Business
Biomerica Reports Results for Fiscal First Quarter ended August 31, 2021
Revenues up 10% over fiscal first quarter 2021, and 20% over fiscal fourth quarter 2021 Customer orders backlog of over $1.5 million at August 31, 2021
About this update from Biomerica, Inc.
[{"type":"text","content":"Revenues up 10% over fiscal first quarter 2021, and 20% over fiscal fourth quarter 2021 Customer orders backlog of over $1.5 million at August 31, 2021 Following close of first fiscal quarter 2022, Walmart began online sales of Biomerica’s EZ Detect™ Colorectal Screening Test, in-store sales expected soon Final patients enrolled in InFoods® IBS endpoint trial, with topline trial results expected by calendar year end IRVINE, Calif., Oct. 15, 2021 (GLOBE NEWSWIRE) -- Biomerica, Inc. (Nasdaq: BMRA), (the “Company”) a global provider of advanced medical products, today reported its first quarter fiscal 2022 financial results. Net sales for the three months ended August 31, 2021 were $1.2 million as compared to net sales of $1.1 million for the same three months in fiscal 2021, an increase of $0.1 million, or 10%. On a sequential basis, revenue grew 20% compared to the fourth quarter of fiscal 2021. Net loss decreased to $1.5 million for the three months ended August 31, 2021 compared to a net loss of $1.9 million for same three months in fiscal 2021. Cash flows from operations were positive for the quarter ended August 31, 2021. Cash increased from $4.2 million at May 31, 2021 to $5.0 million at the quarter end, August 31, 2021. Sales, general and administrative expenses for the three months ended August 31, 2021 were $1.0 million, compared to $1.3 million for the same period in the previous year. The decrease was mainly due to a higher allowance for doubtful accounts and higher legal expenses for the same period in previous year. Research and Development (R&D) expense was $0.4 million for the three months ended August 31, 2021 compared to $0.7 million the same period in the previous year, a decrease of over 38%. The decrease in R&D investment expense was primarily due to the completion of the development of several COVID-19 tests in prior year. Recent Developments: InFoods® Endpoint Study Completion: The final patients were enrolled in InFoods® IBS endpoint trial and Biomerica is on track to have topline results of its InFoods® IBS Endpoint trial by end of December, 2021. It is estimated that over 40 million Americans suffer from IBS. IBS symptoms are often triggered by consumption of specific foods (which are unique in each sufferer). The total direct and indirect cost of IBS has been estimated at $30 billion annually in just the ...