Biomerica Announces Second Quarter Financial Results; Sales Up 6.4% for the Quarter
IRVINE, Calif., Jan. 15, 2020 (GLOBE NEWSWIRE) -- Biomerica, Inc. (Nasdaq: BMRA) today reported net sales of $1,596,408 for the three months ended November 30, 2019, compared to $1,500,791 for the same period in the previous year, an increase of 6.4%. Net sales were $2,790,823 for the six months ended November 30, 2019 compared to $2,773,661 for the same period last fiscal year.
Biomerica announced a net loss for the three months ended November 30, 2019 of $485,260, or $0.05 per share, versus a net loss of $477,244, or $0.05 per share, in the previous fiscal year during the same quarter. The net loss for the six months ended November 30, 2019 was $991,556, or $0.10 per share, compared to net loss of $928,984, or $0.10 per share in the prior fiscal year.
“We are excited about progress we’re making in moving toward completion of the clinical trials for our InFoods® IBS product and H. pylori diagnostic product. The addition of Houston Methodist (part of Texas Medical Center – the largest medical complex in the world) should significantly accelerate the completion of the current endpoint trial and play a significant role in the final trial needed for FDA clearance. We are also in late stage discussions to add additional large medical centers who are excited to participate in the InFoods® trials,” said Zack Irani, CEO of Biomerica. “We are expecting calendar 2020 to be a breakout year for Biomerica as our shareholders begin to reap the benefits of years of research, development and clinical trials.”
About Biomerica (Nasdaq: BMRA)
Biomerica, Inc. (www.biomerica.com) is a global biomedical company that develops, manufactures and markets advanced diagnostic products used at the point-of-care (in home and in physicians’ offices) and in hospital/clinical laboratories for the early detection and treatment of medical conditions and diseases. The Company’s products are designed to enhance the health and well-being of patients, while reducing total healthcare costs. Biomerica primarily focuses on products for Gastrointestinal Diseases and esoteric testing.
The Biomerica InFoods® IBS product is designed to allow physicians to identify patient specific foods (e.g. eggs, broccoli, wheat, potatoes, corn, etc.), that when removed from the diet, may alleviate or improve an individual's IBS symptoms including, but not limited to, constipation, diarrhea, bloating, pain and indigestion. This patented, diagnostic-guided therapy is designed to allow for a patient specific, guided dietary regimen to improve Irritable Bowel Syndrome (IBS) outcomes. The point-of-care product is being developed to allow physicians to perform the test in-office using a finger stick blood sample while a clinical lab version of the product will be the first for which the company will seek regulatory approval. A billable CPT code that can be used by both clinical labs and physicians' offices is already available for InFoods® diagnostic products. Since the InFoods® product is a diagnostic-guided therapy, and not a drug, it has no drug type side effects. An estimated 45 million people in America currently suffer from IBS making it a leading cause for patient doctor visits.
The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by Biomerica) contains statements that are forward-looking; such as statements relating to intended launch dates, sales potential, significant benefits, continued growth, market size, prospects, new products, favorable outlook, new distributors, expected breakout, possible expansion, increases in productivity and margins, expected orders, market possibilities, anticipated future sales or production volume of the Company, the launch or success of product and new product offerings. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future, and accordingly, such results may differ materially from those expressed in any forward-looking statements made by or on behalf of Biomerica. The potential risks and uncertainties include, among others, fluctuations in the Company’s operating results due to its business model and expansion plans, downturns in international and or national economies, the Company’s ability to raise additional capital, the competitive environment in which the Company will be competing, and the Company’s dependence on strategic relationships. The Company is under no obligation to update any forward-looking statements after the date of this release.
Zack Irani, CEO