10-K · September 28, 2026
The amendment does not change the weak fiscal 2026 operating picture: revenue fell 16% to $4.453 million, gross margin was approximately 8.1%, operating margin was approximately negative 119.5%, and operating cash burn…
Earnings analysis · 10-Q
BMRA earnings analysis
Filed October 15, 2026 · Our reading of the company's report
The latest report
Biomerica reported $875,000 of revenue, down 11.5% sequentially but up 16.8% year over year, while gross margin declined to negative 8.1% and operating margin deteriorated to negative 175.2%. Diluted EPS was negative…
Read full summary
Biomerica reported $875,000 of revenue, down 11.5% sequentially but up 16.8% year over year, while gross margin declined to negative 8.1% and operating margin deteriorated to negative 175.2%. Diluted EPS was negative $0.37 and free cash flow was negative $912,000, indicating continued losses and cash burn. The filing provided no quantitative guidance, segment data, balance-sheet detail, or material risk-factor updates.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.37
- Gross margin
- -8.1%
- Operating margin
- -175.2%
What stood out
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Revenue declined sequentially
Revenue was $875,000, down 11.5% from $987,000 in 2026Q3 but up 16.8% from $749,000 in 2025Q4.
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Gross margin worsened sequentially
Gross margin was negative 8.1%, compared with negative 4.5% in the prior quarter and negative 32.6% in the year-ago quarter.
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Operating losses remain severe
Operating margin deteriorated to negative 175.2% from negative 131.5% in 2026Q3, although it improved from negative 208.8% in 2025Q4.
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EPS improved year over year
Diluted EPS was negative $0.37 versus negative $0.44 in the prior quarter and negative $0.61 in the year-ago quarter.
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Cash burn remained substantial
Free cash flow was negative $912,000, an improvement from negative $1.0 million in 2026Q3 but worse than negative $662,000 in 2025Q4.
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Controls remained effective
Management concluded that disclosure controls were effective as of August 31, 2026, and reported 0 material changes to internal control over financial reporting during the quarter.
What to watch
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Persistent operating losses
Operating performance remains materially loss-making: the operating margin was negative 175.2% and diluted EPS was negative $0.37 for the quarter.
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Continued cash burn
Cash generation remains negative, with free cash flow of negative $912,000 for the quarter; no balance-sheet cash or debt figures were provided in the available filing text.
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Sequential revenue and margin pressure
Revenue declined 11.5% sequentially to $875,000, while gross margin fell to negative 8.1% from negative 4.5% in 2026Q3.
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Potential future litigation exposure
The filing stated that there were 0 pending legal proceedings as of August 31, 2026, but warned that future claims or litigation could materially adversely affect operating results or cash flows.
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No updated risk disclosures
The company disclosed 0 material changes to the risks and uncertainties described in its 2026 Annual Report during the three months ended August 31, 2026; therefore, the filing provides no new risk-factor mitigation.
Management's outlook
No quantitative revenue or EPS guidance was provided in the filing; the 10-Q contains no explicit forward outlook.
Earlier filings 4
10-K · August 31, 2026
Biomerica’s fiscal 2026 report shows a commercialization pipeline with meaningful milestones for inFoods IBS, hp+detect and a CDMO agreement targeting more than $1,750,000 of fees, but the existing business continued to…
10-Q · April 13, 2026
Biomerica reported Q3 net sales of $987,000 and GAAP EPS of $(0.44). Revenue declined versus the prior-year quarter (from $1,119,000 to $987,000), gross margin turned negative for the quarter (-4.46%) and operating loss…
10-Q · January 14, 2026
Biomerica reported Q2 net sales of $1,210,000 and a net loss of $1,320,000 (EPS $(0.45)). Gross margin compressed to 4.2% and operating loss widened to $(1,373,000) versus the prior-year quarter. Liquidity was supported…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.