Biomerica Announces Third Quarter Financial Results

IRVINE, Calif., April 15, 2020 (GLOBE NEWSWIRE) -- Biomerica, Inc. (Nasdaq: BMRA) today reported net sales of $3,967,712 for the nine months ending February 29, 2020, compared to $4,034,822 for the period ended February 28, 2019.  Sales for the three months ending February 29, 2020 were $1,176,889 compared to $1,261,161 for the period ended February 28, 2019.

Net loss for the three months ended February 29, 2020 was $860,926 compared to a net loss of $678,746 during the three months ended February 28, 2019.  For the nine months ended February 29, 2020, the Company reported a net loss of $1,852,482 compared to net loss of $1,607,730 for the nine months in the previous fiscal year. The quarter ended February 29, 2020 included a $157,939 non-cash stock option related expense.

Since the Company’s third quarter ended February 29, 2020, the above results do not include any revenues or expenses associated with the Company announcements of March 17, 2020, and April 2, 2020 relating to the Company’s SARS CoV-2 (COVID-19) serology IgG/IgM rapid antibody test and its ELISA serology IgG/IgM/IgA high-volume open system lab scale test.  As an update on the ELISA test format, the Company now believes its production capacity at its California manufacturing facility will be over 3,500,000 patient tests per month. This product is being developed, validated and ultimately manufactured entirely in the United States.

“The Biomerica team is working with leading institutions to quickly launch highly accurate COVID-19 antibody tests while maintaining our commitment to providing these tests at a low cost. At the same time, we are still remaining committed to our strategy of growing our colorectal disease detection product EZ Detect, and finalizing clinical trials and gaining FDA approval for our HP Detect H. Pylori test and our InFoods IBS diagnostic-guided therapy product,” said Zack Irani, Chairman and Chief Executive Officer of Biomerica.

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 primarily focus is on Gastrointestinal and inflammatory Diseases where the Company has multiple diagnostic and therapeutic products in development.