BIOMERICA ANNOUNCES SECOND QUARTER FINANCIAL RESULTS
IRVINE, California, January 15, 2015– Biomerica, Inc. (OTC BB: BMRA) today reported net sales of $1,133,600 for the three months ended November 30, 2014, compared to $934,841 for the same period in the previous year, an increase of 21.3%. Net sales were $2,168,050 for the first six months of fiscal 2015 compared to $1,948,580 for the first six months in fiscal 2014, an increase of 11.3% .
Biomerica announced net loss for the three months ended November 30, 2014 of $238,028, or $0.03 per share, versus a net loss of $243,357, or $0.03 per share, in the previous fiscal year during the same quarter. The net loss for the six months ended November 30, 2014 was $457,296, or $0.06 per share, compared to net loss of $411,072, or $0.06 per share, in the same period the previous fiscal year.
“Our second quarter sales results were lower than we expected due to a temporary delay in receiving re-registration approval in China for our products,” stated Zackary Irani, Biomerica CEO. “However, the re-registration approval is now complete and we will be shipping orders to China in the third quarter. We also anticipate sales in China to increase through the balance of the fiscal year. Our European sales remained strong during both the first and second quarter aided by our new multinational pharmaceutical distributor that has over $40 billion in sales and employs over 70,000 people worldwide. While our research and development spending was up by over 65% for the six month period in fiscal 2015, we are very excited about the market possibilities for our new gastroenterology product which is now patent pending. The product could make a significant difference for the up to 58 million Americans who suffer from gastrointestinal issues in one form or another that our technology addresses.”
About Biomerica (OTCBB: 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, market size, prospects, 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.