Biomerica Announces Third Quarter Financial Results
Published: Apr 16, 2013
IRVINE, CA--(Marketwired - April 16, 2013) - Biomerica, Inc. (OTCBB: BMRA) today reported net sales of $5,002,418 for the nine months ending February 28, 2013, compared to $4,538,944 for the same period in the previous year, an increase of 10.2%. Sales for the three months ending February 28, 2013 were $1,416,698, compared to $1,514,673, a decrease of $97,975, or 6.5%.
Net income for the nine months ended February 28, 2013 was $492,937 compared to a net income of $494,329 during the same period in fiscal 2012. For the quarter ended February 28, 2013, the company reported a net loss of $35,614 compared to net income of $181,445 for the same period in the previous fiscal year. The loss was attributed to an increase in development costs associated with new products, increased fees associated with regulatory filings, increased trade-show presence, a one-time write-off of obsolete inventory, and increased production costs coupled with lower sales.
"While we were disappointed with our financial results we remain positive about the outlook and opportunities to expand our distribution," stated Zackary Irani, Biomerica CEO.
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 on products for Diabetes, Gastrointestinal Disease and esoteric testing.
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 improvements to the Company's financial performance, continued growth in business, launch dates, expansion, expected orders, growth prospects, leading market positions, anticipated future sales revenues of the company, success of product(s) and new product introductions. 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 new business model and expansion plans, 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.