REPEAT - Biomerica Reports First Quarter 2024 Financial Results
13 Outubro 2023 - 2:10PM
Biomerica, Inc. (Nasdaq: BMRA), (the “Company”) a global provider
of advanced medical diagnostic and therapeutic products today
reported financial results for the first quarter of fiscal 2024
ended August 31, 2023.
Recent Highlights:
- Completes pre-launch phase of
inFoods IBS, which remains on track for national market launch
during calendar 2024. Several experienced sales professionals
recently hired to enable broader adoption by additional GI
physician groups.
- Company appointed diagnostics industry leader Jack Kenny
(former CEO of Meridian Biosciences) to Biomerica’s board of
directors, bringing a wealth of commercial experience and
relationships in the medical diagnostic industry with insights that
will be invaluable for the launch of inFoods IBS both domestically
and internationally.
- Announced that the Dubai government
has officially approved insurance reimbursement for the EZ Detect
product providing qualified Dubai residents access to
government-paid at-home screening to detect an early warning sign
of colorectal cancer and other colorectal diseases. Colorectal
cancer (“CRC”) is the second most common cause of cancer death in
the UAE [1].
“Our commercial progress during the quarter is
now driving top-line revenue growth toward profitability,” said
Zackary Irani, CEO of Biomerica. “With inFoods IBS as our main
focus along with a variety of effective at-home, point-of-care and
clinical lab products that provide significant ease of use, we feel
we are well positioned to expand our diversified sales
opportunities on multiple fronts while meeting our financial
targets to grow the business and shareholder value.”
First Quarter Fiscal 2024 Financial
Results
Net sales for the fiscal first quarter 2024 were
$1.7 million, up from $1.6 million for the fiscal first quarter of
2023. Further, excluding sales of Covid related products during
fiscal first quarter 2023, net sales for the fiscal first quarter
2024 were 16.3% higher than sales during fiscal first quarter of
2023. All revenues are now coming from products that focus on
existing and largely unmet IBS, GI, colorectal and other
health-related sales expansion opportunities. With a tight focus on
controlling expenses while growing sales, total operating expenses
for the quarter were $1.6 million, down from $2.0 million for the
year-ago quarter.
As a result of carefully managing operating
expenses while maintaining top-line revenue growth toward achieving
profitability, net loss for the fiscal first quarter of 2024 was
$1.1 million, or approximately 48% lower than the net loss of $2.1
million reported in the fiscal first quarter of 2023. As
of August 31, 2023, the Company had cash and equivalents of
$8.0 million.
Selected Financial Result |
|
Quarter Ended |
|
Quarter Ended |
|
|
August 31, 2023 |
|
August 31, 2022 |
(Numbers in millions, except percentages) |
|
|
|
Revenue |
|
$1.7 |
|
|
$1.6 |
|
Gross margin |
|
24.1% |
|
|
(3.4% |
) |
Operating expenses |
|
$1.6 |
|
|
$2.0 |
|
Operating loss |
|
($1.2 |
) |
|
($2.1 |
) |
Net Loss |
|
($1.1 |
) |
|
($2.1 |
) |
Cash and equivalents, restricted cash, and short-term
investments |
|
$8.0 |
|
|
$6.1 |
|
|
|
|
|
|
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.
- Humaid O. Al-Shamsi, Amin M. Abyad, and Saeed Rafii, A
Proposal for a National Cancer Control Plan for the
UAE:2022–2026. Clin. Pract. 2022, 12, 118–132.
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
investors@biomerica.com
Source: Biomerica, Inc.
Biomerica (NASDAQ:BMRA)
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