BIOMERICA ANNOUNCES THIRD QUARTER FINANCIAL RESULTS
IRVINE, California, -- April 17, 2018 -- Biomerica, Inc. (Nasdaq: BMRA) today reported net sales of $4,433,785 for the nine months ending February 28, 2018, compared to $4,342,247 for the period ended February 28, 2017. Sales for the three months ending February 28, 2018 were $1,375,666 compared to $1,499,930 for the period ended February 28, 2017.
Net loss for the three months ended February 28, 2018 was $322,491 compared to a net loss of $304,141 during the three months ended February 28, 2017. For the nine months ended February 28, 2017, the company reported a net loss of $798,211 compared to net loss of $562,741 for the nine months in the previous fiscal year. The investment in Research and Development was $914,581 for the nine months ending February 28, 2018 compared to $781,929 during the period ended February 28, 2017.
"While we are disappointed in the lack of sales growth this quarter for our base diagnostic business, we believe it is mainly due to timing of orders. However, we are optimistic about the prospects of sales in coming quarters from the recently received CFDA approval in China and COFEPRIS (Mexico's equivalent of the FDA) approval in Mexico for our colorectal disease screening product. At the same time we expected to announce patient enrollment in clinical trials being conducted by University of Michigan and Beth Israel Deaconess Medical Center Inc., a Harvard Medical School Teaching Hospital for our InFoods IBS product. We also look forward to announcing further information about our progress for the clinical trial of our H. Pylori product which is underway," stated Zackary Irani, Biomerica CEO.
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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