Business
Biomerica Reports Q3 Fiscal 2023 Results
For the nine months ended February 28, 2023 vs. the same period in 2022, revenues, excluding sales of Covid-related products, increased by 16%.InFoods® IBS
About this update from Biomerica, Inc.
[{"type":"text","content":"For the nine months ended February 28, 2023 vs. the same period in 2022, revenues, excluding sales of Covid-related products, increased by 16%.InFoods® IBS Laboratory Developed Test (LDT) validation testing at the CLIA Lab has been completed, patient testing now underway. IRVINE, Calif., April 14, 2023 (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, 2023. For the nine months ended February 28, 2023, Biomerica reported consolidated net revenues of $4.2 million compared to $13.6 million for the same period in fiscal 2022. Revenues excluding sales of Covid-related products increased by 16% for the nine months ended February 28, 2023 as compared to the same period in fiscal 2022. For the third quarter ended February 28, 2023, Biomerica reported revenue of $1.1 million as compared to the prior year third quarter revenues of $7.6 million. Again, the decrease in revenue was primarily a result of the company no longer selling Covid tests. For the three months and the nine months ended February 28, 2023, the company reported a net loss of $1.6 million and $5.3 million respectively. Net loss for the three months and nine months ended February 28, 2023, excluding non-cash items such as equity compensation expense, was $1.3 million and $4.0 million respectively. Finally, to ensure the company has adequate cash runway to execute on the national launch of the inFoods IBS product, in early March 2023, following the end of the third fiscal quarter, Biomerica closed on a public offering of registered common shares at a price of $2.40 per share, with net proceeds after expenses of approximately $7.4 million. Zack Irani, Chairman and Chief Executive Officer of Biomerica, commented; “While the transitory sales of our Covid tests in fiscal 2022 was helpful to fund operations as we prepared to launch our inFoods IBS product, our focus has always been on the commercialization of the revolutionary inFoods IBS product. With the much welcomed drop off in the Covid pandemic worldwide in fiscal 2023, we are now fully focused on scaling up sales of our inFoods IBS product in the US market. I am encouraged by the response we’ve seen for this product.” Mr. Irani continues; \"As a company, Biomerica i...