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IRVINE, Calif., Oct. 16, 2019 (GLOBE NEWSWIRE) -- Biomerica, Inc. (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 the 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.
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, minimum purchases, sales potential, positive impact in financial performance, significant benefits, market size, prospects, expected sales increases, new products, 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, 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.