Biomerica released their financial results for their fiscal 2017 year.
Biomerica (NASDAQ:BMRA) released their financial results for their fiscal 2017 year.
As quoted in the press release:
Biomerica… reported net sales for the fiscal year 2017 were $5,791,670 versus net sales of $5,139,816 in fiscal 2016, an increase of 12.7% over the prior year. Net loss was $908,561 for fiscal 2017 compared to net loss of $1,499,787 for fiscal 2016. Research and Development spending was $1,130,635 for fiscal year 2017 compared to $780,333 the previous year, an increase of $350,302, or 44.9%. The company ended the year with $1,225,462 in cash and cash equivalents, working capital of $3,681,485 and less than $529,000 in total liabilities.
“The Company is very enthusiastic about the clinical and commercialization opportunities for our blood based InFoods® IBS technology, a diagnostic guided therapy that should allow for the identification of specific foods that are contributing to a person’s irritable bowel syndrome (IBS) symptoms. InFoods® IBS technology could revolutionize the way IBS is treated,” said Zackary Irani, Biomerica’s Chief Executive Officer. “We have also been making progress in our goal to start the InFoods® clinical trial and look forward to announcing more details in the future.”