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Biomerica Announces Third Quarter Financial Results

1129 Days ago

IRVINE, Calif., April 16, 2019 (GLOBE NEWSWIRE) -- Biomerica, Inc. (Nasdaq: BMRA) today reported net sales of $4,034,822 for the nine months ending February 28, 2019, compared to $4,433,785 for the period ended February 28, 2018.  Sales for the three months ending February 28, 2019 were $1,261,161 compared to $1,375,666 for the period ended February 28, 2018.  In addition, the Company announced progress in both its InFoods® IBS clinical study and H. pylori study as well as the issuance of its first patent pertaining to the Company’s InFoods® family of products that are designed to allow for a revolutionary new treatment option for patients suffering from Irritable Bowel Syndrome (IBS) and other gastrointestinal diseases.

Net loss for the three months ended February 28, 2019 was $678,746 compared to a net loss of $322,491 during the three months ended February 28, 2018.  For the nine months ended February 28, 2019, the Company reported a net loss of $1,607,730 compared to net loss of $798,211 for the nine months in the previous fiscal year.  The quarter ended February 29, 2019 included a $132,000 non-cash stock option related expense.  The Company also announced increased spending on Research and Development of $1,270,288 for the nine months ending February 28, 2019, an increase of $355,707 over the same period ended February 28, 2018.  The intentional increase in Research and Development investment was due primarily to higher patent legal fees as the Company is increasing efforts to attain international patent protection on its major new products, clinical studies being performed on these products, and new research and development on future products.  As a majority of the Company’s intellectual property is moving into international (nationalization phase), filing for patent protection has already been paid for, and future intellectual property expenses due to nationalization should be lower. 

“We are very pleased that the United States Patent and Trademark Office (“USPTO”) has issued a Notice of Allowance for Biomerica’s first U.S. patent pertaining to the Company’s InFoods® family of products.  The patent validates the unique InFoods product which is designed to allow physicians to offer new and better therapies to patients. At the same time, we’ve contracted with an additional institution to conduct an Endpoint Determination Study on the Company’s InFoods® IBS product test, expanding our clinical study for this product.   We also entered into an agreement with the same institution for a Specimen Collection Study on the Company’s H. pylori product. We look forward to announcing further information about our progress for both of the clinical studies underway,” said Zack Irani, Chairman and Chief Executive Officer of Biomerica.   “We are also optimistic about the prospects of sales in coming quarters for our existing colorectal disease screening product as we are in negotiations with potential new international distributors.”

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 is designed to allow physicians to identify patient specific foods (e.g. pork, broccoli, chickpeas, potatoes, corn, etc.), that when removed from the diet, may alleviate or improve an individual's IBS symptoms including, but not limited to,  constipation, diarrhea, bloating, pain and indigestion. This patent-pending, diagnostic-guided therapy is designed to allow for a patient specific, guided dietary regimen to improve IBS outcomes. A clinical lab version of the product will be the first for which the company is seeking regulatory approval. The Company is also developing a follow-on point-of-care product that allows physicians to perform the test in-office using a finger stick blood sample. A billable CPT code that can be used by both clinical labs and physicians' office tests 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.

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 or opportunities, expected clinical sample collection, market size, prospects, new products, new treatments, optimism, favorable outlook, new distributors, expansion, increases in productivity and margins, expected orders, leading market positions, anticipated future sales 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, new tariffs and restrictions on foreign trade, 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.

Zackary Irani

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