Biomerica Income Falls
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Biomerica Inc., a Newport Beach manufacturer of medical diagnostic products, reported that net income for the fiscal year dropped to $141,432, or 3 cents a share, from $446,845, or 11 cents a share, for the previous year.
Revenue for the year ended May 31 rose 2% to $9.4 million from $9.2 million. The company said the decline in net income was due primarily to a 96% increase in new product development expenditures.
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