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.”
Breast cancer is the most common cancer among
women. About 80% of breast cancers are detected because women
themselves notice changes in their breasts, highlighting the
important role that each woman can play in her own health.
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
Relations949-645-2111
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