Biomerica Inc. Files 10-Q for Period Ending February 29, 2024

TL;DR

<b>Biomerica Inc. has filed its Q3 2024 10-Q report, detailing financial performance and business operations for the period ending February 29, 2024.</b>

AI Summary

BIOMERICA INC (BMRA) filed a Quarterly Report (10-Q) with the SEC on April 12, 2024. Biomerica Inc. filed a 10-Q report for the period ending February 29, 2024. The filing covers the third quarter of their fiscal year. The company's fiscal year ends on May 31st. Biomerica Inc. is in the In Vitro & In Vivo Diagnostic Substances industry. The company's principal executive offices are located in Irvine, California.

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 during the third quarter of its fiscal year. 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 indications of significant positive or negative events.

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

• 2024-02-29 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-04-12 — Filing Date (FILED AS OF DATE)
• 0531 — Fiscal Year End (FISCAL YEAR END)
• Q3 — Quarter (Filing for the third quarter)

Key Players & Entities

• BIOMERICA INC (company) — FILER
• 0001493152-24-014474 (other) — ACCESSION NUMBER
• 2024-02-29 (date) — CONFORMED PERIOD OF REPORT
• 2024-04-12 (date) — FILED AS OF DATE
• 0000073290 (other) — CENTRAL INDEX KEY
• 2835 (other) — STANDARD INDUSTRIAL CLASSIFICATION
• DE (other) — STATE OF INCORPORATION
• 17571 VON KARMAN AVENUE (other) — BUSINESS ADDRESS

FAQ

Industry Context

Biomerica Inc. operates in the In Vitro & In Vivo Diagnostic Substances sector, a field focused on developing and manufacturing diagnostic tests and related products.

Regulatory Implications

As a publicly traded company, Biomerica Inc. is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of quarterly (10-Q) and annual (10-K) reports.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow trends.
2. Review the Management's Discussion and Analysis (MD&A) section for insights into operational performance and strategic initiatives.
3. Check for any new risk factors or updates to existing ones disclosed in the filing.

Key Dates

• 2024-02-29: Period End Date — End of the reporting quarter for the 10-Q filing.
• 2024-04-12: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is a 10-Q filing, providing an update on the company's financial performance for the third quarter of the fiscal year ending February 29, 2024, compared to previous periods.

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) — 800KB
• ex31-1.htm (EX-31.1) — 13KB
• ex31-2.htm (EX-31.2) — 12KB
• ex32-1.htm (EX-32.1) — 6KB
• ex32-2.htm (EX-32.2) — 6KB
• 0001493152-24-014474.txt (&nbsp;) — 3714KB
• bmra-20240229.xsd (EX-101.SCH) — 21KB
• bmra-20240229_cal.xml (EX-101.CAL) — 44KB
• bmra-20240229_def.xml (EX-101.DEF) — 93KB
• bmra-20240229_lab.xml (EX-101.LAB) — 230KB
• bmra-20240229_pre.xml (EX-101.PRE) — 173KB
• form10-q_htm.xml (XML) — 517KB

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 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 18 Item 4.

Controls and Procedures

Controls and Procedures 18 PART II Other Information Item 1.

Legal Proceedings

Legal Proceedings 19 Item 1A.

Risk Factors

Risk Factors 19 Item 5. Other Information 19 Item 6. Exhibits 20

Signatures

Signatures 21 PART I - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS BIOMERICA, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) February 29, 2024 May 31, 2023 Assets Current Assets: Cash and cash equivalents $ 5,319,000 $ 9,719,000 Accounts receivable, net 1,130,000 722,000 Inventories, net 2,129,000 2,056,000 Prepaid expenses and other 268,000 300,000 Total current assets 8,846,000 12,797,000 Property and equipment, net of accumulated depreciation and amortization 194,000 213,000 Right-of-use assets, net of accumulated amortization of $ 835,000 and $ 617,000 as of February 29, 2024 and May 31, 2023, respectively 817,000 1,035,000 Investments 165,000 165,000 Intangible assets, net of accumulated amortization of $ 44,000 and $ 30,000 as of February 29, 2024 and May 31, 2023, respectively 216,000 165,000 Other assets 104,000 79,000 Total Assets $ 10,342,000 $ 14,454,000 Liabilities and Shareholders' Equity Current Liabilities: Accounts payable and accrued expenses $ 885,000 $ 892,000 Accrued compensation 702,000 696,000 Advance from customers 85,000 60,000 Lease liabilities, current portion 319,000 297,000 Total current liabilities 1,991,000 1,945,000 Lease liabilities, net of current portion 543,000 785,000 Total Liabilities 2,534,000 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 February 29, 2024 and May 31, 2023 - - Preferred stock, undesignated, no par value, 4,428,571 shares authorized, none issued and outstanding as of February 29, 2024 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 February 29, 2024 and May 31, 2023, respectively 1,346,000 1,346,000 Additional paid-in capit

View Full Filing

View this 10-Q filing on SEC EDGAR