|By Marketwired .||
|March 12, 2014 07:07 PM EDT||
LIVINGSTON, NJ--(Marketwired - March 12, 2014) - Milestone Scientific Inc. (OTCQB: MLSS), a leading medical research and development company that designs and patents innovative injection technology, today announced financial results for the fourth quarter and year ended December 31, 2013.
2013 Operating Highlights:
- Formed a strategic partnership with Tri-anim Health Services Inc., a division of Sarnova Inc., one of the nation's largest specialty distributors of healthcare products, to distribute Milestone Medical's epidural instrument
- Listed Milestone Medical subsidiary on the Warsaw Stock Exchange and raised $3 million from European investors
- Implemented the use of the Wand® STA instrument in additional college and university dental hygienist programs
Leonard Osser, Chief Executive Officer of Milestone Scientific stated, "We are pleased to report positive financial results for the year ended December 31, 2013. We continue to see top and bottom line growth, with revenue increasing 15.8% to $10.0 million and net income increasing to $1.5 million for 2013, compared to a net loss of approximately ($870,306) in 2012. Notably, we achieved a 44.8% increase in domestic instrument sales to $1.2 million in 2013. At the same time, our balance sheet continues to improve as we increased shareholders' equity to $5.5 million as of December 31, 2013. The improvement in shareholders' equity was principally attributable to the increase in net income, conversion of a long term note, and a small private placement in 2013."
"We continue to maintain a successful distribution relationship with Aseptico, which provides us greater transparency with our customers. As a result, we are able to establish a direct relationship with dentists and provide them with a training program through our in-house education staff as well as our hygienists in the field to make an effort to have them use the instrument to the fullest capacity. Due to certain sales incentives and arrangements with our distributors, we anticipate lower handpiece sales in the first quarter and second quarter of 2014 as compared to the fourth quarter of 2013. However, we expect to more than make up for this decline in the second half of 2014 since we know from experience that once we train dentists, they utilize a greater number of handpieces each year. We are also implementing promotions and incentives on the Wand® STA instruments in 2014 to our distributors worldwide which should increase instrument sales. The increase in instrument sales will help drive handpiece sales beginning in the second half of 2014, which will result in increased sales and increased bottom line but lower margins.
"In 2013, we announced a strategic partnership with Tri-anim Health Services Inc., one of the nation's largest specialty distributors of healthcare products. Upon FDA approval, Tri-anim will be the exclusive distributer of Milestone Medical's epidural instrument. Tri-anim is one of the largest distributors to birthing hospitals across the U.S., and is an important validation of the market potential for our instruments."
"Lastly, our subsidiary, Milestone Medical Inc., recently listed on the Warsaw Stock Exchange. The listing followed a $3 million raise from European investors. The money we raised in Poland will help us accelerate the launch of our first two medical instruments, epidural and intra-articular, which are based on our patented Dynamic Pressure Sensing® system. We believe these first two medical instruments represent a significant market opportunity for both Milestone Medical Inc. and Milestone Scientific Inc. We look forward to introducing additional instruments serving a wide array of medical applications, and believe this recent funding demonstrates our ability to cost-effectively bring new instruments to market, while minimizing dilution to shareholders."
Revenue for the three months ended December 31, 2013 increased 23.3% to $2.8 million versus $2.3 million for the fourth quarter of 2012. Domestic instrument sales increased by 30.9% to $378,801 in the fourth quarter of 2013 versus the same quarter in 2012 due to the increased demand at the distributor and group dental practice levels. In the domestic market, handpiece sales increased by $211,547 or 27.3%. On the international front, total revenue was $1,407,455, a 18.9% increase versus the same period in 2012. International handpiece sales increased by $166,973 or 20.6% in the fourth quarter of 2013 versus 2012. Gross profit for the fourth quarter of 2013 was $1.8 million or 65.5% of revenue versus $1.4 million or 59.8% of revenue in the fourth quarter of 2012. Net income for the fourth quarter of 2013 was $1.0 million, or $0.05 per diluted share, versus net loss of ($365,735), or ($0.02) per diluted share for the comparable period in 2012.
Revenue for the year ended December 31, 2013 increased 15.8% to $10.0 million versus $8.6 million for the year ended 2012. The increase in product sales of $1,363,178 was primarily the result of increased domestic revenue. Domestic instrument sales increased by $377,752 or 44.8% in 2013 versus 2012 due to increased demand at the distributor and group dental practice levels. In the domestic market, handpiece sales increased by $561,355 or 16.5%. International instrument sales increased by $147,517 or 11.3% in 2013 versus 2012. In the international market, handpiece sales increased by $389,434 or 13.2%. Gross profit for 2013 was $6.8 million or 68.0% of revenue versus $5.6 million or 64.7% of revenue in 2012. Operating income for 2013 was $1.1 million versus operating loss of ($520,353) for 2012. Net income for 2013 was $1.5 million or $0.08 per diluted share, versus net loss of ($870,306), or ($0.05) per diluted share in 2012. The increase in net income is attributable to an increase in sales and gross margin dollars, as well as a significant decrease in selling, general and administrative expenses and the net positive impact of Milestone Medical Inc. (joint venture).
Milestone's executive management team will host a teleconference on Thursday, March 13
About Milestone Scientific Inc.
Milestone Scientific Inc. (MLSS) 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
Safe Harbor Statement
This press release contains forward-looking statements regarding the timing and financial impact of Milestone's ability to implement its business plan, expected revenues and future success. These statements involve a number of risks and uncertainties and are based on assumptions involving judgments with respect to future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond Milestone's control. Some of the important factors that could cause actual results to differ materially from those indicated by the forward-looking statements are general economic conditions, failure to achieve expected revenue growth, changes in our operating expenses, adverse patent rulings, FDA or legal developments, competitive pressures, changes in customer and market requirements and standards, and the risk factors detailed from time to time in Milestone's periodic filings with the Securities and Exchange Commission, including without limitation, Milestone's Annual Report for the year ended December 31, 2013. The forward looking-statements in this press release are based upon management's reasonable belief as of the date hereof. Milestone undertakes no obligation to revise or update publicly any forward-looking statements for any reason.
MILESTONE SCIENTIFIC INC. CONDENSED STATEMENTS OF OPERATIONS (Unaudited) December 31, December 31, 2013 2012 --------------- --------------- Product sales, net $ 10,011,420 $ 8,648,242 Cost of products sold 3,198,908 3,055,991 --------------- --------------- Gross profit 6,812,512 5,592,251 --------------- --------------- Selling, general and administrative expenses 5,534,463 5,930,625 Research and development expenses 191,345 181,979 --------------- --------------- Total operating expenses 5,725,808 6,112,604 --------------- --------------- Income (loss) from operations 1,086,704 (520,353) Other income (expense) Other income 17,543 - Interest income 115 34 Interest expense (70,801) (175,905) Interest-Amortized debt issuance - cost - (3,065) Loss on Earnings from Medical Joint Venture (924,363) (171,016) Loss on Earnings from Education Joint Venture (7,918) - Gain on dilutive effect on Medical Joint Venture stock issuance 1,363,650 - --------------- --------------- Total other expense, net 378,226 (349,952) --------------- --------------- Income (loss) 1,464,930 (870,306) --------------- --------------- Provision for Income Tax - - --------------- --------------- Net income (loss) $ 1,464,930 $ (870,306) =============== =============== Net income (loss) per share applicable to common stockholders - Basic $ 0.09 $ (0.05) =============== =============== Diluted $ 0.08 $ (0.05) =============== =============== Weighted average shares outstanding and to be issued - Basic 17,127,468 16,080,474 =============== =============== Diluted 17,483,638 16,080,474 =============== ===============
MILESTONE SCIENTIFIC INC. CONDENSED BALANCE SHEETS December 31, 2013 December 31, 2012 ----------------- ----------------- ASSETS Current Assets: Cash and cash equivalents $ 1,147,198 $ 165,249 Accounts receivable, net of allowance for doubtful accounts of $5,000 in 2013 and $179,259 in 2012 1,532,856 978,982 Inventories 1,321,652 638,561 Advances on contracts 727,478 476,969 Prepaid expenses and other current assets 150,451 239,061 ----------------- ----------------- Total current assets 4,879,635 2,498,822 Accounts receivable-long term, net of allowance for doubtful accounts of $167,971 in 2012 - 119,201 Advances on contracts 1,580,874 2,350,477 Investment in Milestone Medical Inc 924,115 - Investment in Milestone Education LLC 42,082 - Furniture, Fixtures & Equipment net of accumulated depreciation of $476,884as of December 31, 2013 and 23,988 36,624 $458,708 as of December 31, 2012 Patents, net of accumulated amortization of $498,502 as of December 31, 2013 and $420,556 as of December 31, 2012 591,735 648,662 Other assets 12,917 7,317 ----------------- ----------------- Total assets $ 8,055,346 $ 5,661,103 ================= ================= LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 2,020,368 $ 2,336,594 Accrued expenses and other payable 515,132 581,407 Accrued interest on Notes Payable - 356,563 ----------------- ----------------- Total current liabilities 2,535,500 3,274,564 ----------------- ----------------- Long-term Liabilities: Notes payable - 450,000 ----------------- ----------------- Total long-term liabilities - 450,000 ----------------- ----------------- Commitments and Contingencies Stockholders' Equity Preferred Stock, par value $.001, 5,000,000 shares - - Common stock, par value $.001; authorized 50,000,000 shares; 17,759,540 shares issued 1,839,930 shares to be issued and 17,726,207 shares outstanding as of December 31, 2013; 16,563,306 shares issued 1,635,709 shares to be issued and 16,529,973 shares out 19,599 18,199 Additional paid-in capital 66,677,200 64,560,224 Accumulated deficit (60,265,438) (61,730,368) Treasury stock, at cost, 33,333 shares (911,516) (911,516) ----------------- ----------------- Total stockholders' equity 5,519,846 1,936,539 ----------------- ----------------- Total liabilities and stockholders' equity $ 8,055,346 $ 5,661,103 ----------------- -----------------
David Waldman or Natalya Rudman
Crescendo Communications, LLC
Email: [email protected]
Cloud data governance was previously an avoided function when cloud deployments were relatively small. With the rapid adoption in public cloud – both rogue and sanctioned, it’s not uncommon to find regulated data dumped into public cloud and unprotected. This is why enterprises and cloud providers alike need to embrace a cloud data governance function and map policies, processes and technology controls accordingly. In her session at 15th Cloud Expo, Evelyn de Souza, Data Privacy and Compliance...
Mar. 2, 2015 10:30 PM EST Reads: 627
As organizations shift toward IT-as-a-service models, the need for managing and protecting data residing across physical, virtual, and now cloud environments grows with it. CommVault can ensure protection &E-Discovery of your data – whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise. In his session at 16th Cloud Expo, Randy De Meno, Chief Technologist - Windows Products and Microsoft Partnerships, will disc...
Mar. 2, 2015 09:45 PM EST Reads: 533
Hadoop as a Service (as offered by handful of niche vendors now) is a cloud computing solution that makes medium and large-scale data processing accessible, easy, fast and inexpensive. In his session at Big Data Expo, Kumar Ramamurthy, Vice President and Chief Technologist, EIM & Big Data, at Virtusa, will discuss how this is achieved by eliminating the operational challenges of running Hadoop, so one can focus on business growth. The fragmented Hadoop distribution world and various PaaS soluti...
Mar. 2, 2015 09:30 PM EST Reads: 521
The Workspace-as-a-Service (WaaS) market will grow to $6.4B by 2018. In his session at 16th Cloud Expo, Seth Bostock, CEO of IndependenceIT, will begin by walking the audience through the evolution of Workspace as-a-Service, where it is now vs. where it going. To look beyond the desktop we must understand exactly what WaaS is, who the users are, and where it is going in the future. IT departments, ISVs and service providers must look to workflow and automation capabilities to adapt to growing ...
Mar. 2, 2015 09:00 PM EST Reads: 508
There are many considerations when moving applications from on-premise to cloud. It is critical to understand the benefits and also challenges of this migration. A successful migration will result in lower Total Cost of Ownership, yet offer the same or higher level of robustness. In his session at 15th Cloud Expo, Michael Meiner, an Engineering Director at Oracle, Corporation, will analyze a range of cloud offerings (IaaS, PaaS, SaaS) and discuss the benefits/challenges of migrating to each of...
Mar. 2, 2015 08:30 PM EST Reads: 657
Platform-as-a-Service (PaaS) is a technology designed to make DevOps easier and allow developers to focus on application development. The PaaS takes care of provisioning, scaling, HA, and other cloud management aspects. Apache Stratos is a PaaS codebase developed in Apache and designed to create a highly productive developer environment while also supporting powerful deployment options. Integration with the Docker platform, CoreOS Linux distribution, and Kubernetes container management system ...
Mar. 2, 2015 07:45 PM EST Reads: 645
Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 16th Cloud Expo at the Javits Center in New York June 9-11 will find fresh new content in a new track called PaaS | Containers & Microservices Containers are not being considered for the first time by the cloud community, but a current era of re-consideration has pushed them to the top of the cloud agenda. With the launch ...
Mar. 2, 2015 07:15 PM EST Reads: 789
VictorOps is making on-call suck less with the only collaborative alert management platform on the market. With easy on-call scheduling management, a real-time incident timeline that gives you contextual relevance around your alerts and powerful reporting features that make post-mortems more effective, VictorOps helps your IT/DevOps team solve problems faster.
Mar. 2, 2015 05:00 PM EST Reads: 1,304
Skeuomorphism usually means retaining existing design cues in something new that doesn’t actually need them. However, the concept of skeuomorphism can be thought of as relating more broadly to applying existing patterns to new technologies that, in fact, cry out for new approaches. In his session at DevOps Summit, Gordon Haff, Senior Cloud Strategy Marketing and Evangelism Manager at Red Hat, will discuss why containers should be paired with new architectural practices such as microservices ra...
Mar. 2, 2015 04:00 PM EST Reads: 1,517
Roberto Medrano, Executive Vice President at SOA Software, had reached 30,000 page views on his home page - http://RobertoMedrano.SYS-CON.com/ - on the SYS-CON family of online magazines, which includes Cloud Computing Journal, Internet of Things Journal, Big Data Journal, and SOA World Magazine. He is a recognized executive in the information technology fields of SOA, internet security, governance, and compliance. He has extensive experience with both start-ups and large companies, having been ...
Mar. 2, 2015 04:00 PM EST Reads: 1,353
HP and Aruba Networks on Monday announced a definitive agreement for HP to acquire Aruba, a provider of next-generation network access solutions for the mobile enterprise, for $24.67 per share in cash. The equity value of the transaction is approximately $3.0 billion, and net of cash and debt approximately $2.7 billion. Both companies' boards of directors have approved the deal. "Enterprises are facing a mobile-first world and are looking for solutions that help them transition legacy investme...
Mar. 2, 2015 04:00 PM EST Reads: 727
The industrial software market has treated data with the mentality of “collect everything now, worry about how to use it later.” We now find ourselves buried in data, with the pervasive connectivity of the (Industrial) Internet of Things only piling on more numbers. There’s too much data and not enough information. In his session at @ThingsExpo, Bob Gates, Global Marketing Director, GE’s Intelligent Platforms business, to discuss how realizing the power of IoT, software developers are now focu...
Mar. 2, 2015 03:15 PM EST Reads: 1,460
Operational Hadoop and the Lambda Architecture for Streaming Data Apache Hadoop is emerging as a distributed platform for handling large and fast incoming streams of data. Predictive maintenance, supply chain optimization, and Internet-of-Things analysis are examples where Hadoop provides the scalable storage, processing, and analytics platform to gain meaningful insights from granular data that is typically only valuable from a large-scale, aggregate view. One architecture useful for capturing...
Mar. 2, 2015 02:00 PM EST Reads: 1,430
SYS-CON Events announced today that Vitria Technology, Inc. will exhibit at SYS-CON’s @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Vitria will showcase the company’s new IoT Analytics Platform through live demonstrations at booth #330. Vitria’s IoT Analytics Platform, fully integrated and powered by an operational intelligence engine, enables customers to rapidly build and operationalize advanced analytics to deliver timely business outcomes ...
Mar. 2, 2015 01:45 PM EST Reads: 1,298
DevOps is about increasing efficiency, but nothing is more inefficient than building the same application twice. However, this is a routine occurrence with enterprise applications that need both a rich desktop web interface and strong mobile support. With recent technological advances from Isomorphic Software and others, it is now feasible to create a rich desktop and tuned mobile experience with a single codebase, without compromising performance or usability.
Mar. 2, 2015 01:15 PM EST Reads: 1,219