Biomerica Announces Second Quarter Financial Results
Irvine, Calif. -- January 15, 2019 -- Biomerica, Inc. (Nasdaq:BMRA) today reported net sales of $1,500,791 for the three months ended November 30, 2018, compared to $1,613,636 for the same period in the previous year. Net sales were $2,773,661 for the six months ended November 30, 2018 compared to $3,058,119 for the same period in last year. The Company ended the quarter with approximately $798,000 in backlog for open orders, which were not shipped as of November 30, 2018.
Biomerica announced a net loss for the three months ended November 30, 2018 of $477,244, or $0.05 per share, versus a net loss of $268,661, or $0.03 per share, in the previous fiscal year during the same quarter. The net loss for the six months ended November 30, 2018 was $928,984, or $0.10 per share, compared to net loss of $475,720, or $0.06 per share in the prior fiscal year.
"Our order backlog at the end of the quarter was significantly larger than at the end of the first quarter 2019. Further, net income was also negatively impacted by increased legal, patent, R&D and clinical trial costs related to our two products advancing through the FDA clearance process. However, we are enthusiastic about the progress we're seeing in both of these products", said Zackary Irani, Biomerica CEO. "We expect to announce an update regarding important, recent progress in our clinical trial for H. pylori in the next few weeks. Also, we are excited about progress we are making in moving our InFoods IBS product forward through the regulatory process with two of America's leading research institutes (Beth Israel Deaconess Medical Center Inc., a Harvard Medical School Teaching Hospital, and the University of Michigan) to perform trials for the product. It is estimated that up to 45 million Americans suffer from IBS, and we believe our approach is differentiated by focusing on a possible root cause of IBS compared to simply treating symptoms." Zackary Irani, Chief Executive Officer of Biomerica, commented: "We look forward to completing the necessary studies to submit for FDA clearance and upon clearance, launching our H. pylori product into the market. This represents a significant revenue opportunity for Biomerica."
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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