SOURCE: Biomerica

Biomerica

September 01, 2009 08:19 ET

Biomerica Announces Year End Results

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.

Contact Information

  • Contact:
    Zackary Irani
    949-645-2111