IRVINE, CA--(Marketwired - October 18, 2016) - Biomerica, Inc. (NASDAQ: BMRA), a global provider of advanced diagnostic products, today reported net sales of $1,410,110 for the three months ending August 31, 2016, compared to $1,286,993 for the same period in the previous year, an increase of nearly 10%.
Net loss for the three months ended August 31, 2016 was $55,417 compared to a net loss of $72,335 during the same period in fiscal 2016. Much of this loss was attributed to a one-time payment of $45,000 due to the Nasdaq Capital Markets, a necessary fee for the Company's uplisting to Nasdaq. Sales growth was primarily a result of an increase of sales in Asia totaling approximately $142,000 and in the U.S. of $39,000, which was offset by a decrease of approximately $65,000 in other regions.
"We are pleased to see sales increasing across key markets including the United States and Asia, the latter of which is a direct result of the strong distribution partnerships we have worked hard to establish in the region," said Zackary Irani, CEO of Biomerica, Inc. "As we look forward to adding what we consider 'industry-changing' technologies, such as InFoods® IBS, we believe the Company will receive significant exposure and form additional strategic licensing partnerships. We believe this strategy will result in increased revenues, ultimately driving shareholder value."
Biomerica's InFoods® IBS product, is a simple patent pending blood test that identifies the body's reactions to specific foods, as opposed to food groups, allowing medical staff to provide therapeutic guidance on which foods should be removed from a patient's diet to alleviate IBS symptoms. This approach is intended to address all three forms of IBS and focuses on food, one possible underlying cause for symptoms. The FDA has recently determined that the proposed study design for the validation of the product is a non-significant risk device study. The Company will not be required to submit an investigational device exemption (IDE) for the InFoods® IBS product clinical study.
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.
This release does not constitute an offer to sell or a solicitation of offers to buy any securities of any entity.
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, industry-changing' technologies, market size, strategic partnerships, new products, favorable outlook, new distributors, exposure, expansion, increases in productivity and margins, expected orders, increased revenues, 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.