BIOMERICA, INC. AND SUBSIDIARIES
CONSOLIDATED FINANCIAL STATEMENTS
For The Years Ended May 31, 1997 and 1996
INDEPENDENT AUDITORS' REPORT THEREON
ITEM 7. FINANCIAL STATEMENTS
Notes to Consolidated Financial Statements For The Years Ended May 31, 1997 and
INDEPENDENT AUDITORS' REPORT
The Board of Directors
We have audited the accompanying consolidated balance sheet of Biomerica, Inc. and subsidiaries (the
"Company") as of May 31, 1997, and the related consolidated statements of operations, shareholders' equity,
and cash flows for each of the years in the two-year period ended May 31, 1997. These consolidated financial
statements are the responsibility of the Company's management. Our responsibility is to express an opinion on
these consolidated financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that
we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the
consolidated financial position of Biomerica, Inc. and subsidiaries as of May 31, 1997, and the results of their
operations and their cash flows for each of the years in the two-year period ended May 31, 1997 in conformity
with generally accepted accounting principles.
Independent Auditors' Report............................................F-1
Consolidated Balance Sheet as of May 31, 1997.....