IRVINE, CA -- (Marketwired) -- 09/01/15 -- 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 2015 were $4,962,373 versus net sales of $5,120,451 in fiscal 2014. Net loss was $331,410 for fiscal 2015 compared to net loss of $215,660 for fiscal 2014. Research and Development spending was $733,640 for fiscal year 2015 compared to $589,866 the previous year, an increase of $143,774.
"We are very excited about our R&D pipeline, especially our two new Gastroenterology tests which include our first-to-market diagnostic-guided treatment approach for IBS patients. The Company intends to explore the possibility of obtaining FDA clearance for both products" said, Zackary Irani, Biomerica's Chief Executive Officer. We were also informed by our China distributor that they anticipate improved sales for Fiscal 2016. In addition, we are in various stages of product registrations in several large countries with the expectation of approvals in fiscal 2016."
About Biomerica (OTC BB: BMRA.OB)
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.