Biomerica Reports Record Financial Results for Fiscal Second Quarter ended November 30, 2021
IRVINE, Calif., Jan. 13, 2022 (GLOBE NEWSWIRE) -- Biomerica, Inc. (Nasdaq: BMRA), (the “Company”) a global provider of advanced medical products, today reported its second quarter fiscal 2022 financial results.
Net sales for the three months ended November 30, 2021 were $4.6 million as compared to net sales of $1.4 million for the same three months in fiscal 2021, an increase of $3.2 million, or 239%. On a sequential basis, revenues grew 268% compared to the first quarter of fiscal 2022. Net loss decreased to $1.1 million for the three months ended November 30, 2021 compared to a net loss of $1.7 million for the same three months in fiscal 2021. Cash flows from operations were positive for the quarter ended November 30, 2021. Cash on hand increased to $7.2 million at November 30, 2021 from $4.2 million at fiscal year-end May 31, 2021.
Sales, general and administrative expenses for the three months ended November 30, 2021 were $1.3 million, compared to $1.4 million for the same period in the previous year. The decrease was mainly due to lower legal expenses compared to the same period in the previous year. Otherwise, expenses were similar to the prior year quarter.
About Biomerica (NASDAQ: BMRA)
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this press release contains statements that are forward-looking, such as statements relating to the Company’s estimated future financial results, demand for the Company's products, the Company's ability to fulfill orders, and possible success of our clinical trials. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future, including, without limitation: results of studies testing the efficacy of the Company’s COVID-19 tests, InFoods® products, hp-detect® test and other products and tests; actual efficacy of the Company’s COVID-19 tests, InFoods® products, hp-detect® test and other products and tests; expected completion of clinical studies and trials; the rapidity of testing results; uniqueness of the Company’s products; regulatory approvals necessary prior to commercialization of the Company’s hp+detect® test, InFoods IBS® test and other products and tests, including FDA clearance, approval by Health Canada, attaining CE Mark and approvals from other international regulatory agencies; availability of the Company’s test kits and other products; capacity, resource and constraints on our suppliers; efficacy of the Company’s COVID-19 tests, InFoods® products, hp-detect® test and other products and tests; regulatory approvals necessary prior to commercialization of the Company’s hp+detect® test, InFoods IBS® test and other products and tests; dependence on our suppliers; dependence on international shipping carriers; governmental import/export regulations; demand for our various tests and other products; competition from other similar products and from competitors that have significantly more financial and other resources available to them; governmental virus control regulations that could make it difficult or impossible for the company to maintain current operations; the Company’s ability to comply with current and future regulations in the countries where our products are made and sold and the Company’s ability to obtain patent protection and freedom to operate on any aspects of its rapid test technologies; future production costs and overhead, sales and administrative costs, R&D expenditures, materials costs, needed inventory reserves, collectability of receivables, legal costs and other extraordinary costs. Accordingly, such results may differ materially from those expressed in any forward-looking statements made by or on behalf of Biomerica. Additionally, potential risks and uncertainties include, among others, fluctuations in the Company's operating results due to its business model and expansion plans, downturns in international and or national economies, the Company's ability to raise additional capital, the competitive environment in which the Company will be competing, and the Company's dependence on strategic relationships. The Company is under no obligation to update any forward-looking statements after the date of this release.
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