Business
Biomerica Reports 111% Increase in Q3 Fiscal 2022 Revenues to $7.6 million vs. Q3 Fiscal 2021
Q3 Net loss per share of $0.01 vs. a net loss of $0.18 per share from same period last year InFoods® IBS diagnostic-guided therapy clinical trial results
About this update from Biomerica, Inc.
[{"type":"text","content":"Q3 Net loss per share of $0.01 vs. a net loss of $0.18 per share from same period last year InFoods® IBS diagnostic-guided therapy clinical trial results demonstrated statistically significant improvement in multiple symptom related endpoints including Abdominal Pain Intensity (API) and Bloating IRVINE, Calif., April 14, 2022 (GLOBE NEWSWIRE) -- Biomerica, Inc. (Nasdaq: BMRA), a global provider of advanced medical diagnostic and therapeutic products, today announced its fiscal third quarter and nine month results ended February 28, 2022. For the third quarter ended February 28, 2022, Biomerica reported revenue of $7.6 million, an increase of over 111% as compared to the prior year third quarter fiscal 2021 revenues of $3.6 million. The increased revenue is driven primarily by increased demand for the Company’s Covid tests as well as increased demand for several of the Company’s other diagnostic products. For the third quarter fiscal 2022, the company reported a net loss of $0.1 million (or $0.01 per share), a significant improvement as compared to the prior year third quarter fiscal 2021 net loss of $2.1 million (or $0.18 per share). For the nine months ended February 28, 2022, consolidated net sales for Biomerica increased by 120% to $13.6 million compared to $6.1 million for the same period in fiscal 2021. Net loss for the nine months ended February 28, 2022, was $2.8 million (or $0.22 per share), a significant improvement as compared to the prior year nine month period of fiscal 2021 net loss of $5.7 million (or $0.49 per share). The Company also enters its fourth fiscal quarter of 2022 with over $4.0 million of outstanding unfilled customer orders (backlog), which the Company expects to fill during the fourth quarter, along with new orders that come in during the quarter. Zack Irani, Chairman and Chief Executive Officer of Biomerica, commented, “We are very encouraged by the heightened demand we’ve seen for our COVID-19 products. We are also seeing increased interest and demand across many of our other product lines. Like most companies we are contending with supply chain constraints that are negatively impacting our margins. However, we will hopeful to see operating margins improve as the worldwide supply chain issues subside.” “In addition, we’ve completed our InFoods® IBS endpoint clinical trial which demonstrated statist...