Biomerica Inc Stock Price, News & Analysis

Biomerica, Inc. (BMRA) reported its fiscal third quarter and nine-month results for the period ending February 28, 2023. The company registered consolidated net revenues of $4.2 million, down from $13.6 million in the same period in fiscal 2022, largely due to the cessation of Covid test sales. However, excluding Covid-related revenues, the company saw a 16% increase in revenue. For Q3 alone, revenues were $1.1 million, a decrease from $7.6 million year-over-year, alongside a net loss of $1.6 million. To support the upcoming launch of its inFoods^® IBS product, Biomerica recently closed a public offering at $2.40 per share, yielding approximately $7.4 million in proceeds. The validation testing for the inFoods IBS test has completed, and patient testing is underway.

Biomerica, Inc. (Nasdaq: BMRA) has completed validation testing for its InFoods® IBS laboratory developed test (LDT), now available for commercial distribution. The test aims to identify unique food triggers for IBS symptoms, a condition affecting over 40 million Americans, with an associated cost of $30 billion annually. Clinical trial results indicate that InFoods® significantly improves Abdominal Pain Intensity (API) compared to placebo, showing comparable efficacy to existing IBS medications. The launch is expected to drive demand from gastroenterologists, facilitated by experienced management overseeing commercialization and future FDA marketing authorization.

Biomerica, Inc. (NASDAQ: BMRA) has successfully closed its underwritten public offering of 3,333,333 shares of common stock at a price of $2.40 per share, generating total gross proceeds of $8 million. The offering was led by Craig-Hallum Capital Group LLC as the sole managing underwriter. The net proceeds will be utilized for general corporate purposes, which include advancing clinical studies, enhancing sales and marketing efforts, research and development, acquisitions, and other operational needs. The shares were offered under a previously filed shelf registration statement with the SEC.

Biomerica, Inc. (NASDAQ: BMRA) announced the pricing of its underwritten public offering, consisting of 3,333,333 shares of common stock at $2.40 each, expected to generate approximately $8 million in gross proceeds. The offering, managed by Craig-Hallum Capital Group LLC, is set to close on March 7, 2023, pending customary conditions. Proceeds will fund various corporate activities, including clinical studies, marketing expansion, R&D, and general working capital. The shares are offered under an SEC shelf registration statement filed previously. Full details will be available in the final prospectus supplement.

Biomerica, Inc. (NASDAQ: BMRA) has announced an underwritten public offering of its common stock, with all shares being offered by the company subject to market conditions. Craig-Hallum Capital Group LLC is the sole managing underwriter. The net proceeds from this offering are intended for various corporate purposes, including conducting clinical studies, expanding marketing activities, developing new products, and general working capital needs. The offering will be made under a previously filed shelf registration statement with the SEC.

Biomerica, Inc. (NASDAQ: BMRA) reported a decline in net sales to $1.5 million for Q2 fiscal 2023, down from $4.6 million in Q2 fiscal 2022, mainly due to decreased demand for Covid-19 tests. However, excluding Covid-19 products, revenue rose by 8%. The company experienced a net loss of $1.6 million, compared to $1.1 million the previous year. The launch of the InFoods® IBS test is expected in Q3, promising personalized dietary solutions for IBS sufferers. The company’s gross margin improved to 24%. Key developments included the recognition of InFoods® IBS data by ACG and sales fulfillment through Amazon for other products.

Biomerica, Inc. (Nasdaq: BMRA) has appointed Dr. Brian E. Lacy, a prominent gastroenterologist from Mayo Clinic, to its Scientific Advisory Board. Dr. Lacy will advise on the commercialization of the InFoods^® IBS product, a diagnostic-guided therapy designed to identify and eliminate specific foods that trigger Irritable Bowel Syndrome (IBS) symptoms. This therapy aims to provide personalized treatment without drug side effects. With IBS affecting 10-15% of American adults, Biomerica plans a nationwide launch of this innovative product.

Biomerica, Inc. (NASDAQ: BMRA) received regulatory clearances from the Kingdom of Saudi Arabia and UAE for two health products: the EZ Detect™ Colon Disease Test and the Aware® Breast Self Exam. These products will be launched through distribution partners in the Middle East and North Africa, targeting areas with high unmet needs. The EZ Detect test allows at-home screening for colorectal cancer, while the Aware device enhances breast cancer detection through self-exams. The company emphasizes the importance of accessible screening in improving health outcomes.

Biomerica (NASDAQ: BMRA) announced that its InFoods^® IBS clinical study data received the prestigious ACG Presidential Award at the 2022 Annual Scientific Meeting.

The study highlighted significant improvements in IBS symptoms, such as abdominal pain intensity, outperforming some existing drugs.

With no reported adverse effects, the findings were published in respected medical outlets, enhancing the visibility of InFoods^® IBS as a revolutionary approach to managing IBS symptoms, potentially impacting treatment protocols.