You are here
Biomerica Reports 1st Quarter Fiscal 2019 Financials
Irvine, Calif., Oct. 16, 2018 (GLOBE NEWSWIRE) -- Biomerica, Inc. (Nasdaq: BMRA) today reported net sales of $1,272,870 for the three months ending August 31, 2018, compared to $1,444,483 for the same period in the previous year.
Net loss for the three months ended August 31, 2018 was $451,740 compared to a net loss of $207,059 during the same period in fiscal 2018. A significate portion of this loss was attributed to an increase in research and development investment, which increased over 35% compared to same period in the prior fiscal year.
"Sales were negatively impacted by lower sales to the company’s European distributors and order timing. We believe the timing issues will be rectified in our second quarter," said Zackary Irani, CEO of Biomerica, Inc. “We continue to make significate progress with our InFoods® diagnostic guided, IBS therapy technology which is now in clinical studies at Beth Israel Deaconess Medical Center Inc., a Harvard Medical School Teaching Hospital, and at the University of Michigan. Our focus in fiscal 2018 was the commencement of these clinical studies for our InFoods® product and strengthening our patent position for the InFoods® technology, both of which we have accomplished. It is estimated that over 45 million Americans are affected by Irritable Bowel Syndrome (IBS). The total cost (direct + indirect) of IBS has been estimated at $30 billion annually, just in the United States.”
The Biomerica InFoods® IBS product identifies specific foods that when removed from the patient’s diet can alleviate the patient’s IBS symptoms. This patent-pending, diagnostic-guided therapy is designed to allow for a patient specific, physician 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. The Company is initially seeking regulatory (FDA) clearance for a clinical laboratory version of the product. 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.
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 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, rectified order timing issues, market size, growth of business, favorable positions, expected impact, expected orders, market capabilities, anticipated future revenues or production volume of the Company, 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.