Biomerica Announces Fiscal Year End 2017 Financial Results; Sales Up 12.7% For The Year
Published: Aug 30, 2017
IRVINE, Calif., Aug. 30, 2017 (GLOBE NEWSWIRE) -- Biomerica, Inc. (Nasdaq:BMRA), a global provider of advanced diagnostic products, today reported net sales for the fiscal year 2017 were $5,791,670 versus net sales of $5,139,816 in fiscal 2016, an increase of 12.7% over the prior year. Net loss was $908,561 for fiscal 2017 compared to net loss of $1,499,787 for fiscal 2016. Research and Development spending was $1,130,635 for fiscal year 2017 compared to $780,333 the previous year, an increase of $350,302, or 44.9%. The company ended the year with $1,225,462 in cash and cash equivalents, working capital of $3,681,485 and less than $529,000 in total liabilities.
“The Company is very enthusiastic about the clinical and commercialization opportunities for our blood based InFoods® IBS technology, a diagnostic guided therapy that should allow for the identification of specific foods that are contributing to a person’s irritable bowel syndrome (IBS) symptoms. InFoods® IBS technology could revolutionize the way IBS is treated,” said Zackary Irani, Biomerica's Chief Executive Officer. “We have also been making progress in our goal to start the InFoods® clinical trial and look forward to announcing more details in the future.”
“We continue to seek out distribution partners globally as we believe that distribution agreements and licensing are the most effective means for us to broaden our international sales. This is a strategy we employed with our recently announced Mexico distribution agreement for the supply of one of Biomerica’s point of care products to a multinational pharmaceutical company with over $1.4 billion in sales. These types of agreements are significant validations of our products and we hope to announce more licensing and distribution agreements with these or other partners in the future,” concluded Mr. Irani.
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 health and well-being, 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 we 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, 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.
Corporate Contact: Zackary Irani 949-645-2111