Milestone Scientific

MLSS

Medical - Instruments & Supplies · Healthcare

Price

$0.48

+0.02 (+3.46%)

Market Cap

$42.6M

Exchange

New York Stock Exchange Arca

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 9, 2026 · filings through Mar 31, 2026

Share count rising — dilution

+19.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 68.8M (2021) → 82.1M (2025)

Milestone Scientific makes medical and dental devices that deliver injections more precisely and comfortably than traditional needles. Its main product is the CompuFect/STA (Single Tooth Anesthesia) system, a computer-controlled injection device used by dentists to numb patients with less pain. The company also makes similar devices for medical procedures like epidurals and joint injections, selling to dental offices, hospitals, and clinics.

Milestone Scientific earns money by selling its injection handpieces and the disposable cartridges that go with each use — the disposables create a recurring revenue stream every time a device is used. The company operates mainly in the United States, China, and parts of Europe, but it is very small, with a market cap under $100 million. Its patented pressure-sensing technology gives it some protection from direct copying, but the deeply negative operating margin shows the company is spending far more than it earns, and reaching profitability remains the central challenge ahead.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-3.2% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+58.2% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$449,469/ year

↓ Declining (-48% vs prior year)

5.0% of revenue

Below sector average (18%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

20.2%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$1M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Milestone Scientific's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

71.4%

Premium pricing power — 71.4% gross margin

Operating Margin

-38.3%

Losing money on operations — -38.3%

ROCE

-26.8%

Weak — -26.8% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+3.4%

Slow sales growth (+3.4% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

-20.7%

Burning cash (-20.7%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.35

Conservative — low debt load (0.35)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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