FOR IMMEDIATE RELEASE:

AMERICAN BIO MEDICA POSTS RECORD SALES AND PROFITS IN FIRST QUARTER
Quarterly Revenue Up 16.3% and Net Income Up 111.6% Over Previous Year

KINDERHOOK, N.Y. -- May 9, 2024 -- American Bio Medica Corp. (NASDAQ: ABMC), today announced the unaudited results for the three months ending March 31, 2002, reflecting year-on-year increases in both revenue and net income.

Sales for the quarter were $2,208,000, an increase of 16.3% over sales of $1,899,000 in the same period last year. Net income was $54,000, or $0.00 per share, compared to a loss of $(465,000), or $(0.03) per share for the same quarter a year ago.

Gross profit, as a percentage of sales, remained relatively unchanged when comparing the two periods, with 59.3% for the period ending March 31, 2002, and 59.7% in the same period last year.

"We are pleased to report record sales and profitability in the first quarter of our new fiscal year," stated ABMC chairman and chief executive officer Gerald A. Moore. "Through the combined efforts of our direct sales force and our key third-party distributors, we have signed several significant contracts, and we have begun shipping orders to new customers. At the same time, we have undertaken steps to better align expenses with our sales growth."

Moore added, "We are optimistic that the continued execution of this strategy will lead to additional record-setting sales and greater profitability through the rest of this fiscal year and beyond."

The Company also noted that they do not intend to have a webcast conference call related to the quarterly results, as they discussed the first quarter extensively in a conference call held on April 19, 2002. That call can be accessed at http://www.videonewswire.com.

The following tables present certain financial information for the three months ending March 31, 2002:

                                   For the Three Months Ending
                              March 31, 2024          March 31, 2024
                              --------------          --------------
Net sales                      $ 2,208,000              $ 1,899,000
Cost of goods sold             $   899,000              $   766,000
Gross profit                   $ 1,309,000              $ 1,133,000
Total operating expenses       $ 1,298,000              $ 1,602,000
Net income/loss                $    54,000              $  (465,000)
Basic and diluted net
 income/loss per
 common share                  $      0.00              $     (0.03)
Weighted average common
 shares outstanding             20,609,548               18,017,492
                         As of March 31, 2024  As of December 31, 2023
                         --------------------  -----------------------
ASSETS
Cash & equivalents            $  138,000              $  288,000
Total current assets          $3,402,000              $3,518,000
Total assets                  $4,926,000              $5,086,000
LIABILITIES &
 STOCKHOLDERS' EQUITY
Total current liabilities     $1,830,000              $2,026,000
Total liabilities             $2,526,000              $2,732,000
Total stockholders' equity    $2,400,000              $2,353,000

About American Bio Medica Corporation

American Bio Medica Corporation develops, manufactures and markets inexpensive, accurate, onsite drugs-of-abuse diagnostic kits and support services worldwide. The Company and its worldwide distribution network target the workplace, government, corrections, clinical and educational markets. ABMC's Rapid Drug Screen®, Rapid One™ and Rapid Tec™ test for the presence or absence of drugs of abuse in urine, while its OralStat6™ tests for the presence or absence of drugs of abuse in saliva. ABMC was recently listed among the top ten biotechnology companies on the Deloitte & Touche 2001 Technology Fast 500, a ranking of the fastest growing companies in North America.

This release may contain forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause actual results to differ, and such differences could be material. Such risks and uncertainties include, but are not limited to, the following: continued acceptance of the Company's products, increased levels of competition in our industry, the acceptance of new products, inherent risks associated with product development and intellectual property rights, the Company's dependence on key personnel, third party sales and suppliers. There can be no assurance that the Company will be successful in addressing such risks and uncertainties. Investors are strongly encouraged to review the section entitled "Risk Factors" in the Company's annual report on Form 10-KSB for the transition period ended December 31, 2001, and quarterly reports on Form 10-QSB on file with the Securities and Exchange Commission for a discussion of risks and uncertainties that could affect operating results and the market price of the Company's common shares.


Contact:
     American Bio Medica Corp.
     Gerald A. Moore, 800/227-1243
     gerald@americanbiomedica.com
     www.americanbiomedica.com