7087. For those unable to participate at that time, a replay of the teleconference can be accessed domestically by dialing 800-405-2236 and enter the passcode 11111518#. The replay will be available for 90 days.

About Milestone Scientific, Inc.

Headquartered in Livingston, New Jersey, Milestone Scientific is engaged in pioneering proprietary, highly innovative technological solutions for the medical and dental markets. Central to the Company's IP platform and product development strategy is its patented CompuFlo(R) technology for the improved and painless delivery of local anesthetic. Specifically, CompuFlo is a computer-controlled, pressure sensitive infusion, perfusion, suffusion and aspiration technology, which provides real-time readouts of pressures, fluid densities and flow rates, enabling the advanced delivery and removal of a wide array of fluids. The award-winning STA(TM) System is a patented Computer- Controlled Local Anesthesia Delivery (CCLAD) system which uses this technology and provides dentists with audible and visual signals as to in-tissue pressure. Milestone's existing painless injection systems are currently sold in 25 countries. For more information on these and other innovative Milestone products, please visit the Company's web site found at




December 31, 2007


Current Assets:

Cash and cash equivalents $745,003

Accounts receivable, net of allowance for

doubtful accounts of $5,000 346,347

Royalty receivable 15,358

Inventories 1,636,744

Advances to contract manufacturer 1,192,584

Prepaid expenses and other current assets 169,727

Total current assets 4,105,763

Investment in distributor, at cost 76,319

Equipment, net of accumulated depreciation of

$284,145 220,808

Patents, net of accumulated amortization of

$79,498 559,378

Other assets 27,297

Total assets $4,989,565


Current Liabilities:

Accounts payable $1,855,835

Accrued expenses 201,103

Deferred compensation payable to officers 15,833

Total current liabilities 2,072,771

Long-term Liabilities:

Accounts payable-long term 443,847

Line of credit-net of discount of $65,371 934,629

Total long-term liabilities 1,378,476

Commitments and Contingencies

Stockholders' Equity

Common stock, par value $.001; authorized

50,000,000 shares; 11,787,572 shares issued,

421,306 shares to be issued, and 11,754,239

shares outstanding 12,210

Additional paid-in capital 58,483,539

Accumulated deficit (56,045,915)

Treasury stock, at cost, 33,333 shares (911,516)

Total stockholders' equity 1,538,318

Total liabilities and stockholders'

equity $4,989,565




2007 2006

Product sales, net $6,262,608 $5,566,425

Royalty income 128,105 277,752

Total revenue 6,390,713 5,844,177

Cost of products sold 2,898,048 3,002,615

Royalty expense - 33,031

Total cost of revenue 2,898,048 3,035,646

Gross profit 3,492,665 2,808,531

Selling, general and administrative expenses 6,335,556 5,326,032

Research and development expenses 397,354 1,005,285

6,732,910 6,331,317

Loss from operations (3,240,245) (3,522,786)

Other income & expense

Other income 552,005 283,107

Interest income 17,440 87,411

Gain/Loss on disposal of asset (241,530) -

Interest expense (19,752) -

Amortize debt issuance (6,614) -

Total other income 301,549 370,518

Net loss $(2,938,696) $(3,152,268)

Net loss applicable to common stockholders $(2,938,696) $(3,152,268)

Loss per share applicable to common

stockholders - basic and diluted $(0.24) $(0.27)

Weighted average shares outstanding and to

be issued - basic and diluted 12,141,525 11,788,690

Safe Harbor Statement

This press release contains forward-looking statements regarding the timing and financial impact of the 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 on Form 10-KSB for the year ended December 31, 2007. 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.


Elite Financial Communications Group, LLC

Dodi Handy, President and CEO, or

Daniel Conway, Chief Strategist

407-585-1080 or via email at

SOURCE Milestone Scientific, Inc.
Copyright©2008 PR Newswire.
All rights reserved

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