Milestone Scientific (MLSS) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue was $2.4 million, reflecting a slight year-over-year decrease due to lower domestic and e-commerce dental sales, partially offset by resumed China sales and medical segment growth.

• Operating expenses were reduced by over $500,000 year-over-year through cost management and restructuring, leading to a 23% improvement in operating loss.

• Net loss for Q3 2025 improved to $1.15 million ($0.01/share), down from $1.46 million ($0.02/share) in Q3 2024, driven by lower SG&A and R&D expenses.

• The company focused on operational streamlining, commercial execution in dental and medical, and advancing reimbursement strategies, including the addition of Dr. Dawood Syed to the board.

• Enhanced omnichannel marketing and e-commerce, driving brand visibility and recurring customer engagement.

Financial highlights

• Q3 2025 revenue was $2.4 million; nine-month revenue was $6.9 million, up 5% year-over-year.

• Gross profit for Q3 2025 was $1.64 million (70% margin), down 11% year-over-year; nine-month gross profit was $4.91 million, stable year-over-year.

• SG&A expenses for Q3 2025 were $2.74 million, down 10% from the prior year; R&D expenses were $16,000, a 93% decrease year-over-year.

• Operating loss for Q3 2025 improved to $1.13 million from $1.47 million in Q3 2024.

• Cash and cash equivalents as of September 30, 2025, were $1.3 million, with working capital of $3.1 million.

Outlook and guidance

• Focus remains on disciplined execution, revenue growth, and positioning for long-term profitability, with operational transformation expected to yield improved margins.

• Management is seeking additional funding through equity or debt due to substantial doubt about the ability to continue as a going concern.

• No significant seasonality expected; Q4 is projected to be steady, similar to previous quarters.

• Broader commercialization of CompuFlow is contingent on data collection and Medicare reimbursement progress, with a focused rollout in select jurisdictions.

• Plans to accelerate sales efforts and expand the sales team, particularly in North America.