IRVINE, CA--(Marketwired - April 17, 2017) - Biomerica, Inc. (NASDAQ: BMRA) today reported net sales of $4,342,247 for the nine months ending February 28, 2017, compared to $3,813,683 for the period ended February 29, 2016. Sales for the three months ending February 28, 2017 were $1,499,930 compared to $1,361,608 for the period ended February 29, 2016.
Net loss for the three months ended February 28, 2017 was $304,141 compared to a net loss of $135,002 during the three months ended February 29, 2016. The net loss for the three months ended in February 29, 2016 included a tax benefit of $125,000 compared to no tax benefit in fiscal 2017. For the nine months ended February 28, 2017, the company reported a net loss of $562,741 compared to net loss of $274,105 for the nine months in the previous fiscal year. The net loss for the nine months ended in February 29, 2016 included a tax benefit of $254,000 compared to no tax benefit in fiscal 2017. The investment in Research and Development was $781,929 for the nine months ending February 28, 2017 compared to $573,473 during the period ended February 29, 2016.
"We are pleased with the continued growth of our base diagnostic business. At the same time we are working diligently to enter into clinical trials with our InFoods® IBS product. We are using the expertise of our scientific advisory board in order to ensure proper trial design for a first of its kind product. It is very important that we design and implement the trial properly and we look forward to announcing further information about our progress for the InFoods® clinical trial as well as the trial for another gastrointestinal intestinal product under development," stated Zackary Irani, Biomerica CEO.
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, sales potential, significant benefits, market size, prospects, new products, product potential, 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.