Biomerica's Q3 revenue falls, net loss widens on lower manufacturing sales
Overview
Medical diagnostics provider's fiscal Q3 revenue fell yr/yr due to lower contract manufacturing sales
Company posted wider net loss and negative gross margin for the quarter
European revenue rose 45% and over-the-counter product lines grew 16% yr/yr
Outlook
Company expects gross margin to improve as inFoods IBS and hp+detect sales scale
Biomerica sees improved CDMO customer demand after quarter end
Result Drivers
CONTRACT MANUFACTURING DECLINE - Lower contract manufacturing revenue after completion of prior projects weighed on Q3 sales
PRODUCT MIX SHIFT - Negative gross margin driven by lower sales volume and changes in product mix
R&D EXPENSES DOWN - R&D expenses fell 24% yr-to-date as development phases ended for key products
Company press release: ID:nGNXFkyTH
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Revenue |
| $990,000 |
|
Q3 Net Income |
| -$1.31 mln |
|
Q3 Gross Margin |
| -4% |
|
Q3 Operating Expenses |
| $1.25 mln |
|
Q3 Operating Income |
| -$1.30 mln |
For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.
Recommended Articles
