IRVINE, CA--(Marketwired - October 16, 2015) - Biomerica, Inc. (OTCBB: BMRA), a global provider of advanced diagnostic products for the early detection of medical conditions, announced financial results today for the first fiscal quarter ended August 31, 2015.
Fiscal 2016 first quarter net sales for Biomerica were $1,286,993 for the three months ended August 31, 2015 as compared to $1,034,450 for the same period in the previous year. Net loss for the first quarter fiscal 2016 was $76,335 compared to a net loss of $219,268 in fiscal 2015. The decrease in the loss was primarily due to an increase in sales to Asia. Research and Development spending was $157,994 for the first quarter fiscal 2016 compared to $195,706 the previous year's first quarter. The majority of the research and development spending was invested in the Company's new IBS product and the pursuit of obtaining FDA regulatory clearance.
"While we are pleased with the increase in sales from Asia for the quarter, our European sales were lower than expected, possibly due to order timing," said Zackary Irani, Biomerica Chief Executive Officer. "We will know more about European sales trends in the next quarter. At the same time, we continue to work on new distribution and product registrations internationally and expect regulatory approvals and new distribution partners throughout fiscal 2016. Finally, we are very pleased with the progress made for our new IBS product and one additional new GI product."
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 is 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 distribution, expected product introductions, belief that new strategies will yield higher sales and margins, sales potential, market size, growth of business, positive outlook, expansion, expected orders, leading market positions, anticipated future revenues 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.