ROSELAND, N.J. - Milestone Scientific Inc. (NYSE: MLSS), a developer of computerized drug delivery instruments, has announced the appointment of Shanth Thiyagalingam to its Board of Directors, effective last Monday. Thiyagalingam, with over two decades of experience in the medical device and pharmaceutical sectors, is expected to bolster the company’s expansion strategies. According to InvestingPro data, the company’s stock has shown strong momentum with a 44% gain over the past six months, though it currently trades below its Fair Value estimate.
The company, which specializes in the CompuFlo® Epidural System, aims to capitalize on favorable Medicare Part B payment rates and a Federal Supply Schedule contract award to increase adoption and broaden access. With a market capitalization of $69 million and an impressive gross margin of 74%, the company maintains a healthy current ratio of 1.94. Thiyagalingam’s background includes significant roles in commercial scaling, product innovation, and strategic execution, making him a strategic addition to the board as Milestone Scientific seeks to enhance its market presence.
Neal Goldman, Chairman and Interim CEO, expressed confidence in Thiyagalingam’s ability to contribute to the company’s growth, citing his expertise in reimbursement strategy and commercial execution. Thiyagalingam’s leadership experience includes his current role as CEO of PainTEQ and previous positions at Abbott and Nevro, where he managed commercial strategies and operations.
His tenure at PainTEQ is noted for transforming the company into a rapidly growing entity in the interventional pain market, including securing a Category 1 CPT code for a new therapy. His efforts have earned recognition for PainTEQ, including listings in the INC 5000 and accolades as a top workplace.
Milestone Scientific’s focus on innovative injection technologies aims to enhance the precision, efficiency, and comfort of medical and dental procedures. The company’s proprietary DPS Dynamic Pressure Sensing Technology® is central to its product development strategy. For deeper insights into MLSS’s financial health, growth prospects, and additional ProTips, investors can access the comprehensive Pro Research Report available on InvestingPro, which covers over 1,400 US stocks with expert analysis and actionable intelligence.
This announcement is based on a press release statement from Milestone Scientific Inc. and does not include any speculative information. The company’s forward-looking statements are subject to various risks and uncertainties, and actual results may differ materially from those projected.
In other recent news, Milestone Scientific has maintained a strong financial position, ending the fourth quarter with $3.3 million in cash and no outstanding debt. Benchmark analysts reiterated their Buy rating for the company, setting a price target of $1.25. This target is based on a revenue projection of $26 million for 2030, discounted to the end of 2025. The company’s CompuFlo System has gained traction in the Medicare market, securing coverage from three of the 12 Medicare Administrative Contractors. This development is significant as it addresses a market segment with approximately 3.6 million annual procedures. Milestone Scientific aims to expand further by obtaining coverage from the remaining nine contractors and seeking reimbursement from private payors. If successful, this could increase the available market to nine million procedures. These moves reflect the company’s strategic efforts to bolster its position in the pain management sector.
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