BIOMERICA ANNOUNCES THIRD QUARTER FINANCIAL RESULTS, SALES UP 10% FOR NINE MONTHS
IRVINE, California, April 15, 2016 – Biomerica, Inc. (OTC QB: BMRA) today reported net sales of $3,813,683 for the nine months ending February 29, 2016, compared to $3,467,450 for the same period in the previous year. Sales for the three months ending February 29, 2016 were $1,361,608 compared to $1,299,400 for the same period last year.
Net loss for the three months ended February 29, 2016 was $135,002 compared to a net loss of $117,193 during the same period in fiscal 2015. For the nine months ended February 28, 2015, the company reported a net loss of $274,105 compared to net loss of $574,483 for the same period in the previous fiscal year. The investment in Research and Development was $573,473 for the nine months ending February 29, 2016 compared to $562,420 for the same period last fiscal year.
"We continue to work diligently on establishing new distribution and product registrations internationally and expect regulatory approvals throughout year. At the same time we are very pleased with the progress made for our new IBS product," stated Zackary Irani, Biomerica CEO.
About Biomerica (OTC QB: 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 Gastrointestinal Disease, Diabetes 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, product potential, 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.