Summary by Moomoo AI
Biomerica, a biomedical technology company, reported a decrease in net sales for the quarter ended February 29, 2024, with revenues of $1,017,000 compared to $1,111,000 for the same period in the previous year, marking an 8% decline. The company's cost of sales increased by 18% to $1,166,000, resulting in a gross loss of $149,000. Operating expenses totaled $1,851,000, with selling, general, and administrative expenses accounting for $1,508,000 and research and development expenses at $343,000. The company experienced a net loss of $1,918,000 for the quarter, with a basic and diluted net loss per common share of $0.11. Despite the net loss, interest and dividend income increased by 139% to $86,000. Biomerica's focus remains on the research, development, and commercialization of diagnostic-guided therapy products for gastrointestinal diseases, such as irritable bowel syndrome, with...Show More