Overview

• US injection device maker's Q1 revenue was stable yr/yr

• Operating loss narrowed as company cut expenses by over 30%

Outlook

• Milestone Scientific expects 2026 revenue of $9.8 mln to $10.2 mln

• Company targets cash flow breakeven in early 2027

• Milestone Scientific expects improved operating leverage and reduced cash burn in 2026

Result Drivers

• MIDDLE EAST SHIPPING ISSUES - Co said Q1 revenue was negatively affected by difficulties shipping booked orders to the Middle East due to ongoing conflict

• MEDICAL SEGMENT GROWTH - Co said medical segment revenue more than doubled yr/yr, reflecting early-stage adoption and growing clinician interest

• OPERATING EXPENSE CUTS - Co attributed narrower operating loss to a more than 30% reduction in operating expenses

Company press release: ID:nGNX1nGvz0

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Miss	$2.16 mln	$2.25 mln (2 Analysts)
Q1 Gross Profit		$1.56 mln
Q1 Operating Income		-$0.83 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the advanced medical equipment & technology peer group is "buy"

• Wall Street's median 12-month price target for Milestone Scientific Inc is $1.00, about 185.4% above its May 13 closing price of $0.35

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