Milestone Scientific Inc.

Good day, everyone. Welcome to the Milestone Scientific Inc. Fourth Quarter 2025 Financial Results and Business Update Conference Call. At this time, all participants have been placed on a listen-only mode, and the floor will be open for questions and comments after the presentation. As a reminder, this call is being recorded. It is now my pleasure to turn the floor over to your host, James Carbonara with Hayden IR. The floor is yours.

Thank you, Operator. Good day, everyone. Before we begin, please note that today's call will contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Please refer to our earnings press release, as well as our filings with the SEC, including our 2025 Form 10-K for discussion of these risks. A replay of this call will be available shortly after its conclusion. With that, I'll turn the call over to our CEO, Eric Hines.

Thank you, James, and good morning to everybody, and thank you for joining our call today. When I stepped in as a CEO in August of 2025, the company was in the middle of the quarter and had been operating without a consistent executive leadership team. I found an organization where spending wasn't always tied to revenue generation or clear ROI. And from day one, we went line by line through every expense, cut what wasn't moving the needle, and made sure every dollar had a purpose. We also chose not to raise capital just to fund that kind of spending. Our shareholders deserve better. Our focus has been on responsible stewardship while building a stronger operating model. Our early priority was understanding the business, restructuring, and building the right team. We also invested in organizational structure, building a capable commercial team, and strengthening leadership to ensure we have the talent, processes, and tools to execute. The restructuring completed in 2025 allows us to move past stabilization and begin to play offense smartly, investing where we see clear returns and staying disciplined on everything else. By Q4, we began that shift, increasing targeted digital marketing and launching initiatives across both business segments that drove early traction. Our dental business remains the company's backbone. Internationally, adoption of the STA single tooth anesthesia system continues to grow, reflecting the strength of our technology and distribution relationships. We're also pursuing registrations in many other countries, including Japan, India, and Mexico, which could open meaningful new markets. Domestically, we see significant room for expansion with still less than 2% of the overall market. The pilot launch of our dental ambassador program in December sparked renewed engagement, and in January 26, we took it national. We continue executing that program and pursuing international registrations, and we expect to see results from these efforts beginning in the second and third quarters. Turning to the medical side, CompuFlow is increasingly important to our story. This patented system provides real-time pressure feedback to guide precise epidural injections, and clinician interest continues to build. We believe CompuFlow represents a transformative growth driver as reimbursement and clinical adoption expand. In 2025, we relaunched commercialization efforts for CompuFlow and advanced the foundation for broader adoption expanding clinician awareness, progressing regulatory and reimbursement efforts, and strengthening key account engagement. In February 2026, we introduced our CompuFlow Advisor Program, bringing together more than 10 physician partners and a dedicated reimbursement support infrastructure to drive utilization and accelerate adoption. Looking ahead, we are advancing broader Medicare reimbursement, onboarding new distribution partners, and pursuing national and local VA channels. These programs position us to translate early traction into meaningful growth over the coming quarters. Turning to the guidance for 2026, we expect total revenue of $9.8 to $10.2 million, reflecting double-digit year-over-year growth driven by expanding adoption across both markets. We expect copy flow to contribute $500,000 to $600,000, an approximately 400% increase over 2025. Combined with 2025 cost actions, this 2026 top line growth should meaningfully improve operating leverage and significantly reduce cash burn relative to prior year levels. I want to be direct. Our goal is to reach cash flow break even in early 2027 and build real lasting value for shareholders. With a stronger organization, clearer commercial focus, and innovative products at the heart of our business, Milestone Scientific is entering 2026 ready to deliver. I'll now turn the call over to Keisha now for a few reviews of the financials. Keisha.