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Milestone Scientific Reports 44% Increase in Revenues in First Six Months of 2009 Compared to Prior Year
Date:8/10/2009

cial 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 market
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SOURCE Milestone Scientific Inc.
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