Business
Biomerica Announces Preliminary Second Quarter Revenue Increase of Approximately 238%, to Approximately $4.6 Million
InFoods® IBS Clinical Trial on Track for Completion in December with Topline Results Expected to be Announced in January, 2022. IRVINE, Calif., Dec. 16, 2021
About this update from Biomerica, Inc.
[{"type":"text","content":"InFoods® IBS Clinical Trial on Track for Completion in December with Topline Results Expected to be Announced in January, 2022. IRVINE, Calif., Dec. 16, 2021 (GLOBE NEWSWIRE) -- Biomerica, Inc. (Nasdaq: BMRA) (the “Company”) today announced certain preliminary financial results for the second fiscal quarter ended November 30, 2021. All figures in this release are approximate due to the preliminary nature of this announcement. For the second quarter of fiscal 2022, ended November 30, 2021, Biomerica expects to report revenue of approximately $4.6 million, an increase of 238% as compared to the second quarter of fiscal 2021 revenues of approximately $1.4 million. The increased revenue was driven primarily by increased demand for the Company’s Covid tests. The Company also enters its third quarter of fiscal 2022 with over $4.0 million of outstanding unfilled customer orders (backlog). For the second quarter ended November 30, 2021, the Company also expects to report an operating loss of between $0.9 million and $1.3 million. The Company ended the second quarter with over $7 million of cash on the balance sheet. The increase in cash during the quarter was primarily attributed to partial prepayments for orders expected to ship during the third quarter. The Company experienced logistics constraints and significantly higher shipping costs which had a material negative impact on margins and profits during the second quarter. Biomerica’s Chairman and Chief Executive Officer Zack Irani stated, “We are very encouraged by the heightened demand we’re seeing for our products; particularly for our COVID-related testing products. As the virus continues to present new variants, we anticipate demand for these tests as well as our at-home tests for other diseases to remain strong. We are also seeing increased interest and demand across our other product lines. Like most companies, we are contending with supply chain constraints that are negatively impacting our margins. However, the revenue growth we are seeing positions us well for higher operating margins as the worldwide supply chain issues subside.” Mr. Irani continued, “Finally, I am pleased to announce that data analysis is underway for our InFoods IBS clinical trial. We believe we’re on track to receive and announce top line results in January, 2022.” About Biomerica (NASDAQ: BMRA) Biomeric...