Milestone Scientific Inc. reported a consolidated revenue of approximately $8.6 million for the fiscal year ending December 31, 2024, a decrease of about $1.2 million compared to $9.8 million in 2023. The decline in revenue was primarily attributed to lower sales in the dental segment, which saw a drop from $9.8 million to $8.5 million, while medical product sales increased slightly from $66,000 to $102,820. The company also recorded a net loss of $4.7 million for 2024, an improvement from the $6.9 million loss reported in the previous year. This reduction in losses was driven by decreased operating expenses, which fell from $13.9 million in 2023 to $13.2 million in 2024.
In terms of operational changes, Milestone Scientific has shifted its focus towards an E-Commerce platform launched in January 2023, which generated approximately $5.1 million in revenue for the year. The company terminated non-exclusive agreements with U.S. distributors in September 2023, which contributed to a significant drop in revenue from other U.S. distributors. International sales also decreased, particularly in China, where the company reported zero revenue for 2024, down from $270,000 in 2023. The overall international revenue fell to approximately $3.4 million, reflecting challenges in low-performing markets and shipping delays.
Strategically, Milestone Scientific has made significant advancements in its product offerings. The company received regulatory approvals for its CompuFlo Epidural Computer Controlled Anesthesia System, expanding its use to the thoracic region of the spine and gaining approval to market in Brazil. Additionally, the company has established partnerships with distribution networks, including a recent agreement with Axial Biologics to distribute its CompuFlo system in key U.S. states. The company also received a chronology-specific CPT code from the American Medical Association, which is expected to enhance reimbursement opportunities for its medical products.
Milestone Scientific's workforce remains small, with a total of 17 full-time employees, including one executive officer. The company continues to rely on third-party manufacturers for its products, which exposes it to risks related to supply chain disruptions and manufacturing quality. The company holds over 317 patents and is focused on expanding its proprietary DPS Dynamic Pressure Sensing technology across various medical applications. Looking ahead, Milestone Scientific anticipates the need for additional funding to support its operations and product development, as it continues to navigate the challenges of market acceptance and competition in the medical device industry.
About MILESTONE SCIENTIFIC INC.
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