BIOMERICA ANNOUNCES THIRD QUARTER FINANCIAL RESULTS, SALES UP 13.9% FOR NINE MONTHS
IRVINE, California, April 17, 2017 -- Biomerica, Inc. (Nasdaq: BMRA) today reported net sales of $4,342,247 for the nine months ending February 28, 2017, compared to $3,813,683 for the period ended February 29, 2016. Sales for the three months ending February 28, 2017 were $1,499,930 compared to $1,361,608 for the period ended February 29, 2016.
Net loss for the three months ended February 28, 2017 was $304,141 compared to a net loss of $135,002 during the three months ended February 29, 2016. The net loss for the three months ended in February 29, 2016 included a tax benefit of $125,000 compared to no tax benefit in fiscal 2017. For the nine months ended February 28, 2017, the company reported a net loss of $562,741 compared to net loss of $274,105 for the nine months in the previous fiscal year. The net loss for the nine months ended in February 29, 2016 included a tax benefit of $254,000 compared to no tax benefit in fiscal 2017. The investment in Research and Development was $781,929 for the nine months ending February 28, 2017 compared to $573,473 during the period ended February 29, 2016.
"We are pleased with the continued growth of our base diagnostic business. At the same time we are working diligently to enter into clinical trials with our InFoods IBS product. We are using the expertise of our scientific advisory board in order to ensure proper trial design for a first of its kind product. It is very important that we design and implement the trial properly and we look forward to announcing further information about our progress for the InFoods clinical trial as well as the trial for another gastrointestinal intestinal product under development," stated Zackary Irani, Biomerica CEO.
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 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 the company 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.