Biomerica, Inc., a global biomedical technology company, reported its annual financial performance for the fiscal year ended May 31, 2024. The company's net sales saw a marginal increase of 1% to $5.415 million compared to $5.339 million in the previous year. Despite this, Biomerica experienced a net loss of $5.978 million, an improvement from the $7.140 million loss in the prior year. The company's operating expenses decreased by 10% to $5.487 million, primarily due to reduced legal and bad debt expenses, and a decrease in share-based compensation. Research and development expenses also saw a 6% reduction to $1.491 million. Biomerica's cash and cash equivalents stood at $4.170 million, a significant decrease from $9.719 million in the previous year. The company's working capital also declined to $5.527 million from $10.852 million...Show More

Biomerica, Inc., a global biomedical technology company, reported its annual financial performance for the fiscal year ended May 31, 2024. The company's net sales saw a marginal increase of 1% to $5.415 million compared to $5.339 million in the previous year. Despite this, Biomerica experienced a net loss of $5.978 million, an improvement from the $7.140 million loss in the prior year. The company's operating expenses decreased by 10% to $5.487 million, primarily due to reduced legal and bad debt expenses, and a decrease in share-based compensation. Research and development expenses also saw a 6% reduction to $1.491 million. Biomerica's cash and cash equivalents stood at $4.170 million, a significant decrease from $9.719 million in the previous year. The company's working capital also declined to $5.527 million from $10.852 million. Biomerica's financial position has raised concerns about its ability to continue as a going concern, with management actively pursuing strategies to increase sales, reduce expenses, and seek additional financing. The company has implemented cost-cutting measures, including a workforce reduction, and is exploring strategic opportunities to enhance shareholder value. Biomerica's future plans include focusing on the research, development, and commercialization of diagnostic-guided therapy products for gastrointestinal diseases such as IBS.