Biomerica Announces Third Quarter Financial Results And Establishes Scientific Advisory Board
IRVINE, California, April 15, 2015– Biomerica, Inc. (OTC BB: BMRA) today reported net sales of $3,467,450 for the nine months ending February 28, 2015, compared to $3,441,299 for the same period in the previous year. Sales for the three months ending February 28, 2015 were $1,299,400 compared to $1,492,719 for the same period last year.
Net loss for the three months ended February 28, 2015 was $117,193 compared to a net income of $26,544 during the same period in fiscal 2014. For the nine months ended February 28, 2015, the company reported a net loss of $574,483 compared to net loss of $384,532 for the same period in the previous fiscal year. Research and development spending was up $194,198, or 52.7% for the nine months and $44,455, or 31.7% for the three months ended February 28, 2015.
“The Company’s third quarter sales were lower than last year mainly due to a U.S. chain store’s decision to push a screening program to later in the year. In addition, the Company’s new China distributor seems to be regaining momentum. They placed new orders during the quarter but we were only able to ship a portion of the orders due to timing so the remaining balance of the orders will be shipped in the fourth quarter,” stated Zackary Irani, Biomerica CEO. “Further, our European multinational pharmaceutical distributor recently merged with another pharmaceutical company. This merger has delayed some of the sales prospects for our products while the merger integration is completed.”
The Company also announced the formation of a world class Scientific Advisory Board. This advisory board will assist and guide the company with the FDA regulatory process for its new gastroenterology product, which is now patent pending. “This new product has the potential to become a significant tool in the treatment and diagnosis for the estimated 50+ million Americans who suffer from irritable bowel syndrome,” stated Mr. Irani. The new Scientific Advisory Board is being chaired by Douglas A. Drossman, M.D. and also includes three other key opinion leaders in the field of gastroenterology and Irritable Bowel Syndrome.
About 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 Gastrointestinal Disease, Diabetes and esoteric testing.
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.