Summary by Moomoo AI
Biomerica, Inc. reported its financial performance for the quarter ended November 30, 2023, with net sales increasing by 6% to $1,567,000 compared to $1,482,000 in the same period last year. The rise in sales was primarily driven by higher demand for food intolerance products and increased contract manufacturing billings. Cost of sales was $1,242,000, or 79% of net sales, up from 76% in the previous year. The company experienced a net loss of $1,507,000, a slight improvement from a net loss of $1,626,000 in the prior year. Basic and diluted net loss per common share was $(0.09), compared to $(0.12) in the previous year. The company's cash and cash equivalents stood at $7,134,000, with a working capital of $8,443,000. Biomerica's business development included the FDA clearance of its new HP Detect Stool...Show More