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Milestone Scientific Appoints Dr. Dawood Sayed to Board of Directors to Advance Commercial and Clinical Strategy in Pain Management
Globenewswire· 2025-09-22 13:15
Appointment strengthens Board expertise as Milestone Scientific drives commercial expansion and payer adoption of CompuFlo® in interventional pain managementROSELAND, N.J., Sept. 22, 2025 (GLOBE NEWSWIRE) -- Milestone Scientific Inc. (NYSE: MLSS), a leading developer of computerized drug delivery instruments that provide painless and precise injections, today announced the appointment of Dawood Sayed, M.D., a nationally recognized leader in interventional pain medicine, to its Board of Directors, effective ...
Milestone Scientific Achieves 25% Increase in Revenue for the Second Quarter of 2025
Globenewswire· 2025-08-14 20:15
Core Insights - Milestone Scientific Inc. reported a 25% increase in revenue for Q2 2025, reaching $2.3 million, primarily driven by strong international dental sales which more than doubled year-over-year [2][3] - The company has strengthened its leadership team, appointing Eric Hines as the new CEO and Jason Papes as Senior Vice President, Global Head of Sales and Marketing, to support its growth strategy [2] - The gross margin for Q2 2025 was maintained at 70%, reflecting the high-margin dental business and effective cost management [2] Financial Performance - For Q2 2025, revenues were approximately $2.3 million, up from $1.9 million in Q2 2024, marking an increase of about $470,000 [3] - International revenue for Q2 2025 was approximately $1.0 million, an increase of approximately $524,000 compared to the same period in 2024 [3] - The net loss for Q2 2025 was approximately $(1.5) million, or $(0.02) per share, compared to a net profit of $0.2 million, or $0.00 per share, in Q2 2024 [3] Business Strategy - The company aims to accelerate growth in both dental and medical segments by enhancing its direct sales model, e-commerce platform, and targeted marketing campaigns [2] - In the medical segment, Milestone Scientific is focusing on advancing the adoption of its CompuFlo® Epidural System, having secured Medicare Part B payment rate assignment and initial coverage from commercial insurers [2] - Future plans include broadening federal presence, expanding internationally with new distribution partners, and unlocking potential in both business segments [2] Leadership Changes - Eric Hines, the new CEO, is expected to guide the company through its next growth phase, leveraging his experience in operational excellence [2] - Jason Papes brings a proven track record in global sales strategies, enhancing the company's capabilities in sales and marketing [2] - Shanth Thiyagalingam has joined the Board of Directors, contributing over 20 years of medtech executive experience [2] Cash Position - As of June 30, 2025, the company reported cash and cash equivalents of approximately $1.3 million and working capital of approximately $3.9 million [6]
Milestone Scientific Appoints Jason Papes as Senior Vice President, Global Head of Sales and Marketing
Globenewswire· 2025-08-06 12:30
Core Insights - Milestone Scientific Inc. has appointed Jason Papes as Senior Vice President, Global Head of Sales and Marketing, effective immediately, bringing over 30 years of experience in the healthcare and medical technology sectors [1][2] Company Overview - Milestone Scientific Inc. is a technology-focused medical research and development company that specializes in innovative injection technologies and instruments for medical and dental applications [8] Leadership Experience - Jason Papes has extensive experience in sales, marketing, and business development within the healthcare industry, having held leadership roles at large-cap medical technology companies and entrepreneurial ventures [2][3] - His previous roles include executive positions at Stryker Imaging and Brainlab, where he led significant commercial expansions and market share growth [4] Strategic Initiatives - Papes joins Milestone at a critical time as the company rolls out the CompuFlo® Epidural System, having made progress in establishing procedural payment pathways, including Medicare Part B payment rates under CPT® code 0777T [5] - The company is also advancing growth initiatives in its dental segment, focusing on increasing adoption of the STA Single Tooth Anesthesia® System [6] Leadership Commentary - Eric Hines, CEO of Milestone Scientific, emphasized Papes' leadership experience and understanding of the provider and payer landscape as key assets for the company's growth phase [7] - Papes expressed excitement about joining a team committed to innovation and patient safety, aiming to broaden the company's reach and drive value for stakeholders [7]
Milestone Scientific Appoints Jason Papes as Senior Vice President, Global Head of Sales and Marketing
GlobeNewswire News Room· 2025-08-06 12:30
Core Insights - Milestone Scientific Inc. has appointed Jason Papes as Senior Vice President, Global Head of Sales and Marketing, effective immediately [1] - Mr. Papes has over 30 years of experience in sales, marketing, and business development in the healthcare industry, with a strong background in orthopedics, neurology, pain management, and digital imaging [2] - His previous role was as Founder and Managing Partner of TEN20 Medical Distribution, where he led significant growth and earned multiple Distributor of the Year honors [3] - Mr. Papes has held executive positions at Stryker Imaging and Brainlab, contributing to substantial commercial expansions and market share growth [4] - His appointment comes at a crucial time for Milestone as it rolls out the CompuFlo® Epidural System and establishes payment pathways, including Medicare Part B rates [5] - The company is also focusing on growth in its dental segment, particularly the STA Single Tooth Anesthesia® System, where Mr. Papes will play a key role [6] - CEO Eric Hines emphasized Mr. Papes' leadership experience and market access strategies as vital for the company's growth phase [7] - Mr. Papes holds a Bachelor of Science in Biology and an International MBA, along with executive training in corporate strategy and complex sales [7] Company Overview - Milestone Scientific Inc. is a technology-focused medical research and development company that specializes in innovative injection technologies for medical and dental applications [8] - The company utilizes its proprietary DPS Dynamic Pressure Sensing Technology® to enhance the precision and safety of injections, aiming to improve patient comfort [8]
Milestone Scientific Commences Sales of CompuFlo® Epidural System at The Painless Center in Tenafly, New Jersey
Globenewswire· 2025-07-17 12:30
Core Insights - Milestone Scientific Inc. has initiated commercial sales of its CompuFlo® Epidural System at The Painless Center in Tenafly, New Jersey, marking a significant step in its market expansion [1][3] Company Overview - Milestone Scientific Inc. is a technology-focused medical research and development company that specializes in innovative injection technologies for medical and dental applications [5] - The company utilizes its proprietary DPS Dynamic Pressure Sensing® technology to enhance the precision and safety of injections [5] Product Details - The CompuFlo Epidural System provides real-time feedback to anesthesiologists, allowing for accurate identification of the epidural space, which can reduce complications and improve success rates in epidural procedures [3][4] - Clinical studies indicate that the CompuFlo system can significantly decrease false loss of resistance during procedures [3] Leadership and Adoption - Dr. Chi-Shin Jason Chiu, a double board-certified physician, leads The Painless Center and is recognized for his commitment to adopting advanced technologies to improve patient outcomes [2] - The adoption of the CompuFlo system by Dr. Chiu reflects its growing appeal and the company's expanding presence in the interventional pain market [3][4] Strategic Initiatives - Milestone Scientific is actively advancing its sales and marketing initiatives to increase awareness and accelerate the adoption of the CompuFlo system across the U.S. and international markets [4]
Milestone Scientific Appoints Highly Accomplished MedTech Executive Shanth Thiyagalingam to Board of Directors
Globenewswire· 2025-05-19 14:00
Core Insights - Milestone Scientific Inc. has appointed Shanth Thiyagalingam to its Board of Directors, effective May 14, 2025, bringing over 20 years of experience in commercial scaling and product innovation in the medical device and pharmaceutical industries [1][3]. Company Strategy - The appointment supports Milestone Scientific's strategy to enhance the adoption of its CompuFlo® Epidural System and expand access under favorable Medicare Part B payment rates for CPT code 0777T [3]. - The company aims to advance commercial initiatives through its Federal Supply Schedule (FSS) contract award [3]. Leadership Experience - Thiyagalingam has a proven track record in leading high-growth medical device companies, particularly in reimbursement strategy and securing CPT code approvals [3]. - He previously served as CEO of PainTEQ, where he transformed the company from a startup to a recognized innovator in interventional pain therapy, leading M&A initiatives and securing a Category 1 CPT code for a new therapy [4][5]. Previous Roles - Thiyagalingam held senior positions at Abbott, overseeing commercial strategy in the Asia-Pacific region, and at Nevro, where he significantly increased division revenue [5][6]. - His early career included roles at Stryker and St. Jude Medical, focusing on strategic growth and product launches across various regions [6]. Educational Background - He holds a Bachelor of Medical Science, a Master's in Marketing Management, and an MBA, and is a certified Gallup Strengths Coach [7]. Company Overview - Milestone Scientific Inc. specializes in developing innovative injection technologies for medical and dental applications, utilizing its proprietary DPS Dynamic Pressure Sensing Technology to enhance patient comfort and safety [8].
Milestone Scientific Reports Revenue of $2.2 Million and Provides Business Update for the First Quarter of 2025
Globenewswire· 2025-05-15 20:15
Core Viewpoint - Milestone Scientific Inc. is experiencing increased adoption of its CompuFlo® Epidural System, driven by favorable Medicare payment rates and a focus on expanding its presence in federal healthcare settings [2][3]. Business Update - The company reported a slight revenue decrease to approximately $2.2 million for the first quarter ended March 31, 2025, compared to the same period in 2024 [3]. - Medical revenue saw a significant increase to approximately $51,000 in Q1 2025 from $7,400 in Q1 2024, indicating growing traction for the CompuFlo technology [3]. - The company is actively engaging with Jurisdictional Medicare Administrative Contractors (JMACs) to expand its reimbursement framework, which is seen as a critical catalyst for adoption [2]. Financial Performance - Gross profit for Q1 2025 was $1.6 million, representing 74% of revenue, slightly down from 75% in Q1 2024 [4]. - The operating loss increased to approximately $(2.0) million in Q1 2025 from $(1.5) million in Q1 2024 [4]. - The net loss for Q1 2025 was approximately $(2.0) million, or $(0.02) per share, compared to a net loss of $(1.4) million, or $(0.02) per share, in Q1 2024 [5]. Strategic Initiatives - The company has secured a contract under the Federal Supply Schedule (FSS) to facilitate access to CompuFlo in federal healthcare settings, including the Department of Veterans Affairs and the Department of Defense [2]. - Milestone Scientific has maintained stable performance in its dental business while exercising financial discipline, including delaying non-essential R&D [2]. - The company secured $800,000 in convertible financing from board members, indicating strong confidence in its growth trajectory [2].
Milestone Scientific Reports Year-End 2024 Financial Results and Reports Strong Outlook for 2025
Newsfilter· 2025-04-15 20:10
Core Insights - Milestone Scientific Inc. is focusing on expanding its CompuFlo® Epidural System in the U.S. following favorable Medicare pricing assignments, which significantly broaden the addressable market for the technology [3][4] - The company reported a decrease in total revenue for 2024, amounting to approximately $8.6 million, down from $9.8 million in 2023, while e-commerce revenue showed growth [4][6] - The company is optimistic about its future growth prospects in both the dental and medical segments, with positive initial performance in Q1 2025 [3][7] Business Update - The company has established reimbursement infrastructure for the CompuFlo® Epidural System, with Medicare Part B payment rates assigned in multiple states, enhancing market access [3] - A contract for the Federal Supply Schedule (FSS) has been awarded, allowing federal medical facilities to purchase the CompuFlo system, targeting adoption within the U.S. Department of Veterans Affairs and other federal healthcare systems [3] - Strong commercial traction is noted in the private sector, with new rollouts at various pain management clinics and ambulatory surgery centers [3] Financial Performance - Revenue for 2024 was approximately $8.6 million, a decrease of about $1.2 million from 2023 [4] - E-commerce revenue reached approximately $5.1 million in 2024, compared to $4.8 million in 2023, indicating growth in this segment [4] - The company recorded an operating loss of $6.8 million in 2024, an improvement from a loss of $7.1 million in 2023, driven by higher-margin e-commerce sales [7] Market Position - The STA Single Tooth Anesthesia System remains a leader in computer-controlled local anesthetic delivery, with over 95 million injections administered to date [3] - The company is leveraging its leadership in the dental segment through an expanded direct-to-consumer e-commerce platform, which is enhancing margins and customer engagement [3] - The clinical response to the CompuFlo system has been positive, positioning the company to capitalize on growth opportunities in the medical field [3][7]
Milestone Scientific Reports Year-End 2024 Financial Results and Reports Strong Outlook for 2025
Globenewswire· 2025-04-15 20:10
Core Insights - Milestone Scientific Inc. is expanding the adoption of its CompuFlo® Epidural System in pain management clinics and ambulatory surgery centers following favorable Medicare pricing assignments in multiple U.S. states [1][2] - The company reported a decrease in total revenue for 2024, amounting to approximately $8.6 million, down from $9.8 million in 2023, while e-commerce revenue showed growth [3][4] - The company is optimistic about its future growth prospects in both the dental and medical segments, with positive initial performance in Q1 2025 [2][6] Business Update - The company has established a reimbursement infrastructure for the CompuFlo® Epidural System, with favorable Medicare Part B payment rates assigned by First Coast Service Options and Novitas Solutions [2] - The Medicare pricing decisions have expanded the addressable market significantly, and the company is pursuing further reimbursement approvals to enhance national expansion [2] - A contract for the Federal Supply Schedule has been awarded, allowing federal medical facilities to purchase the CompuFlo system, targeting adoption within the U.S. Department of Veterans Affairs and other federal healthcare systems [2] Financial Performance - Total revenue for 2024 was approximately $8.6 million, a decrease of about $1.2 million from 2023 [3] - E-commerce revenue reached approximately $5.1 million in 2024, compared to $4.8 million in 2023, indicating growth in this segment [3] - The company recorded an operating loss of $6.8 million in 2024, an improvement from a loss of $7.1 million in 2023, driven by higher-margin e-commerce sales [6] Market Position - The STA Single Tooth Anesthesia System remains a leader in computer-controlled local anesthetic delivery, with over 95 million injections administered to date [2] - The company is seeing strong commercial traction in the private sector, with new rollouts at various pain management clinics and ambulatory surgery centers [2] - The strategic partnership with Axial Biologics is enhancing the distribution footprint in key U.S. markets [2]
Milestone Scientific Expands CompuFlo® Epidural System Footprint with InfiniSurg, LLC in New Jersey
Newsfilter· 2025-04-01 12:30
Core Insights - Milestone Scientific Inc. has announced the integration of its CompuFlo® Epidural System at InfiniSurg, LLC, a New Jersey-based ambulatory surgery center, enhancing its clinical practice with advanced technology [1][3][4] Company Overview - Milestone Scientific Inc. (NYSE: MLSS) specializes in developing computerized drug delivery instruments aimed at providing painless and precise injections, focusing on improving patient comfort and safety [5] - The company’s proprietary Dynamic Pressure Sensing Technology® is designed to enhance the precision of injections and reduce complications associated with traditional methods [5] Technology and Innovation - The CompuFlo® Epidural System utilizes objective pressure sensing technology to provide real-time feedback, which may enhance procedural confidence and reduce complications during epidural placements [3][4] - The system aims to establish a new standard of care for epidural procedures by improving procedural efficiency and patient safety through visual and audible feedback mechanisms [4] Leadership and Expertise - Dr. Roman Kosiborod, a highly experienced anesthesiologist and pain management physician, will utilize the CompuFlo® Epidural System at InfiniSurg, bringing over two decades of expertise in interventional pain management [2][3] - InfiniSurg is recognized for its patient-centric approach and commitment to innovation in outpatient surgical care, aligning with Milestone's mission to leverage advanced technologies for better patient outcomes [3]