IRVINE, CA--(Marketwired - January 18, 2017) - Biomerica, Inc. (NASDAQ: BMRA) today reported net sales of $1,432,206 for the three months ended November 30, 2016, compared to $1,165,080 for the same period in the previous year, an increase of 22.9%. Net sales were $2,842,317 for the first six months of fiscal 2017 compared to $2,452,073 for the first six months in fiscal 2016, an increase of 15.9%.
Biomerica announced a net loss for the three months ended November 30, 2016 of $202,887, or $0.02 per share, versus a net loss of $66,768, or $0.01 per share, in the previous fiscal year during the same quarter. The previous year quarter included an income tax benefit of $129,000 as compared to no income tax benefit in the current year quarter. The net loss for the six months ended November 30, 2016 was $258,600, or $0.03 per share, compared to net loss of $139,103, or $0.03 per share, in the same period the previous fiscal year which included an income tax benefit of $129,000.
"Our Asia sales continued to increase in the second quarter while sales in Europe were relatively flat," stated Zackary Irani, Biomerica CEO. "We continue to diligently work on expanding our distribution both internationally and domestically. Our research and development spending increased by $137,002, or 35.3% in the six month period in fiscal 2017, primarily related to our new products and seeking regulatory approvals. Selling, general and administrative costs increased by $162,643, or 22.2%, for the six month period ended November 30, 2016 as compared to 2015. This was primarily due to fees related to up listing to Nasdaq, higher commissions, wages/outside services and an increase to the allowance for doubtful accounts. We are very excited about moving our InFoods® IBS product forward through the regulatory process and about the market possibilities for the product. It is estimated that up to 45 million Americans suffer from IBS, and we believe that many could be helped by this new technology."
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 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, sales potential, significant benefits, market size, prospects, new products, favorable outlook, new distributors, possible expansion, increases in productivity and margins, expected orders, market possibilities, 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.