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Milestone Scientific Announces Third Quarter 2009 Results

PISCATAWAY, N.J., Nov. 12 /PRNewswire-FirstCall/ -- Milestone Scientific Inc. (OTC Bulletin Board: MLSS), the recognized leader in advanced injection technologies, today announced its third quarter financial results for the three and nine months ended September 30, 2009.

Financial Highlights When Comparing Nine Months Ended September 30, 2009 with Nine Months Ended September 30, 2008:

  • Total revenues rose 29% to $6.15 million from $4.77 million.
    • International sales increased 38% to $2.11 million, up from $1.53 million.
    • Sales in the U.S. grew 26% to $4.04 million from $3.21 million.
    • Instrument sales totaled $2.11 million, rising 150% from $847,000.
    • Sales of disposable hand pieces increased 3% to $3.97 million from $3.84 million.
  • Gross profit margin was 60%, declining from 62%.
  • Loss from operations was $1.46 million compared to $1.19 million. The increase was due primarily to higher expenses related to marketing and promotional activities to support continued sales growth; as well as non-cash charges related to stock compensation of $787,000 issued during the first nine months of 2009 for compensation, consulting and vendor services.
  • Net loss was $1.59 million, or $0.12 loss per basic and diluted share, compared to a net loss of $1.28 million, or $0.10 loss per basic and diluted share.

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

  • Total revenues increased 5% to $1.91 million, up from $1.82 million.
    • International sales climbed 54% to $758,000 from $490,000.
    • U.S. sales totaled $1.15 million, declining 13% from $1.32 million.
    • Total instrument sales rose 3% to $512,000 from $499,000.
    • Disposable hand piece sales increased 6% to $1.37 million from $1.30 million.
  • Gross profit margin improved to 63% from 59%.
  • Loss from operations increased to $336,000 from $157,000 after factoring higher selling, general and administrative expenses stemming primarily from increased marketing and promotional costs, higher royalty payments, and non-cash stock payments valued at $201,000 which were paid to consultants supporting the Company's business development efforts.
  • Net loss totaled $373,000, or $0.03 loss per basic and diluted share, from $187,000, or $0.02 loss per basic and diluted share.

As of September 30, 2009, Milestone had $998,000 in cash and accounts receivables and total shareholders' equity of $771,000. During the first nine months of this year, the Company used $158,000 net cash in its operating activities, compared to $693,000 used in the same nine month period in 2008.

Commenting on the third quarter results, Leonard Osser, Chief Executive Officer of Milestone, noted, "Our concentration over the past two quarters on achieving meaningful penetration of the international markets for the STA System has resulted in several game-changing events for Milestone. Now that we can look forward to robust shipments of instruments and hand pieces to China over the next several years, our quarterly financial performance will begin to reflect much more aggressive sales growth, stronger positive cash flow and ultimate sustainable profitability. We have turned an important corner in the evolution of Milestone Scientific, and the future of our Company appears to be very bright indeed."

Milestone Chairman Leslie Bernhard added, "With more than 1.8 million practicing dentists in the world, sweeping market acceptance of the STA System as the new standard of care for dental injections poses tremendous upside growth for Milestone; and, perhaps more importantly, serves as very important validation of our powerful, underlying computer-controlled injection technology, CompuFlo. Moreover, now that we have begun to capture meaningful market share of what could prove to be a $2+ billion dental market opportunity for the STA alone, in the year ahead we expect to focus even greater attention and corporate emphasis on pursuing prevailing new product development opportunities for CompuFlo-based medical applications that could pose even more significant growth potential."

The Company will host a teleconference on Monday, November 16, 2009, beginning at 4:15 PM Eastern Time, and invites all interested parties to join management in a discussion regarding the Company's financial results, the recently announced blanket purchase order for 12,000 STA Systems received from China National Medicines Corporation, and other meaningful business developments. The conference call can be accessed via telephone by dialing toll free 1-877-941-1427. For those unable to participate at that time, a replay of the teleconference can be accessed domestically by dialing 1-800-406-7325 and entering the passcode 4181194#. The replay will be available for 90 days.


                                                  September 30,  December 31,
                                                      2009           2008
                                                  -------------  ------------
    Current Assets:
     Cash and cash equivalents                        $497,455      $743,665
     Accounts receivable, net of allowance for
      doubtful accounts of $5,000 in 2009 and 2008     500,880       925,742
     Stock Subscription Receivable                     112,500             -
     Inventories                                       888,641       719,902
     Advances to contract manufacturer                 148,960       250,110
     Prepaid expenses and other current assets         136,134       218,296
                                                       -------       -------
          Total current assets                       2,284,570     2,857,715
    Advances to contract manufacturer                  324,235       415,780
    Investment in distributor, at cost                  76,319        76,319
    Furniture, Fixtures & Equipment net of
     accumulated depreciation of $384,407 as of
     September 30, 2009 and $345,377 as of
     December 31, 2008                                 149,820       152,574
    Patents, net of accumulated amortization of
     $191,580 as of September 30, 2009 and
     $135,406 as of December 31, 2008                  921,858       901,045
    Other assets-including advance payment for
     consulting services $127,772 in 2009              143,645         7,317
                                                       -------         -----
                  Total assets                      $3,900,447    $4,410,750
                                                    ==========    ==========

    Current Liabilities:
     Accounts payable                                 $880,869      $829,130
     Accrued expenses and other payable                539,645       495,897
     Line of credit-net of discount of $28,976       1,271,024             -
                                                     ---------           ---
         Total current liabilities                   2,691,538     1,325,027
                                                     ---------     ---------

    Long-term Liabilities:
     Line of credit-net of discount of $52,530               -     1,247,470
     Notes Payable-net of discount of $11,856
      and $11,927, respectively                        438,144       438,073
                                                       -------       -------
         Total long-term liabilities                   438,144     1,685,543
                                                       -------     ---------

    Commitments and Contingencies
    Stockholders' Equity
     Common stock, par value $.001; authorized
      50,000,000 shares; 13,928,832 shares issued
      550,093 shares to be issued and 13,895,499
      shares outstanding as of September 30, 2009;
      12,695,685 shares issued, 504,639 shares to
      be issued, and 12,662,352 shares outstanding
      as of December 31, 2008                           14,478        13,200
     Additional paid-in capital                     60,492,626    59,531,865
     Accumulated deficit                           (58,824,823)  (57,233,369)
     Treasury stock, at cost, 33,333 shares           (911,516)     (911,516)
                                                      --------      --------
          Total stockholders' equity                   770,765     1,400,180
                                                       -------     ---------
              Total liabilities and stockholders'
               equity                               $3,900,447    $4,410,750
                                                    ==========    ==========


                                Three Months Ended        Nine Months Ended
                                   September 30,            September 30,
                                ------------------        -----------------
                                  2009       2008         2009        2008
                                  ----       ----         ----        ----
     Product sales, net       $1,909,263 $1,813,103   $6,150,984  $4,741,976
     Royalty income                    -      5,112            -      28,282
                                     ---      -----          ---      ------
     Total revenue             1,909,263  1,818,215    6,150,984   4,770,258
                               ---------  ---------    ---------   ---------
     Cost of products sold       709,003    740,398    2,488,294   1,798,758
                                 -------    -------    ---------   ---------
     Gross profit              1,200,260  1,077,817    3,662,690   2,971,500
                               ---------  ---------    ---------   ---------

     Selling, general and
      administrative expenses  1,477,948  1,199,353    4,960,000   4,039,137
     Research and development
      expenses                    57,972     35,181      157,941     119,500
                                  ------     ------      -------     -------
     Total operating expenses  1,535,920  1,234,534    5,117,941   4,158,637
                               ---------  ---------    ---------   ---------

     Loss from operations       (335,660)  (156,717)  (1,455,251) (1,187,137)

     Interest expense            (30,230)   (23,863)    (115,619)    (73,455)
      of debt issuance            (7,875)    (7,926)     (23,625)    (21,622)
     Interest income                 495      1,773        3,041       6,479
                                     ---      -----        -----       -----
     Net loss applicable to
      common stockholders      $(373,270) $(186,733) $(1,591,454) $(1,275,735)
                              ==========  =========  ===========  ===========

     Loss per share applicable
      to common stockholders -
       basic and diluted          $(0.03)    $(0.02)      $(0.12)     $(0.10)
                                  ======     ======       ======      ======

     Weighted average shares
      outstanding and to be
      issued -
       basic and diluted      13,486,513 12,709,260   13,139,276  12,631,311
                              ========== ==========   ==========  ==========

About Milestone Scientific Inc.

Headquartered in Piscataway, New Jersey, Milestone Scientific is engaged in pioneering advanced computer-controlled injection technologies for the medical and dental markets; and currently sells its award-winning products through a global distribution network serving North America, Asia, Africa and Europe. For more information on the STA System and other innovative Milestone products, please visit the Company's web sites found at and

Safe Harbor Statement

This press release contains forward-looking statements regarding the timing and financial impact of 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.

                       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.

SOURCE Milestone Scientific Inc.
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