Milestone Scientific (NYSE:MLSS) Inc. (NYSE American:MLSS), a medical device company with a market capitalization of $84.5 million, announced the immediate resignation of director Mr. Giandomenico Trombetta on January 12, 2025. The resignation was detailed in a recent 8-K filing with the Securities and Exchange Commission. According to InvestingPro data, the company's stock has shown remarkable strength, delivering a 97% return over the past year.
Mr. Trombetta cited personal reasons and the need to attend to urgent matters that prevent him from fulfilling his board responsibilities. He assured that his departure is not due to any disagreements with the company's operations, finances, policies, or practices.
The company, headquartered in Roseland, NJ, specializes in orthopedic, prosthetic, and surgical appliances and supplies. Milestone Scientific has not indicated any immediate plans for a replacement on the board.
In other recent news, Milestone Scientific Inc. reported a 22% year-over-year increase in Q3 2024 revenue, reaching $2.5 million, driven by a 57% jump in international dental sales. Despite this revenue growth, the firm registered a net loss of $1.5 million for the quarter. The company's gross profit for the quarter remained healthy at $1.8 million, indicating robust gross margins of 73%.
Milestone Scientific's medical division made significant progress, with its CompuFlo Epidural System now receiving Medicare Part B reimbursement, which is projected to enhance its acceptance in pain management clinics. Furthermore, the company secured regulatory approval for CompuFlo in Brazil, expanding its international reach.
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