Biomerica reports Q1 EPS (8c) vs. (7c) last year

Reports Q1 revenue $1.8M vs. $1.7M last year. The company said, “During the fiscal quarter, we implemented our previously announced cost-savings plan, which is expected to reduce expenses by 16% to 23% representing $1.0 million to $1.4 million in savings for the current fiscal year. As part of this plan, we incurred one-time reduction-in-force costs aimed at streamlining operations for long-term profitability. These RIF-related expenses impacted both gross margins and operating expenses for the period. Gross margin for the quarter was 16%, compared to 24% in the first quarter of fiscal 2024. Adjusting for the RIF costs, the gross margins were consistent with historical levels.”