Milestone Scientific Inc. reported third‑quarter 2025 results that showed revenue of $2.36 million, a slight decline from the $2.50 million reported in the same period last year. Gross profit stood at $1.60 million, giving a 70 % gross margin that is 3 percentage points below the 73 % margin recorded in Q3 2024. Operating loss narrowed to $1.10 million from $1.50 million in the prior year, while net loss improved to $1.20 million from $1.50 million. The company reduced operating expenses by more than $500,000, a result of disciplined cost‑management and a leaner organizational structure.
Dental sales remained the dominant revenue driver, contributing $2.32 million of the total, while the medical segment generated $41,000. The medical segment, centered on CompuFlo® disposables, showed growing utilization and recurring revenue, offsetting a modest decline in domestic dental sales. International dental sales increased, helping to cushion the overall revenue decline. The nine‑month revenue for the year to September 30 rose 5 % to $6.90 million from $6.60 million in the prior year, but the nine‑month net loss widened to $4.60 million from $2.70 million.
Cash and cash equivalents were $1.35 million at the end of September, and working capital stood at $3.10 million. The company reiterated a “substantial doubt” about its ability to continue as a going concern, citing limited liquidity and the need for additional financing. In April 2025, Milestone issued $800,000 of unsecured, related‑party convertible notes and indicated plans to seek further capital to support operations.
CEO Eric Hines highlighted the progress of cost‑control initiatives, noting that operating expenses were trimmed by over half a million dollars compared with the same period last year. He emphasized the expansion of direct sales programs in North America and the pursuit of new international registrations for the STA® Single Tooth Anesthesia System. Hines also underscored the company’s reimbursement strategy for CompuFlo®, citing recent Medicare payment‑rate assignments and growing commercial coverage that could accelerate adoption in hospitals and pain‑management settings.
The earnings release was well received by investors, with the company beating analyst expectations on both revenue and earnings per share. Revenue of $2.36 million surpassed the consensus estimate of $2.21 million, a 6.8 % surprise, while the EPS loss of $0.01 was better than the forecasted loss of $0.02, a 50 % positive surprise. The market reaction reflected confidence in the company’s cost‑control discipline and the momentum in its medical segment, despite the ongoing going‑concern warning.
Looking ahead, Milestone maintains its guidance for the full year, but management signals cautious optimism about demand in the medical segment and the potential for further cost reductions. The company remains focused on securing additional financing to address liquidity concerns and on expanding reimbursement coverage for its medical products, which it views as key drivers for future profitability.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.