Milestone Scientific (MLSS) Q4 2025 earnings summary

Executive summary

• Leadership overhaul in August 2025 led to disciplined expense management, restructuring, and a shift from stabilization to targeted growth initiatives in Q4 2025.

• Strengthened commercial and leadership teams, with new dental ambassador and CompuFlo advisor programs launched to drive adoption and revenue growth.

• Dental business remains core, with international expansion, new distribution partners, and the Dental Ambassador Program driving engagement.

• Medical segment, led by CompuFlo, is positioned as a transformative growth driver with renewed commercialization, reimbursement efforts, and VA channel access.

• Expanded into Japan, India, and Mexico for dental product registrations.

Financial highlights

• Q4 2025 revenue was $2.1 million, up 2.2% year-over-year; gross profit remained flat at $1.5 million.

• Q4 operating loss improved 89% to $1.1 million from $2 million year-over-year; net loss also reduced to $1.1 million.

• Full-year 2025 net sales rose 4% to $9 million; international dental sales up 9%, domestic dental sales down 7%.

• Full-year operating loss improved to $5.7 million from $6.8 million; net loss was $5.7 million or $0.07 per share.

• Cash at year-end was $1.1 million with $800,000 in convertible debt and strong working capital of $3.3 million.

Outlook and guidance

• 2026 revenue guidance is $9.8–$10.2 million, representing double-digit year-over-year growth in both dental and medical segments.

• CompuFlo expected to contribute $500,000–$600,000 in 2026, a 400% increase over 2025.

• No revenue from new international markets (Japan, India, Mexico) included in guidance; any such revenue would be upside.

• Goal to achieve cash flow break even by early 2027, with improved operating leverage and reduced cash burn.