Milestone Scientific, maker of a computerized injection system, has announced its first profitable quarter in 12 years.
The company earned a net income of $84,000, or $0.01 per share, in the quarter ending March 31, versus a net loss of $562,000, or $0.05 per share, in the same quarter last year.
Among the other results:
- Revenues climbed 16% to $2.56 million from $2.20 million.
- International sales rose 85% to $1.34 million from $726,000.
- U.S. sales declined 19% to $1.20 million from $1.48 million.
- Disposable handpiece sales increased 39% to $1.94 million, up from $1.40 million.
- Sales of instruments decreased 24% to $600,000 from $792,000.
- Gross profit margin improved, rising to 65% from 58%.
- Total operating expenses declined 9% to $1.63 million from $1.80 million.
The company recently announced issuance of a notice of allowance from the U.S. Patent and Trademark Office for its self-administered, computer-controlled injection system, and plans to pursue partnerships with drug and medical device companies.
"This is an exciting and potentially meaningful opportunity for Milestone and one that should greatly complement our other product development efforts in the medical arena," said CEO Leonard Osser.
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