Milestone Scientific announced that Joe Martin, CEO and director of the company, has left to pursue new career opportunities. Leonard Osser, chairman of the board, will temporarily assume the post of interim CEO.
In addition, Milestone said it filed Form 10-K for fiscal 2008 with the U.S. Securities and Exchange Commission on March 17. According to the company, key financial highlights of the 2008 results compared to 2007 reflect:
- 5% year-over-year revenue growth
- Increase in gross profit margins, from 55% to 60%
- 19% decline in operating expenses
- 58% decrease in research and development expenses
- 60% reduction in net losses for the year
Milestone plans to hold a teleconference on March 26, beginning at 4:15 p.m. Eastern time, to discuss its latest financial results, changes in management, and other developments relating to its business and growth strategy.
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