In This Story
Biomerica Inc. (BMRA+6.84%) has submitted its 10-Q filing for the quarterly period ended November 30, 2024.
The filing includes financial statements for the quarter, showing net sales of $1,636,000, a 4% increase from $1,567,000 in the same quarter the previous year. This increase was driven by higher sales of Aware® products in the Middle East market and increased contract manufacturing billings.
Cost of sales for the quarter was $1,199,000, representing 73% of sales, compared to 79% in the same quarter of the previous year. The decrease in cost ratio is attributed to a reduction in labor costs following a workforce reduction.
The company reported a gross profit of $437,000 for the quarter, compared to $325,000 in the previous year.
Selling, general, and administrative expenses decreased to $1,173,000 from $1,521,000, primarily due to the workforce reduction.
Research and development expenses were $257,000, down from $412,000 in the previous year, reflecting reduced wages and scaled-back clinical trials.
Net loss for the quarter was $950,000, compared to $1,507,000 in the previous year.
Cash used in operating activities was $2,135,000 for the six months ended November 30, 2024, compared to $2,516,000 in the same period the previous year.
The company had cash and cash equivalents of $2,372,000 as of November 30, 2024, with working capital of $4,069,000.
Biomerica continues to focus on expanding its inFoods® IBS product and hp+detect™ test, while implementing cost-cutting measures to extend its cash runway.
The filing also details the company's efforts to secure additional financing through ATM offerings and other strategic alternatives.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Biomerica Inc. quarterly 10-Q report dated January 14, 2025. To report an error, please email earnings@qz.com.