Company to Host Teleconference Tuesday, April 1, 2008 at 9:30 AM
EDT LIVINGSTON, N.J., March 31 /PRNewswire-FirstCall/ -- Milestone
Scientific, Inc. (OTC:MLSS) (BULLETIN BOARD: MLSS) , the recognized
leader in advanced injection technologies, today reported its
operational and financial results for its 2007 fiscal year, ended
December 31, 2007. Key Operational Highlights: -- In February 2007,
the STA(TM) System was formally unveiled to market at the 142nd
Chicago Dental Society Midwinter Meeting, one of the largest dental
trade events held annually in the United States. The award- winning
STA System is a patented Computer Controlled Local Anesthesia
Delivery (CCLAD) system that incorporates the 'pressure feedback'
elements of Milestone's patented CompuFlo(R) technology. -- In June
2007, the Company was granted a CE Mark approval of the STA System,
giving Milestone the ability to begin marketing the instrument to
dental professionals in European Union countries and other
countries around the world that recognize the CE Mark approval
process. -- In November 2007, Milestone entered into a
collaborative agreement with a globally diversified healthcare
company to conduct a feasibility study evaluating the potential
application of the Company's patented CompuFlo technology for
injecting certain medicaments produced by this company. The initial
study has been completed and Milestone is now anticipating moving
forward with this company. -- Milestone's management team underwent
significant change and rejuvenation in 2007. In May, the Company
welcomed Joe W. Martin to its team as Chief Executive Officer of
the newly formed Medical Division. Then in December, when Leonard
Osser, Milestone's Chairman and CEO, stepped down from the chief
executive post, Joe was appointed as a new member of the Board of
Directors and was named Milestone's new CEO. In addition, in the
fall, Robert (Bob) Presutti joined Milestone as VP of Sales and
Marketing, assuming the overall coordination, functional management
and leadership of all sales, marketing and customer service
activities of the Company. Subsequent to the end of 2007, Joseph
D'Agostino joined Milestone as the new Acting Chief Financial
Officer, replacing former Acting CFO Arthur Goldberg, who left the
Company to pursue other career opportunities. Key Financial
Highlights: -- Total revenue increased approximately 9% to $6.39
million, up from $5.84 million in 2006. -- Domestic revenue,
favorably impacted by more than $1.15 million in sales of the
Company's new STA System offset by a 55% decrease in domestic sales
of the legacy CompuDent(R) system. Total domestic revenue rose
10.8% to $4.59 million from $4.15 million on a comparable
year-over-year basis. Domestic revenues represented 73% of total
sales for the year, compared to 75% in the prior year. --
International sales also improved, rising to $1.68 million from
$1.42 million, despite a year-over-year 44% decline in sales of
CompuDent systems. This revenue growth was largely attributable to
$165,000 in sales of the new STA System, as well as a 47% increase
in sales of disposable hand pieces used in conjunction with both
the CompuDent and STA System. International sales were 27% of total
2007 sales, a modest increase from 26% of total sales reported in
2006. -- Gross profit margins saw a significant improvement, rising
to 55% from 48%. This improvement was due primarily to the market
launch of the STA System, reduced inventory write downs in 2007
when compared to 2006, and an increase in global sales of higher
margin disposable hand pieces. -- Total operating costs in 2007
increased 6% to $6.7 million from $6.3 million in the previous
year. -- Net loss attributable to common stockholders totaled $2.9
million, or $0.24 per basic and diluted share, in 2007, a 6.8%
decline from $3.2 million, or $0.27 per basic and diluted share,
reported for 2006. Joe W. Martin, Chief Executive Officer of
Milestone, stated, "Looking ahead, our focus in 2008 will be
largely centered on increasing sales of the STA System, both
domestically and internationally, as well as supporting sales of
our legacy CCLAD system, CompuDent, and driving recurring orders of
the disposable hand pieces used in conjunction with both
instruments. The challenge going forward will be leveraging
creative and tactical advertising and proactive marketing
strategies to spread the 'right' message about the STA System to
each and every dentist." Continuing, Martin added, "Worldwide, we
estimate that over 35 million dental injections have been
administered to patients with either the STA or CompuDent systems,
to date. Moreover, our patented CompuFlo technology, embedded in
the STA System, has been the subject of more than 50 publications
validating the efficacy and safety of the technology in a wide
range of medical injection applications. In 2008, we will
accelerate our pursuit of collaborative opportunities with medical,
pharmaceutical and healthcare companies interested in developing
new product applications using CompuFlo, in order to build and grow
long term shareholder value in Milestone." "Although there is still
a lot of work to do, I believe that Milestone is well positioned to
begin demonstrating much improved sales growth from our existing
product line as our new marketing messages take hold and our market
penetration efforts gain greater traction. Moreover, our
results-driven game plan for leveraging CompuFlo to introduce
innovative new products to the medical industry should provide us
with ample opportunities to seek truly dynamic growth in the
future," concluded Martin. The Company will host a teleconference
on Tuesday, April 1, 2008, beginning at 9:30 AM Eastern Daylight
Time, and invites all interested parties to join management in a
discussion regarding the Company's financial performance, corporate
progress and other meaningful developments. The conference call can
be accessed by dialing toll-free 800-257-7087. For those unable to
participate at that time, a replay of the teleconference can be
accessed domestically by dialing 800-405-2236 and enter the
passcode 11111518#. The replay will be available for 90 days. About
Milestone Scientific, Inc. Headquartered in Livingston, New Jersey,
Milestone Scientific is engaged in pioneering proprietary, highly
innovative technological solutions for the medical and dental
markets. Central to the Company's IP platform and product
development strategy is its patented CompuFlo(R) technology for the
improved and painless delivery of local anesthetic. Specifically,
CompuFlo is a computer-controlled, pressure sensitive infusion,
perfusion, suffusion and aspiration technology, which provides
real-time readouts of pressures, fluid densities and flow rates,
enabling the advanced delivery and removal of a wide array of
fluids. The award-winning STA(TM) System is a patented Computer-
Controlled Local Anesthesia Delivery (CCLAD) system which uses this
technology and provides dentists with audible and visual signals as
to in-tissue pressure. Milestone's existing painless injection
systems are currently sold in 25 countries. For more information on
these and other innovative Milestone products, please visit the
Company's web site found at http://www.milesci.com/. CHARTS TO
FOLLOW MILESTONE SCIENTIFIC INC. BALANCE SHEET December 31, 2007
ASSETS Current Assets: Cash and cash equivalents $745,003 Accounts
receivable, net of allowance for doubtful accounts of $5,000
346,347 Royalty receivable 15,358 Inventories 1,636,744 Advances to
contract manufacturer 1,192,584 Prepaid expenses and other current
assets 169,727 Total current assets 4,105,763 Investment in
distributor, at cost 76,319 Equipment, net of accumulated
depreciation of $284,145 220,808 Patents, net of accumulated
amortization of $79,498 559,378 Other assets 27,297 Total assets
$4,989,565 LIABILITIES AND STOCKHOLDERS' EQUITY Current
Liabilities: Accounts payable $1,855,835 Accrued expenses 201,103
Deferred compensation payable to officers 15,833 Total current
liabilities 2,072,771 Long-term Liabilities: Accounts payable-long
term 443,847 Line of credit-net of discount of $65,371 934,629
Total long-term liabilities 1,378,476 Commitments and Contingencies
Stockholders' Equity Common stock, par value $.001; authorized
50,000,000 shares; 11,787,572 shares issued, 421,306 shares to be
issued, and 11,754,239 shares outstanding 12,210 Additional paid-in
capital 58,483,539 Accumulated deficit (56,045,915) Treasury stock,
at cost, 33,333 shares (911,516) Total stockholders' equity
1,538,318 Total liabilities and stockholders' equity $4,989,565
MILESTONE SCIENTIFIC INC. STATEMENTS OF OPERATIONS YEARS ENDED
DECEMBER 31, 2007 AND 2006 2007 2006 Product sales, net $6,262,608
$5,566,425 Royalty income 128,105 277,752 Total revenue 6,390,713
5,844,177 Cost of products sold 2,898,048 3,002,615 Royalty expense
- 33,031 Total cost of revenue 2,898,048 3,035,646 Gross profit
3,492,665 2,808,531 Selling, general and administrative expenses
6,335,556 5,326,032 Research and development expenses 397,354
1,005,285 6,732,910 6,331,317 Loss from operations (3,240,245)
(3,522,786) Other income & expense Other income 552,005 283,107
Interest income 17,440 87,411 Gain/Loss on disposal of asset
(241,530) - Interest expense (19,752) - Amortize debt issuance
(6,614) - Total other income 301,549 370,518 Net loss $(2,938,696)
$(3,152,268) Net loss applicable to common stockholders
$(2,938,696) $(3,152,268) Loss per share applicable to common
stockholders - basic and diluted $(0.24) $(0.27) Weighted average
shares outstanding and to be issued - basic and diluted 12,141,525
11,788,690 Safe Harbor Statement This press release contains
forward-looking statements regarding the timing and financial
impact of the Milestone's ability to implement its business plan,
expected revenues 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 and future business decisions, 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 on Form 10-KSB for the year ended December 31, 2007.
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. FOR MORE INFORMATION,
PLEASE CONTACT: Elite Financial Communications Group, LLC Dodi
Handy, President and CEO, or Daniel Conway, Chief Strategist
407-585-1080 or via email at DATASOURCE: Milestone Scientific, Inc.
CONTACT: Dodi Handy, President and CEO, or Daniel Conway, Chief
Strategist, both of Elite Financial Communications Group, LLC,
+1-407-585-1080, Web site: http://www.milesci.com/
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