Biomerica reports Q3 2024 financial results

Biomerica, Inc. reported financial results for the third quarter of fiscal 2024 ended February 29, 2024.

“We are excited about the sales growth of our inFoods IBS technology. At the same time, we are seeing increased demand for our EZ Detect colorectal disease test given the insurance reimbursement in UAE. Finally, we expect the opportunities for HP Detect revenues in the USA will be meaningful,” said Zackary Irani, CEO of Biomerica.

Third quarter fiscal 2024 financial results
In our fiscal third quarter of 2024, despite encountering some softness in top-line revenue, we remain optimistic and steadfast in our commitment to advancing the commercialization efforts of the inFoods® IBS test. While net sales for the fiscal third quarter of 2024 were $1.0 million, down from $1.1 million for the fiscal third quarter of 2023, we observed notable sales growth of EZ Detect and Aware with new customers from the Europe and MENA regions (which does not yet include UAE sales), up 13% compared to the same period last year.

Although our operating expenses for the quarter were $0.1 million higher than the third quarter of 2023, primarily due to the strategic expansion of our sales force in fiscal year 2024, it is noteworthy that our operating expenses remained consistent with the second quarter of 2024. Importantly, over the nine months of fiscal year 2024, we have made significant strides in improving operating expenses by over 6%, inclusive of our sales force expansion, when compared to the same period in fiscal year 2023. Our losses per share narrowed to $0.11 per share from $0.12 per share when compared to the third fiscal quarter of 2023. As of February 29, 2024, the Company maintained a cash and equivalents balance of $5.3 million down from $7.1 million from fiscal second quarter of 2024.

Net sales for the nine months in fiscal 2024 were $4.3 million, up from $4.2 million for the nine months in fiscal 2023. Our gross margins improved to 13.7% from 9.9% within the year-to-date 2024 fiscal year compared to same period in 2023. With the aforementioned focused management of operating expenses, net operating loss was 11% better in 2024 fiscal year compared to 2023.

MB Bureau