Business
Biomerica Reports Fiscal 2024 Year End Results
Total Revenue Increases 1% Year-Over-Year – Core Revenue Excluding COVID Tests Climbs 5%, Reflecting Stronger GrowthSignificant Cost Savings Plan Implemented
About this update from Biomerica, Inc.
[{"type":"text","content":"Total Revenue Increases 1% Year-Over-Year – Core Revenue Excluding COVID Tests Climbs 5%, Reflecting Stronger GrowthSignificant Cost Savings Plan Implemented After Year End – Expected to Deliver Expense Reductions of $1.0 to $1.4 Million in the Coming YearinFoods® IBS Pilot with Large 1,100 Physician Group Progressing Ahead of Schedule IRVINE, Calif., Aug. 29, 2024 (GLOBE NEWSWIRE) -- Biomerica, Inc. (NASDAQ: BMRA) today reported its financial results for the fiscal year ended May 31, 2024. The Company achieved a modest increase in net sales to $5.4 million, compared to $5.3 million in the prior year. This growth was primarily driven by strong demand for EZ Detect™ colorectal screening tests and Aware® breast self-exam products in the Middle East including the United Arab Emirates. Excluding revenues from COVID-19 test kits, Biomerica achieved a 5% year-over-year revenue increase, highlighting the strength and resilience of its diversified product portfolio. The Company also enhanced its gross margin, rising to 11% from 8%, driven by improved cost management and operational efficiencies. Additionally, the Company reduced its net loss for the fiscal year to $6.0 million, marking a 15% improvement from the $7.1 million net loss reported in fiscal 2023. This progress highlights Biomerica's ongoing commitment to disciplined expense management. Following the fiscal year-end, the Company implemented a significant cost-savings plan, expected to reduce expenses by $1.0 million to $1.4 million in the coming year as part of these ongoing efforts. Selected Financial ResultsYear Ended May 31,Year Ended May 31, 2024 2023 ($ in millions, except percentages) Revenue $5.4 $5.3 Gross magin 11% 8% Operating expenses $7.0 $7.7 Operating loss ($6.4) ($7.2) Net Loss ($6.0) ($7.1) Strategic Growth Areas: Biomerica is actively working in three key areas to drive revenue growth: EZ Detect™ and Other At-Home Tests in the MENA Region: Continued expansion through distribution partners in the Middle East and North Africa region and seeking insurance reimbursement.H. pylori Antigen Sales in the U.S.: Capitalizing on market opportunities for the Hp Detect™ Stool Antigen ELISA test.inFoods® IBS Opportunities: Expanding the utilization of the inFoods® IBS test in physician groups and possible distribution partnerships. Key Milestones Achieved in Fiscal Year 20...