Biomerica Announces Fiscal Year End 2017 Financial Results;
Sales Up 12.7% for the year
IRVINE, CA -- August 30, 2017 -- Biomerica, Inc. (Nasdaq: BMRA), a global provider of advanced diagnostic products, today reported net sales for the fiscal year 2017 were $5,791,670 versus net sales of $5,139,816 in fiscal 2016, an increase of 12.7% over the prior year. Net loss was $908,561 for fiscal 2017 compared to net loss of $1,499,787 for fiscal 2016. Research and Development spending was $1,130,635 for fiscal year 2017 compared to $780,333 the previous year, an increase of $350,302, or 44.9%. The company ended the year with $1,225,462 in cash and cash equivalents, working capital of $3,681,485 and less than $529,000 in total liabilities.
"The Company is very enthusiastic about the clinical and commercialization opportunities for our blood based InFoods IBS technology, a diagnostic guided therapy that should allow for the identification of specific foods that are contributing to a person's irritable bowel syndrome (IBS) symptoms. InFoods IBS technology could revolutionize the way IBS is treated," said Zackary Irani, Biomerica's Chief Executive Officer. "We have also been making progress in our goal to start the InFoods clinical trial and look forward to announcing more details in the future."
"We continue to seek out distribution partners globally as we believe that distribution agreements and licensing are the most effective means for us to broaden our international sales. This is a strategy we employed with our recently announced Mexico distribution agreement for the supply of one of Biomerica's point of care products to a multinational pharmaceutical company with over $1.4 billion in sales. These types of agreements are significant validations of our products and we hope to announce more licensing and distribution agreements with these or other partners in the future," concluded Mr. Irani.
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 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.
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