Biomerica Reports 1st Quarter Fiscal 2020 Financials
October 16 2019 - 8:19AM
Biomerica, Inc. (Nasdaq: BMRA) today reported net sales of
$1,194,415 for the three months ending August 31, 2019, compared to
$1,272,870 for the same period in the previous year. Net loss for
the three months ended August 31, 2019 was $506,296 compared to a
net loss of $451,740 during the same period in fiscal 2019.
Research and development for the three months ending August 31,
2019, was $370,466 compared to $391,781 for the same period in the
previous year. “Although revenues in Q1 2020 were slightly lower
than the prior year, we expect sales of our specialty diagnostics
to begin increasing in Q2, as compared to the same quarterly sales
in the previous year," said Zackary Irani, CEO of Biomerica, Inc.
“We also expect to be near completion of the enrollment of patients
for clinical trials for our H. Pylori diagnostic product in fiscal
Q2 and plan to submit to the FDA shortly thereafter. Once approved,
the H. Pylori product should contribute significantly to our
revenues. Further, during Q2 we plan to announce important progress
in the clinical trials for our diagnostic guided therapy, InFoods®
technology, which we expect to make a significant impact on some of
the 45 million Americans who suffer from Irritable Bowel Syndrome
(IBS). We are expecting to hit several major milestones at
Biomerica over the next 12 months, and are excited to see the
impact these milestones will have on shareholder value."
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 of medical conditions and diseases. The Company's
products are designed to enhance the health and well-being of
people, while reducing total healthcare costs. Biomerica primarily
focuses on products for Gastrointestinal Disease, Diabetes and
esoteric testing.
The Biomerica InFoods® IBS product identifies
patient specific foods that when removed may alleviate an
individual's IBS symptoms. This patent-pending, 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
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.
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, minimum purchases, sales potential, positive impact in
financial performance, significant benefits, market size,
prospects, expected sales increases, new products, favorable
outlook, new distributors, expansion, increases in productivity and
margins, expected orders, leading market positions, 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.
Corporate Contact: Zackary Irani949-645-2111
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