Wed, May 15, 8:05 PM (305 days ago)
Milestone Scientific Inc.'s quarterly report for the period ending March 31, 2024, highlights a decrease in net sales to $2.2 million from $2.6 million YoY, primarily due to reduced international sales and the termination of a U.S. distributor contract. The gross profit also declined to $1.7 million from $1.9 million. Operating expenses remained stable at $3.0 million, with a notable reduction in employee salaries and benefits. The company reported a net loss of $1.4 million, slightly higher than the $1.3 million loss in the same period last year. Cash and cash equivalents increased to $4.0 million, bolstered by marketable securities sales and a public offering. Despite ongoing losses, management believes current liquidity suffices for the next 12 months, supported by a $2.0 million NOL sale. Future operations hinge on increased revenue from dental and medical segments and cost management.