Biomerica Reports Third Quarter 2024 Financial Results - Seite 2

Although our operating expenses for the quarter were $0.1 million higher than the third quarter of 2023, primarily due to the strategic expansion of our sales force in fiscal year 2024, it is noteworthy that our operating expenses remained consistent with the second quarter of 2024. Importantly, over the nine months of fiscal year 2024, we have made significant strides in improving operating expenses by over 6%, inclusive of our sales force expansion, when compared to the same period in fiscal year 2023. Our losses per share narrowed to $0.11 per share from $0.12 per share when compared to the third fiscal quarter of 2023. As of February 29, 2024, the Company maintained a cash and equivalents balance of $5.3 million down from $7.1 million from fiscal second quarter of 2024.

Net sales for the nine months in fiscal 2024 were $4.3 million, up from $4.2 million for the nine months in fiscal 2023. Our gross margins improved to 13.7% from 9.9% within the year-to-date 2024 fiscal year compared to same period in 2023. With the aforementioned focused management of operating expenses, net operating loss was 11% better in 2024 fiscal year compared to 2023.

Selected Financial Results			Three Months Ended			Three Months Ended			Nine Months Ended			Nine Months Ended
			February 29, 2024			February 28, 2023			February 29, 2024			February 28, 2023
($ in millions, except percentages)
Revenue			$1.0			$1.1			$4.3			$4.2
Gross magin			-14.7	%		10.8	%		13.7	%		9.9	%
Operating expenses			$1.9			$1.8			$5.4			$5.8
Operating loss			($2.0	)		($1.7	)		($4.8	)		($5.4	)
Net Loss			($1.9	)		($1.7	)		($4.6	)		($5.3	)

About Biomerica (NASDAQ: BMRA)