Contact Information: Contact: Zackary Irani 949-645-2111
Biomerica Announces Year End Results
| Source: Biomerica
NEWPORT BEACH, CA--(Marketwire - September 1, 2009) - Biomerica, Inc. (OTCBB : BMRA ), a global
provider of advanced diagnostic products for the early detection of medical
conditions, today reported net sales for the fiscal year 2009 were
$4,934,771 versus net sales of $4,926,505 in fiscal 2008.
Biomerica announced net income (including stock options expenses) of
$354,180, or $0.05 per share, for the fiscal year ended May 31, 2009,
compared to net income of $1,710,044, or $0.28 per share, in fiscal 2008.
The decrease in net income is primarily due to one time gain of $1,149,545
in fiscal 2008 predominantly from the sale of Hollister-Stier warrants and
an interest in Lancer Orthodontics.
"While our revenues and income have not reflected it, we have made strides
in increasing our distribution and achieved milestones in new product
development," stated Zackary Irani, Biomerica CEO. "The U.S. economy has
affected the financial performance of many companies. Our sales in the
U.S. were 24.3% of fiscal 2009 revenues vs. 27.5% of revenues in fiscal
2008. We have new products in various stages of development and
regulatory approval that we believe could positively impact our U.S. sales.
In addition, we purchased the assets, technology and rights for three new
Celiac disease tests which are expected to launch this fiscal year. The
purchase of products/technology will augment our new product pipeline and
we will seek such transactions in fiscal 2010. On the expense side, the
establishment of a new German subsidiary and initial preparation for
Sarbanes-Oxley requirements impacted our bottom line. We are looking
forward to this fiscal year as we work to increase sales and expand our
product line and distribution."
About Biomerica (OTCBB : BMRA )
Biomerica, Inc. (www.biomerica.com) is a global medical technology company,
based in Newport Beach, CA. The Company manufactures and markets advanced
diagnostic products used at home, in hospitals/clinical labs, and in
physicians' offices for the early detection of medical conditions and
diseases.
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
expected launch dates, expected improvements in performance, new product
introductions, sales potential, market size, growth of business, favorable
positions, expansion, regulatory approval, expected orders, positive impact
on sales, expanded distribution, anticipated future revenues 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.