Biomerica Inc. Files 10-Q for Period Ending November 30, 2023

TL;DR

<b>Biomerica Inc. filed its Q2 2024 10-Q report, detailing financial performance and business operations for the period ending November 30, 2023.</b>

AI Summary

BIOMERICA INC (BMRA) filed a Quarterly Report (10-Q) with the SEC on January 16, 2024. Biomerica Inc. filed a 10-Q report for the period ending November 30, 2023. The filing covers the second quarter of fiscal year 2024. The company's fiscal year ends on May 31st. Biomerica Inc. is incorporated in Delaware. The company's principal business is in In Vitro & In Vivo Diagnostic Substances.

Why It Matters

For investors and stakeholders tracking BIOMERICA INC, this filing contains several important signals. This 10-Q filing provides investors with an updated view of Biomerica's financial health and operational progress for the second quarter of fiscal year 2024. Understanding the details within this report is crucial for assessing the company's current standing and future prospects in the diagnostic substances market.

Risk Assessment

Risk Level: low — BIOMERICA INC shows low risk based on this filing. The filing is a standard 10-Q, providing routine financial updates without immediate red flags, indicating a low level of immediate risk from this specific filing.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to understand Biomerica's performance trends and identify any emerging risks or opportunities.

Key Numbers

• 2023-11-30 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-01-16 — Filing Date (FILED AS OF DATE)
• 0531 — Fiscal Year End (FISCAL YEAR END)
• 2024 — Fiscal Year (FORM 10-Q FOR FISCAL YEAR)

Key Players & Entities

• BIOMERICA INC (company) — FILER
• 20231130 (date) — CONFORMED PERIOD OF REPORT
• 20240116 (date) — FILED AS OF DATE
• DE (location) — STATE OF INCORPORATION
• 2835 (industry) — STANDARD INDUSTRIAL CLASSIFICATION
• 17571 VON KARMAN AVENUE (address) — BUSINESS ADDRESS
• IRVINE (location) — BUSINESS ADDRESS CITY
• 9493792875 (phone) — BUSINESS PHONE

FAQ

Industry Context

Biomerica Inc. operates in the In Vitro & In Vivo Diagnostic Substances sector, a critical part of the healthcare industry focused on developing and marketing diagnostic tests.

Regulatory Implications

The company is subject to regulations governing diagnostic substances, which typically involve stringent testing, approval processes, and quality control measures by bodies like the FDA.

What Investors Should Do

1. Analyze the financial statements for revenue trends, profitability, and cash flow.
2. Examine the Management's Discussion and Analysis for insights into operational performance and strategic initiatives.
3. Identify any new product developments or regulatory updates mentioned in the filing.

Key Dates

• 2023-11-30: Period End Date — End of the reporting period for the 10-Q filing.
• 2024-01-16: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the 10-Q filing for the period ending November 30, 2023. Specific comparative data from the previous filing (likely a 10-Q for the period ending August 31, 2023, or a 10-K for the year ending May 31, 2023) would be needed for a direct comparison.

Key Financial Figures

• $0.08 — f each class) COMMON STOCK, PAR VALUE $0.08 (Name of each exchange on which regis

Filing Documents

• form10-q.htm (10-Q) — 610KB
• ex31-1.htm (EX-31.1) — 8KB
• ex31-2.htm (EX-31.2) — 9KB
• ex32-1.htm (EX-32.1) — 4KB
• ex32-2.htm (EX-32.2) — 4KB
• 0001493152-24-002331.txt (&nbsp;) — 3438KB
• bmra-20231130.xsd (EX-101.SCH) — 20KB
• bmra-20231130_cal.xml (EX-101.CAL) — 44KB
• bmra-20231130_def.xml (EX-101.DEF) — 92KB
• bmra-20231130_lab.xml (EX-101.LAB) — 229KB
• bmra-20231130_pre.xml (EX-101.PRE) — 173KB
• form10-q_htm.xml (XML) — 477KB

Financial Statements

Financial Statements: Condensed Consolidated Balance Sheets (unaudited) –November 30, 2023 and May 31, 2023 1 Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) – Three and Six Months Ended November 30, 2023 and 2022 2 Condensed Consolidated Statements of Shareholders' Equity (unaudited) – Three and Six Months Ended November 30, 2023 and 2022 3 Condensed Consolidated Statements of Cash Flows (unaudited) – Six Months Ended November 30, 2023 and 2022 4 Notes to Condensed Consolidated Financial Statements (unaudited) 5 - 13 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 14 - 19 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 19 Item 4.

Controls and Procedures

Controls and Procedures 19 PART II Other Information 20 Item 1.

Legal Proceedings

Legal Proceedings 20 Item 1A.

Risk Factors

Risk Factors 20 Item 5. Other Information 20 Item 6. Exhibits 20

Signatures

Signatures 21 PART I - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS BIOMERICA, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) November 30, 2023 May 31, 2023 Assets Current Assets: Cash and cash equivalents $ 7,134,000 $ 9,719,000 Accounts receivable, net 1,067,000 722,000 Inventories, net 1,841,000 2,056,000 Prepaid expenses and other 223,000 300,000 Total current assets 10,265,000 12,797,000 Property and equipment, net of accumulated depreciation and amortization 210,000 213,000 Right-of-use assets, net of accumulated amortization of $ 761,000 and $ 617,000 as of November 30, 2023 and May 31, 2023, respectively 891,000 1,035,000 Investments 165,000 165,000 Intangible assets, net of accumulated amortization 204,000 165,000 Other assets 96,000 79,000 Total Assets $ 11,831,000 $ 14,454,000 Liabilities and Shareholders' Equity Current Liabilities: Accounts payable and accrued expenses $ 783,000 $ 892,000 Accrued compensation 668,000 696,000 Advance from customers 60,000 60,000 Lease liabilities, current portion 311,000 297,000 Total current liabilities 1,822,000 1,945,000 Lease liabilities, net of current portion 626,000 785,000 Total Liabilities 2,448,000 2,730,000 Commitments and contingencies (Note 6) - - Shareholders' Equity: Preferred stock, Series A 5% convertible, $ 0.08 par value, 571,429 shares authorized, none issued and outstanding as of November 30, 2023 and May 31, 2023 - - Preferred stock, undesignated, no par value, 4,428,571 shares authorized, none issued and outstanding as of November 30, 2023 and May 31, 2023 - - Preferred stock, value - - Common stock, $ 0.08 par value, 25,000,000 shares authorized, 16,821,646 issued and outstanding at November 30, 2023 and May 31, 2023, respectively 1,346,000 1,346,000 Additional paid-in-capital 52,997,000 52,705,000 Accumulated other comprehensive loss ( 104,000 )

View Full Filing

View this 10-Q filing on SEC EDGAR