Biomerica Inc. Files 2024 10-K

TL;DR

BIOMERICA INC 2024 10-K FILED. CHECK FINANCIALS.

AI Summary

Biomerica Inc. filed its 10-K for the fiscal year ending May 31, 2024, reporting on its operations in the in vitro and in vivo diagnostic substances sector. The company, formerly known as NMS Pharmaceuticals Inc., is based in Irvine, California. This filing provides a comprehensive overview of its financial performance and business activities for the period.

Why It Matters

This filing provides investors and stakeholders with the official financial and operational details of Biomerica Inc. for the fiscal year 2024, crucial for understanding the company's performance and future outlook.

Risk Assessment

Risk Level: medium — As a publicly traded company in the diagnostic sector, Biomerica Inc. faces inherent risks related to regulatory approvals, market competition, and financial performance, which are detailed in its 10-K filing.

Key Numbers

• 2024-05-31 — Fiscal Year End (Reporting period for the 10-K filing.)
• 2023-05-31 — Previous Fiscal Year End (Comparison point for financial performance.)
• 2022-05-31 — Prior Fiscal Year End (Further historical financial data context.)

Key Players & Entities

• BIOMERICA INC (company) — Filer
• 2024-05-31 (date) — Fiscal Year End
• 2835 (industry_code) — Standard Industrial Classification for Diagnostic Substances
• IRVINE (location) — City
• DE (location) — State of Incorporation
• NMS PHARMACEUTICALS INC (company) — Former Company Name
• NUCLEAR MEDICAL SYSTEMS INC (company) — Former Company Name
• NUCLEAR INSTRUMENTS INC (company) — Former Company Name

FAQ

Key Financial Figures

• $0.08 B — ch registered Common Stock, par value $0.08 BMRA Nasdaq Capital Market Indicate
• $0.93 — non-affiliates and the closing price of $0.93 per share for Common Stock as of Novemb
• $1,491,000 — ated R&D expenses totaled approximately $1,491,000 and $1,584,000, respectively. We antici
• $1,584,000 — es totaled approximately $1,491,000 and $1,584,000, respectively. We anticipate that R&D e
• $5,415,000 — es). Our net sales were approximately $5,415,000 for fiscal 2024, compared to $5,339,000
• $5,339,000 — $5,415,000 for fiscal 2024, compared to $5,339,000 for fiscal 2023. For the fiscal years e
• $966,000 — y 31, 2024, and 2023 were approximately $966,000 and $751,000, respectively. As of May 3
• $751,000 — nd 2023 were approximately $966,000 and $751,000, respectively. As of May 31, 2024, and
• $755,000 — g of unshipped orders was approximately $755,000 and $655,000, respectively. As of May 3
• $655,000 — d orders was approximately $755,000 and $655,000, respectively. As of May 31, 2024, the

Filing Documents

• form10-k.htm (10-K) — 1052KB
• ex10-8.htm (EX-10.8) — 49KB
• ex23-1.htm (EX-23.1) — 6KB
• ex31-1.htm (EX-31.1) — 15KB
• ex31-2.htm (EX-31.2) — 13KB
• ex32-1.htm (EX-32.1) — 8KB
• ex32-2.htm (EX-32.2) — 7KB
• 0001493152-24-034208.txt ( ) — 5710KB
• bmra-20240531.xsd (EX-101.SCH) — 34KB
• bmra-20240531_cal.xml (EX-101.CAL) — 70KB
• bmra-20240531_def.xml (EX-101.DEF) — 160KB
• bmra-20240531_lab.xml (EX-101.LAB) — 350KB
• bmra-20240531_pre.xml (EX-101.PRE) — 275KB
• form10-k_htm.xml (XML) — 801KB

forward-looking statements, whether as a result of new information, future events or otherwise

forward-looking statements, whether as a result of new information, future events or otherwise. 2 PART I ITEM 1. BUSINESS

BUSINESS

BUSINESS OVERVIEW THE COMPANY Biomerica, Inc. ("Biomerica," the "Company," "we," "us," or "our") was incorporated in Delaware in September 1971 as Nuclear Medical Systems, Inc., and later changed its name to Biomerica, Inc. The Company has two wholly owned subsidiaries, Biomerica de Mexico, which is used for assembly/manufacturing, and BioEurope GmbH, which acts as a distributor of Biomerica products in certain markets. We are a global biomedical technology company that develops, patents, manufactures and markets advanced diagnostic and therapeutic products. Our diagnostic test kits are utilized in the analysis of blood, urine, nasal, or fecal samples for the diagnosis of various diseases, food intolerances, and other medical conditions. These kits also measure levels of specific hormones, antibodies, antigens, and other substances, which may exist in the human body at extremely low concentrations. Our products are designed to enhance health and well-being while reducing overall healthcare costs. Our extensive range of medical diagnostic products is sold worldwide, primarily in two markets: clinical laboratories and point-of-care settings, including physicians' offices and over-the-counter sales at major retailers such as Walmart, CVS Pharmacy, and Amazon. Most of our products are Conformite Europeenne ("CE") marked and/or registered with regulatory agencies in various countries for diagnostic use, with several also cleared for sale in the United States by the FDA. IMPACT OF COVID-19 ON REVENUES In response to the global COVID-19 pandemic, we began developing, marketing, and selling COVID-19 diagnostic tests in March 2020. These tests contributed significantly to our revenues during fiscal years 2021 and 2022. However, demand sharply declined in fiscal 2023, leading to no sales of COVID-19-related products in fiscal 2024. As a result, our COVID-19 product sales have caused significant fluctuations in our revenues over the past four years. In contrast,

View Full Filing

View this 10-K filing on SEC EDGAR