BIOMERICA ANNOUNCES SECOND QUARTER <>
-- Diagnostic sales increase over 52% --
NEWPORT BEACH, California, January 17, 2007 – Biomerica, Inc. (OTC BB: BMRA) today reported stand-alone results of diagnostic net sales of $1,332,176 for the second quarter fiscal 2007 ended November 30, 2006, compared to stand-alone results of diagnostic net sales of $875,984 in fiscal 2006, an increase of $456,192 or 52.1%. Stand-alone results of diagnostic net sales for the first six months of fiscal 2007 were $2,485,442 compared to stand-alone results of diagnostic net sales of $1,849,036 for the first six months in fiscal 2006, an increase of $636,406 or 34.4%.
Biomerica announced stand-alone results of diagnostic net income from continuing operations for the second quarter fiscal 2007, of $106,448 or $0.02 per share versus stand-alone results of diagnostic net income from continuing operations of $28,861 or $0.00 per share in fiscal 2006.
As disclosed in the Company’s 8-K filed on December 5, 2005, the Company’s subsidiary’s (Lancer Orthodontics) financial statements are no longer consolidated with Biomerica’s financial statements, effective December 1, 2005. Therefore consolidated net sales for the second quarter and six months of fiscal 2007 are lower (see attached financials).
“This is the eighth consecutive quarter of profitability for the Company. The growth in our diagnostic products group continues to increase,” stated Zackary Irani, Biomerica CEO. “We are looking forward to accelerating the growth in sales by introducing a number of new products during this fiscal year.”
About Biomerica (OTCBB: BMRA)
Biomerica, Inc. (www.biomerica.com) is a global medical technology company, based in Newport Beach, CA. The Company’s diagnostics division manufactures and markets advanced diagnostic products used at home, in hospitals, and in physicians’ offices for the early detection of medical conditions and diseases.
The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by Biomerica) contains statements that are forward-looking; such as statements relating to intended launch dates, sales potential, significant benefits, market size, growth of business, favorable positions, expansion, expected orders, leading market positions, anticipated future revenues or production volume of the Company, success of product and new product offerings. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future, and accordingly, such results may differ materially from those expressed in any forward-looking statements made by or on behalf of Biomerica. The potential risks and uncertainties include, among others, fluctuations in the Company’s operating results due to its business model and expansion plans, downturns in international and or national economies, the Company’s ability to raise additional capital, the competitive environment in which the Company will be competing, and the Company’s dependence on strategic relationships. The Company is under no obligation to update any forward-looking statements after the date of this release.