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BREAKOUT ALERT
MILESTONE SCIENTIFIC INC
MLSS NYSE
61% Rev Boost
$7.00 Target Reiterated By Maxim
$10 By Wall St Trader
These med – device shares have advanced more than 50% over the past 90 days hitting a new highs . These shares broke through their $2.25 double top and resistance level into BREAKOUT TERRITORY recently hitting a 5 year high of $4.39.
These shares are now in play with a powerful uptrend in place, we look for a move above the $7.00 level. We look for a $10.00 intermediate target .
Serious investors should add these shares immediately to their BUY LIST
Milestone Scientific Reports Preliminary Sales Results for Q1 2021; Revenue Increases 61% Over the Same Period Last Year
ROSELAND, N.J., May 03, 2021 (GLOBE NEWSWIRE) — Milestone Scientific Inc. (NYSE: MLSS) , a leading developer of computerized drug delivery instruments that provide painless and precise injections, today provided a business update and announced preliminary financial results for the first quarter of 2021.
Arjan Haverhals, President of Milestone Scientific and CEO of Wand Dental Inc., stated, “I am pleased to report that our revenue for the first quarter of 2021 increased more than 61% to $2.9 million versus $1.8 million for the same period last year. We also achieved a strong sequential increase in sales of 32% versus the fourth quarter of 2020. Importantly, we witnessed growth in both our domestic and international revenues. We attribute this improvement to the success of our new dental sales and marketing strategy. At the same time, we are beginning to generate early revenue from the sale of our medical disposables, which we believe represents a transformative growth opportunity for our company.”
About Milestone Scientific Inc.
Milestone Scientific Inc. (MLSS) is a biomedical technology research and development company that patents, designs and develops innovative diagnostic and therapeutic injection technologies and instruments for medical, dental, cosmetic and veterinary applications. Milestone’s computer-controlled systems are designed to make injections precise, efficient, and virtually painless. Milestone’s proprietary DPS Dynamic Pressure Sensing technology® is our technology platform that advances the development of next-generation devices, regulating flow rate and monitoring pressure from the tip of the needle, through platform extensions for local anesthesia for subcutaneous drug delivery, with specific applications for cosmetic botulinum toxin injections, epidural space identification in regional anesthesia procedures and intra-articular joint injections. For more information please visit our website: www.milestonescientific.com .
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, timing of regulatory approvals 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, future business decisions and regulatory developments, 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, 2020. 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.
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MILESTONE SCIENTIFIC AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
| December 31, 2020 | December 31, 2019 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 14,223,917 | $ | 1,516,272 | ||||
| Accounts receivable, net | 1,080,656 | 1,710,665 | ||||||
| Prepaid expenses and other current assets | 415,915 | 519,063 | ||||||
| Inventories, net | 2,420,179 | 1,620,509 | ||||||
| Advances on contracts | 414,202 | 710,662 | ||||||
| Total current assets | 18,554,869 | 6,077,171 | ||||||
| Furniture, fixtures and equipment, net | 30,729 | 44,976 | ||||||
| Intangibles, net | 329,249 | 382,260 | ||||||
| Right of use assets | 632,453 | 15,977 | ||||||
| Other assets | 24,150 | 35,905 | ||||||
| Total assets | $ | 19,571,450 | $ | 6,556,289 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 482,972 | $ | 1,379,425 | ||||
| Accounts payable, related party | 385,138 | 1,358,752 | ||||||
| Accrued expenses and other payables | 824,454 | 775,055 | ||||||
| Accrued expenses, related party | 586,734 | 1,057,957 | ||||||
| Current portion of finance leases liabilities | 7,796 | 3,904 | ||||||
| Current portion of operating lease right-of-use liabilities | 72,031 | 12,073 | ||||||
| Deferred profit, related party | 242,589 | 340,476 | ||||||
| Note payable | 276,180 | – | ||||||
| Total current liabilities | 2,877,894 | 4,927,642 | ||||||
| Finance lease liabilities | 28,607 | – | ||||||
| Operating lease liabilities | 557,981 | – | ||||||
| Total liabilities | $ | 3,464,482 | $ | 4,927,642 | ||||
| Commitments and contingencies | ||||||||
| Stockholders’ equity | ||||||||
| Common stock, par value $.001; authorized 85,000,000 shares; 64,171,435 shares issued and 64,138,102 shares outstanding as of December 31, 2020; 49,410,176 shares issued and 49,376,843 shares outstanding as of December 31, 2019; | 64,171 | 49,410 | ||||||
| Additional paid in capital | 117,934,696 | 96,082,324 | ||||||
| Accumulated deficit | (100,885,957 | ) | (93,524,297 | ) | ||||
| Treasury stock, at cost, 33,333 shares | (911,516 | ) | (911,516 | ) | ||||
| Total Milestone Scientific Inc. stockholders’ equity | 16,201,394 | 1,695,921 | ||||||
| Noncontrolling interest | (94,426 | ) | (67,274 | ) | ||||
| Total stockholders’ equity | $ | 16,106,968 | $ | 1,628,647 | ||||
| Total liabilities and stockholders’ equity | $ | 19,571,450 | $ | 6,556,289 |
MILESTONE SCIENTIFIC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
YEARS ENDED DECEMBER 31, 2020 AND 2019
| 2020 | 2019 | |||||||
| Product sales, net | $ | 5,437,236 | $ | 8,374,501 | ||||
| Cost of products sold | 1,815,924 | 2,656,142 | ||||||
| Gross profit | 3,621,312 | 5,718,359 | ||||||
| Selling, general and administrative expenses | 10,766,580 | 9,527,429 | ||||||
| Research and development expenses | 307,850 | 189,923 | ||||||
| Total operating expenses | 11,074,430 | 9,717,352 | ||||||
| Loss from operations | (7,453,118 | ) | (3,998,993 | ) | ||||
| Other expenses | (24,790 | ) | (10,408 | ) | ||||
| Interest income | 6,709 | 1,543 | ||||||
| Change in fair value of derivative liability | – | (3,635,580 | ) | |||||
| Loss before provision for income taxes and net of equity investments | (7,471,199 | ) | (7,643,438 | ) | ||||
| Provision for income taxes | (15,500 | ) | (18,126 | ) | ||||
| Loss before equity in net earnings of equity investments | (7,486,699 | ) | (7,661,564 | ) | ||||
| Earnings from equity method investment | 97,887 | 81,324 | ||||||
| Net loss | (7,388,812 | ) | (7,580,240 | ) | ||||
| Net loss attributable to noncontrolling interests | 51,539 | 55,872 | ||||||
| Net loss attributable to Milestone Scientific Inc. | (7,337,273 | ) | (7,524,368 | ) | ||||
| Net loss per share applicable to common stockholders— | ||||||||
| Basic | $ | (0.12 | ) | $ | (0.16 | ) | ||
| Diluted | $ | (0.12 | ) | $ | (0.16 | ) | ||
| Weighted average shares outstanding and to be issued— | ||||||||
| Basic | 63,061,358 | 45,740,050 | ||||||
| Diluted | 63,061,358 | 45,740,050 |
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