For its 2009 fiscal year, Milestone Scientific reported revenues of $8.55 million, a 29% increase over revenues of $6.6 million for the previous fiscal year. For the year (end-December 31, 2009), net loss totaled $1.53 million, up from a net loss of $1.19 million a year ago.
Milestone achieved double-digit growth across all key sales metrics in 2009 and formed alliances with a number of new distribution partners, including leading suppliers in China, Canada, and Europe, Leonard Osser, CEO of Milestone, said in a press release.
"There is no question that China, in particular, will play an important and measurable role in Milestone's quest to achieve sustainable profitability -- a goal we do believe we will attain in 2010 through contracted sales of the STA System," said Leslie Bernhard, chairman of Milestone, in the release. "However, in order to optimize Milestone's true long-term growth potential, we must continue to pursue opportunities to develop and commercialize disruptive, new medical injection products that effectively leverage our intellectual property to address a wide range of prevailing healthcare delivery challenges."
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