olivLaw · US equity research
Milestone Scientific Inc. MLSS
Orthopedic, Prosthetic & Surgical Appliances & Supplies · SIC 3842 · Vertical: Orthopedic, Prosthetic & Surgical Appliances & Supplies (SIC 3842)
Milestone Scientific develops and sells computer-controlled injection systems built on its proprietary Dynamic Pressure Sensing technology, used in dental procedures and increasingly in epidural anesthesia. It posted an operating loss of 5.7 million USD in fiscal 2025, while product sales in the second quarter of 2026 rose to about 2.8 million USD, showing the medical segment is starting to matter but the company remains financially fragile.
At the close of 04 Nov 2026, Milestone Scientific Inc. (MLSS) stock was 0.33 USD (+9.67% on the day), with market capitalisation 29.2 m USD, beta 1.10, 52-week range 0.25–0.55 USD. Latest reported quarter (Q2 2026): revenue of 2.8 m USD (+22.3% YoY), net income of -1.1 m USD, diluted EPS -0.01 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 46.3
- neutral
- Bollinger (20, 2)
- 0.29 – 0.36
- in the upper half of the band · %B 0.56 · band width 22.2%
- SMA 50 / 200
- 0.39 / 0.35
- mixed trend
- MACD (12, 26, 9)
- -0.02 / -0.02
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −8.6% | −2.0% | −6.6 pp | — |
| 3 months | −30.0% | −2.2% | −27.8 pp | — |
| 6 months | −17.8% | +4.3% | −22.0 pp | — |
| Year to date | +21.9% | +10.6% | +11.3 pp | — |
| 1 year | −13.4% | +10.5% | −23.9 pp | −2.5% |
| 3 years | −61.3% | +73.7% | −135.0 pp | −0.2% |
| 5 years | −85.9% | +61.7% | −147.6 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.5 m | 2.0 m | 2.2 m | 2.3 m | 2.4 m | 2.1 m | 2.2 m | 2.8 m |
| Cost of revenue | 677.6 k | 502.5 k | 585.0 k | 705.9 k | 719.2 k | 556.3 k | 598.0 k | 930.9 k |
| Gross profit | 1.8 m | 1.5 m | 1.6 m | 1.6 m | 1.6 m | 1.5 m | 1.6 m | 1.9 m |
| Research & development | 232.1 k | 217.5 k | 369.1 k | 51.8 k | 16.2 k | 12.3 k | — | 6.6 k |
| SG&A | 3.1 m | 3.3 m | 3.3 m | 3.0 m | 2.7 m | 2.5 m | 2.4 m | 2.9 m |
| Operating income | -1.5 m | -2.0 m | -2.0 m | -1.5 m | -1.1 m | -1.1 m | -828.1 k | -1.1 m |
| Depreciation & amortisation | 8.6 k | 8.7 k | 19.4 k | 19.5 k | 20.1 k | 19.2 k | 19.5 k | 19.6 k |
| Pre-tax income | -1.5 m | -2.0 m | -2.0 m | -1.5 m | -1.2 m | -1.1 m | -839.9 k | -1.1 m |
| Income tax | — | — | — | 0 | — | — | — | — |
| Net income | -1.5 m | -2.0 m | -2.0 m | -1.5 m | -1.2 m | -1.1 m | -839.9 k | -1.1 m |
| Diluted EPS | -0.02 | -0.03 ≈ | -0.02 | -0.02 | -0.01 | -0.01 ≈ | -0.01 | -0.01 |
| Operating cash flow | -973.9 k ≈ | -1.5 m | -1.0 m | -1.8 m ≈ | 81.8 k ≈ | -226.1 k | 86.8 k | -585.1 k ≈ |
| Capex | — | 3.5 k | 1.3 k | 4.5 k ≈ | 6.2 k ≈ | 3.1 k | 1.6 k | 4.1 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 9.6 m | 8.4 m | 5.4 m | 10.3 m | 8.8 m | 9.8 m | 8.6 m | 9.0 m |
| Revenue YoY | −14.7% | −13.0% | −35.1% | +89.5% | −14.5% | +11.6% | −12.2% | +4.0% |
| Net income | -7.4 m | -7.5 m | -7.3 m | -6.8 m | -8.7 m | -6.9 m | -4.7 m | -5.7 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -0.21 | -0.16 | -0.12 | -0.10 | -0.12 | -0.10 | -0.06 | -0.07 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -77.2% | -89.8% | -134.9% | -66.2% | -98.9% | -70.5% | -54.6% | -63.8% |
| Free cash flow | -1.6 m | -1.8 m | -7.0 m | -4.0 m | -6.0 m | unavailable | -2.9 m | -2.9 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.1 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 2.8 m USD
- Total assets
- 7.8 m USD
- Debt / equity
- unavailable
- Current ratio
- 1.81x
- ROE
- -132.4%
- ROA
- -65.0%
- FCF margin
- -32.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 5.4 m | 10.3 m | 8.8 m | 9.8 m | 8.6 m | 9.0 m | SEC (XBRL)· 31 Mar 2026verified |
| Cost of revenue | 1.8 m | 4.0 m | 3.9 m | 3.0 m | 2.2 m | 2.6 m | SEC (XBRL)· 31 Mar 2026verified |
| Gross profit | 3.6 m | 6.3 m | 4.9 m | 6.8 m | 6.4 m | 6.4 m | SEC (XBRL)· 31 Mar 2026verified |
| Research & development | 307.9 k | 878.2 k | 1.2 m | 701.4 k | 858.8 k | 449.5 k | SEC (XBRL)· 31 Mar 2026verified |
| SG&A | 10.7 m | 12.7 m | 12.5 m | 13.1 m | 12.3 m | 11.6 m | SEC (XBRL)· 31 Mar 2026verified |
| Operating income | -7.5 m | -7.4 m | -8.8 m | -7.1 m | -6.8 m | -5.7 m | SEC (XBRL)· 31 Mar 2026verified |
| Depreciation & amortisation | 95.9 k | 73.8 k | 63.8 k | 61.9 k | 37.4 k | 78.2 k | SEC (XBRL)· 31 Mar 2026verified |
| EBITDA | -7.4 m ≈ | -7.3 m ≈ | -8.8 m ≈ | -7.0 m ≈ | -6.7 m ≈ | -5.6 m ≈ | SEC (XBRL)· 31 Mar 2026derived |
| Pre-tax income | -7.5 m | -7.1 m | -8.8 m | -7.0 m | -4.7 m | -5.7 m | SEC (XBRL)· 31 Mar 2026verified |
| Income tax | 15.5 k | 333 | 0 | 0 | — | — | SEC (XBRL)· 29 Mar 2024verified |
| Net income | -7.3 m | -6.8 m | -8.7 m | -6.9 m | -4.7 m | -5.7 m | SEC (XBRL)· 31 Mar 2026verified |
| Diluted EPS | -0.12 | -0.10 | -0.12 | -0.10 | -0.06 | -0.07 | SEC (XBRL)· 31 Mar 2026verified |
| Weighted average diluted shares | 63.1 m | 68.8 m | — | — | 79.8 m | 82.1 m | SEC (XBRL)· 31 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 14.2 m | 14.8 m | 8.7 m | 3.0 m | 3.3 m | 1.1 m | SEC (XBRL)· 13 May 2026verified |
| Receivables | 1.1 m | 943.3 k | 693.7 k | 312.7 k | 475.4 k | — | SEC (XBRL)· 15 Apr 2025verified |
| Inventories | 2.4 m | 1.5 m | 1.8 m | 2.6 m | 3.7 m | 3.8 m | SEC (XBRL)· 31 Mar 2026verified |
| Current assets | 18.6 m | 18.9 m | 13.0 m | 10.8 m | 9.3 m | 7.5 m | SEC (XBRL)· 31 Mar 2026verified |
| Property, plant & equipment, net | 30.7 k | 23.7 k | 18.1 k | 10.0 k | 12.9 k | 19.2 k | SEC (XBRL)· 31 Mar 2026verified |
| Intangibles (excl. goodwill) | 329.2 k | 277.6 k | 228.0 k | 178.6 k | 148.4 k | 79.1 k | SEC (XBRL)· 31 Mar 2026verified |
| Total assets | 19.6 m | 19.8 m | 13.7 m | 11.4 m | 9.8 m | 7.8 m | SEC (XBRL)· 31 Mar 2026verified |
| Accounts payable | 483.0 k | 780.4 k | 1.1 m | — | — | — | SEC (XBRL)· 30 Mar 2023verified |
| Current liabilities | 2.9 m | 3.1 m | 3.3 m | 3.1 m | 3.7 m | 4.1 m | SEC (XBRL)· 31 Mar 2026verified |
| Total liabilities | 3.5 m | 3.6 m | 3.7 m | 3.4 m | 4.0 m | 5.0 m | SEC (XBRL)· 31 Mar 2026verified |
| Equity | 16.1 m | 16.2 m | 10.0 m | 8.0 m | 5.8 m | 2.8 m † | SEC (XBRL)· 31 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -7.0 m | -4.0 m | -6.0 m | -5.3 m | -2.9 m | -2.9 m | SEC (XBRL)· 31 Mar 2026verified |
| Capex | 21.4 k | 15.2 k | 8.5 k | — | 10.1 k | 15.1 k | SEC (XBRL)· 31 Mar 2026verified |
| Free cash flow | -7.0 m ≈ | -4.0 m ≈ | -6.0 m ≈ | — | -2.9 m ≈ | -2.9 m ≈ | SEC (XBRL)· 31 Mar 2026derived |
| Investing cash flow | -21.4 k | -15.2 k | -8.5 k | -3.0 m | 3.0 m | -15.1 k | SEC (XBRL)· 31 Mar 2026verified |
| Financing cash flow | 19.7 m | 4.6 m | -8.5 k | 2.6 m | 233.8 k | 786.3 k | SEC (XBRL)· 31 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 29.2 m USD
Key indicators
Coverage and freshness
Score by group
27% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -44.0% | 32 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 0.6% | 5 (on a fixed band) | 31% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.8x | 87 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -2.3% | 0 (on a fixed band) | 31% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial87/100 · 1/3 factors with a value
- Growth· partial5/100 · 1/2 factors with a value
- Quality· partial32/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
MILESTONE SCIENTIFIC INC. (MLSS). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 9.0 m USD in 2025; YoY growth 4.0%; net margin -44.0%; ROE -121.7%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 1.8x
What contradicts it
- Revenue CAGR 3Y: 0.6%
- FCF yield: -2.3%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Orthopedic, Prosthetic & Surgical Appliances & Supplies (SIC 3842) · same industry (4-digit SIC) · compared with 23 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ISRGIntuitive Surgical, Inc. | 152.8 bn | 53.3 | 18.0% | 25.5% | +20.5% | −23% / +42% |
| EWEdwards Lifesciences Corporation | 54.9 bn | 54.8 | 9.5% | 15.4% | +11.5% | +10% / +41% |
| SNNSmith & Nephew plc | 28.5 bn | 45.3 | 11.8% | 10.1% | +6.1% | −2% / +25% |
| STESTERIS plc | 22.6 bn | 28.0 | 11.4% | 13.3% | +8.7% | −13% / +15% |
| ZBHZimmer Biomet Holdings, Inc. | 18.5 bn | 23.6 | 6.4% | 9.5% | +7.2% | −0% / −17% |
| ALGNAlign Technology, Inc. | 11.7 bn | 28.7 | 10.2% | 10.0% | +0.9% | +12% / −23% |
| MSAMsa Safety Inc | 6.8 bn | 22.8 | 22.1% | 15.0% | +3.7% | +10% / +2% |
| ESTAEstablishment Labs Holdings Inc. | 2.0 bn | — | -175.3% | -15.8% | +27.1% | −3% / +161% |
| ENOVEnovis Corp | 1.4 bn | — | -54.3% | -48.0% | +6.7% | −19% / −51% |
| CDRECadre Holdings, Inc. | 1.3 bn | 38.0 | 10.6% | 5.3% | +7.5% | −28% / −4% |
| AVRAnteris Technologies Global Corp. | 596.4 m | — | -75.1% | -4,619.3% | −29.2% | +49% / unavailable |
| COCHEnvoy Medical, Inc. | 549.6 m | — | — | -11,304.8% | +7.1% | +749% / +216% |
| ZJYLJin Medical International Ltd. | 483.7 m | 309.0 | 4.1% | 5.8% | −12.0% | −39% / −87% |
| SMTISanara Medtech Inc. | 297.0 m | — | -147.7% | -29.2% | +19.0% | +55% / −0% |
| INGNInogen, Inc. | 191.6 m | — | -13.1% | -6.9% | +3.9% | +2% / +24% |
| LAKELakeland Industries, Inc. | 88.7 m | — | -19.6% | -14.0% | +15.2% | −41% / −39% |
| NTRBNutriband Inc. | 73.9 m | — | -100.7% | -430.4% | −4.8% | +23% / +140% |
| APTAlpha Pro Tech, Ltd. | 58.6 m | 14.1 | 6.6% | 6.8% | +2.3% | +25% / +17% |
| CLGNCollPlant Biotechnologies Ltd | 54.2 m | — | -117.6% | -484.6% | +360.4% | −81% / −92% |
| MYOMyomo, Inc. | 51.5 m | — | -123.8% | -33.5% | +25.7% | +46% / −58% |
| MLSSMilestone Scientific Inc. | 29.2 m | — | -121.7% | -44.0% | +4.0% | −13% / −61% |
| LFWDLifeward Ltd. | 17.2 m | — | -225.6% | -141.3% | −14.1% | −13% / −90% |
| CUPRCuprina Holdings (Cayman) Limited | 14.1 m | — | -1,115.0% | -9,366.7% | +9.2% | −64% / unavailable |
| BBLGBone Biologics Corporation | 1.2 m | — | -47.5% | — | 0.0% | −77% / −98% |
1- and 3-year price returns: for MLSS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Milestone Scientific develops and sells computer-controlled injection systems built on its proprietary Dynamic Pressure Sensing technology, used in dental procedures and increasingly in epidural anesthesia. It posted an operating loss of 5.7 million USD in fiscal 2025, while product sales in the second quarter of 2026 rose to about 2.8 million USD 12, showing the medical segment is starting to matter but the company remains financially fragile.
SWOT
Strengths
- The proprietary Dynamic Pressure Sensing technology is protected by a large patent portfolio and has published clinical studies behind it.
- The dental segment has an established customer base and recurring consumable sales, giving relatively predictable revenue.
- The epidural product holds FDA clearance and reimbursement codes, which lowers entry barriers in the medical market.
Weaknesses
- The company has reported losses in every period since inception and depends on new capital to continue operating.
- Medical sales are still small, and a large share of revenue depends on a single product.
- The company has delayed development of its next-generation instrument because of cash management constraints.
Opportunities
- Wider reimbursement and clearances for additional anatomical uses could open further markets for the epidural system.
- International markets, including orders from China, could add revenue if they become more consistent.
- The technology could be applied to self-injection therapies at home, if that development succeeds.
Threats
- Competitors with much greater financial resources could develop alternative systems that are more effective or cheaper.
- Payer pressure and reduced reimbursement could limit pricing and adoption of the products.
- Tariffs and supply disruptions, particularly at the manufacturer in China, could raise costs.
Risks
- Going concernhigh
The cash position and recurring losses raise substantial doubt about the company's ability to continue as a going concern without new capital.
- Dependence on the epidural producthigh
If the CompuFlo Epidural System fails to win physician acceptance, the medical segment could remain very small.
- Dilution riskmedium
Raising capital by issuing shares could dilute existing shareholders and restrict operations.
- Supplier dependencemedium
Production relies on a few suppliers, and interruptions or price changes could affect deliveries.
- Listing riskmedium
If the company does not regain compliance with NYSE American listing requirements, it could be delisted, which would reduce liquidity.
Investment thesis
What would need to be true (bull case)
- Sales growth in the second quarter of 2026 and a recovering contribution from the medical line could show the business can sustain growth.
- If reimbursement for the epidural procedure expands, the medical segment could become a real growth engine.
- Its patented technology and dental customer base give it a niche position that competitors would find hard to replicate.
What would break the thesis
- Continuing operating losses and doubts about going concern could force significant dilution or cutbacks.
- Recent growth partly came from one customer group in China, which could prove a temporary peak rather than a trend.
- Larger competitors could erode market share if they develop cheaper or more effective solutions.
What to watch
- Whether China orders in dental sales recurQ3 2026
- Gross margin trend after tariffs and production cost increasesQ3 2026
- Medical segment revenue and adoption of the CompuFlo Epidural System2027
- New financing, shareholder dilution and any going concern disclosuresnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Incorporated in Delaware in 1989, the company develops computer-controlled drug delivery systems that regulate flow rate and measure pressure at the needle tip in real time 1. Its core technology, Dynamic Pressure Sensing, underlies the CompuDent and STA dental products and the CompuFlo Epidural System, which holds FDA 510(k) clearance 1. The company says it holds about 305 issued patents and roughly ten registered trademarks 1.
Segments
Dental
The dental segment is the main source of revenue, driven by instrument sales and recurring disposable handpieces 2. In the second quarter of 2026, dental sales were about 2.7 million USD, with growth supported by orders from China worth about 498,000 USD 2.
Medical
The medical segment, centred on the CompuFlo Epidural System, is described as a strategic growth area still in early adoption 2. Sales rose in the second quarter of 2026 to about 106,000 USD from 32,000 USD a year earlier 2. The company stresses that reimbursement for the associated procedure is an important factor 1.
Market context
The company competes in controlled injection, where its devices face traditional syringes and other computer-controlled systems, mainly in dentistry and epidural anesthesia. Exports are a large part of the business, with sales outside the United States at about 45% of total sales in fiscal 2025 1. Market development depends on physician acceptance and on payer reimbursement policies.
Trends
- Reimbursement for the epidural proceduretailwind
The Category III CPT code and Medicare payment determinations for the epidural procedure could support adoption of the medical system if these conditions hold 1.
- Pricing pressure from payersheadwind
Healthcare payers increasingly try to limit costs, which could reduce prices or reimbursement levels for the company's products 1.
- Tariffs and production costsheadwind
Higher costs, including tariffs on imported products and components, pressured gross margin in the second quarter of 2026 even as sales grew 2.
- International sales and China ordersmixed
Revenue from China added a notable boost in one quarter, but variability in international markets remains a risk and the effect could prove temporary 2.
Competitive position
In dentistry the company competes with other computer-controlled local anesthesia systems from Dental Hi Tec, Septodont, Aseptico and Dentsply Sirona 1. In epidural placement, competition comes from syringes and devices such as EpiFaith, Episure, Epidrum and EpiFinder, the last cleared by the FDA in 2023 1.
- Dental Hi Tec
Maker of the Soan, Quicksleeper and SleeperOne systems, in direct competition in dentistry.
- Septodont
Offers the Dentapen and Anaeject systems in the computerized dental market.
- Dentsply SironaXRAY
Sells the Comfort Control Syringe within a much broader dental portfolio.
- EpiFinder system producer
Device cleared by the FDA in 2023 for identifying the epidural space, active in the medical segment.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
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- Lotte Shopping sets overseas record as Hanoi megamall crosses $720 mil. milestoneKorea Times — Business · 02 Nov 2026 · EN
- What is a light-day? The milestone Voyager 1 is closing in onHacker News · 31 Oct 2026 · EN
- Is Beijing’s 2027 military milestone now a US readiness deadline over Taiwan?South China Morning Post — China · 31 Oct 2026 · EN
- Motor racing-Perez brings Formula One to Mexico City streets before home milestoneThe Japan Times · 29 Oct 2026 · EN
- Perez brings Formula One to Mexico City streets before home milestoneCNA (Channel NewsAsia) · 28 Oct 2026 · EN
- Israel's election too close to call. And, the Ebola outbreak reaches grim milestoneNPR News · 28 Oct 2026 · EN
- From Formula One outsider to 300 starts: Perez marks milestone in MexicoCNA (Channel NewsAsia) · 27 Oct 2026 · EN
- The Ebola outbreak is breaking records -- and just marked a grim milestoneNPR News · 27 Oct 2026 · EN
- Milestone cancer vaccine success leaves hard questions unansweredScience (AAAS) · 26 Oct 2026 · EN
- Liverpool woman who didnt think her shop would survive a month marks milestoneSurge — GDELT DOC · 21 Oct 2026 · RO
- Germany's SAP hits €10 billion quarterly revenue milestone, lifts 2026 viewCNA (Channel NewsAsia) · 21 Oct 2026 · EN
- Intel hits construction milestone at Ohio chip fab that’s at least 5 years behind scheduleCNBC — Top News · 21 Oct 2026 · EN
- ReactOS reaches major milestone with NTFS install supportArs Technica Tech · 19 Oct 2026 · EN
- A welcome recovery milestone for Pope Leo after cancer surgeryAxios · 17 Oct 2026 · EN
- Saving Lives on the Front Line: Kyiv Post’s Jason Smart Hits €1M MilestoneKyiv Post · 14 Oct 2026 · EN
- Microsoft is nearing a big milestone that solidifies its revivalMarketWatch — Top Stories · 09 Oct 2026 · EN
- Venezuela Bolivar Hits New Milestone as Dollar Supply DeclinesBloomberg Markets · 08 Oct 2026 · EN
- Labor Department marks low layoffs milestoneAxios · 08 Oct 2026 · EN
SEC filings
- Quarterly report13 Aug 2026
- Current report31 Jul 2026Departure or appointment of officers · Shareholder vote
- Current report29 Jul 2026Other events · Financial statements and exhibits
- Current report25 Jun 2026Material agreement · Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Proxy statement22 Jun 2026
- Quarterly report13 May 2026
- Current report06 May 2026Item 4.01 · Financial statements and exhibits
- Current report06 May 2026Departure or appointment of officers · Financial statements and exhibits
- Current report21 Apr 2026Material agreement · Item 3.02 · Financial statements and exhibits
- Current report02 Apr 2026Material agreement · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Milestone Scientific Inc. · 31 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Milestone Scientific Inc. · 13 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Milestone Scientific Inc. · 05 Apr 2005
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.