Biomerica Reports 1st Quarter Fiscal 2018 Financials
Irvine, Calif. -- October 17, 2017 -- Biomerica, Inc. (Nasdaq: BMRA) today reported net sales of $1,444,483 for the three months ending August 31, 2017, compared to $1,410,110 for the same period in the previous year, an increase of 2.4%.
Net loss for the three months ended August 31, 2017 was $207,059 compared to a net loss of $55,417 during the same period in fiscal 2017. Much of this loss was attributed to an increase in research and development costs, which increased over 28% compared to same period in the prior fiscal year.
"Sales growth was modest this quarter compared to the prior year primarily due to delays in shipments of raw materials from international suppliers. Sales related to the delays will be recognized in the second quarter," said Zackary Irani, CEO of Biomerica, Inc. "We also look forward to announcing further progress with our InFoods technology which we expect to make a significant impact on some of the 45 million Americans who suffer from Irritable Bowel Syndrome (IBS)."
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.
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