Biomerica Announces Second Quarter Financial Results; Sales Up 6.4% for the Quarter
January 15 2020 - 8:19AM
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.
CONTACT INFORMATION Zack Irani, CEO 949-645-2111
www.biomerica.com
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