Diagnostics firm Biomerica's Q1 revenue drops on lower clinical lab orders
BMRA•Biomerica's fiscal first-quarter revenue fell year over year as clinical lab orders declined, and it posted a $1.2 million net loss compared with breakeven a year earlier. Revenue was $1.3 million, while operating expenses fell 14%.
1. Quarterly results
Biomerica reported fiscal first-quarter revenue of $1.3 million and a net loss of $1.2 million, compared with breakeven a year earlier. Loss per share was $0.37, gross margin was 8%, and operating expenses were $1.3 million, down 14% year over year.
2. Sales and outlook
The company attributed the revenue decline to lower clinical laboratory customer orders and shipment timing. Over-the-counter sales rose 81%, mainly driven by sales to a new customer; contract development and manufacturing projects also contributed revenue. Biomerica expects continued expansion of Medicare billing and physician adoption for inFoods IBS, while future CDM revenue will depend on progress and scope of work under a current development agreement. It is evaluating strategic opportunities, including partnerships and business combinations.
