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Biomerica Announces Second Quarter Financial Results
IRVINE, Calif., Jan. 15, 2019 (GLOBE NEWSWIRE) -- Biomerica, Inc. (Nasdaq:BMRA) today reported net sales of $1,500,791 for the three months ended November 30, 2018, compared to $1,613,636 for the same period in the previous year. Net sales were $2,773,661 for the six months ended November 30, 2018 compared to $3,058,119 for the same period in last year. The Company ended the quarter with approximately $798,000 in backlog for open orders, which were not shipped as of November 30, 2018.
Biomerica announced a net loss for the three months ended November 30, 2018 of $477,244, or $0.05 per share, versus a net loss of $268,661, or $0.03 per share, in the previous fiscal year during the same quarter. The net loss for the six months ended November 30, 2018 was $928,984, or $0.10 per share, compared to net loss of $475,720, or $0.06 per share in the prior fiscal year.
“Our order backlog at the end of the quarter was significantly larger than at the end of the first quarter 2019. Further, net income was also negatively impacted by increased legal, patent, R&D and clinical trial costs related to our two products advancing through the FDA clearance process. However, we are enthusiastic about the progress we’re seeing in both of these products, ” said Zackary Irani, Biomerica CEO. “We expect to announce an update regarding important, recent progress in our clinical trial for H. pylori in the next few weeks. Also, we are excited about progress we are making in moving our InFoods® IBS product forward through the regulatory process with two of America’s leading research institutes (Beth Israel Deaconess Medical Center Inc., a Harvard Medical School Teaching Hospital, and the University of Michigan) to perform trials for the product. It is estimated that up to 45 million Americans suffer from IBS, and we believe our approach is differentiated by focusing on a possible root cause of IBS compared to simply treating symptoms.”
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 Diabetes, Gastrointestinal Disease 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, 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 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, sales potential, significant benefits, continued growth, market size, prospects, new products, favorable outlook, new distributors, 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