IRVINE, Calif., Aug. 30, 2018 (GLOBE NEWSWIRE) -- Biomerica, Inc. (Nasdaq: BMRA), a global provider of advanced medical products, today reported net sales for the fiscal year 2018 were $5,564,185 versus net sales of $5,791,670 in fiscal 2017. Net loss was $1,465,828 for fiscal 2018 compared to net loss of $908,561 for fiscal 2017. Net cash used in operating activities (including research and development) was $1,174,217 for fiscal 2018 compared to $722,858 in fiscal 2017. Research and Development spending was $1,398,368 for fiscal year 2018 compared to $1,130,635 the previous year, an increase of $267,733, or 23.7%. The company ended the year with $1,204,903 in cash and cash equivalents, working capital of $3,587,221.
“We have achieved significant milestones this year which include the start of the InFoods® diagnostic guided IBS therapy clinical study conducted at Beth Israel Deaconess Medical Center Inc., a Harvard Medical School Teaching Hospital, and at the University of Michigan. In addition, we recently received the grant of our first patent for our InFoods® technology. We expect the data from the current InFoods® IBS clinical to be completed prior to August 2019 and the patient response thus far has been positive,” said Zackary Irani, CEO of Biomerica.
“Our fourth quarter sales were negatively impacted by the postponement of a colorectal screening program by a drug store chain, which has interest in performing a screening program in the new fiscal year. We saw an increase in sales in Latin America and are excited about the prospect for growth in this region as we are working with our new large distribution partner which recently placed their order. The growth in this region was offset by a decrease in sales in Europe. While the company is working to increase sales of existing products, our focus in fiscal 2018 was the commencement of clinical trials for our InFoods® product, advancing the clinical trials for our H. Pylori product and securing a patent position for the InFoods® technology. Also, while the significant increase in R&D investment, patent legal costs, and FDA study consulting fees have impacted the company’s performance in fiscal 2018, we believe these investments have the potential to generate large increases in future revenues and earnings,” stated Zackary Irani, CEO of Biomerica.
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 laboratory 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, expected improvements in performance, new product introductions, possible FDA clearances, regulatory approvals, sales potential, market size, potential to generate increases in future revenues and earnings, 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.