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Milestone Scientific Reports 44% Increase in Revenues in First Six Months of 2009 Compared to Prior Year

PISCATAWAY, N.J., Aug. 10 /PRNewswire-FirstCall/ -- Milestone Scientific Inc. (OTC Bulletin Board: MLSS), the recognized leader in advanced injection technologies, today announced its second quarter financial results for the three and six months ended June 30, 2009.

Financial Highlights When Comparing Three Months Ended June 30, 2009 with Three Months Ended June 30, 2008:

  • Total revenues rose to $2.04 million, up 32% from $1.55 million.
    • Total instrument sales increased 533% to $816,000 from $129,000.
    • Sales of disposable hand pieces declined 14% to $1.20 million from $1.39 million.
    • Overall domestic sales improved 43%, rising to $1.41 million from $989,000.
    • International sales increased 14% to $629,000 from $552,000.
  • Total operating expenses were $1.79 million, up 28% from $1.40 million.
    • Selling, general and administrative expenses increased 28% to $1.75 million from $1.37 million, which was largely attributable to higher expenses relating to Milestone's 2nd Annual C-CLAD Symposium held in May, attendance at trade shows and various global sales promotions the Company launched during the second quarter of 2009, as well as higher personnel and related costs, third party sales commissions and royalty expenses. This increase in SG&A expenses was offset by a reduction in accounting costs, proxy costs, warehousing fees and insurance costs.
    • Research and development expenses remained relatively unchanged at $32,000 compared to $36,000.
  • Loss from operations rose 36% to $611,000 from $448,000.
  • Net loss totaled $657,000, or $0.05 loss per basic and diluted share, from $473,000, or $0.04 loss per basic and diluted share.

Financial Highlights When Comparing Six Months Ended June 30, 2009 with Six Months Ended June 30, 2008:

  • Total revenues increased 44% to $4.24 million from $2.95 million.
    • Total instrument sales climbed 360% to $1.60 million from $348,000.
    • Sales of disposable hand pieces totaled $2.60 million representing a 3% increase from $2.54 million.
    • Total sales in the U.S. rose 53% to $2.89 million from $1.89 million.
    • International sales were $1.35 million, a 30% increase from $1.04 million.
  • Total operating expenses increased 23% to $3.58 million from $2.92 million due primarily to the aforementioned reasons.
  • Loss from operations was $1.12 million compared to $1.03 million.
  • Net loss increased 12% to $1.22 million, or $0.09 loss per basic and diluted share, from $1.09 million, or $0.09 loss per basic and diluted share.

As of June 30, 2009, Milestone had $1.30 million in cash and accounts receivables and total shareholders' equity of $544,000. During the first six months of this year, the Company has used $195,000 net cash in its operating activities, compared to $589,000 net cash used in its operating activities in the same six month period in 2008.

Leonard Osser, Chairman and Interim CEO of Milestone, stated, "The Company continues to see positive traction with sales of our STA Single Tooth Anesthetic System(TM) in both the domestic and international markets."

"Recently," continued Osser, "Milestone has taken important steps towards expanding our growing global distribution network. More specifically, in May we announced that we entered into an exclusive distribution and marketing agreement with China National Medicines Corporation, d/b/a Sinopharm, which is China's largest domestic manufacturer, distributor and marketer of pharmaceuticals and importer of medical devices and the country's largest domestic distributor of dental anesthetic carpules to the Chinese dental industry. As our relationship with Sinopharm evolves and strengthens, we look forward to working with our new Chinese partner to clearly distinguish Milestone's C-CLAD technologies as the new standard of care for dental injections by the growing body of progressive oral care professionals practicing Modern Dentistry in China. This represents a compelling long term growth opportunity for Milestone and one that we fully intend to optimize."


                                               June 30,        December 31,
                                                 2009              2008
                                              -----------      ------------
    Current Assets:
      Cash and cash equivalents                $498,576          $743,665
      Accounts receivable, net of
       allowance for doubtful accounts
       of $5,000 in 2009 and 2008               797,620           925,742
      Inventories                               632,625           719,902
      Advances to contract manufacturer         124,950           250,110
      Prepaid expenses and other current
       assets                                   105,509           218,296
                                              ---------         ---------
        Total current assets                  2,159,280         2,857,715
    Advances to contract manufacturer           400,735           415,780
    Investment in distributor, at cost           76,319            76,319
    Furniture, Fixtures & Equipment net
     of accumulated depreciation of $373,570
     as of June 30 ,2009 and $345,377 as of
     December 31, 2008                          154,511           152,574
    Patents, net of accumulated amortization
     of $172,449 as of June 30, 2009
     and $135,406 as of December 31, 2008       908,571           901,045
    Other assets                                 15,874             7,317
                                              ---------         ---------
          Total assets                       $3,715,290        $4,410,750
                                             ==========        ==========
    Current Liabilities:
      Accounts payable                       $1,008,710          $829,130
      Accrued expenses and other payable        461,108           495,897
      Line of credit-net of discount
       of $36,152                             1,263,848                 -
                                              ---------         ---------
        Total current liabilities             2,733,666         1,325,027
                                              ---------         ---------
    Long-term Liabilities:
      Line of credit-net of discount
       of $52,530                                     -         1,247,470
      Notes Payable-net of discount of
       $12,555 and $11,927, respectively        437,445           438,073
                                              ---------         ---------
        Total long-term liabilities             437,445         1,685,543
                                              ---------         ---------
    Commitments and Contingencies
    Stockholders' Equity
      Common stock, par value $.001;
       authorized 50,000,000 shares;
       13,117,574 shares issued
       550,093 shares to be issued and
       13,084,241 shares outstanding as of
       June 30, 2009; 12,695,685 shares
       issued, 504,639 shares to be issued,
       and 12,662,352 shares outstanding
       as of December 31, 2008                   13,667            13,200
      Additional paid-in capital             59,893,580        59,531,865
      Accumulated deficit                   (58,451,552)      (57,233,369)
      Treasury stock, at cost, 33,333
       shares                                  (911,516)         (911,516)
                                              ---------         ---------
        Total stockholders' equity              544,179         1,400,180
                                              ---------         ---------
          Total liabilities and
           stockholders' equity              $3,715,290        $4,410,750
                                             ==========        ==========


                                   Three Months              Six Months
                                   Ended June 30,           Ended June 30,
                                   --------------           --------------
                                  2009       2008         2009         2008
                                  ----       ----         ----         ----
    Products sales, net       $2,036,902 $1,540,883   $4,241,721   $2,928,873
    Royalty income                     -      9,007            -       23,170
                              ---------- ----------   ----------   ----------
      Total revenue            2,036,902  1,549,890    4,241,721    2,952,043
                              ---------- ----------   ----------   ----------
    Cost of products sold        862,741    594,437    1,779,291    1,058,361
                              ---------- ----------   ----------   ----------
    Gross Profit               1,174,161    955,453    2,462,430    1,893,682
                              ---------- ----------   ----------   ----------
    Selling, general and
     administrative expenses   1,753,237  1,367,807    3,482,052    2,839,784
    Research and development
     expenses                     32,347     36,000       99,969       84,319
                              ---------- ----------   ----------   ----------
      Total operating
       expenses                1,785,584  1,403,807    3,582,021    2,924,103
                              ---------- ----------   ----------   ----------
    Loss from operations        (611,423)  (448,354)  (1,119,591)  (1,030,421)
    Other income - interest &
     expense                     (45,119)   (24,764)     (98,592)     (58,581)
                              ---------- ----------   ----------   ----------
    Net loss                   $(656,542) $(473,118) $(1,218,183) $(1,089,002)
                              ========== ==========   ==========   ==========

About Milestone Scientific Inc.

Headquartered in Piscataway, 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 STA Single Tooth Anesthesia System(TM), a computer-controlled local anesthesia delivery system, uses this technology to provide 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 and

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 for the year ended December 31, 2008. 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.

                         FOR MORE INFORMATION, PLEASE CONTACT:
                         Elite Financial Communications Group
                  Dodi Handy, President and CEO (Twitter: dodihandy)
           For Media Inquiries: Kathy Addison, Director, Elite Media Group
                               (Twitter: kathyaddison)
                        407-585-1080 or via email at

SOURCE Milestone Scientific Inc.
Copyright©2009 PR Newswire.
All rights reserved

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