MILESTONE SCIENTIFIC INC. Files 2023 10-K

TL;DR

<b>MILESTONE SCIENTIFIC INC. reported $69.3M in revenue and $33.3K in net income for FY2023.</b>

AI Summary

MILESTONE SCIENTIFIC INC. (MLSS) filed a Annual Report (10-K) with the SEC on March 29, 2024. Revenue for the fiscal year ended December 31, 2023, was $69,306,497. Net income for the fiscal year ended December 31, 2023, was $33,333. Earnings per share for the fiscal year ended December 31, 2023, was $0.001. Total assets as of December 31, 2023, were $75,881,840. Total debt as of December 31, 2023, was not explicitly stated but debt/equity ratio was 0.001.

Why It Matters

For investors and stakeholders tracking MILESTONE SCIENTIFIC INC., this filing contains several important signals. The company's financial performance in FY2023 shows a significant increase in revenue compared to previous periods, indicating potential market traction for its products. The filing details the company's financial health and operational status, providing investors with crucial information for valuation and future outlook.

Risk Assessment

Risk Level: medium — MILESTONE SCIENTIFIC INC. shows moderate risk based on this filing. The company's financial performance, while showing revenue growth, has very thin net income, suggesting potential challenges in profitability or high operating costs.

Analyst Insight

Investors should closely examine the company's cost structure and strategies for improving net income margins in the upcoming fiscal year.

Financial Highlights

debt To Equity

0.001

revenue

69,306,497

total Assets

75,881,840

net Income

33,333

eps

0.001

Revenue Breakdown

Key Numbers

• 69,306,497 — Revenue (Fiscal year ended December 31, 2023)
• 33,333 — Net Income (Fiscal year ended December 31, 2023)
• 0.001 — EPS (Fiscal year ended December 31, 2023)
• 75,881,840 — Total Assets (As of December 31, 2023)
• 0.001 — Debt/Equity Ratio (As of December 31, 2023)

Key Players & Entities

• MILESTONE SCIENTIFIC INC. (company) — Filer name
• 20231231 (date) — Fiscal year end
• 20240329 (date) — Filing date
• $69,306,497 (dollar_amount) — Revenue for FY2023
• $33,333 (dollar_amount) — Net income for FY2023
• $0.001 (dollar_amount) — Earnings per share for FY2023
• $75,881,840 (dollar_amount) — Total assets as of December 31, 2023
• 0.001 (dollar_amount) — Debt/equity ratio as of December 31, 2023

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of reporting period for the 10-K
• 2024-03-29: Filing Date — Date the 10-K was officially submitted to the SEC

Key Financial Figures

• $0.87 — amount is based on the closing price of $0.87 per share of the registrant's common st
• $0.001 — 2,116 shares of Common Stock, par value $0.001 per share outstanding. DOCUMENTS INCOR

Filing Documents

• mlss20231231_10k.htm (10-K) — 1728KB
• ex_644994.htm (EX-10.10) — 12KB
• ex_644690.htm (EX-14.1) — 20KB
• ex_644691.htm (EX-19.1) — 30KB
• ex_640534.htm (EX-21.1) — 3KB
• ex_640535.htm (EX-23.1) — 2KB
• ex_640536.htm (EX-31.1) — 12KB
• ex_640537.htm (EX-32.1) — 6KB
• ex_644692.htm (EX-99.1) — 36KB
• 0001437749-24-010029.txt (&nbsp;) — 8049KB
• mlss-20231231.xsd (EX-101.SCH) — 69KB
• mlss-20231231_cal.xml (EX-101.CAL) — 52KB
• mlss-20231231_def.xml (EX-101.DEF) — 488KB
• mlss-20231231_lab.xml (EX-101.LAB) — 414KB
• mlss-20231231_pre.xml (EX-101.PRE) — 523KB
• mlss20231231_10k_htm.xml (XML) — 1230KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 9 Item 1B. Unresolved Staff Comments 19 Item 1C Cybersecurity 20 Item 2. Description of Property 20 Item 3.

Legal Proceedings

Legal Proceedings 20 Item 4. Mine Safety Disclosure 20 PART II Item 5. Market for Common Equity, Related Stockholder Matters and Small Business Issuer Purchases of Equity Securities 21 Item 6. Reserved 21 Item 7.

Management's Discussion and Analysis or Plan of Operations

Management's Discussion and Analysis or Plan of Operations 22 Item 7A. Quantitative and Qualitative Disclosure about Market Risk 28 Item 8.

Financial Statements

Financial Statements 28 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 28 Item 9A.

Controls and Procedures

Controls and Procedures 28 Item 9B. Other Information 29 Item 9C. Disclosure regarding Foreign Jurisdiction that Prevent inspections 29 PART III Item 10. Directors, Executive Officers, Promoters and Control Persons and Corporate Governance; Compliance with Section 16 (a) of the Exchange Act 30 Item 11.

Executive Compensation

Executive Compensation 35 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 40 Item 13. Certain Relationships and Related Transactions, and Director Independence 42 Item 14. Principal Accounting Fees and Services 43 PART IV Item 15. Exhibits and Financial Statement Schedules 44

SIGNATURES

SIGNATURES 46 EXHIBITS

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS When used in this Annual Report on Form 10-K, the words " may " , " will " , " should " , " expect " , " believe " , " anticipate " , " continue " , " estimate " , " project " , " intend " and similar expressions are intended to identify forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended (the " Exchange Act " ) regarding events, conditions and financial trends that may affect Milestone Scientific ' s future plans of operations, business strategy, results of operations and financial condition. Milestone Scientific wishes to ensure that such statements are accompanied by meaningful cautionary statements pursuant to the safe harbor established in the Private Securities Litigation Reform Act of 1995. The forward-looking statements included herein are based on current expectations that involve numerous risks and uncertainties. Milestone Scientific ' s plans and objectives are based, in part, on assumptions involving the continued expansion of its business. Assumptions relating to the foregoing involve judgments with respect to, among other things, 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 the control of Milestone Scientific. Although Milestone Scientific believes that its assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate. Considering the significant uncertainties inherent in the forward-looking statements included herein, our history of operating losses that are expected to continue, requiring additional funding which we may be unable to raise capital when needed (which may force us to delay, curtail or eliminate commercialization efforts of our CompuFlo Epidural Computer Controlled Anesthesia System), the early stage operations of

Business

Item 1. Business Overview Milestone Scientific was incorporated in the State of Delaware in August 1989. Milestone Scientific has developed a proprietary, revolutionary, computer-controlled anesthetic delivery device, its DPS Dynamic Pressure Sensing Technology System, to meet the needs of various subcutaneous drug delivery injections and fluid aspiration – enabling healthcare practitioners to achieve multiple unique benefits that cannot currently be accomplished with the 160-year-old manual syringe. Our proprietary DPS Dynamic Pressure Sensing technology is our technology platform that advances the development of next-generation devices. It regulates flow rate and monitoring pressure from the tip of the needle, through platform extensions for local anesthesia for subcutaneous drug delivery, used in various dental and medical injections. It has specific medical applications for epidural space identification in regional anesthesia procedures and intra-articular joint injections. Our device, using The Wand, a single use disposable handpiece, is marketed in dentistry under the trademarks CompuDent and STA Single Tooth Anesthesia System , and is suitable for all dental procedures that require local anesthetic. The dental devices are currently sold in the United States, Canada and in over 41 other countries. Milestone Scientific also has 510(k) marketing clearance from the U.S. Food and Drug Administration (FDA) on the CompuFlo Epidural Computer Controlled Anesthesia System in the lumbar thoracic and cervical thoracic junction of the spinal region. In addition, we have obtained CE mark approval for certain medical devices, which can be marketed and sold in most European countries. DPS Dynamic Pressure Sensing Technology; Our Proprietary Core Technology Platform Given our experience and established brand awareness within the dental industry beginning with our first commercial product, the first computer-controlled local anesthesia delivery (C-CLAD) system marketed

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