Milestone Scientific Inc. reported its financial results for the three and nine months ended September 30, 2024, showing a mixed performance in revenue and profitability compared to the previous fiscal period.

For the three months ended September 30, 2024, total product sales reached $2,513,805, an increase from $2,059,284 in the same period of 2023. This growth was driven by a rise in international sales, which totaled $1,287,089, up from $805,917 year-over-year. However, for the nine months ended September 30, 2024, total product sales decreased to $6,616,414 from $7,566,848 in the prior year. The gross profit for the three months increased to $1,836,220 from $1,503,434, while for the nine months, it fell to $4,923,526 from $5,282,118.

The company reported a loss from operations of $(1,469,179) for the three months ended September 30, 2024, slightly improved from $(1,506,705) in the same period of 2023. For the nine months, the loss from operations was $(4,714,670), an improvement from $(5,126,933) in the previous year. The net loss for the three months was $(1,461,171), compared to $(1,476,105) in 2023, while the nine-month net loss improved to $(2,678,062) from $(5,024,264).

Milestone Scientific's current assets as of September 30, 2024, included cash and cash equivalents of $4,775,597, accounts receivable of $550,969, and inventories of $3,711,636. Total current liabilities were reported at $3,757,785, leading to stockholders' equity of $7,221,484.

The company has focused on enhancing its revenue generation through its dental and medical device businesses while also reducing operating expenses. Notably, selling, general, and administrative expenses decreased to approximately $9.0 million for the nine months ended September 30, 2024, down from $9.8 million in the same period of 2023. Employee salaries and benefits expenses also saw a reduction of approximately $577,000.

Strategically, Milestone Scientific has been expanding its global footprint, particularly with its CompuFlo Epidural System, which received regulatory approvals in Brazil and favorable Medicare payment rates in the U.S. The company launched an E-Commerce platform in January 2023, which accounted for 45% of net product sales for the three months ended September 30, 2024.

Looking ahead, Milestone Scientific's management believes that current cash and liquidity are sufficient for at least the next 12 months, as they continue to focus on increasing revenue and managing costs effectively.