Biomerica Announces Third Quarter Financial Results

Biomerica (Nasdaq:BMRA) today reported net sales of $4,433,785 for the nine months ending February 28, 2018, compared to $4,342,247 for the period ended February 28, 2017. Sales for the three months ending February 28, 2018 were $1,375,666 compared to $1,499,930 for the period ended February 28, 2017.

As quoted in the press release:

Net loss for the three months ended February 28, 2018 was $322,491 compared to a net loss of $304,141 during the three months ended February 28, 2017. For the nine months ended February 28, 2017, the company reported a net loss of $798,211 compared to net loss of $562,741 for the nine months in the previous fiscal year. The investment in Research and Development was $914,581 for the nine months ending February 28, 2018 compared to $781,929 during the period ended February 28, 2017.

“While we are disappointed in the lack of sales growth this quarter for our base diagnostic business, we believe it is mainly due to timing of orders. However, we are optimistic about the prospects of sales in coming quarters from the recently received CFDA approval in China and COFEPRIS (Mexico’s equivalent of the FDA) approval in Mexico for our colorectal disease screening product. At the same time we expected to announce patient enrollment in clinical trials being conducted by University of Michigan and Beth Israel Deaconess Medical Center Inc., a Harvard Medical School Teaching Hospital for our InFoods® IBS product. We also look forward to announcing further information about our progress for the clinical trial of our H. Pylori product which is underway,” stated Zackary Irani, Biomerica CEO.

Click here to read the full press release.