Biomerica Reports 1st Quarter Fiscal 2019 Financials
Irvine, Calif. -- October 16, 2018 -- Biomerica, Inc. (Nasdaq: BMRA) today reported net sales of $1,272,870 for the three months ending August 31, 2018, compared to $1,444,483 for the same period in the previous year.
Net loss for the three months ended August 31, 2018 was $451,740 compared to a net loss of $207,059 during the same period in fiscal 2018. A significant portion of this loss was attributed to an increase in research and development investment, which increased over 35% compared to same period in the prior fiscal year.
"Sales were negatively impacted by lower sales to the company's European distributors and order timing. We believe the timing issues will be rectified in our second quarter," said Zackary Irani, CEO of Biomerica, Inc. "We continue to make significant progress with our InFoods diagnostic guided, IBS therapy technology which is now in clinical studies at Beth Israel Deaconess Medical Center Inc., a Harvard Medical School Teaching Hospital, and at the University of Michigan. Our focus in fiscal 2018 was the commencement of these clinical studies for our InFoods product and strengthening our patent position for the InFoods technology, both of which we have accomplished. It is estimated that over 45 million Americans are affected by Irritable Bowel Syndrome (IBS). The total cost (direct + indirect) of IBS has been estimated at $30 billion annually, just in the United States."
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 Diabetes, Gastrointestinal Disease and esoteric testing.
The Biomerica InFoods IBS product identifies specific foods that when removed from the patient's diet can alleviate the patient's IBS symptoms. This patent-pending, diagnostic-guided therapy is designed to allow for a patient specific, physician 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. The Company is initially seeking regulatory (FDA) clearance for a clinical laboratory version of the product. A billable CPT code that can be used by both clinical labs and physicians' offices is already 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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