Summary by Moomoo AI
Biomerica reported fiscal year 2024 revenue of $5.4 million, a slight increase from $5.3 million in FY2023, with gross profit improving to $611,000 from $446,000. The company's core non-COVID product sales grew 5% year-over-year, driven by a 22% increase in over-the-counter product sales and 21% growth in contract manufacturing revenue.Operating expenses decreased 9% to $7.0 million, reflecting cost reduction initiatives including lower legal expenses and share-based compensation. The company maintained focus on strategic priorities, investing in sales team expansion while implementing efficiency measures. Net loss improved to $6.0 million from $7.1 million in the prior year.The company faces liquidity challenges with cash declining to $4.2 million from $9.7 million, prompting a 15% workforce reduction in July 2024. Management is actively pursuing strategic alternatives while advancing commercialization of key products including inFoods IBS diagnostic and recently FDA-cleared hp+detect for H. pylori detection.
