Biomerica reports first quarter 2024 financial results

Biomerica, Inc. reported financial results for the first quarter of fiscal 2024 ended August 31, 2023.

Recent Highlights:

• Completes pre-launch phase of inFoods IBS, which remains on track for national market launch during calendar 2024. Several experienced sales professionals recently hired to enable broader adoption by additional GI physician groups.
• Company appointed diagnostics industry leader Jack Kenny (former CEO of Meridian Biosciences) to Biomerica’s board of directors, bringing a wealth of commercial experience and relationships in the medical diagnostic industry with insights that will be invaluable for the launch of inFoods IBS both domestically and internationally.
• Announced that the Dubai government has officially approved insurance reimbursement for the EZ Detect product providing qualified Dubai residents access to government-paid at-home screening to detect an early warning sign of colorectal cancer and other colorectal diseases. Colorectal cancer (“CRC”) is the second most common cause of cancer death in the UAE.

“Our commercial progress during the quarter is now driving top-line revenue growth toward profitability,” said Zackary Irani, CEO of Biomerica. “With inFoods IBS as our main focus along with a variety of effective at-home, point-of-care and clinical lab products that provide significant ease of use, we feel we are well positioned to expand our diversified sales opportunities on multiple fronts while meeting our financial targets to grow the business and shareholder value.”

First quarter fiscal 2024 financial results
Net sales for the fiscal first quarter 2024 were $1.7 million, up from $1.6 million for the fiscal first quarter of 2023. Further, excluding sales of Covid related products during fiscal first quarter 2023, net sales for the fiscal first quarter 2024 were 16.3% higher than sales during fiscal first quarter of 2023. All revenues are now coming from products that focus on existing and largely unmet IBS, GI, colorectal and other health-related sales expansion opportunities. With a tight focus on controlling expenses while growing sales, total operating expenses for the quarter were $1.6 million, down from $2.0 million for the year-ago quarter.

As a result of carefully managing operating expenses while maintaining top-line revenue growth toward achieving profitability, net loss for the fiscal first quarter of 2024 was $1.1 million, or approximately 48% lower than the net loss of $2.1 million reported in the fiscal first quarter of 2023. As of August 31, 2023, the Company had cash and equivalents of $8.0 million.

MB Bureau