BIOMERICA ANNOUNCES SECOND QUARTER FINANCIAL RESULTS
IRVINE, California, January 15, 2016– Biomerica, Inc. (OTC BB: BMRA) today reported net sales of $1,165,080 for the three months ended November 30, 2015, compared to $1,133,600 for the same period in the previous year. Net sales were $2,452,073 for the first six months of fiscal 2016 compared to $2,168,050 for the first six months in fiscal 2015, an increase of 13.1%.
Biomerica announced a net loss for the three months ended November 30, 2015 of $66,768, or $0.01 per share, versus a net loss of $238,028, or $0.03 per share, in the previous fiscal year during the same quarter. The net loss for the six months ended November 30, 2015 was $139,103, or $0.02 per share, compared to net loss of $457,296, or $0.06 per share, in the same period the previous fiscal year.
“While our Asia sales have increased in the second quarter, sales in Europe were lower due to both order timing and weaker sales in the period,” stated Zackary Irani, Biomerica CEO. “We anticipate sales in the third quarter to increase. We are planning to restart discussions with our multinational pharmaceutical distributor to possibly expand into other European countries. These talks were held up by a merger our distributor was involved in. Our research and development spending remained relatively steady for the six month period in fiscal 2016 and we are very excited about the market possibilities and team we are building for our IBS product which is patent pending. It is estimated that up to 58 million Americans suffer from IBS, and we believe that many could be helped by this new technology. Our balance sheet remains strong and at the end of December 2015 we had over $1 million in cash.”
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, 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.