BIOMERICA ANNOUNCES THIRD QUARTER FINANCIAL RESULTS<>tp://t
Diagnostic Revenues up 36%, Net Income up 63% for the 9 months ended February 28, 2007
NEWPORT BEACH, Calif., April 17, 2007 – Biomerica, Inc. (OTC BB: BMRA) today reported stand-alone results of diagnostic net sales of $1,311,609 for the third quarter fiscal 2007 ended February 28, 2007, compared to stand-alone results of diagnostic net sales of $998,070 in fiscal 2006, an increase of $313,539 or 31.4%. Stand-alone results of diagnostic net sales for the first nine months of fiscal 2007 were $3,797,051 compared to stand-alone results of diagnostic net sales of $2,792,222 for the first nine months in fiscal 2006, an increase of $1,004,829 or 36%.
Biomerica announced stand-alone-results of diagnostic net income for the nine months ended February 28, 2007, of $264,521 versus a net income of $162,285 in the previous fiscal year during the same period, an increase of $102,236, or 63.0%. The stand-alone results for the three months ended February 28, 2007 of diagnostic net income was $121,370, compared to stand-alone-results of diagnostic net income of $29,615 in the same quarter the previous fiscal year, an increase of $91,755, or 309.8%.
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 nine months of fiscal 2007 are lower (see financials below).
“We expect continued growth in our diagnostic business,” stated Zackary Irani, Biomerica CEO. “As we close the ninth consecutive quarter of profitability, we look forward to new product introductions in the upcoming months that should enhance our product lines.”
About Biomerica (OTC BB: BMRA)
Biomerica, Inc. (http://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 significant medical conditions and serious diseases.
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 improvements to the Company’s financial performance, continued growth in business, launch dates, expansion, expected orders, leading market positions, anticipated future sales revenues of the company, success of product(s) and new product introductions. 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 new business model and expansion plans, 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.