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Biomerica Reports Financial Results for Fiscal 2023 Second Quarter Ended November 30, 2022
InFoods® IBS Data Receives American College of Gastroenterology Presidential Award (ACG) Following Presentation at Annual Scientific Meeting Trial Data Shows
About this update from Biomerica, Inc.
[{"type":"text","content":"InFoods® IBS Data Receives American College of Gastroenterology Presidential Award (ACG) Following Presentation at Annual Scientific Meeting Trial Data Shows InFoods® IBS Treatment Diet Significantly Improved Several IBS Symptoms Including Abdominal Pain Intensity (API): In Some Cases Better Than Certain Currently Marketed Drugs Launch of InFoods® IBS Lab Developed Test Expected in Fiscal 3Q Amazon Now Fulfills Sales of Aware® Breast Self Exam and EZ Detect™ Colon Disease Tests IRVINE, Calif., Jan. 13, 2023 (GLOBE NEWSWIRE) -- IRVINE, CABiomerica, Inc. (Nasdaq: BMRA), (the “Company”) a global provider of advanced medical products, today reported its second quarter fiscal 2023 financial results for the period ended November 30, 2022. Net sales for the three months ended November 30, 2022 were $1.5 million as compared to net sales of $4.6 million for the same three months in fiscal 2022. The reduction in sales reflects a decline in demand for Covid-19 tests in the quarter. Excluding sales of Covid-19 products, revenues increased 8% for the quarter ended November 30, 2022 as compared to the three months ended November 30, 2021. Net loss was $1.6 million for the three months ended November 30, 2022 compared to a net loss of $1.1 million for the three months ended November 30, 2021. Gross margin during the quarter ended November 30, 2022 increased to 24% as compared to a gross margin of 17% in the second fiscal quarter 2022. Sales, general and administrative expenses for the three months ended November 30, 2022 were $1.6 million, compared to $1.4 million for the same period in the previous year. Cash and cash equivalents at the end of the fiscal second quarter was $5.1 million, a net decrease of $0.8 million during the first six-months of fiscal 2023. Key Developments During the Quarter: InFoods® IBS launch: the Company is working to launch the InFoods IBS laboratory developed test with large GI groups and expects initial revenues from the launch of this product during fiscal Q3 which ends February 28, 2023. Rather than simply treating the symptoms of IBS, the InFoods® IBS platform is designed to identify the unique foods that trigger or worsen IBS symptoms in individual patients, paving the way for more effective treatment. It is estimated that over 40 million Americans suffer from IBS, with symptoms often triggered by consumption o...