Milestone Scientific Inc.

For the second quarter of 2026, total revenue was $2.8 million versus approximately $2.3 million in Q2 2025, up $518,000 or 22%. Gross profit was $1.9 million versus $1.6 million last year, and gross margin was 67.2% compared with 69.6%. Operating expenses fell to approximately $3 million from approximately $3.1 million, and net loss was $1.1 million versus a net loss of $1.5 million. For the first half of 2026, revenue was $5 million versus $4.6 million, up 9.8%, gross profit was $3.5 million or 69.4% of revenue, and operating expenses declined to approximately $5.4 million from approximately $6.7 million. As of June 30, 2026, cash and cash equivalents were $2.1 million, working capital was $3.7 million, and convertible debt was $466,000. For Q3 2026, management expects revenue of $2.3 million to $2.5 million. Full-year 2026 revenue guidance was reaffirmed at $9.8 million to $10.2 million.

Eric Hines framed the quarter as evidence that the company is executing a more disciplined, systematic plan focused on cost control, reimbursement, and targeted growth. He emphasized CompuFlo’s momentum, citing favorable Medicare and commercial payer outcomes, peer-reviewed clinical validation, and expansion into federal healthcare through Red One Medical. His tone was upbeat but measured, with repeated reminders that the company is still early in its medical rollout and is building capacity carefully.

Keisha Harcum said the quarter’s revenue growth was driven by dental product sales and early commercialization of medical products. She noted gross margin of 67.2%, down from 69.6%, due to mix and higher product costs including tariffs and tolls, but operating expenses decreased by about $0.5 million to approximately $3 million in Q2 and by approximately $1.4 million to $5.4 million in the first half. She also reported cash and cash equivalents of $2.1 million, working capital of $3.7 million, and $466,000 of convertible debt as of June 30, 2026.

Analysts and investors focused on reimbursement progress, the adviser program, lead generation, and the new Red One Medical agreement. Management said it currently has 2 MACs covering 3 jurisdictions and 13 states, is working on additional MACs such as Palmetto and others out West, and expects to start taking orders through Red One in Q4. On the lead funnel, Eric Hines said digital campaigns are generating 150 to 200 leads per month and that the company is adding staff and using Milo, its AI engagement platform, to help handle demand and follow-up.