Biomerica Reports Second Quarter 2024 Financial Results
- Revenues excluding Covid test sales increased 10.3% for the second fiscal quarter of 2024 vs the second fiscal quarter of 2023.
- Loss per shares narrows to $0.09 per share from $0.12 per share reflecting disciplined operating expense management.
- Company Received US FDA 510(k) Clearance for Its Hp Detect™ ELISA Test Product Designed to Detect the Presence of the H. pylori Bacteria That infects approximately 35% of the U.S. Population.
IRVINE, Calif., Jan. 16, 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 second quarter of fiscal 2024 ended November 30, 2023.
Recent Highlights:
- US FDA 510(k) granted clearance for the Company's Hp Detect™ ELISA Test Product 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.
- The Company expanded inFoods® IBS reach with the addition of several new GI groups. Among the new groups, the two that represent the largest opportunity include an integrated medical system, and an additional large GI group.
"We believe that our recent FDA clearance for our H. pylori product coupled with the continued progress with our inFoods launch will further our commercial progress in driving meaningful revenue growth and achieving profitability," said Zackary Irani, CEO of Biomerica. "We are looking forward to capitalize on our sales opportunities on multiple fronts while meeting our financial targets to grow the business and shareholder value."
Second Quarter Fiscal 2024 Financial Results
In our fiscal second quarter of 2024, we maintained top-line revenue growth, while carefully managing our operating expenses toward achieving a path to profitability. Net sales for the fiscal second quarter 2024 were $1.6 million, up from $1.5 million for the fiscal second quarter of 2023. Further, net sales for the fiscal second quarter 2024 were 6.7% higher than sales during fiscal second quarter of 2023. When excluding Covid test sales, the revenues for the second fiscal quarter of 2024 saw an increase of 10.3% compared to the prior year. All revenues are now coming from products that focus on existing and largely unmet IBS, GI, colorectal and other health-related sales expansion opportunities. In line with our commitment to sustainable growth, we executed our strategic expansion of our sales force while still achieving operating expense improvement for the quarter of $1.9 million, down from $2.0 million In the prior year. As of November 30, 2023, the Company had cash and equivalents of $7.1 million.
| Selected Financial Results | Quarter Ended | Quarter Ended | ||||||||||
| November 30, 2023 | November 30, 2022 | |||||||||||
| ($ in millions, except percentages) | ||||||||||||
| Revenue | $1.6 | $1.5 | ||||||||||
| Gross margin | 20.7% | 23.8% | ||||||||||
| Operating expenses | $1.9 | $2.0 | ||||||||||
| Operating loss | $1.6 | $1.7 | ||||||||||
| Net Loss | ($1.5 | ) | ($1.6 | ) | ||||||||
| Cash and equivalents, restricted cash, and short-term investments | $7.1 | $9.7 | ||||||||||
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's primary focus is on gastrointestinal and inflammatory diseases where the Company has multiple diagnostic and therapeutic products in development.
About inFoods®
The inFoods IBS test is designed to assess a patient's above normal immunoreactivity to specific foods utilizing a simple finger prick blood sample. Instead of difficult to manage broad dietary restrictions, physicians can now use the InFoods IBS information to make targeted, patient-specific recommendations about specific foods that, when removed from the diet, may alleviate IBS symptoms such as pain, bloating, diarrhea and constipation. The inFoods IBS test and clinical outcomes were studied at several prominent centers including Mayo Clinic, Beth Israel Deaconess Medical Center Inc. - a Harvard Medical School Teaching Hospital, Houston Methodist Hospital, and the University of Michigan. The clinical results for improvement in the Abdominal Pain Intensity (API) responder endpoint of >30% reduction in pain, for IBS patients in the treatment diet arm was greater than patients in the placebo diet arm (p-value of 0.0246). The improvement for patients in the treatment arm versus the placebo arm is considered clinically significant and for certain endpoints is similar and, in some cases, better than the current drugs in the market. Further information about Biomerica's patented InFoods® Technology Platform can be found at: https://biomerica.com/inFoods/our-technology/.
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this press release contains statements that are forward-looking, such as statements relating to the Company's current and future sales, revenues, overhead, expenses, cost of goods, operations, and earnings; the Company's need for raising additional capital; the Company's expected commercialization launch dates for the Company's InFoods IBS product; and diversification of the Company's revenue streams. Such forward-looking information is based upon the current beliefs and expectations of management and involves important risks and uncertainties that could significantly affect anticipated results. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Accordingly, such results may differ materially from those expressed in any forward-looking statements made by or on behalf of Biomerica. Factors that could cause actual results to differ from those expressed in the forward-looking statements are discussed in the "Risk Factors" section of the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other reports filed with the SEC and available on the SEC's website (www.sec.gov). The Company is under no obligation to update any forward-looking statements after the date of this release.
Corporate Contact:
Zack Irani
949-645-2111
[email protected]
Source: Biomerica, Inc.
