Revenue growth has contracted by 11.8% year-over-year as of 2026Q3, while gross margins have deteriorated to a negative 4.5%.
| Metric | TTM | May'25 | May'24 | May'23 | May'22 | May'21 | May'20 | May'19 | May'18 | May'17 | May'16 | May'15 | May'14 | May'13 | May'12 | May'11 | May'10 | May'09 | May'08 | May'07 | May'06 | May'05 | May'04 | May'03 | May'02 | May'01 | May'00 | May'99 | May'98 | May'97 | May'96 |
|---|
| Sales/Revenue | 4.56M | 5.31M | 5.42M | 5.34M | 18.87M | 7.2M | 6.69M | 5.2M | 5.56M | 5.79M | 5.14M | 4.96M | 5.12M | 6.47M | 6.08M | 4.9M | 5.08M | 4.93M | 4.93M | 5.75M | 7.18M | 9.27M | 9.17M | 9.06M | 8.6M | 8.94M | 8.03M | 8.7M | 9.4M | 9.2M | 9.5M |
| Revenue Growth % | -14.07% | -1.92% | 1.42% | -71.71% | 162.14% | 7.57% | 28.69% | -6.53% | -3.93% | 12.68% | 3.58% | -3.09% | -20.89% | 6.44% | 24.12% | -3.46% | 2.85% | 0.17% | -14.3% | -20% | -22.53% | 1.15% | 1.2% | 5.37% | -3.82% | 11.28% | -7.66% | -7.45% | 2.17% | -3.16% | 3.26% |
| Cost of Goods Sold | 4.14M | 4.81M | 4.8M | 4.89M | 15.89M | 6.83M | 4.91M | 3.91M | 3.81M | 3.77M | 3.62M | 3.42M | 3.45M | 4.05M | 3.78M | 3.37M | 3.51M | 2.96M | 2.79M | 3.5M | 4.78M | 6.19M | 6.25M | 6.16M | 6.06M | 6.13M | 5.4M | 5.1M | 5.3M | 5.2M | 5.1M |
| COGS % of Revenue | - | 90.62% | 88.72% | 91.65% | 84.22% | 94.91% | 73.38% | 75.16% | 68.47% | 65.09% | 70.35% | 68.93% | 67.4% | 62.49% | 62.22% | 68.86% | 69.25% | 60.08% | 56.65% | 60.93% | 66.52% | 66.73% | 68.19% | 68.01% | 70.51% | 68.57% | 67.25% | 58.62% | 56.38% | 56.52% | 53.68% |
| Gross Profit | 387K | 498K | 611K | 446K | 2.98M | 366.29K | 1.78M | 1.29M | 1.75M | 2.02M | 1.52M | 1.54M | 1.67M | 2.43M | 2.3M | 1.53M | 1.56M | 1.97M | 2.14M | 2.25M | 2.41M | 3.09M | 2.92M | 2.9M | 2.54M | 2.81M | 2.63M | 3.6M | 4.1M | 4M | 4.4M |
| Gross Margin % | 8.48% | 9.38% | 11.28% | 8.35% | 15.78% | 5.09% | 26.62% | 24.84% | 31.53% | 34.91% | 29.65% | 31.07% | 32.6% | 37.51% | 37.78% | 31.14% | 30.75% | 39.92% | 43.35% | 39.07% | 33.48% | 33.27% | 31.81% | 31.99% | 29.49% | 31.43% | 32.75% | 41.38% | 43.62% | 43.48% | 46.32% |
| Gross Profit Growth % | - | -18.49% | 37% | -85.02% | 712.87% | -79.44% | 37.91% | -26.36% | -13.23% | 32.66% | -1.15% | -7.63% | -31.25% | 5.69% | 50.58% | -2.25% | -20.77% | -7.76% | -4.9% | -6.64% | -22.03% | 5.78% | 0.62% | 14.31% | -9.75% | 6.77% | -26.91% | -12.2% | 2.5% | -9.09% | 0% |
| Operating Expenses | 5.54M | 5.63M | 6.98M | 7.67M | 7.51M | 7.87M | 4.18M | 3.7M | 3.24M | 2.98M | 2.35M | 2.21M | 2.12M | 1.91M | 1.79M | 1.66M | 1.93M | 1.72M | 1.63M | 1.72M | 2.5M | 3.32M | 3.23M | 3.11M | 3M | 3.49M | 6.82M | 3.9M | 3.9M | 3.4M | 3.7M |
| OpEx % of Revenue | - | 106.1% | 128.86% | 143.64% | 39.8% | 109.26% | 62.53% | 71.24% | 58.16% | 51.39% | 45.74% | 44.58% | 41.32% | 29.57% | 29.47% | 33.84% | 37.94% | 34.9% | 33.01% | 30.01% | 34.83% | 35.8% | 35.26% | 34.31% | 34.9% | 39.08% | 84.91% | 44.83% | 41.49% | 36.96% | 38.95% |
| Selling, General & Admin | 4.71M | 4.61M | 5.49M | 6.08M | 5.7M | 5.67M | 2.27M | 2.03M | 1.84M | 1.85M | 1.57M | 1.48M | 1.53M | 1.45M | 1.45M | 1.24M | 1.47M | 1.44M | 1.37M | 1.47M | 2.26M | 3.05M | 2.96M | 2.85M | 2.84M | 3.17M | 5.7M | 3.1M | 3.1M | 2.9M | 3.1M |
| SG&A % of Revenue | - | 86.84% | 101.33% | 113.97% | 30.2% | 78.78% | 33.98% | 38.95% | 33.03% | 31.87% | 30.56% | 29.8% | 29.8% | 22.47% | 23.76% | 25.25% | 28.97% | 29.26% | 27.75% | 25.55% | 31.5% | 32.84% | 32.27% | 31.41% | 33.05% | 35.47% | 70.96% | 35.63% | 32.98% | 31.52% | 32.63% |
| Research & Development | 835K | 1.02M | 1.49M | 1.58M | 1.81M | 2.19M | 1.91M | 1.68M | 1.4M | 1.13M | 780.33K | 733.64K | 589.87K | 459.09K | 347.13K | 420.57K | 455.17K | 278.31K | 259.08K | 256.1K | 239K | 274.29K | 273.98K | 262.84K | 159.76K | 322.12K | 898.12K | 500K | 600K | 300K | 300K |
| R&D % of Revenue | - | 19.26% | 27.53% | 29.67% | 9.6% | 30.48% | 28.54% | 32.29% | 25.13% | 19.52% | 15.18% | 14.78% | 11.52% | 7.09% | 5.71% | 8.58% | 8.97% | 5.64% | 5.26% | 4.46% | 3.33% | 2.96% | 2.99% | 2.9% | 1.86% | 3.6% | 11.18% | 5.75% | 6.38% | 3.26% | 3.16% |
| Other Operating Expenses | 0 | 0 | 0 | 1K | 0 | 0 | 0 | 0 | 0 | 0 | 7.01K | 2.25K | 3.13K | 50 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -5.09M | -5.14M | -6.37M | -7.22M | -4.53M | -7.5M | -2.4M | -2.41M | -1.48M | -954.63K | -826.95K | -670.6K | -446.59K | 514.01K | 505K | -132.26K | -364.52K | 247.66K | 509.49K | 520.79K | -97.09K | -234.76K | -316.14K | -209.88K | -465.42K | -683.58K | -4.19M | -300K | 200K | 600K | 700K |
| Operating Margin % | -111.46% | -96.72% | -117.58% | -135.29% | -24.03% | -104.18% | -35.9% | -46.39% | -26.63% | -16.48% | -16.09% | -13.51% | -8.72% | 7.94% | 8.3% | -2.7% | -7.18% | 5.02% | 10.34% | 9.06% | -1.35% | -2.53% | -3.45% | -2.32% | -5.41% | -7.65% | -52.16% | -3.45% | 2.13% | 6.52% | 7.37% |
| Operating Income Growth % | - | 19.32% | 11.85% | -59.31% | 39.54% | -212.12% | 0.41% | -62.83% | -55.22% | -15.44% | -23.32% | -50.16% | -186.88% | 1.78% | 481.82% | 63.72% | -247.19% | -51.39% | -2.17% | 636.4% | 58.64% | 25.74% | -50.63% | 54.9% | 31.91% | 83.69% | -1296.67% | -250% | -66.67% | -14.29% | 75% |
| EBITDA | -4.78M | -4.74M | -5.99M | -6.87M | -3.94M | -7.12M | -2M | -2.25M | -1.3M | -735.41K | -594.53K | -417.32K | -239.56K | 730.72K | 685.12K | 15.55K | -250.51K | 336.31K | 575.32K | 577.53K | 24.96K | -75.45K | -171.98K | -93.34K | -273K | -474.59K | -3.97M | 0 | 400K | 800K | 1M |
| EBITDA Margin % | -104.67% | -89.19% | -110.67% | -128.71% | -20.87% | -98.96% | -29.95% | -43.26% | -23.28% | -12.7% | -11.57% | -8.41% | -4.68% | 11.29% | 11.27% | 0.32% | -4.94% | 6.82% | 11.68% | 10.05% | 0.35% | -0.81% | -1.88% | -1.03% | -3.18% | -5.31% | -49.39% | - | 4.26% | 8.7% | 10.53% |
| EBITDA Growth % | -0.89% | 20.96% | 12.79% | -74.45% | 44.7% | -255.44% | 10.92% | -73.72% | -76.11% | -23.7% | -42.46% | -74.2% | -132.78% | 6.65% | 4306.23% | 106.21% | -174.49% | -41.54% | -0.38% | 2214.08% | 133.08% | 56.13% | -84.26% | 65.81% | 42.48% | 88.04% | - | -100% | -50% | -20% | 25% |
| D&A (Non-Cash Add-back) | 414K | 400K | 374K | 351K | 594.82K | 375.86K | 398.63K | 162.91K | 186.6K | 219.22K | 232.42K | 253.28K | 207.03K | 216.71K | 180.12K | 147.81K | 114.01K | 88.65K | 65.83K | 56.74K | 122.05K | 159.32K | 144.16K | 116.55K | 192.42K | 208.99K | 222.32K | 300K | 200K | 200K | 300K |
| EBIT | -4.15M | -4.97M | -5.94M | -7.09M | -4.53M | -7.43M | -2.33M | -2.37M | -1.43M | -908.28K | -795.82K | -646.43K | -426.28K | 524.77K | 615.03K | 165.28K | -332.13K | 294.7K | 1.69M | 520.79K | -97.09K | -234.76K | -316.14K | -209.88K | -465.42K | -617.85K | -4.19M | -300K | 200K | 600K | 700K |
| Net Interest Income | 1.17M | 165K | 431K | 133K | 27K | 66.5K | 71.18K | 43.97K | 47.73K | 46.07K | 23.96K | 21.91K | 17.04K | 10.41K | 6.76K | -5.83K | 2.39K | 2.35K | -15.99K | -35.05K | 0 | 0 | 0 | 0 | -40.37K | 0 | 0 | 0 | 0 | -100K | 0 |
| Interest Income | 1.2M | 165K | 431K | 133K | 27K | 66.86K | 71.19K | 44.01K | 47.76K | 46.35K | 24.12K | 21.91K | 17.18K | 10.71K | 8.35K | 0 | 14.71K | 29.87K | 33.55K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 367 | 9 | 47 | 37 | 282 | 167 | 0 | 142 | 302 | 1.58K | 5.83K | 12.32K | 27.52K | 49.54K | 35.05K | 0 | 0 | 0 | 0 | 40.37K | 0 | 0 | 0 | 0 | 100K | 0 |
| Other Income/Expense | 1.2M | 165K | 431K | 134K | 26.64K | 66.5K | 71.18K | 43.97K | 47.73K | 46.07K | 30.96K | 24.16K | 20.17K | 10.46K | 108.45K | 291.71K | 20.07K | 19.52K | 1.13M | 4.99K | 785 | 215.24K | 18.91K | -11.77K | -99.19K | 103.21K | 301.56K | 300K | -200K | 100K | 0 |
| Pretax Income | -4.15M | -4.97M | -5.94M | -7.09M | -4.51M | -7.43M | -2.33M | -2.37M | -1.43M | -908.56K | -795.99K | -646.43K | -426.42K | 524.46K | 613.45K | 159.45K | -344.45K | 267.18K | 1.64M | 525.78K | 155.37K | -19.53K | -297.23K | -221.65K | -564.61K | -576.49K | -3.89M | 0 | 400K | 700K | 0 |
| Pretax Margin % | -90.99% | -93.62% | -109.62% | -132.78% | -23.88% | -103.25% | -34.84% | -45.55% | -25.77% | -15.69% | -15.49% | -13.03% | -8.33% | 8.1% | 10.09% | 3.25% | -6.79% | 5.41% | 33.35% | 9.15% | 2.16% | -0.21% | -3.24% | -2.45% | -6.57% | -6.45% | -48.4% | - | 4.26% | 7.61% | - |
| Income Tax | 21K | 1K | 42K | 51K | 23.72K | 13.06K | 7.39K | 24.24K | 31.8K | 0 | 703.8K | -315.02K | -210.76K | -12.49K | 65.01K | 2K | -13K | -87K | -67K | 16.77K | 1.6K | 1.94K | 1.82K | 2.22K | 2.06K | 2.4K | 2.4K | -200K | 100K | 200K | 300K |
| Effective Tax Rate % | -0.51% | -0.02% | -0.71% | -0.72% | -0.53% | -0.18% | -0.32% | -1.02% | -2.22% | 0% | -88.42% | 48.73% | 49.43% | -2.38% | 10.6% | 1.25% | 3.77% | -32.56% | -4.08% | 3.19% | 1.03% | -9.93% | -0.61% | -1% | -0.36% | -0.42% | -0.06% | - | 25% | 28.57% | - |
| Net Income | -3.94M | -4.97M | -5.98M | -7.14M | -4.53M | -7.45M | -2.34M | -2.39M | -1.47M | -908.56K | -1.5M | -331.41K | -215.66K | 536.96K | 548.43K | 157.45K | -331.45K | 354.18K | 1.71M | 536.88K | 230.27K | 162.26K | -223.2K | -223.87K | -420.74K | -2.67M | -3.89M | -100K | 100K | 400K | 400K |
| Net Margin % | -86.37% | -93.64% | -110.4% | -133.73% | -24.01% | -103.43% | -34.95% | -46.01% | -26.34% | -15.69% | -29.18% | -6.68% | -4.21% | 8.3% | 9.02% | 3.21% | -6.53% | 7.18% | 34.71% | 9.34% | 3.2% | 1.75% | -2.43% | -2.47% | -4.89% | -29.89% | -48.43% | -1.15% | 1.06% | 4.35% | 4.21% |
| Net Income Growth % | 20.73% | 16.81% | 16.27% | -57.58% | 39.15% | -218.34% | 2.26% | -63.26% | -61.34% | 39.42% | -352.55% | -53.67% | -140.16% | -2.09% | 248.33% | 147.5% | -193.58% | -79.29% | 218.52% | 133.15% | 41.92% | 172.7% | 0.3% | 46.79% | 84.26% | 31.32% | -3790.85% | -200% | -75% | 0% | 300% |
| Net Income (Continuing) | -4.17M | -4.97M | -5.98M | -7.14M | -4.53M | -7.45M | -2.34M | -2.39M | -1.47M | -908.56K | -1.5M | -331.41K | -215.66K | 536.96K | 548.43K | 157.45K | -331.45K | 354.18K | 1.71M | 509.01K | 153.76K | -21.46K | -299.05K | -223.87K | -566.67K | -516.23K | -3.89M | -100K | 100K | 400K | 400K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 27.87K | 76.51K | 183.72K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.48M | 2.59M | 2.15M | 2.08M | 2.05M | 2.11M | 2.4M | 2.5M | 2.3M | 2.1M |
| EPS (Diluted) | -1.31 | -2.16 | -0.36 | -0.50 | -0.36 | -0.54 | -0.23 | -0.26 | -0.17 | -0.11 | -0.20 | -0.04 | -0.03 | 0.07 | 0.08 | 0.02 | -0.05 | 0.05 | 0.25 | 0.08 | 0.03 | 0.03 | -0.04 | -0.04 | -0.08 | -0.56 | -0.86 | -0.03 | 0.03 | 0.10 | 0.12 |
| EPS Growth % | -266.98% | -500% | 28% | -38.89% | 33.33% | -134.78% | 11.54% | -52.94% | -54.55% | 45% | -355.58% | -49.83% | -141.86% | -12.5% | 300% | 140.08% | -199.8% | -80% | 212.5% | 166.67% | 0% | 177.12% | 7.82% | 48.85% | 85.27% | 34.88% | -3340% | -183.33% | -70% | -16.67% | 300% |
| EPS (Basic) | - | -2.16 | -0.36 | -0.50 | -0.36 | -0.54 | -0.23 | -0.26 | -0.17 | -0.11 | -0.20 | -0.04 | -0.03 | 0.08 | 0.08 | 0.02 | -0.05 | 0.05 | 0.28 | 0.09 | 0.04 | 0.03 | -0.04 | -0.04 | -0.08 | -0.56 | -0.86 | -0.03 | 0.03 | 0.12 | 0.12 |
| Diluted Shares Outstanding | 3.01M | 2.3M | 16.82M | 14.15M | 12.67M | 11.93M | 10.17M | 9.21M | 8.57M | 8.33M | 7.63M | 7.55M | 7.37M | 7.45M | 7.11M | 6.7M | 6.65M | 7.01M | 6.98M | 6.51M | 6.22M | 6.62M | 5.74M | 5.3M | 5.1M | 4.81M | 4.54M | 4M | 4M | 3.87M | 3.59M |
| Basic Shares Outstanding | 3.01M | 2.3M | 16.82M | 14.15M | 12.67M | 11.93M | 10.17M | 9.21M | 8.57M | 8.26M | 7.5M | 7.55M | 7.19M | 7.02M | 6.89M | 6.67M | 6.65M | 6.62M | 6.13M | 5.93M | 5.76M | 5.75M | 5.74M | 5.3M | 5.1M | 4.81M | 4.54M | 4M | 4M | 3.86M | 3.59M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Capital exhaustion and liquidity risk
As evidenced by the most recent quarterly data, Biomerica's top-line performance has deteriorated significantly, with revenue falling to $987.0K in 2026Q3, representing an 11.8% year-over-year decline that underscores the ongoing struggle to maintain volume within its legacy diagnostic kit business during this strategic transition.
The consistent downward trajectory in quarterly revenue suggests that the company's core diagnostic offerings are failing to gain traction or are being cannibalized by market shifts. This decline appears to be accelerating, which complicates the company's ability to fund the development of its InFoods platform through internal cash generation.
According to the provided income statement data, Biomerica's gross margin has experienced extreme volatility, collapsing to -4.5% in 2026Q3, which indicates that the cost of goods sold now exceeds the revenue generated from product sales, a highly concerning development for a medical device manufacturer.
The inability to maintain positive gross margins suggests that the company's manufacturing processes are currently inefficient or that the product mix has shifted toward lower-margin items. Investors should monitor whether this margin compression is a temporary byproduct of the InFoods rollout or a permanent structural impairment of the company's production economics.
Based on reported financial figures, the company's operating margin reached -131.5% in 2026Q3, demonstrating that operating expenses, particularly SG&A and R&D, continue to dwarf gross profit, thereby preventing any meaningful scaling of the business model despite the ongoing investment in new diagnostic-guided therapeutic technologies.
The lack of operating leverage implies that the company is not yet achieving the economies of scale necessary to offset its fixed cost base. The persistent gap between revenue and operating expenses suggests that the current business model is not self-sustaining and remains heavily dependent on external capital to cover its ongoing losses.
As reported in the quarterly filings, Biomerica's net income remains consistently negative, with a net margin of -132.9% in 2026Q3, a figure that is further complicated by the impact of stock-based compensation, which totaled $135.0K in the same period, potentially diluting existing shareholders during a period of operational distress.
The quality of earnings is currently poor, as the company is not generating positive net income from its core operations. The reliance on stock-based compensation as a component of the cost structure warrants further investigation, as it may be masking the true cash cost of talent acquisition during this critical transition phase.
Based on the provided income statement, the company's cash burn rate appears unsustainable, as the combination of declining revenue and negative gross margins suggests that the firm may face significant liquidity challenges if the InFoods platform does not achieve rapid commercial success in the near term.
Short-sellers would likely focus on the rapid depletion of resources and the lack of a clear path to profitability. The absence of a reliable revenue bridge from legacy products to the new platform creates a binary risk profile that could necessitate further dilutive financing to maintain operations.
Quick answers to the most common questions about buying BMRA stock.
For fiscal year 2025, Biomerica, Inc. (BMRA) reported total revenue of $5.3M. This represents a 44.1% decline compared to $9.5M in 1996.
Biomerica, Inc. (BMRA) reported a net loss of $5.0M for the fiscal year ending 2025.
Biomerica, Inc. (BMRA) reported an operating income of $-5.1M, resulting in an operating profit margin of -96.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Biomerica, Inc. (BMRA) generated $0.5M in gross profit for the year, representing a gross profit margin of 9.4%. This demonstrates the company's core pricing power and production efficiency.