Biomerica Announces Third Quarter Financial Results
April 15 2020 - 8:30AM
Biomerica, Inc. (Nasdaq: BMRA) today reported net sales of
$3,967,712 for the nine months ending February 29, 2020, compared
to $4,034,822 for the period ended February 28, 2019. Sales
for the three months ending February 29, 2020 were $1,176,889
compared to $1,261,161 for the period ended February 28, 2019.
Net loss for the three months ended February 29, 2020 was
$860,926 compared to a net loss of $678,746 during the three months
ended February 28, 2019. For the nine months ended February
29, 2020, the Company reported a net loss of $1,852,482 compared to
net loss of $1,607,730 for the nine months in the previous fiscal
year. The quarter ended February 29, 2020 included a $157,939
non-cash stock option related expense.
Since the Company’s third quarter ended February 29, 2020, the
above results do not include any revenues or expenses associated
with the Company announcements of March 17, 2020, and April 2, 2020
relating to the Company’s SARS CoV-2 (COVID-19) serology IgG/IgM
rapid antibody test and its ELISA serology IgG/IgM/IgA high-volume
open system lab scale test. As an update on the ELISA test
format, the Company now believes its production capacity at its
California manufacturing facility will be over 3,500,000 patient
tests per month. This product is being developed, validated and
ultimately manufactured entirely in the United States.
“The Biomerica team is working with leading institutions to
quickly launch highly accurate COVID-19 antibody tests while
maintaining our commitment to providing these tests at a low cost.
At the same time, we are still remaining committed to our strategy
of growing our colorectal disease detection product EZ Detect™, and
finalizing clinical trials and gaining FDA approval for our HP
Detect™ H. Pylori test and our InFoods® IBS diagnostic-guided
therapy product,” said Zack Irani, Chairman and Chief Executive
Officer of Biomerica.
About Biomerica (Nasdaq: BMRA) Biomerica, Inc.
(www.biomerica.com) is a global biomedical technology company that
develops, patents, manufactures and markets advanced diagnostic and
therapeutic products used at the point-of-care (in home and in
physicians' offices) and in hospital/clinical laboratories for
detection and/or treatment 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 focus is on Gastrointestinal and inflammatory
Diseases where the Company has multiple diagnostic and therapeutic
products in development. The Biomerica InFoods® IBS product is
designed to allow physicians to identify patient specific foods
(e.g. pork, broccoli, chickpeas, 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 patent-pending,
diagnostic-guided therapy is designed to allow for a patient
specific, guided dietary regimen to improve IBS outcomes. A
clinical lab version of the product will be the first for which the
company is seeking regulatory approval. The Company is also
developing a follow-on point-of-care product that allows physicians
to perform the test in-office using a finger stick blood sample. A
billable CPT code that can be used by both clinical labs and
physicians' office tests 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.
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 the efficacy of the Company’s SARS-CoV-2
(COVID-19) tests, the rapidity of testing results, pricing of the
Company’s test kits, demand for orders, availability of the
Company’s COVID-19 test kits, patent protection on test technology,
the Company’s ability to develop and manufacture new products not
yet developed or validated, and the efficacy of such undeveloped
tests. Such forward-looking information involves important risks
and uncertainties that could significantly affect anticipated
results in the future, including, without limitation: results of
studies testing the efficacy of the Company’s COVID-19 tests;
regulatory approvals necessary prior to commercialization of the
Company’s COVID-19 tests; availability of the Company’s COVID-19
tests; capacity, resource and other constraints on our suppliers;
dependence on our third party supply chain and manufacturers;
dependence on international shipping carriers; governmental
import/export regulations; demand for our COVID-19 test;
competition from other similar products and from competitors that
have significantly more financial and other resources available to
them; governmental virus control regulations that make it difficult
or impossible for the company to maintain current operations;
regulations and the Company’s ability to obtain patent protection
on any aspects of its test technologies, the Company’s ability to
develop and manufacture certain tests it has not yet finalized and
has never previously manufactured. Accordingly, such results may
differ materially from those expressed in any forward-looking
statements made by or on behalf of Biomerica. Additionally,
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: Zackary Irani949-645-2111
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