Irvine, Calif. -- October 18, 2016 -- Biomerica, Inc. (Nasdaq: BMRA), a global provider of advanced diagnostic products, today reported net sales of $1,410,110 for the three months ending August 31, 2016, compared to $1,286,993 for the same period in the previous year, an increase of nearly 10%.
Net loss for the three months ended August 31, 2016 was $55,417 compared to a net loss of $72,335 during the same period in fiscal 2016. Much of this loss was attributed to a one-time payment of $45,000 due to the Nasdaq Capital Markets, a necessary fee for the Company's uplisting to Nasdaq. Sales growth was primarily a result of an increase of sales in Asia totaling approximately $142,000 and in the U.S. of $39,000, which was offset by a decrease of approximately $65,000 in other regions.
"We are pleased to see sales increasing across key markets including the United States and Asia, the latter of which is a direct result of the strong distribution partnerships we have worked hard to establish in the region," said Zackary Irani, CEO of Biomerica, Inc. "As we look forward to adding what we consider 'industry-changing' technologies, such as InFoods IBS, we believe the Company will receive significant exposure and form additional strategic licensing partnerships. We believe this strategy will result in increased revenues, ultimately driving shareholder value."
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 health and well-being, while reducing total healthcare costs. Biomerica primarily focuses on products for Gastrointestinal Disease, Diabetes and esoteric testing.
The Biomerica InFoods IBS product identifies patient specific foods that when removed may alleviate an individual's IBS symptoms. 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 we 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.
Corporate Contact: Media Contact:
Zackary Irani Kate Caruso-Sharpe