- Revenues excluding Covid test sales increased 16.3% for first fiscal quarter of 2024 vs the first fiscal quarter of 2023
- Company believes current cash position, forecasted revenue growth and corporate strategy is expected to enable it to achieve profitability
- GAAP gross margin percentage of 24.1% for the first fiscal quarter of 2024 improved substantially over -3.4% for the first fiscal quarter of 2023
- Company completes pre-launch phase for inFoods IBS; veteran Vice President of sales and national accounts hired along with regional key account representatives
Recent Highlights:
- Completes pre-launch phase of inFoods IBS, which remains on track for national market launch during calendar 2024. Several experienced sales professionals recently hired to enable broader adoption by additional GI physician groups.
- Company appointed diagnostics industry leader
Jack Kenny (former CEO of Meridian Biosciences) to Biomerica’s board of directors, bringing a wealth of commercial experience and relationships in the medical diagnostic industry with insights that will be invaluable for the launch of inFoods IBS both domestically and internationally.
- Announced that the
Dubai government has officially approved insurance reimbursement for the EZ Detect product providing qualifiedDubai residents access to government-paid at-home screening to detect an early warning sign of colorectal cancer and other colorectal diseases. Colorectal cancer (“CRC”) is the second most common cause of cancer death in the UAE [1].
“Our commercial progress during the quarter is now driving top-line revenue growth toward profitability,” said
First Quarter Fiscal 2024 Financial Results
Net sales for the fiscal first quarter 2024 were
As a result of carefully managing operating expenses while maintaining top-line revenue growth toward achieving profitability, net loss for the fiscal first quarter of 2024 was
Selected Financial Result | Quarter Ended | Quarter Ended | ||||
(Numbers in millions, except percentages) | ||||||
Revenue | ||||||
Gross margin | 24.1% | (3.4% | ) | |||
Operating expenses | ||||||
Operating loss | ( | ) | ( | ) | ||
Net Loss | ( | ) | ( | ) | ||
Cash and equivalents, restricted cash, and short-term investments | ||||||
About
Humaid O. Al-Shamsi ,Amin M. Abyad , and Saeed Rafii, A Proposal for a National Cancer Control Plan for the UAE:2022–2026. Clin. Pract. 2022, 12, 118–132.
About inFoods®
The inFoods IBS test is designed to assess a patient’s above normal immunoreactivity to specific foods utilizing a simple finger prick blood sample. Instead of difficult to manage broad dietary restrictions, physicians can now use the inFoods IBS information to make targeted, patient-specific recommendations about specific foods that, when removed from the diet, may alleviate IBS symptoms such as pain, bloating, diarrhea and constipation. The inFoods IBS test and clinical outcomes were studied at several prominent centers including
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this press release contains statements that are forward-looking, such as statements relating to the Company’s current and future sales, revenues, overhead, expenses, cost of goods, operations, and earnings; the Company's need for raising additional capital; the Company's expected commercialization launch dates for the Company's inFoods IBS product; and diversification of the Company's revenue streams. Such forward-looking information is based upon the current beliefs and expectations of management and involves important risks and uncertainties that could significantly affect anticipated results. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Accordingly, such results may differ materially from those expressed in any forward-looking statements made by or on behalf of
Corporate Contact:
949-645-2111
investors@biomerica.com
Source:
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