Milestone Scientific (MLSS) Lytham Partners Fall 2024 Investor Conference summary

Financial overview and business health

• Market cap stands at $76.5 million with 77 million shares outstanding and $5.8 million in cash, no debt.

• Dental business generates $10 million in annual revenue with gross margins above 70%.

• Dental segment was cash positive in 2023, with a net profit of $2.2 million.

• Only 40,000 ESI procedures annually are needed to reach break-even, targeting cash neutrality in 2025.

• High-margin recurring revenue opportunity estimated at $2 billion, with margins projected at 80% or more.

Technology and clinical validation

• Proprietary Dynamic Pressure Sensing technology enables precise, safe, and comfortable injections.

• Over 80 million dental injections performed; 70+ clinical publications in dental, 12 in medical journals.

• CompuFlo Epidural System reduces training from 60 to 2 placements and false positive rates from 17% to 0%.

• No dural punctures reported in clinical studies, reducing litigation risk and improving patient outcomes.

• FDA cleared for lumbar, thoracic, and cervical spine; 20+ years of patent coverage.

Market opportunity and reimbursement

• U.S. epidural steroid injection market is 9 million procedures annually, valued at $2 billion.

• Medicare covers 40% of procedures; recent payment assignment in three jurisdictions at $325 per procedure.

• Initial target market is $250 million, covering 12% of the U.S. market, with plans to expand to more jurisdictions.

• Additional addressable markets include labor and delivery (2.4 million procedures) and peripheral nerve block (8 million procedures).

• Commercial payers expected to follow Medicare's lead on reimbursement rates.