Milestone Scientific, a medical R&D company that designs, patents, incubates and commercializes a growing portfolio of innovative injection technologies, announced financial results for the first quarter ending March 31, 2016.
First Quarter 2016 Financial Highlights
Revenue for the first quarter of 2016 increased 29% to $3.6 million
Domestic handpiece sales increased 129% to $988,000
Domestic instrument sales increased 47% to $661,000
International instrument sales increased 87% to $1.3 million
Revenue for the three months ended March 31, 2016 was $3.6 million versus $2.8 million for the first quarter of 2015. The increase in total revenue by $799,000 or 29% was primarily related to the increase in instruments and handpiece sales worldwide. Domestic instrument sales increased by 47% or $212,000 in 2016 versus 2015 due to a purchase order received from our nonexclusive distributor, Henry Shein.
In the domestic market, handpiece sales increased by $556,000 or 129%. International Instruments sales increased by $590,542 over the same period in 2015 due to a shipment of STA instruments to China. International handpiece sales decreased by $629,000 for the same period in 2015 due to an incentive buyer program in 2015 for handpieces that did not occur in the first quarter of 2016.
Gross profit for the first quarter of 2016 was $2.2 million or 62% of revenue versus $1.8 million or 66% of revenue in the first quarter of 2015. Net loss for the first quarter of 2016 was $750,000, or $0.03 per share, versus net loss of $419,000, or $0.02 per share, for the comparable period in 2015.