Biomerica Reports Third Quarter 2024 Financial Results

• Fiscal Discipline Leads to Improvement as Loss per Share Narrows to $0.27 from $0.40 Amidst Sales Force Expansion for the Nine Months in Fiscal 2024
   
• InFoods IBS Positive Clinical Data to be Presented at the Upcoming Digestive Disease Week (DDW) 2024 Conference in the DDW Irritable Bowel Syndrome (IBS) Clinical Session
   
• Company in discussions with Key Clinical Lab Customers for Use of its Recently US FDA 510(k) Cleared Hp Detect Test Product, Designed to Detect the Presence of the H. pylori Bacteria that infects approximately 35% of the U.S. Population

IRVINE, Calif., April 12, 2024 (GLOBE NEWSWIRE) -- Biomerica, Inc. (Nasdaq: BMRA), (the “Company”) a global provider of advanced medical diagnostic and therapeutic products today reported financial results for the third quarter of fiscal 2024 ended February 29, 2024.

Recent Highlights:

• Collaborators from the University of Michigan will present inFoods IBS clinical trial data during the highly anticipated IBS Clinical Session at the 2024 Digestive Disease Week (DDW) Annual Meeting in Washington DC. Known as the foremost gathering for digestive disease healthcare professionals globally, DDW provides an unparalleled platform for showcasing cutting-edge research and advancements.
   
• The Company is in discussions with labs to facilitate the adoption of its recently US FDA 510(k) cleared HP Detect ELISA Test. HP Detect is designed to Detect the Presence of the H. pylori Bacteria that infects approximately 35% of the U.S. Population. Over 80% of gastric cancers are attributed to H. pylori infection, and gastric cancer is the third most common cause of cancer-related death worldwide. The Company is now marketing the product to clinical labs In the US and distributors internationally.

“We are excited about the sales growth of our inFoods IBS technology. At the same time, we are seeing increased demand for our EZ Detect colorectal disease test given the insurance reimbursement in UAE. Finally, we expect the opportunities for HP Detect revenues in the USA will be meaningful," said Zackary Irani, CEO of Biomerica.

Third Quarter Fiscal 2024 Financial Results

In our fiscal third quarter of 2024, despite encountering some softness in top-line revenue, we remain optimistic and steadfast in our commitment to advancing the commercialization efforts of the inFoods IBS test. While net sales for the fiscal third quarter of 2024 were $1.0 million, down from $1.1 million for the fiscal third quarter of 2023, we observed notable sales growth of EZ Detect and Aware with new customers from the Europe and MENA regions (which does not yet include UAE sales), up 13% compared to the same period last year.