Biomerica, a global biomedical technology company, reported its financial results for the quarter ended August 31, 2024. The company saw a 5% increase in net sales, reaching $1.807 million compared to $1.713 million in the same period the previous year. This growth was primarily driven by a significant rise in contract manufacturing sales. However, over-the-counter sales experienced a decline. The cost of sales increased by 17% to $1.518 million, resulting in a gross profit of $289,000, down from $412,000 in the previous year. The company's operating expenses totaled $1.657 million, with selling, general, and administrative expenses contributing $1.360 million, and research and development costs accounting for $297,000. Biomerica reported a net loss of $1.316 million, or $0.08 per diluted share, compared to a net loss of $1.132 million, or $0.07 per diluted share...Show More

Biomerica, a global biomedical technology company, reported its financial results for the quarter ended August 31, 2024. The company saw a 5% increase in net sales, reaching $1.807 million compared to $1.713 million in the same period the previous year. This growth was primarily driven by a significant rise in contract manufacturing sales. However, over-the-counter sales experienced a decline. The cost of sales increased by 17% to $1.518 million, resulting in a gross profit of $289,000, down from $412,000 in the previous year. The company's operating expenses totaled $1.657 million, with selling, general, and administrative expenses contributing $1.360 million, and research and development costs accounting for $297,000. Biomerica reported a net loss of $1.316 million, or $0.08 per diluted share, compared to a net loss of $1.132 million, or $0.07 per diluted share, in the same quarter of the previous year. The company's cash and cash equivalents stood at $2.820 million, with a working capital of approximately $4.294 million. Biomerica's business development efforts include the launch of inFoods® IBS product and hp+detect™, a diagnostic test for H. pylori bacteria. The company is actively pursuing strategies to increase sales, reduce expenses, and seek additional financing to address its capital needs and sustain operations beyond the next year. These efforts are part of a broader strategy to enhance shareholder value and ensure the company's viability.