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1. Company Snapshot

1.a. Company Description

Milestone Scientific Inc.designs, develops, and commercializes diagnostic and therapeutic injection technologies, and devices for medical, dental, and cosmetic use in the United States, China, and internationally.The company operates in two segments, Dental and Medical.


Its products include CompuDent and STA Single Tooth Anesthesia System that are used for all dental procedures that require local anesthetic.The company also offers CompuFlo, a computer-controlled drug delivery system for the painless delivery of drugs, anesthetics, and other medicaments, as well as for the aspiration of bodily fluids or previously injected substances; and disposable injection handpiece for the tactile control during the injection.In addition, it provides CompuFlo Epidural, a computer controlled anesthesia system for use in various medical applications.


Further, the company offers CompuMed for use in various medical procedures performed in plastic, hair restoration, and colorectal surgery, as well as podiatry, dermatology, orthopedics, and various other disciplines.Milestone Scientific Inc.was incorporated in 1989 and is headquartered in Livingston, New Jersey.

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1.b. Last Insights on MLSS

Milestone Scientific's recent performance was negatively impacted by the lack of significant revenue growth, despite expanding adoption of its CompuFlo Epidural System. The company's commercial rollout of the system at various medical facilities, including Advanced Spine and Pain Management, Pain Doctors Medical LLC, and InfiniSurg, LLC, failed to translate into substantial revenue increases. Furthermore, the absence of a recent earnings release and the limited information available on the company's financial performance during this period exacerbate the uncertainty surrounding its current situation.

1.c. Company Highlights

2. Milestone Scientific's Q3 2025 Earnings: A Leaner Organization Takes Shape

Milestone Scientific reported revenue of $2.4 million for the third quarter of 2025, relatively stable compared to $2.5 million in the same period last year. For the nine months ended September 30, 2025, revenue was $6.9 million, up from $6.6 million in 2024. Gross profit for the nine months ended September 30, 2025, remained steady at approximately $4.9 million. The company's EPS loss narrowed to -$0.01, beating estimates of -$0.015. Operating expenses decreased by over $0.5 million compared to the same period last year, indicating a more efficient operation.

Publication Date: Nov -23

📋 Highlights
  • Operating Expense Reduction:: Cut operating expenses by over $0.5 million YoY while maintaining stable revenue.
  • Dental International Growth:: International dental sales rose YoY, partially offsetting domestic revenue declines.
  • Medical Medicare Reimbursement:: Secured CPT Code 0777T Medicare payment assignments in 3 jurisdictions, supported by 2 MACs.
  • Revenue Stability:: Q3 2025 revenue of $2.4M vs. $2.5M in 2024; 9M 2025 revenue of $6.9M vs. $6.6M in 2024.

Segment Performance

In the Dental segment, Milestone Scientific expanded its direct sales programs in North America and advanced international registrations for its STA Single Tooth Anesthesia System. International dental sales increased year-over-year, partially offsetting the decline in domestic revenue. On the Medical side, utilization of CompuFlo disposables rebounded slightly as the company reenergized current customers and worked on a structured Medicare reimbursement strategy. The company secured Medicare payment rate assignments under CPT Code 0777T in three jurisdictions.

Operational Focus and Outlook

The company is strengthening its sales infrastructure, enhancing customer engagement, and advancing the commercial rollout of CompuFlo through partnerships, payer engagement, and medical education. Milestone Scientific is also ramping up its sales organization, adding horsepower to the Dental team, and expanding its sales footprint in the North American market. Management expects a strong fourth quarter, with steady revenue, driven by the changes in their sales pattern.

Valuation and Growth Prospects

With a P/S Ratio of 3.64, the market is pricing in moderate growth expectations. Analysts estimate revenue growth at 7.5% for the next year. Given the company's current financials and operational improvements, this growth rate appears achievable. The ROE and ROIC are both negative, at -164.78% and -184.82%, respectively, indicating that the company is still in a phase of investment and growth. The current valuation multiples suggest that the market is cautiously optimistic about Milestone Scientific's prospects.

3. NewsRoom

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Milestone Scientific (NYSE:MLSS) Shares Down 1.6% – Here’s Why

Nov -19

Source: defenseworld.net

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Milestone Scientific Inc. (MLSS) Q3 2025 Earnings Call Transcript

Nov -14

Source: seekingalpha.com

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Milestone Scientific Delivers Stable Revenue and Reduces Operating Expenses by Over $500 Thousand in the Third Quarter of 2025

Nov -13

Source: globenewswire.com

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Milestone Scientific Schedules Third Quarter 2025 Financial Results and Business Update Conference Call

Nov -13

Source: globenewswire.com

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Milestone Scientific Highlights Operational Progress and Growth Initiatives Under New Leadership

Oct -14

Source: globenewswire.com

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Milestone Scientific Commits to Regaining NYSE American Compliance Following Notification

Oct -14

Source: globenewswire.com

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Milestone Scientific Appoints Dr. Dawood Sayed to Board of Directors to Advance Commercial and Clinical Strategy in Pain Management

Sep -22

Source: globenewswire.com

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Milestone Scientific Achieves 25% Increase in Revenue for the Second Quarter of 2025

Aug -14

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.50%)

6. Segments

Dental

Expected Growth: 8.5%

Milestone Scientific Inc.'s Dental segment growth of 8.5% is driven by increasing demand for painless injections, adoption of advanced dental technologies, and growing awareness of oral health. Additionally, the company's innovative products, such as the CompuFlo Epidural and CathCheck systems, are gaining traction in the market, contributing to the segment's growth.

Medical

Expected Growth: 9.5%

Milestone Scientific Inc.'s 9.5% growth in Medical segment is driven by increasing demand for painless injections, growing adoption of CompuFlo Epidural System, and expansion into new markets. Additionally, strategic partnerships, innovative product offerings, and favorable regulatory environment contribute to the segment's growth.

7. Detailed Products

Wand Handpiece

A single-use, sterile, and disposable handpiece used for administering anesthesia and other medications.

STA Single-Tooth Anesthesia System

A computer-controlled local anesthesia system that provides a more comfortable and efficient injection experience.

The Wand Plus

An upgraded version of the original Wand Handpiece, offering improved performance and functionality.

PeriCare

A line of oral care products designed to promote healthy gums and teeth.

8. Milestone Scientific Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Milestone Scientific Inc. has a moderate threat of substitutes due to the availability of alternative products in the dental industry.

Bargaining Power Of Customers

Milestone Scientific Inc. has a low bargaining power of customers due to its strong brand reputation and customer loyalty.

Bargaining Power Of Suppliers

Milestone Scientific Inc. has a moderate bargaining power of suppliers due to the availability of multiple suppliers in the market.

Threat Of New Entrants

Milestone Scientific Inc. has a high threat of new entrants due to the growing demand for dental products and the ease of entry into the market.

Intensity Of Rivalry

Milestone Scientific Inc. operates in a highly competitive industry with many established players, leading to a high intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 4.71%
Debt Cost 3.95%
Equity Weight 95.29%
Equity Cost 8.59%
WACC 8.37%
Leverage 4.94%

11. Quality Control: Milestone Scientific Inc. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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InfuSystem Holdings

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Growth: 5.7

Quality: 5.7

Yield: 0.0

Momentum: 8.5

Volatility: 3.0

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Koru Medical Systems

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Growth: 3.4

Quality: 4.8

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Akoya Biosciences

A-Score: 3.3/10

Value: 9.6

Growth: 2.8

Quality: 4.8

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Femasys

A-Score: 2.7/10

Value: 6.0

Growth: 2.8

Quality: 3.1

Yield: 0.0

Momentum: 4.0

Volatility: 0.3

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Milestone Scientific

A-Score: 2.5/10

Value: 6.6

Growth: 3.2

Quality: 4.3

Yield: 0.0

Momentum: 0.0

Volatility: 1.0

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Harvard Bioscience

A-Score: 2.2/10

Value: 9.2

Growth: 1.1

Quality: 2.6

Yield: 0.0

Momentum: 0.0

Volatility: 0.0

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

0.36$

Current Price

0.36$

Potential

-0.00%

Expected Cash-Flows