Milestone Scientific Completes $10 Million Financing with Italy-Based Private Equity Investor Innovest, $7 Million Convertible Portion of Financing Completed at a Significant Premium to the Current Stock Price at $2.544 Per Share
New York, NY / May 19, 2014 / SeeThruEquity, a leading New York City based independent equity research and corporate access firm focused on smallcap and microcap public companies, today announced that it has issued a Q1 2014 earnings update on Milestone Scientific Inc. (OTCQB: MLSS), a leading medical research and development company that designs and patents innovative injection technology."We are very optimistic about the prospects for Milestone going forward with their impressive performance in Q1 of this year and especially given the recent $10 million dollar financing completed with the Italy-based private equity investor Innovest. This financing will enable MLSS to accelerate the development of additional medical and dental instruments, to more aggressively market and sell its dental instruments and handpieces in the U.S. and worldwide, and to more fully support the organic growth of its dental business," commented Ajay Tandon, CEO of SeeThruEquity.
Recent highlights are as follows:
- International results drive revenue growth. MLSS reported revenues of $2.6mn in 1Q14, up 5.3% from 1Q13. International sales increased by 18.3% year over year, to $1.4mn, in 1Q14.
- Operational expenses reduced, gross margins stable. MLSS reported gross margins of 66.3% in 1Q14, compared with 67.4% in 1Q13 and up sequentially from 65.5% in 4Q13. 1Q14 SG&A of $1.39mn was essentially flat with $1.38mn in 1Q13, but R&D of $15.7k was well below $121.8k spent in 1Q13.
- MLSS’s Subsidiary in Poland, Milestone Medical Represents Significant Future Value For MLSS Shareholders. MLSS owns 45% of Milestone Medical Inc., which is listed on the Warsaw Stock Exchange in Poland under the ticker MMD and has a market capitalization of approximately $60 million USD.
The note is available at: MLSS Q1 2014 Update. SeeThruEquity is an approved equity research contributor on Thomson First Call, CapitalIQ, FactSet, and Zack’s. The note will also be available on these platforms.
Please review important disclosures on our website at www.seethruequity.com.
SeeThruEquity is an equity research and corporate access firm focused on companies with less than $1 billion in market capitalization. The research is not paid for and is unbiased. We do not conduct any investment banking or commission based business. We are approved to contribute our research to Thomson Reuters One (First Call), CapitalIQ, FactSet, Zacks and distribute our research to our database of opt-in investors. We also contribute our estimates to Thomson Estimates, the leading estimates platform on Wall Street.
For more information visit www.seethruequity.com.
About Milestone Scientific Inc.
Milestone Scientific is a leading medical research and development company that designs and patents innovative injection technology. Milestone's computer-controlled systems make injections precise, efficient, and virtually painless. For more information please visit our website: www.milestonescientific.com.
Release ID: 45029