Biomerica Reports 1st Quarter Fiscal 2020 Financials
Irvine, Calif. -- October 16, 2019 -- Biomerica, Inc. (Nasdaq: BMRA) today reported net sales of $1,194,415 for the three months ending August 31, 2019, compared to $1,272,870 for the same period in the previous year.
Net loss for the three months ended August 31, 2019 was $506,296 compared to a net loss of $451,740 during the same period in fiscal 2019. Research and development for the three months ending August 31, 2019, was $370,466 compared to $391,781 for the same period in the previous year.
"Although revenues in Q1 2020 were slightly lower than prior year, we expect sales of our specialty diagnostics to begin increasing in Q2, as compared to the same quarterly sales in the previous year," said Zackary Irani, CEO of Biomerica, Inc. "We also expect to be near completion of the enrollment of patients for clinical trials for our H Pylori diagnostic product in fiscal Q2 and plan to submit to the FDA shortly thereafter. Once approved, the H. Pylori product should contribute significantly to our revenues. Further, during Q2 we plan to announce important progress in the clinical trials for our diagnostic guided therapy, InFoods technology, which we expect to make a significant impact on some of the 45 million Americans who suffer from Irritable Bowel Syndrome (IBS). We are expecting to hit several major milestones at Biomerica over the next 12 months, and are excited to see the impact these milestones will have on shareholder value".
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.
Safe Harbor Statement