Biomerica reports 1% increase in total revenue, cutting net loss and implementing cost savings.

From GlobeNewswire: 2024-08-29 09:00:00

Biomerica, Inc. reported a 1% increase in total revenue, reaching $5.4 million for the fiscal year ended May 31, 2024. Core revenue, excluding COVID tests, climbed 5%, demonstrating strong growth. The company also reduced its net loss by 15% to $6.0 million and implemented a cost savings plan expected to cut expenses by $1.0 to $1.4 million in the coming year.

Key milestones achieved in fiscal year 2024 include FDA clearance for Hp Detect™ Stool Antigen ELISA test and progress in the inFoods® IBS diagnostic test pilot program with a 1,100-member physician group. Biomerica also secured a distribution agreement in the UAE and presented data at the 2024 Digestive Disease Week meeting in Washington, D.C.

Biomerica focuses on driving revenue growth through three strategic areas: EZ Detect™ tests in the MENA region, H. pylori antigen sales in the U.S., and inFoods® IBS opportunities. The company’s products aim to enhance health and well-being while reducing healthcare costs. Through innovation and strategic partnerships, Biomerica is committed to long-term growth in biomedical technology.



Read more at GlobeNewswire:: Biomerica Reports Fiscal 2024 Year End Results