Significant Cost Savings Plan Implemented After Year End, Expected to Deliver Expense Reductions of $1.0 to $1.4 Million in the Coming Year
inFoods® 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 $1.4 million in the coming year as part of these ongoing efforts.
Selected Financial Results
Year Ended May 31,
Year Ended May 31,
2024
2023
($ in millions, except percentages)
Revenue
$5.4
$5.3
Gross magin
11
%
