REPEAT - Biomerica Reports First Quarter 2024 Financial Results

• 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

IRVINE, Calif., Oct. 13, 2023 (GLOBE NEWSWIRE) -- Biomerica, Inc. (Nasdaq: BMRA), (the “Company”) a global provider of advanced medical diagnostic and therapeutic products today reported financial results for the first quarter of fiscal 2024 ended August 31, 2023.

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 qualified Dubai 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 Zackary Irani, CEO of Biomerica. “With inFoods IBS as our main focus along with a variety of effective at-home, point-of-care and clinical lab products that provide significant ease of use, we feel we are well positioned to expand our diversified sales opportunities on multiple fronts while meeting our financial targets to grow the business and shareholder value.”