Biomerica Reports 30% Increase in Revenues for Fiscal Q1 2023 vs. Fiscal Q1 2022
- Notice of Patent Allowance in Australia containing broad claims pertaining to treating ADD/ADHD using the InFoods®Technology
- Notice of Patent Allowance in Japan containing broad claims pertaining to treating Depression using the InFoods® Technology
IRVINE, Calif., Oct. 13, 2022 (GLOBE NEWSWIRE) — Biomerica, Inc. (Nasdaq: BMRA), a global provider of advanced medical products, today reported net sales for the three months ended August 31, 2022 of $1.67 million, versus net sales of $1.26 million for the same period in the previous year, a 30% increase.
Net loss for the quarter ended August 31, 2022 was $2.0 million, or $0.16 per share, compared to a net loss of $1.5 million, or $0.12 per share for the same period in the previous year. Sales, general and administrative expenses for the three months ended August 31, 2022 were $1.65 million, compared to $1.0 million, for the same period in the previous year. This increase was due to an increase in reserves for aged receivables, an increase in legal fees and higher salaries due to several new employees hired to help manage the company’s projected near-term growth.
Cash and cash equivalents were $6.1 million, and current assets were $9.2 million on August 31, 2022, compared with $5.0 million and $9.0 million, respectively, on August 31, 2021.
The Company has also received a notice of patent allowance in Australia with claims that cover the use of the InFoods® Technology in treating children and adults with attention deficit disorder (ADD) and attention-deficit/hyperactivity disorder (ADHD). In addition, the Company has been issued an additional patent in Japan with claims that cover the use of the InFoods® Technology to treat patients with depression. Biomerica has over 100 issued and pending patents on the InFoods® Technology in many countries pertaining to multiple diseases.
Biomerica is currently in the process of launching the InFoods® Technology to treat IBS, and has completed certain pre-clinical research and development on several other diseases and illnesses, including ADD and depression. Using the InFoods® Technology to address depression, ADD/ADHD or other illnesses and diseases, potentially offers patients a unique personalized therapeutic treatment as an alternative to pharmaceutical drugs. These patents will support the Company’s long-term goal of launching multiple InFoods® Technology based products to help treat these and other diseases.
Zackary Irani, Biomerica CEO commented, “We are focusing on significant near-term revenue opportunities in three key areas. First is the launch of our InFoods® IBS product as a laboratory developed test (LDT) because of the positive responses from gastroenterologists interested in using InFoods® IBS to help their patients manage the challenging and often debilitating symptoms of IBS. We expect to begin generating revenues before calendar year end 2022. Second, we are anticipating FDA clearance of our H. Pylori product soon, and we will target large reference labs in the U.S. market with this product. Third, via U.S. and international partners, and through domestic and international government and corporate screening programs we are expanding retail distribution of both our EZ Detect™ Colon Disease test, used to detect an early warning sign of colorectal cancer, and our Aware® Breast Self Exam product.”
“We also continue to add more opportunities to bring our products to broader audiences of patients and medical professionals,” added Mr. Irani. “A few examples include Walmart’s decision to expand the distribution of our Aware product and the availability of EZ Detect and Aware on Amazon, where orders are fulfillment by Amazon.”
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About Biomerica (NASDAQ:)
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 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, corn, etc.), that when removed from the diet, may alleviate or improve an individual’s IBS symptoms including, but not limited to, constipation, diarrhea, bloating, pain and indigestion. This patented, diagnostic-guided therapy is designed to allow for a patient specific, guided dietary regimen to improve IBS outcomes. The point-of-care 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 efficacy of the Company’s InFoods® products, Aware product and H. Pylori product, FDA clearance of such products, EUA clearance of these products, the rapidity of testing results, uniqueness of our products, pricing of the Company’s products and test kits, current or increased demand for our products, demand for international orders, availability of the Company’s products and test kits, disease states and illnesses that our InFoods® Technology could treat, timing of development and commercial launch of new products. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future, including, without limitation: results of studies testing the efficacy of the Company’s products and tests; pending or future regulatory approvals necessary prior to commercialization of the Company’s products; pricing, demand and availability of the Company’s products; completion of new or ongoing validation product testing; dependence on international shipping carriers; governmental import/export regulations; competition from other similar products and from competitors that have significantly more financial and other resources available to them; governmental virus control regulations that make it difficult or impossible for the company to maintain current operations; the Company’s ability to comply with current and new regulations; the Company’s ability to obtain patent protection on any aspects of its products and technologies; costs and overhead required to manufacture our products and finance our operations; availability to future financing in the capital markets that may be required to fund the Company. 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 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.
Corporate Contact:
Biomerica Investor Relations
949-645-2111
