ROSELAND, N.J. - Milestone Scientific Inc. (NYSE: NYSE:MLSS), known for developing advanced drug delivery instruments, announced today the receipt of Notices of Allowance for pivotal patent applications from both the U.S. Patent and Trademark Office and the European Patent Office.
These approvals are set to strengthen the company's intellectual property portfolio, particularly concerning its next-generation Dynamic Pressure Sensing® (DPS) technology.
The U.S. and European patents pertain to a device and method for needle and catheter location using correlation analysis. This technology is designed to enhance the precision of manual injections by allowing real-time pressure-sensing guidance. It analyzes fluid pressure to detect pressure signals, alert thresholds, and display pressure graphs, thereby aiming to improve the accuracy of needle and catheter positioning.
In addition, the European Patent Office has granted an NOA for a patent application titled "Device and Method for Identification of a Target Region." This patent is connected to Milestone Scientific's CompuPulse System, which identifies pulsatile pressure waveforms, improving the reliability and safety of drug delivery via manual syringes. The U.S. has already granted a corresponding patent for this technology.
Arjan Haverhals, CEO and President of Milestone Scientific, remarked on the significance of these NOAs, stating they broaden the company's intellectual property base and reinforce its position in the computerized injection market. He also suggested that these developments could pave the way for their technology's application across various markets.
Milestone Scientific's core focus lies in the research and development of innovative injection technologies for medical and dental use. Their computer-controlled systems are designed to deliver injections with enhanced precision and patient comfort. The company's proprietary DPS technology is central to their product development, aiming to regulate flow and monitor pressure during drug delivery.
The information in this article is based on a press release statement from Milestone Scientific Inc.
In other recent news, Milestone Scientific Inc. reported mixed Q1 results, with a slight decline in revenue to $2.2 million, down from $2.6 million in the same period in 2023. However, the company experienced a significant 31% increase in e-commerce sales and improved gross margins due to a shift to a direct sales model. The company also confirmed the board and auditors at their 2024 Annual Meeting of Stockholders, ensuring continuity and adherence to compliance standards.
Milestone Scientific's CEO, Arjan Haverhals, discussed growth potential in the U.S. and international markets, particularly Brazil, and mentioned the company's target of a 20% share of the epidural market. These recent developments coincide with the company's active pursuit of reimbursement for its CompuFlo Epidural System and its focus on growing revenues through direct sales and marketing activities.
Despite a decrease in international revenue, Milestone Scientific's e-commerce platform, launched in January 2023, generated $1.3 million in revenue for the quarter. The company reported $5 million in cash and no long-term debt, despite operating losses of $1.5 million and a net loss of $1.4 million. These are some of the recent developments that have unfolded at Milestone Scientific.
InvestingPro Insights
Milestone Scientific Inc. (NYSE: MLSS) continues to make significant strides in strengthening its patent portfolio, a move that could potentially enhance its market position. As the company secures Notices of Allowance for its Dynamic Pressure Sensing® (DPS) technology in the U.S. and Europe, investors are keenly observing the financial metrics that could impact the stock's performance.
According to the latest data from InvestingPro, Milestone Scientific has a market capitalization of $74.92 million, reflecting the market's current valuation of the company. Despite the challenges in profitability as analysts do not expect the company to be profitable this year, the firm's liquid assets exceed its short-term obligations, indicating a sound liquidity position. This financial stability is essential for supporting ongoing research and development efforts, which are critical for a company like Milestone Scientific that relies on technological innovation.
The company's Price / Book ratio for the last twelve months as of Q1 2024 stands at 10.04, which is relatively high, suggesting that the market may be pricing in the potential of its intellectual property and future growth prospects. However, it's important to note that the stock has experienced considerable volatility, with a significant hit over the last week, but it has also shown strong returns over the last month, three months, and six months.
For readers looking to delve deeper into Milestone Scientific's financials and stock performance, there are additional InvestingPro Tips available. These tips provide further insights into the company's debt levels, historical profitability, and investment returns. For those interested, using the coupon code PRONEWS24 can provide up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription to InvestingPro, where users can find a total of 11 tips for MLSS.
With the latest developments in Milestone Scientific's intellectual property and the financial data at hand, investors can make more informed decisions regarding their interest in the company's stock. The combination of patent approvals and the financial insights from InvestingPro could serve as a guide for potential investment opportunities.
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