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Milestone Scientific Inc. (MLSS0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in net sales to $2,513,805 from $2,059,284 in the same quarter the previous year, primarily driven by international sales.
Cost of products sold for the quarter was $677,585, representing 27% of sales, compared to 27% in the same quarter of the previous year.
The company reported a gross profit of $1,836,220 for the quarter, compared to $1,503,434 in the previous year, attributed to higher international sales.
Selling, general, and administrative expenses increased to $3,064,769 from $2,823,765, primarily due to higher employee salaries and benefits.
Net loss for the quarter was $1,461,171, compared to $1,476,105 in the previous year.
Cash used in operating activities was $1,408,387, while cash provided by investing and financing activities was $2,969,977 and $236,294, respectively.
Milestone had cash and cash equivalents of approximately $4.8 million as of September 30, 2024, with working capital of approximately $6.9 million.
The filing also details the company's focus on expanding its DPS Dynamic Pressure Sensing technology platform and efforts to increase revenue from its dental and medical devices.
Milestone Scientific continues to pursue positive cash flow from operating activities through increased revenue and reduced operating expenses.
The company acknowledges its dependence on additional capital to meet future obligations and achieve profitability.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Milestone Scientific Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.