Executive Summary
Biomerica Inc (BMRA) reported QQ3 2025 revenue of $1.119 million, a gross profit of $19,000 and a gross margin of 1.70%. The quarter delivered an operating loss of approximately $1.21 million and a net loss of $1.163 million, or about $0.0679 per share on 17.12 million weighted average shares. The year-over-year revenue growth was modest at 10.0%, but sequentially the quarter declined 31.6% versus the prior quarter, highlighting a pullback in near-term top-line activity as the company continues to scale its GI diagnostics and therapy initiatives. EBITDA was negative by about $1.111 million, with an EBIT of roughly $-1.21 million, underscoring ongoing profitability challenges in a small-cap medical devices business with a limited revenue base.
Biomerica’s liquidity position remains solid for a micro-cap: cash and cash equivalents totaled $3.058 million at quarter-end, and the company held a net cash position of about $2.515 million after considering short-term obligations. The balance sheet shows no long-term debt and a healthy current ratio of 3.76, quick ratio of 2.76, and cash ratio of 1.85, suggesting adequate liquidity to fund near-term operating needs and selective R&D. However, negative retained earnings (-$51.624 million) reflect a long history of losses that raises the ongoing need for external capital or credible profitability inflections.
Management commentary is not available in the provided transcript data; as a result, the forward-looking narrative hinges on the qualitative read of the pipeline and balance sheet dynamics. Key growth opportunities center on Biomerica’s GI diagnostics portfolio and InFoods IBS therapy technology, along with Helicobacter pylori diagnostic-guided therapy and related tests. While these programs offer strategic upside if adopted by physicians’ offices, hospital laboratories, and over-the-counter channels, near-term revenue progression remains uneven and subject to regulatory, reimbursement, and competitive dynamics. Given the modest quarterly burn rate on operating activities (approximately $1.045 million) and a financing inflow of about $1.736 million in the quarter, the company appears to have a liquidity runway short of several quarters absent sustained improvements in operating cash flow or additional financing.
Key Performance Indicators
QoQ: -31.60% | YoY:10.03%
QoQ: -95.65% | YoY:112.75%
QoQ: -21.85% | YoY:39.50%
QoQ: -22.42% | YoY:39.36%
QoQ: -22.34% | YoY:38.27%
Key Insights
Revenue and profitability: Q3 2025 revenue $1.119 million; gross profit $19 thousand; gross margin 1.70%; operating loss $1.21 million; net loss $1.163 million; EPS -0.0679. YoY revenue growth 10.03%; QoQ revenue change -31.60%. EBITDA -$1.111 million; EBITA margin (EBITDAR) -99.29%.
Liquidity and cash flow: Net cash provided by operating activities -$1.045 million; net cash from financing activities +$1.736 million; net change in cash +$0.686 million; ending cash $3.058 million. Current ratio...
Financial Highlights
Revenue and profitability: Q3 2025 revenue $1.119 million; gross profit $19 thousand; gross margin 1.70%; operating loss $1.21 million; net loss $1.163 million; EPS -0.0679. YoY revenue growth 10.03%; QoQ revenue change -31.60%. EBITDA -$1.111 million; EBITA margin (EBITDAR) -99.29%.
Liquidity and cash flow: Net cash provided by operating activities -$1.045 million; net cash from financing activities +$1.736 million; net change in cash +$0.686 million; ending cash $3.058 million. Current ratio 3.76; quick ratio 2.76; cash ratio 1.854; days sales outstanding ~101.98; days inventory outstanding ~135.41; cash conversion cycle ~237.39 days.
Balance sheet and leverage: Total assets $7.376 million; total current assets $6.204 million; cash $3.058 million; total current liabilities $1.649 million; total liabilities $1.842 million; no long-term debt; total stockholders’ equity $5.534 million; retained earnings negative at $-51.624 million; net debt = -$2.515 million (net cash position).
Valuation and market metrics: price-to-sales ~89.97x; price-to-book ~18.19x; price-earnings negative (~-21.64x); enterprise value multiple heavily negative due to tiny enterprise value and negative earnings. Four-quarter trend shows uneven quarterly revenue within a micro-cap context.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
1.12M |
10.03% |
-31.60% |
| Gross Profit |
19.00K |
112.75% |
-95.65% |
| Operating Income |
-1.21M |
39.50% |
-21.85% |
| Net Income |
-1.16M |
39.36% |
-22.42% |
| EPS |
-0.07 |
38.27% |
-22.34% |
Key Financial Ratios
operatingProfitMargin
-108.1%
operatingCashFlowPerShare
$-0.06
freeCashFlowPerShare
$-0.06
priceEarningsRatio
-21.64
Management Commentary
Transcript not provided in the data set. No management quotes or highlights are available for QQ3 2025. As a result, no verbatim quotes or thematic callouts from earnings discussions can be cited. If a transcript becomes available, key themes typically would include product pipeline progress (InFoods, H. pylori tests), progress on regulatory pathways, partnerships/licensing opportunities, and anticipated cadence of revenue recognition.
Forward Guidance
There is no formal forward guidance published in the data provided for QQ3 2025. Given the current trajectory, Biomerica faces near-term profitability headwinds with a meaningful operating loss and ongoing cash burn. The primary near-term catalysts would likely hinge on: 1) commercialization progress and adoption of InFoods IBS therapy and Helicobacter pylori diagnostics, 2) expansion of diagnostic/guided-therapy products into physician offices and hospital labs, and 3) potential licensing or partnership agreements that monetize underutilized testing platforms or leverage larger distribution networks. Management commentary (when available) would be required to assess achievability of any revenue milestones or cost-control initiatives. Investors should monitor: (i) quarterly operating cash flow improvements, (ii) any material strategic partnerships or customer contracts, (iii) changes in working capital efficiency (DSO/inventory days), and (iv) any updates to product development milestones and regulatory clearances.