IRVINE, CA -- (Marketwired) -- 09/02/14 -- Biomerica, Inc. (OTCBB: BMRA), a global provider of advanced diagnostic products for the early detection of medical conditions, today reported net sales for the fiscal year 2014 were $5,120,451 versus net sales of $6,472,960 in fiscal 2013. Net loss was $215,660 for fiscal 2014 compared to net income of $536,957 for fiscal 2013. Net sales for the fourth quarter ended May 31, 2014 were $1,679,152 versus net sales of $1,470,542 in the same fiscal quarter 2013. The pre-tax net loss for the fourth quarter fiscal 2014 was $51,423 compared to net income of $19,138 for fiscal 2013. Research and Development spending was $589,866 for fiscal year 2014 compared to $459,086 the previous year, an increase of $130,780.
"Our China distribution channel restructuring is proceeding and our new distributor has steadily increased sales throughout the year. However fiscal 2014 sales did not reach the fiscal 2013 sales levels in China. We have several products in different stages of the registration process in Brazil, Mexico and China. The Company expects regulatory approval for these products in the 2015 fiscal year. Finally, we are very excited about our R&D pipeline having been diligently working on a new Gastroenterology test for which we are exploring the possibility of obtaining FDA clearance," said Zackary Irani, Biomerica's Chief Executive Officer.
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, expected improvements in performance, new product introductions, possible FDA clearances, regulatory approvals, sales potential, market size, continued growth, favorable positions, expansion, expected approvals, leading market positions, expanded distribution, anticipated increases in sales 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.