Biomerica Inc Stock Price, News & Analysis

Biomerica (BMRA) reported a significant 208% increase in fiscal Q3 2021 sales, reaching $3.62 million, driven by the launch of its COVID-19 Antigen Rapid Test in Europe post-CE Mark approval. The company also secured two new patents for its InFoods^® diagnostic technology. Despite the revenue growth, Biomerica incurred a net loss of $1.84 million due to higher costs, including a large inventory reserve of $1.43 million. The company expects significant developments in its InFoods clinical trial by Q3 2021.

Biomerica, Inc. (BMRA) reported second quarter fiscal 2021 revenues of $1.373 million, down from $1.596 million YoY, attributed to declining sales in Asia. The net loss increased to $1.485 million, primarily due to rising R&D and administrative costs. The company is under FDA review for its COVID-19 IgG ELISA Test and has received CE marking for its 15-minute Antigen Rapid Test, with significant initial European orders. Patient enrollment for the InFoods® IBS clinical trial is nearing completion, with results expected by July 2021.

Biomerica (NASDAQ: BMRA) has received CE Mark approval for its COVID-19 Rapid Antigen Test, boasting a 94.7% sensitivity and 99.7% specificity compared to PCR tests. The company has secured initial orders from Europe and plans to commence shipping soon. The test is designed for ease of use by healthcare providers, providing results within 15 minutes, which enhances testing efficiency. Biomerica aims to expand its market presence while continuing to develop its InFoods® products aimed at treating Irritable Bowel Syndrome (IBS).

Biomerica (NASDAQ: BMRA) is nearing completion of patient enrollment for its InFoods® IBS diagnostic-guided therapy clinical trial, aimed at alleviating symptoms for the 45 million Americans with IBS. The double-blind trial seeks to identify specific foods that trigger IBS symptoms, potentially revolutionizing treatment. CEO Zack Irani expressed optimism about the trial's progress despite pandemic challenges, emphasizing the need for effective IBS solutions. Completion of enrollment is expected by April 2021, followed by a pivotal trial aimed at FDA clearance.

Biomerica, Inc. (BMRA) reported a net loss of $1.6 million for Q3 2020, up from a $0.5 million loss in Q3 2019. Net sales fell to $1.14 million, down from $1.19 million in the same quarter last year. R&D expenses surged over 80% to $0.7 million due to COVID-19 test development, while SG&A expenses doubled to $1.2 million due to increased reserves and hiring. Cash and cash equivalents stood at $7 million as of August 31, 2020. CEO Zackary Irani indicated a decrease in international demand for their point-of-care antibody tests, although he anticipates a rise in demand for tests as new COVID-19 cases increase.

Biomerica (NASDAQ: BMRA) reported significant financial growth, with fiscal fourth quarter revenues increasing by 133.7% year-over-year. For the fiscal year ending May 31, 2020, net sales reached $6.7 million, up 28.7% from $5.2 million in 2019. The company reported a net loss of $2.3 million, a slight decrease from $2.4 million in the previous year. The company also received a new patent for its InFoods^® product in Singapore and expanded clinical trials involving major health institutions.

Biomerica (NASDAQ: BMRA) announced the retirement of CFO Janet Moore, effective September 3, 2020, after years of dedicated service. She will remain with the company during the transition and remain on the Board until the Annual Meeting on December 10, 2020. Steve Sloan has been appointed as the new CFO, bringing 13 years of experience from General Electric and 10 years from Medtronic. Additionally, Cathy Coste has been elected as a new independent board member and Audit Committee Chair, bringing extensive expertise from Deloitte.

Biomerica (NASDAQ: BMRA) announced a Notice of Allowance from the U.S. Patent and Trademark Office for its second patent related to the InFoods® technology platform, aimed at treating Irritable Bowel Syndrome (IBS). This patent covers methods to identify specific foods that may alleviate IBS symptoms. The InFoods® approach is undergoing clinical studies at major medical institutions, and Biomerica anticipates that these sites will adopt the product post-FDA clearance. The company also has several patents pending for other diseases utilizing this technology.

Biomerica Inc. (NASDAQ: BMRA) announced the filing of a new three-year shelf registration statement on Form S-3 with the SEC, replacing the previous registration effective since July 2017. This move offers the company flexibility for future capital market access. Additionally, 571,429 shares of common stock are being registered on behalf of Palm Global Master Small Cap Master Fund LP, related to their previous purchase of convertible preferred stock. Biomerica has no immediate plans to offer any securities under this new registration.