BIOMERICA ANNOUNCES SECOND QUARTER FINANCIAL RESULTS
-- Sales Up 5.5% for the Quarter --
IRVINE, California, January 17, 2011 – Biomerica, Inc. (OTC BB: BMRA) today reported net sales of $1,160,842 for the three months ended November 30, 2010, compared to $1,099,880 for the same period in the previous year, an increase of $60,962, or 5.5%. Net sales were $2,338,554 for the first six months of fiscal 2011 compared to $2,248,401 for the first six months in fiscal 2010, an increase of $90,153, or 4.0%.
Biomerica announced net income for the three months ended November 30, 2010, of $137 versus a net loss of $305,706 in the previous fiscal year during the same quarter. The net loss for the six months ended November 30, 2010 was $12,049, compared to net loss of $297,772 in the same period the previous fiscal year.
“We have increased our R&D investment by 26.4% in this quarter compared to last year in order to bring our new gastrointestinal and Thiopurine methyltransferase (TPMT) tests to the market,” stated Zackary Irani, Biomerica CEO. “We are excited about the market potential for these products and look forward to launching them as soon as possible.”
About Biomerica (OTCBB: 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 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 prospects, new products, favorable positions, new distributors, expansion, increases in productivity and margins, expected orders, leading market positions, anticipated future revenues or production volume of the Company, the launch or 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.