Biomerica, Inc. reported its financial performance for the quarter ended November 30, 2023, with net sales increasing by 6% to $1,567,000 compared to $1,482,000 in the same period last year. The rise in sales was primarily driven by higher demand for food intolerance products and increased contract manufacturing billings. Cost of sales was $1,242,000, or 79% of net sales, up from 76% in the previous year. The company experienced a net loss of $1,507,000, a slight improvement from a net loss of $1,626,000 in the prior year. Basic and diluted net loss per common share was $(0.09), compared to $(0.12) in the previous year. The company's cash and cash equivalents stood at $7,134,000, with a working capital of $8,443,000. Biomerica's business development included the FDA clearance of its new HP Detect Stool...Show More

Biomerica, Inc. reported its financial performance for the quarter ended November 30, 2023, with net sales increasing by 6% to $1,567,000 compared to $1,482,000 in the same period last year. The rise in sales was primarily driven by higher demand for food intolerance products and increased contract manufacturing billings. Cost of sales was $1,242,000, or 79% of net sales, up from 76% in the previous year. The company experienced a net loss of $1,507,000, a slight improvement from a net loss of $1,626,000 in the prior year. Basic and diluted net loss per common share was $(0.09), compared to $(0.12) in the previous year. The company's cash and cash equivalents stood at $7,134,000, with a working capital of $8,443,000. Biomerica's business development included the FDA clearance of its new HP Detect Stool Antigen ELISA test and the launch of its inFoods IBS product with certain gastroenterology groups. The company is also focusing on expanding its inFoods IBS product and developing new diagnostic products. For future plans, Biomerica is working on increasing sales, reducing expenses, and may seek additional financing through debt and equity financing to meet operating cash requirements and strategic growth objectives beyond the next year.