Biomerica Reports 111% Increase in Q3 Fiscal 2022 Revenues to $7.6 million vs. Q3 Fiscal 2021
- Q3 Net loss per share of $0.01 vs. a net loss of $0.18 per share from same period last year
- InFoods® IBS diagnostic-guided therapy clinical trial results demonstrated statistically significant improvement in multiple symptom related endpoints including Abdominal Pain Intensity (API) and Bloating
IRVINE, Calif., April 14, 2022 (GLOBE NEWSWIRE) — Biomerica, Inc. (Nasdaq: BMRA), a global provider of advanced medical diagnostic and therapeutic products, today announced its fiscal third quarter and nine month results ended February 28, 2022.
For the third quarter ended February 28, 2022, Biomerica reported revenue of $7.6 million, an increase of over 111% as compared to the prior year third quarter fiscal 2021 revenues of $3.6 million. The increased revenue is driven primarily by increased demand for the Company’s Covid tests as well as increased demand for several of the Company’s other diagnostic products. For the third quarter fiscal 2022, the company reported a net loss of $0.1 million (or $0.01 per share), a significant improvement as compared to the prior year third quarter fiscal 2021 net loss of $2.1 million (or $0.18 per share). For the nine months ended February 28, 2022, consolidated net sales for Biomerica increased by 120% to $13.6 million compared to $6.1 million for the same period in fiscal 2021. Net loss for the nine months ended February 28, 2022, was $2.8 million (or $0.22 per share), a significant improvement as compared to the prior year nine month period of fiscal 2021 net loss of $5.7 million (or $0.49 per share).
The Company also enters its fourth fiscal quarter of 2022 with over $4.0 million of outstanding unfilled customer orders (backlog), which the Company expects to fill during the fourth quarter, along with new orders that come in during the quarter.
Zack Irani, Chairman and Chief Executive Officer of Biomerica, commented, “We are very encouraged by the heightened demand we’ve seen for our COVID-19 products. We are also seeing increased interest and demand across many of our other product lines. Like most companies we are contending with supply chain constraints that are negatively impacting our margins. However, we will hopeful to see operating margins improve as the worldwide supply chain issues subside.”
“In addition, we’ve completed our InFoods® IBS endpoint clinical trial which demonstrated statistically significant improvements across multiple symptom endpoints. The trial was conducted with some of the most respected healthcare institutions in the world, including Mayo Clinic, Beth Israel Deaconess Medical Center, Inc., a Harvard Medical School teaching Hospital, Houston Methodist, University of Texas Health Science Center at Houston and the University of Michigan. This was the first trial of its kind. InFoods® IBS is a patent protected product addressing the $30 billion irritable bowel syndrome market where surprisingly little relief is currently available for patients. InFoods® IBS identifies certain foods that when removed from the diet demonstrated significant symptom improvement. This disruptive technology redefines how patients with gastrointestinal diseases can be treated. We are now moving forward on our strategy to attain FDA clearance of the product with the assistance from our Scientific Advisory Board. We will also continue to evaluate partnership/licensing opportunities, as they arise, with U.S and multinational companies that could help us commercialize the InFoods products in the U.S and overseas. Once cleared, InFoods® IBS will be the first FDA-regulated diagnostic therapy identifying both the problematic foods of IBS patients, as well as alleviating their symptoms, offering a meaningful alternative to current therapies.”
About Biomerica (NASDAQ: BMRA)
Biomerica, Inc. (www.biomerica.com) is a global biomedical technology company that develops, patents, manufactures and markets advanced diagnostic and therapeutic products used at the point of care (in home and in physicians’ offices) and in hospital/clinical laboratories for detection and/or treatment of medical conditions and diseases. The Company’s products are designed to enhance the health and well-being of people, while reducing total healthcare costs. Biomerica’s primarily focus is on gastrointestinal and inflammatory diseases where the Company has multiple diagnostic and therapeutic products in development.
About InFoods®
The Biomerica InFoods® IBS product is designed to allow physicians to identify patient-specific foods (e.g., eggs, broccoli, wheat, potatoes, pork, etc.), that when removed from the diet, may alleviate or improve an individual’s IBS symptoms including, but not limited to, constipation, diarrhea, bloating, cramping, pain and indigestion. This patented, diagnostic-guided therapy is designed to allow for a patient-specific, guided dietary regimen to improve IBS outcomes. A point-of-care version of the product is being developed to allow physicians to perform the test in-office using a finger stick blood sample while a clinical lab version of the product is expected to be the first for which the Company will seek regulatory approval. A billable CPT code that can be used by both clinical labs and physicians’ offices is already available for InFoods® diagnostic products. Since the InFoods® product is a diagnostic-guided therapy, and not a drug, it has no drug type side effects. An estimated 45 million people in America currently suffer from IBS making it a leading cause for patient doctor visits.
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 the future revenues, earnings, profit margins, sales growth and product demand, as well as efficacy of the Company’s InFoods IBS DGT, clinical trial designs, meetings with the FDA, FDA clearance of the Company’s InFoods IBS DGT product and commercialization of the Company’s InFoods IBS DGT product. Such forward-looking statements and information involve important risks and uncertainties that could significantly affect anticipated results in the future, including, without limitation: financial results, revenures, earnings and cash flows, as well as results of the final review of the endpoint clinical trial data, the Company’s ability to design and enroll patients in a pivotal trial for InFoods IBS DGT, delays in the anticipated timing of clinical trials, meeting with FDA, risks that the costs of a pivotal trial will exceed expectations, risks that a pivotal trial will not replicate the results of the Company’s endpoint clinical trial, risks associated with the unpredictability of the regulatory approval process and the Company’s ability to find a strategic partner to help commercialize its InFoods IBS DGT product. Accordingly, such results may differ materially from those expressed in any forward-looking statements made by or on behalf of Biomerica. Additionally, 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, and such other risks described in the Company’s Annual Report on Form 10-K and other reports the Company files with the Securities and Exchange Commission from time to time. The Company is under no obligation to update any forward-looking statements after the date of this release.
Corporate Contact:
John Nesbett /Jennifer Belodeau
IMS Investor Relations
203.972.9200
jnesbett@institutionalms.com
