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Milestone Scientific Announces 2010 Year End Results
Date:4/4/2011

LIVINGSTON, N.J., April 4, 2011 /PRNewswire/ -- Milestone Scientific Inc. (OTCQB: MLSS), the recognized leader in advanced drug delivery technologies, today announced its results for the year ended December 31, 2010.

Financial Highlights When Comparing 12-Months Ended December 31, 2010 with 12-Month Ended December 31, 2009:

  • Total revenues were $9.75 million, rising 14% from $8.55 million.
  • Sales in the U.S. decreased 16% to $4.53 million from $5.28 million.
  • International sales increased 65% to $5.22 million from $3.17 million.
  • Instrument sales totaled $3.69 million, a 16% increase from $3.18 million.
  • Disposable handpiece sales climbed 13% to $5.96 million from $3.18 million.
  • Gross profit margin was 64% in 2010 as compared to 60% in 2009.
  • Net loss for the year ended December 31, 2010 decreased to $615,000 as compared to $1,530,000 for the same period in 2009. The decrease in the loss was primarily due to increased gross margin dollars as well as a reduction in selling, general and administrative expenses of $304,000. The combination of these results decreased our loss from operations to $700,857 in 2010 as compared to $2,103,513 in 2009.

  • As of December 31, 2010, Milestone had $627,000 in cash, negative working capital of $7,000, and total shareholders' equity of $2.33 million. The negative working capital was due to an increase in advances to, and payable to, a contract manufacturer due to a delay in shipping the STA instruments to a Chinese distributor. The delay was caused by the distributor not yet receiving regulatory approval to sell the instruments in China. The delay in shipping also resulted in the delay in full payment for the shipment of instruments in June 2010. The original purchase order for the instruments did not provide for delayed payments.

    According to Leonard Osser, Chief Executive Officer of Milestone Scientific, "2010 can be classified as a defining year o
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    SOURCE Milestone Scientific Inc.
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