Biomerica Inc Stock Price, News & Analysis

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.

Biomerica (NASDAQ: BMRA) has partnered with the University of Texas Health Science Center at Houston to advance its InFoods® diagnostic-guided therapy aimed at alleviating symptoms of Irritable Bowel Syndrome (IBS). With over 45 million Americans affected by IBS, the trial focuses on identifying specific foods that trigger symptoms. The clinical trial is set to complete within 6 months, with the potential for a pivotal trial afterward for FDA submission. The InFoods® therapy is non-pharmaceutical, addressing the root causes of IBS while being compatible with existing treatments.

Biomerica (NASDAQ: BMRA) has submitted an EUA application to the FDA for an ELISA lab-based serology blood test to detect COVID-19 antibodies. This test aims to identify prior infections, supporting the reopening of economies. It boasts 100% specificity and no cross-reactivity. Biomerica plans to manufacture this test at its Irvine facility, which simplifies blood collection using a proprietary device. This is the third COVID-19 antibody test from Biomerica, adding to existing finger-prick tests sold internationally.

Biomerica (NASDAQ: BMRA) has secured its first Japanese patent for its InFoods® IBS Diagnostic Guided Therapy technology, aimed at alleviating symptoms of Irritable Bowel Syndrome (IBS) by identifying patient-specific food triggers. Approximately 45 million Americans and 19 million Japanese suffer from IBS, which costs the U.S. healthcare system an estimated $30 billion annually. The company has partnered with Mayo Clinic and other leading medical centers to conduct clinical trials for this innovative therapy, which may enhance treatment options without drug-type side effects.

Biomerica has launched a new high-volume production test for COVID-19 IgG/IgM, receiving CE mark approval. This rapid test, requiring only a finger prick and yielding results in 10 minutes, is designed for international markets, with a unit price of $10. The company has started shipping this test to distributors serving NATO and government agencies in Germany, Switzerland, and the Netherlands. Additionally, Biomerica is expanding its patent applications for a simplified blood sample collection method for future tests, aiming to meet international demand while remaining environmentally friendly.