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Biomerica Reports Fiscal Year End May 31, 2020 Financial Results
Fiscal fourth quarter revenues increase 133.7% over the prior yearFiscal 2020 revenues increase 28.7% over fiscal 2019 New InFoods® patent granted for
About this update from Biomerica, Inc.
[{"type":"text","content":"Fiscal fourth quarter revenues increase 133.7% over the prior yearFiscal 2020 revenues increase 28.7% over fiscal 2019 New InFoods® patent granted for Singapore IRVINE, Calif., Sept. 01, 2020 (GLOBE NEWSWIRE) -- Biomerica, Inc. (Nasdaq: BMRA), a global provider of advanced medical products, today reported net sales for the fiscal year ended May 31, 2020 were $6.7 million versus net sales of $5.2 million in fiscal 2019. This represents an increase of $1.5 million, or 28.7%. Net loss was $2.3 million for fiscal 2020 compared to net loss of $2.4 million for fiscal 2019. Research and Development investment was $1.9 million for fiscal year 2020 compared to $1.7 million the previous year, an increase of over 13%. Year-end cash and cash equivalents were $8.6 million in fiscal 2020 versus $0.7 million in fiscal 2019 while current assets were $14.8 million in fiscal 2020 versus $4.5 million in fiscal 2019. \n The Company also announced that it has been granted a patent for its InFoods® Diagnostic Guided Therapy for Irritable Bowel Syndrome (“IBS”) in Singapore. Fiscal Year 2020 Highlights: Biomerica was granted its second U.S. patent and first patent in Japan covering a Diagnostic Guided Therapy (“DGT”) for Irritable Bowel Syndrome. These patents cover the Company’s InFoods® family of products that allow for revolutionary diagnostic guided therapy option for patients suffering from Irritable Bowel Syndrome and other gastrointestinal diseases once cleared. It is estimated that over 40 million Americans suffer from IBS and the symptoms can be triggered by consumption of specific foods (which are unique in each sufferer). The total cost (direct + indirect) of IBS has been estimated at $30 billion annually in the United States.Biomerica significantly expanded its InFoods® IBS DGT clinical trial by signing definitive agreements with Mayo Clinic, Houston Methodist (part of Texas Medical Center, the largest medical complex in the world) and University of Texas Health Science Center at Houston. These leading institutions are joining Beth Israel Deaconess Medical Center Inc., a Harvard Medical School Teaching Hospital, and the University of Michigan as enrollment centers for this study. During the fiscal fourth quarter, the Company began marketing and selling outside of the U.S. a disposable rapid finger-prick blood test, which detects COVID-19 I...