Biomerica Reports Fiscal 2023 Year End Results

• Revenues excluding Covid test sales increased 15% for fiscal 2023 vs fiscal 2022
  

• Successfully completed inFoods IBS pilot program with one of the largest Gastrointestinal physician groups in the US
  

• inFoods IBS completes pre-launch phase; Veteran VP of sales and national accounts hired; On track for national launch by calendar Q1 2024

IRVINE, Calif., Aug. 25, 2023 (GLOBE NEWSWIRE) -- Biomerica, Inc. (Nasdaq: BMRA), (the “Company”) a global provider of advanced medical products, today reported its fiscal 2023 financial results.

Net sales for the fiscal year ended May 31, 2023 were $5.3 million as compared to net sales of $18.9 million in fiscal 2022. Net loss was $7.1 million for fiscal 2023 compared to a net loss of $4.6 million for fiscal 2022. The decrease in sales for fiscal 2023 was related to the Company’s decrease in sales of COVID-19 antigen tests in fiscal 2023 compared to the prior fiscal year. Sales revenues excluding Covid test sales increased by 15% for fiscal 2023 compared to fiscal 2022.

The Company also announced the successful advancement of the inFoods IBS pilot commercialization program at the flagship office of Gastro Health, one of the largest gastrointestinal physician groups in the US. The Company is working with Gastro Heath to expand the offering of inFoods IBS into other Gastro Health offices.

With the ordering and operational processes now optimized, Biomerica is building the infrastructure and preparing for a full national launch of inFoods IBS across the US during the next six months. The Company has hired a seasoned VP of Sales and National Accounts to lead the national launch and has begun hiring several additional territory sales representatives. The Company is also in discussions with several large medical/hospital groups for the use of inFoods IBS at their centers.

In addition to achieving revenue increases in non-Covid product lines, Biomerica has achieved the following important milestones during fiscal year 2023:

• Successfully Completed inFoods IBS pilot commercialization program over the last two quarters and has accomplished the following: (1) completed all validation testing necessary to launch the inFoods IBS product as a CLIA lab developed test (LDT); (2) Launched the inFoods IBS product at the flagship office of Gastro Health in Miami; (3) Validated the inFoods IBS product for use with simple finger stick blood collection technology, eliminating the need for phlebotomy and making it easier for doctors to collect samples from patients; (4) Streamlined the sales, operations and back-end processing for the inFoods IBS product; (5) Completed patient and physician in office marketing materials; (6) honed the process for practitioners to easily order the inFoods IBS test.