Biomerica, a biomedical technology company, reported a decrease in net sales for the quarter ended February 29, 2024, with revenues of $1,017,000 compared to $1,111,000 for the same period in the previous year, marking an 8% decline. The company's cost of sales increased by 18% to $1,166,000, resulting in a gross loss of $149,000. Operating expenses totaled $1,851,000, with selling, general, and administrative expenses accounting for $1,508,000 and research and development expenses at $343,000. The company experienced a net loss of $1,918,000 for the quarter, with a basic and diluted net loss per common share of $0.11. Despite the net loss, interest and dividend income increased by 139% to $86,000. Biomerica's focus remains on the research, development, and commercialization of diagnostic-guided therapy products for gastrointestinal diseases, such as irritable bowel syndrome, with...Show More

Biomerica, a biomedical technology company, reported a decrease in net sales for the quarter ended February 29, 2024, with revenues of $1,017,000 compared to $1,111,000 for the same period in the previous year, marking an 8% decline. The company's cost of sales increased by 18% to $1,166,000, resulting in a gross loss of $149,000. Operating expenses totaled $1,851,000, with selling, general, and administrative expenses accounting for $1,508,000 and research and development expenses at $343,000. The company experienced a net loss of $1,918,000 for the quarter, with a basic and diluted net loss per common share of $0.11. Despite the net loss, interest and dividend income increased by 139% to $86,000. Biomerica's focus remains on the research, development, and commercialization of diagnostic-guided therapy products for gastrointestinal diseases, such as irritable bowel syndrome, with their inFoods IBS product being a primary focus. The company has successfully launched this product across various gastroenterology physician groups and is actively expanding its network. Additionally, Biomerica recently received FDA clearance for a new diagnostic test, hp+detect™, for the detection of H. pylori bacteria. The company anticipates sustained revenue growth from the inFoods IBS product rollout in upcoming quarters and is committed to expanding both the inFoods IBS product and the H. pylori test in international markets in the future.