Milestone Scientific(US:MLSS)2025-11-13 21:01Revenue Performance - Total product sales for the three months ended September 30, 2025, were approximately $2.36 million, a decrease of about $154,000 or 6% compared to $2.51 million in the same period of 2024[116] - Dental revenue for the three months ended September 30, 2025, was approximately $2.32 million, down $149,212 from $2.47 million in the prior year[115] - International dental revenue decreased to approximately $1.0 million in Q3 2025, compared to $1.2 million in Q3 2024, a reduction of approximately $242,000 or 20%[119] - Revenue from Dental Service Organizations (DSOs), government agencies, and dental schools increased slightly to approximately $83,000 for the three months ended September 30, 2025, compared to $81,000 in the prior-year period[117] - E-commerce dental revenue totaled approximately $1.0 million for the three months ended September 30, 2025, compared to $1.1 million for the same period in 2024, a decrease of approximately $105,000 or 9%[118] - Consolidated revenue for the nine months ended September 30, 2025, was approximately $6.9 million, representing an increase of approximately $300,000, or 5%, compared to $6.6 million in 2024[130] - International revenue for the nine months ended September 30, 2025, was approximately $2.9 million, an increase of approximately $211,000, or 8%, compared to $2.7 million in 2024[133] Profitability and Loss - Gross profit for the three months ended September 30, 2025, was $1.64 million, compared to $1.84 million in the same period of 2024[114] - The net loss for the three months ended September 30, 2025, was $1.15 million, compared to a net loss of $1.46 million in the same period of 2024[114] - The loss from operations for the three months ended September 30, 2025, was approximately $1.1 million, an improvement of approximately $335,000, or 22%, compared to $1.5 million in 2024[128] - The loss from operations for the nine months ended September 30, 2025, was approximately $4.6 million, an improvement of approximately $98,000, or 2%, compared to $4.7 million in 2024[141] Expenses - Operating expenses for the three months ended September 30, 2025, totaled $2.78 million, down from $3.31 million in the prior year[114] - Consolidated selling, general, and administrative (SG&A) expenses for the three months ended September 30, 2025, were approximately $2.7 million, a decrease of approximately $325,000, or 10%, compared to $3.1 million in 2024[124] - Consolidated research and development (R&D) expenses for the three months ended September 30, 2025, were approximately $16,000, representing a decrease of approximately $216,000, or 93%, compared to $232,000 in 2024[126] - Consolidated research and development (R&D) expenses for the nine months ended September 30, 2025, were approximately $437,000, a decrease of approximately $204,000, or 32%, compared to $641,000 in 2024[138] Cash Flow and Financial Position - Net cash provided by financing activities increased by approximately $553,000 for the nine months ended September 30, 2025, compared to the same period in 2024, primarily due to the issuance of $800,000 in convertible notes payable during 2025[146] - As of September 30, 2025, the Company had cash and cash equivalents of approximately $1.3 million and working capital of approximately $3.1 million[149] - Net cash flows used in operating activities were approximately $2.7 million for the nine months ended September 30, 2025, compared to $1.4 million for the same period in 2024[149] Going Concern and Future Outlook - Management has concluded that substantial doubt exists about the Company's ability to continue as a going concern for a period of one year from the date these unaudited condensed financial statements are issued[149] - The Company is actively pursuing additional sources of funding through equity and debt financing to support its operating plan[150] - The continuation of operations is dependent upon the Company's ability to raise additional capital and achieve sustained profitability[151] - The Company continues to focus on generating positive cash flow from operations by increasing revenue from its dental business and expanding sales of medical devices and disposables[151] Market Developments - The company has received FDA clearance for the CompuFlo® Epidural Computer Controlled Anesthesia System, expanding its market potential in medical applications[109] - The recent issuance of a CPT code by the American Medical Association enhances reimbursement potential for epidural procedures using the CompuFlo® system, supporting broader adoption in the U.S.[110] - Sales in China for the three months ended September 30, 2025, were approximately $200,000, compared to no sales in the same period of 2024, reflecting successful reestablishment of operations[120] - Revenue from the medical segment totaled approximately $41,000 for the three months ended September 30, 2025, a decrease of approximately $6,000, or 13%, compared to the same period in 2024[121] Consolidated Financial Performance - Consolidated gross profit for the three months ended September 30, 2025, was approximately $1.6 million, representing a decrease of approximately $195,000, or 11%, compared to $1.8 million in 2024[123]