Despite maintaining a robust 71.4% gross margin in 2026Q1, the company remains trapped in a cycle of negative profitability with an operating margin of -38.3% due to excessive overhead costs.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 8.9M | 8.97M | 8.63M | 9.83M | 8.81M | 10.3M | 5.44M | 8.37M | 9.62M | 11.28M | 10.48M | 9.49M | 10.33M | 10.01M | 8.65M | 8.38M | 9.75M | 8.55M | 6.62M | 6.39M | 5.84M | 6.43M | 4.75M | 3.97M | 4.07M | 4.09M | 5.67M | 2.86M | 8.8M | 2.9M | 300K |
| Revenue Growth % | 3.37% | 3.99% | -12.19% | 11.6% | -14.54% | 89.52% | -35.07% | -12.97% | -14.71% | 7.63% | 10.43% | -8.14% | 3.21% | 15.76% | 3.22% | -14.07% | 14.05% | 29.07% | 3.65% | 9.35% | -9.16% | 35.4% | 19.63% | -2.51% | -0.48% | -27.86% | 98.72% | -67.55% | 203.45% | 866.67% | - |
| Cost of Goods Sold | 2.64M | 2.64M | 2.2M | 3.03M | 3.91M | 3.99M | 1.82M | 2.66M | 5.19M | 4.31M | 4.18M | 3.05M | 3.63M | 3.2M | 3.06M | 3.02M | 3.53M | 3.46M | 2.68M | 2.9M | 3.04M | 2.52M | 2.42M | 2M | 1.98M | 1.97M | 2.91M | 839.46K | 9.6M | 1.6M | 0 |
| COGS % of Revenue | - | 29.47% | 25.44% | 30.88% | 44.35% | 38.75% | 33.4% | 31.72% | 53.95% | 38.23% | 39.84% | 32.12% | 35.14% | 31.95% | 35.34% | 36.01% | 36.22% | 40.45% | 40.48% | 45.35% | 51.94% | 39.19% | 50.85% | 50.44% | 48.62% | 48.2% | 51.25% | 29.4% | 109.09% | 55.17% | - |
| Gross Profit | 6.27M | 6.33M | 6.43M | 6.79M | 4.9M | 6.31M | 3.62M | 5.72M | 4.43M | 6.97M | 6.31M | 6.44M | 6.7M | 6.81M | 5.59M | 5.36M | 6.22M | 5.09M | 3.94M | 3.49M | 2.81M | 3.91M | 2.34M | 1.97M | 2.09M | 2.12M | 2.77M | 2.02M | -800K | 1.3M | 300K |
| Gross Margin % | 70.37% | 70.53% | 74.56% | 69.12% | 55.65% | 61.25% | 66.6% | 68.28% | 46.05% | 61.77% | 60.16% | 67.88% | 64.86% | 68.05% | 64.66% | 63.99% | 63.78% | 59.55% | 59.52% | 54.65% | 48.06% | 60.81% | 49.15% | 49.56% | 51.38% | 51.8% | 48.75% | 70.6% | -9.09% | 44.83% | 100% |
| Gross Profit Growth % | - | -1.64% | -5.27% | 38.6% | -22.36% | 74.3% | -36.67% | 29.04% | -36.42% | 10.51% | -2.12% | -3.86% | -1.62% | 21.82% | 4.3% | -13.78% | 22.15% | 29.12% | 12.88% | 24.36% | -28.21% | 67.52% | 18.63% | -5.95% | -1.3% | -23.34% | 37.21% | 352% | -161.54% | 333.33% | - |
| Operating Expenses | 10.79M | 12.03M | 13.19M | 13.9M | 13.73M | 13.69M | 11.07M | 9.72M | 10.89M | 12.2M | 12.82M | 9.5M | 7.49M | 5.73M | 6.11M | 6.59M | 6.92M | 7.19M | 5.67M | 6.73M | 6.33M | 7.08M | 5.34M | 3.7M | 3.76M | 5.32M | 9.6M | 8.2M | 10.2M | 9M | 2.6M |
| OpEx % of Revenue | - | 134.01% | 152.86% | 141.43% | 155.9% | 132.86% | 203.68% | 116.03% | 113.19% | 108.17% | 122.31% | 100.09% | 72.51% | 57.19% | 70.68% | 78.6% | 70.97% | 84.15% | 85.62% | 105.35% | 108.34% | 110.06% | 112.47% | 93.17% | 92.36% | 129.98% | 169.23% | 287.09% | 115.91% | 310.34% | 866.67% |
| Selling, General & Admin | 10.69M | 11.58M | 0 | 0 | 0 | 0 | 0 | 9.53M | 10.65M | 11.93M | 11.55M | 9.4M | 7.4M | 5.53M | 5.93M | 6.45M | 6.65M | 6.95M | 5.5M | 6.34M | 5.33M | 6.79M | 5.16M | 3.57M | 3.59M | 5.27M | 8.5M | 7.01M | 9.3M | 7.7M | 2.2M |
| SG&A % of Revenue | - | 129% | - | - | - | - | - | 113.77% | 110.63% | 105.75% | 110.19% | 99.03% | 71.66% | 55.28% | 68.58% | 76.93% | 68.19% | 81.33% | 83.08% | 99.14% | 91.13% | 105.61% | 108.51% | 89.88% | 88.09% | 128.76% | 149.76% | 245.48% | 105.68% | 265.52% | 733.33% |
| Research & Development | 80.35K | 449.47K | 858.77K | 701.38K | 1.15M | 878.21K | 307.85K | 189.92K | 245.64K | 272.75K | 1.27M | 100.86K | 88.24K | 191.34K | 181.98K | 140.05K | 270.49K | 241.32K | 168.52K | 397.35K | 1.01M | 286.26K | 187.99K | 131.01K | 147.71K | 49.94K | 386.25K | 455.33K | 400K | 1M | 200K |
| R&D % of Revenue | - | 5.01% | 9.95% | 7.14% | 13.06% | 8.52% | 5.66% | 2.27% | 2.55% | 2.42% | 12.12% | 1.06% | 0.85% | 1.91% | 2.1% | 1.67% | 2.77% | 2.82% | 2.54% | 6.22% | 17.2% | 4.45% | 3.96% | 3.3% | 3.63% | 1.22% | 6.81% | 15.95% | 4.55% | 34.48% | 66.67% |
| Other Operating Expenses | 19.5K | 0 | 12.33M | 13.2M | 12.58M | 12.81M | 10.77M | 0 | -7.23K | -4.93K | -5.09K | -5.35K | 0 | 17.54K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 26.07K | 0 | 718.62K | 732.86K | 500K | 300K | 200K |
| Operating Income | -4.53M | -5.7M | -6.76M | -7.11M | -8.83M | -7.38M | -7.45M | -4M | -8M | -5.23M | -6.51M | -3.06M | -790.18K | 1.09M | -520.35K | -1.22M | -700.84K | -2.1M | -1.73M | -3.24M | -3.52M | -3.25M | -3.01M | -1.73M | -1.67M | -3.2M | -6.84M | -6.18M | -11M | -7.7M | -2.3M |
| Operating Margin % | -50.84% | -63.48% | -78.3% | -72.31% | -100.24% | -71.6% | -137.08% | -47.75% | -83.14% | -46.4% | -62.14% | -32.2% | -7.65% | 10.85% | -6.02% | -14.6% | -7.19% | -24.61% | -26.1% | -50.7% | -60.28% | -50.47% | -63.31% | -43.61% | -40.98% | -78.18% | -120.48% | -216.49% | -125% | -265.52% | -766.67% |
| Operating Income Growth % | - | 15.69% | 4.92% | 19.5% | -19.64% | 1% | -86.37% | 50.01% | -52.82% | 19.64% | -113.1% | -286.84% | -172.71% | 308.84% | 57.47% | -74.59% | 66.68% | -21.69% | 46.65% | 8.02% | -8.49% | -7.94% | -73.68% | -3.74% | 47.83% | 53.19% | -10.59% | 43.8% | -42.86% | -234.78% | - |
| EBITDA | -4.34M | -5.51M | -6.72M | -7.04M | -8.76M | -7.3M | -7.36M | -3.74M | -7.12M | -4.66M | -6.35M | -2.96M | -694.34K | 1.18M | -425.22K | -1.12M | -572.2K | -1.98M | -1.6M | -3.09M | -3.4M | -3.13M | -2.91M | -1.4M | -1.25M | -2.77M | -6.12M | -5.45M | -10.5M | -7.4M | -2.1M |
| EBITDA Margin % | -48.73% | -61.41% | -77.86% | -71.68% | -99.52% | -70.89% | -135.31% | -44.69% | -73.98% | -41.32% | -60.59% | -31.18% | -6.72% | 11.81% | -4.92% | -13.35% | -5.87% | -23.13% | -24.18% | -48.37% | -58.25% | -48.64% | -61.17% | -35.17% | -30.72% | -67.55% | -107.82% | -190.82% | -119.32% | -255.17% | -700% |
| EBITDA Growth % | 39.69% | 17.99% | 4.61% | 19.62% | -19.97% | 0.71% | -96.58% | 47.42% | -52.71% | 26.6% | -114.59% | -326.22% | -158.7% | 378.17% | 61.97% | -95.42% | 71.06% | -23.47% | 48.2% | 9.19% | -8.79% | -7.66% | -108.06% | -11.61% | 54.74% | 54.8% | -12.28% | 48.11% | -41.89% | -252.38% | - |
| D&A (Non-Cash Add-back) | 188.38K | 185.66K | 37.45K | 62.32K | 63.84K | 73.83K | 95.95K | 256.47K | 881.28K | 573.15K | 163.37K | 97.38K | 95.84K | 96.12K | 95.13K | 105.39K | 128.64K | 126.39K | 127.24K | 148.91K | 118.76K | 118.15K | 101.92K | 335.22K | 417.99K | 435.18K | 718.62K | 732.86K | 500K | 300K | 200K |
| EBIT | -4.53M | -5.7M | -6.76M | -7.11M | -8.83M | -7.38M | -7.45M | -7.64M | -6.46M | -5.23M | -6.51M | -3.06M | -790.18K | 1.54M | -691.34K | -1.34M | -700.84K | -2.1M | -1.73M | -3.24M | -3.52M | -3.25M | -3.01M | -1.73M | -1.67M | -3.2M | -6.84M | -6.18M | -11M | -7.5M | -2.3M |
| Net Interest Income | -40.64K | -25.6K | 60.27K | 125.53K | 54.61K | -16.36K | -18.08K | 1.54K | 7.45K | 9.3K | 1.28K | 3.84K | 2.39K | -70.69K | -178.94K | -137.1K | -94.55K | -150.88K | -107.35K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 1.52K | 0 | 60.27K | 125.53K | 54.61K | 0 | 0 | 1.54K | 7.45K | 9.3K | 1.28K | 3.84K | 5.06K | 115 | 34 | 35 | 587 | 3.15K | 9.02K | 0 | 87.41K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 42.16K | 25.6K | 0 | 0 | 0 | 16.36K | 18.08K | 0 | 0 | 0 | 0 | 0 | 2.67K | 70.8K | 178.97K | 131.84K | 95.14K | 154.03K | 116.37K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -40.64K | -25.6K | 2.04M | 125.53K | 54.61K | 502.41K | 79.81K | -3.56M | 215 | 4.37K | -3.8K | -1.51K | -907.81K | 378.23K | -349.95K | -258.5K | 86.33K | 573.43K | 541.13K | 301.55K | 370.52K | 492.87K | 11.34K | 0 | 53.93K | 64.49K | -246.28K | -807.6K | 400K | 0 | 200K |
| Pretax Income | -4.57M | -5.72M | -4.71M | -6.98M | -8.77M | -6.88M | -7.37M | -7.56M | -8M | -5.23M | -6.52M | -3.06M | -1.7M | 1.46M | -870.31K | -1.35M | -519.96K | -2.16M | -1.08M | -2.94M | -3.15M | -2.27M | 0 | 0 | -1.62M | -3.14M | -7.08M | -6.99M | -10.6M | -7.5M | -2.1M |
| Pretax Margin % | -51.3% | -63.76% | -54.62% | -71.04% | -99.62% | -66.73% | -135.61% | -90.3% | -83.13% | -46.36% | -62.18% | -32.22% | -16.43% | 14.63% | -10.06% | -16.12% | -5.33% | -25.23% | -16.31% | -45.98% | -53.94% | -35.26% | - | - | -39.66% | -76.6% | -124.82% | -244.77% | -120.45% | -258.62% | -700% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 333 | 15.5K | 18.13K | 23.99K | 19.09K | -19.1K | 36.16K | 9.51K | 0 | 7.95K | 258.5K | -86.33K | -573.43K | -541.13K | 0 | 0 | -413.94K | -11.34K | 680.86K | 770.64K | 791.16K | 673.22K | 790.58K | -300K | -300K | -400K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | -0% | -0.21% | -0.24% | -0.3% | -0.37% | 0.29% | -1.18% | -0.56% | 0% | -0.91% | -19.14% | 16.6% | 26.59% | 50.1% | 0% | 0% | 18.25% | - | - | -47.7% | -25.23% | -9.5% | -11.31% | 2.83% | 4% | 19.05% |
| Net Income | -4.57M | -5.72M | -4.71M | -6.93M | -8.71M | -6.82M | -7.34M | -7.52M | -7.43M | -5.19M | -5.95M | -5.47M | -1.7M | 1.46M | -870.31K | -1.48M | -614.51K | -1.53M | -1.19M | -2.94M | -3.15M | -2.75M | -3M | -2.41M | -2.44M | -3.99M | -7.51M | -6.97M | -10.7M | -7.4M | -1.9M |
| Net Margin % | -51.3% | -63.76% | -54.62% | -70.51% | -98.87% | -66.17% | -134.94% | -89.85% | -77.24% | -45.97% | -56.73% | -57.6% | -16.47% | 14.63% | -10.06% | -17.69% | -6.3% | -17.9% | -17.93% | -45.98% | -53.94% | -42.81% | -63.08% | -60.75% | -59.9% | -97.51% | -132.35% | -244.17% | -121.59% | -255.17% | -633.33% |
| Net Income Growth % | 13.29% | -21.4% | 31.97% | 20.41% | -27.69% | 7.07% | 2.49% | -1.25% | -43.28% | 12.78% | -8.76% | -221.24% | -216.18% | 268.32% | 41.28% | -141.18% | 59.84% | -28.85% | 59.59% | 6.78% | -14.45% | 8.1% | -24.2% | 1.12% | 38.87% | 46.85% | -7.71% | 34.84% | -44.59% | -289.47% | - |
| Net Income (Continuing) | -4.57M | -5.72M | -4.71M | -6.98M | -8.77M | -6.88M | -7.39M | -7.58M | -7.69M | -5.37M | -7.29M | -5.54M | -1.71M | 1.46M | -870.31K | -1.48M | -614.51K | -1.53M | -1.19M | -2.94M | -3.15M | -2.75M | -3M | -2.41M | -2.44M | -3.99M | -7.51M | -6.97M | -10.7M | -7.4M | -1.9M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | -219.28K | -152.54K | -94.43K | -67.27K | -11.4K | 256.74K | 36.11K | -1.14M | 394.53K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.06 | -0.07 | -0.06 | -0.10 | -0.12 | -0.10 | -0.12 | -0.17 | -0.21 | -0.16 | -0.22 | -0.26 | -0.08 | 0.08 | -0.05 | -0.10 | -0.04 | -0.11 | -0.09 | -0.24 | -0.27 | -0.25 | -0.33 | -0.52 | -0.59 | -1.07 | -2.15 | -2.40 | -3.66 | -3.63 | -1.29 |
| EPS Growth % | 14.68% | -18.44% | 37.92% | 20.67% | -20% | 16.67% | 29.41% | 19.05% | -31.25% | 27.27% | 15.38% | -206.6% | -206% | 247.87% | 44.63% | -135.42% | 62.27% | -17.4% | 60.96% | 11.11% | -8% | 24.24% | 36.54% | 11.86% | 44.86% | 50.23% | 10.42% | 34.43% | -0.83% | -181.4% | - |
| EPS (Basic) | - | -0.07 | -0.06 | -0.10 | -0.12 | -0.10 | -0.12 | -0.17 | -0.21 | -0.16 | -0.22 | -0.26 | -0.08 | 0.09 | -0.05 | -0.10 | -0.04 | -0.11 | -0.09 | -0.24 | -0.27 | -0.25 | -0.33 | -0.52 | -0.59 | -1.07 | -2.15 | -2.40 | -3.66 | -3.63 | -1.29 |
| Diluted Shares Outstanding | 82.06M | 82.06M | 79.79M | 72.78M | 70.61M | 68.83M | 63.06M | 45.74M | 35.3M | 32.7M | 26.97M | 21.43M | 20.06M | 17.48M | 16.08M | 15.17M | 14.82M | 13.39M | 12.67M | 12.14M | 11.79M | 11.01M | 9.15M | 4.67M | 4.16M | 3.71M | 3.5M | 2.91M | 2.92M | 2.04M | 1.47M |
| Basic Shares Outstanding | 82.06M | 82.06M | 79.79M | 72.78M | 70.61M | 68.83M | 63.06M | 45.74M | 35.3M | 32.7M | 26.97M | 21.03M | 20.06M | 17.13M | 16.08M | 15.17M | 14.82M | 13.39M | 12.67M | 12.14M | 11.79M | 11.01M | 9.15M | 4.67M | 4.16M | 3.71M | 3.5M | 2.91M | 2.92M | 2.04M | 1.47M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Liquidity and scaling constraints
According to recent financial disclosures, Milestone Scientific's revenue growth has remained inconsistent, with the most recent quarterly figure of $2.2 million representing a 3.99% year-over-year decline, highlighting the difficulty in scaling the company's proprietary medical device technology within a highly competitive and mature dental market.
The lack of consistent top-line expansion suggests that the company's razor-razorblade model is struggling to gain sufficient traction to offset the cyclical nature of dental equipment procurement. Investors should monitor whether the current revenue plateau reflects a saturation of the existing dental base or a failure to successfully penetrate the broader medical segment.
As reported in financial statements, Milestone Scientific maintains a robust gross margin of approximately 70%, yet this premium pricing power is effectively neutralized by an operating margin that has remained deeply negative, recently hovering around -63% due to substantial overhead and specialized sales force requirements.
While the high gross margin confirms the value proposition of the proprietary disposable handpieces, the inability to convert this into operating profitability indicates a structural mismatch between production costs and commercialization expenses. This disparity suggests that the company's current scale is insufficient to absorb the fixed costs inherent in its specialized medical device business model.
Based on the company's reported figures, operating expenses continue to dwarf gross profit, with SG&A costs frequently exceeding $2.5 million per quarter, which prevents the firm from achieving the necessary operating leverage to reach a break-even point despite the high-margin nature of its core product offerings.
The persistent reliance on heavy SG&A spending to drive clinical education and market adoption appears to be a significant drag on the income statement. Without a clear inflection in revenue velocity, the current cost structure may continue to pressure the company's financial viability, necessitating a more disciplined approach to overhead management.
Data from recent filings indicates that with cash and equivalents at approximately $1.1 million against ongoing quarterly operating losses, the company faces a precarious liquidity profile that may force dilutive financing, a risk that short-sellers likely emphasize given the slow adoption of the CompuFlo platform.
The disconnect between the company's technological potential and its immediate financial sustainability warrants significant caution. Investors should investigate whether the current cash runway is sufficient to support the necessary commercialization efforts or if the firm is approaching a critical juncture that will require external capital to survive.
Quick answers to the most common questions about buying MLSS stock.
For fiscal year 2025, Milestone Scientific Inc. (MLSS) reported total revenue of $9.0M. This represents a 2891.3% increase compared to $0.3M in 1996.
Milestone Scientific Inc. (MLSS) reported a net loss of $5.7M for the fiscal year ending 2025.
Milestone Scientific Inc. (MLSS) reported an operating income of $-5.7M, resulting in an operating profit margin of -63.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Milestone Scientific Inc. (MLSS) generated $6.3M in gross profit for the year, representing a gross profit margin of 70.5%. This demonstrates the company's core pricing power and production efficiency.