Business
Biomerica Reports Fiscal 2021 Year End Results
Revenues increase 7.6% for fiscal 2021 vs fiscal 2020.InFoods® IBS Endpoint Trial expected to be fully enrolled in less than 2 weeks.Biomerica receives
About this update from Biomerica, Inc.
[{"type":"text","content":"Revenues increase 7.6% for fiscal 2021 vs fiscal 2020.InFoods® IBS Endpoint Trial expected to be fully enrolled in less than 2 weeks.Biomerica receives multiple notices of allowance for patents covering the InFoods® Technology Platform providing patent protection through 2036.Biomerica expects to file for FDA 510K clearance for its H. Pylori product in October, 2021. H. Pylori infects approximately 35% of the U.S. population.Biomerica negotiating sales agreements with major retailers/distributors for its EZ Detect™ colorectal disease test. IRVINE, Calif., Aug. 27, 2021 (GLOBE NEWSWIRE) -- Biomerica, Inc. (Nasdaq: BMRA), (the “Company”) a global provider of advanced medical products, today reported its fiscal 2021 financial results. During the year the Company made significant progress in its business by increasing its number of allowed patents covering its InFoods® diagnostic guided therapy technology, signing a distribution agreement for its H. Pylori product which is expected to be filed with FDA in October, 2021, and has entered into negotiations with major retailers/distributors for sales of its EZ Detect colorectal disease test. Net sales for the fiscal year ended May 31, 2021 were $7.2 million as compared to net sales of $6.7 million in fiscal 2020, an increase of $0.5 million, or 7.6%. Net loss was $6.5 million for fiscal 2021 compared to a net loss of $2.3 million for fiscal 2020. Research and Development investment was $2.4 million for fiscal year 2021 compared to $1.9 million the previous year. The increased net loss for fiscal 2021 was primarily related to the Company’s establishment of a large inventory reserve for COVID-19 antibody tests during the third fiscal quarter, an increase of $0.5 million in R&D costs, much of which was related to finalizing the InFoods endpoint determination clinical trial, and increased SG&A expenses associated with the expansion of the Company’s management team. The 2021 7.6% increase in revenue follows an increase in revenues of 38.4% for fiscal 2020 versus fiscal 2019. Revenues for both fiscal 2020 and 2021 were positively impacted by sales of our COVID-19 related products, however COVID-19 had a negative impact on revenues of our core diagnostic products. At this point the Company’s core product sales have largely returned and with the COVID-19 Delta variant spreading, the Company is ...