Medical diagnostics firm Biomerica's Q2 revenue falls amid product transition
Overview
Medical diagnostics firm's Q2 revenue fell yr/yr due to absence of large distributor orders
Net loss for Q2 widened to $1.32 mln from $0.95 mln last year
Company entered marketing agreement with Henry Schein for inFoods IBS test
Outlook
Biomerica sees incremental revenue from inFoods IBS and new partnerships driving margin expansion
Company expects Medicare payment rate to expand patient access to inFoods IBS
Biomerica plans to leverage regulatory approval in Egypt for international expansion
Result Drivers
PRODUCT TRANSITION - Biomerica is shifting focus from lower-margin products to higher-margin diagnostic-guided therapy products, impacting current revenue
MENA REGION ORDERS - Revenue decline attributed to absence of large initial distributor orders in MENA region
COST MANAGEMENT - Operating expenses decreased by 4% year-to-date due to cost discipline and operational efficiency
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Revenue |
| $1.21 mln |
|
Q2 Net Income |
| -$1.32 mln |
|
Q2 Gross Margin |
| 4.00% |
|
Q2 Operating Expenses |
| $1.42 mln |
|
Q2 Operating Income |
| -$1.37 mln |
|
Press Release: ID:nGNX2y46Vp
For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com.
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