Biomerica Reports 30% Increase in Revenues for Fiscal Q1

• Notice of Patent Allowance in Australia containing broad claims pertaining to treating ADD/ADHD utilizing the InMeals^® Technology
• Notice of Patent Allowance in Japan containing broad claims pertaining to treating Depression utilizing the InMeals® Technology

IRVINE, Calif., Oct. 13, 2022 (GLOBE NEWSWIRE) — Biomerica, Inc. (Nasdaq: BMRA), a worldwide supplier of superior medical merchandise, right now reported internet gross sales for the three months ended August 31, 2022 of $1.67 million, versus internet gross sales of $1.26 million for the identical interval in the earlier 12 months, a 30% enhance.

Net loss for the quarter ended August 31, 2022 was $2.0 million, or $0.16 per share, in comparison with a internet lack of $1.5 million, or $0.12 per share for the identical interval in the earlier 12 months. Sales, basic and administrative bills for the three months ended August 31, 2022 had been $1.65 million, in comparison with $1.0 million, for the identical interval in the earlier 12 months. This enhance was on account of a rise in reserves for aged receivables, a rise in authorized charges and better salaries on account of a number of new staff employed to assist handle the corporate’s projected near-term progress.

Cash and money equivalents had been $6.1 million, and present property had been $9.2 million on August 31, 2022, in contrast with $5.0 million and $9.0 million, respectively, on August 31, 2021.

The Company has additionally acquired a discover of patent allowance in Australia with claims that cowl using the InMeals® Technology in treating youngsters and adults with consideration deficit dysfunction (ADD) and attention-deficit/hyperactivity dysfunction (ADHD). In addition, the Company has been issued a further patent in Japan with claims that cowl using the InMeals® Technology to deal with sufferers with despair. Biomerica has over 100 issued and pending patents on the InMeals® Technology in many nations pertaining to a number of illnesses.

Biomerica is at the moment in the method of launching the InMeals® Technology to deal with IBS, and has accomplished sure pre-clinical analysis and growth on a number of different illnesses and diseases, together with ADD and despair. Using the InMeals® Technology to handle despair, ADD/ADHD or different diseases and illnesses, doubtlessly gives sufferers a singular personalised therapeutic remedy as a substitute for pharmaceutical medication. These patents will assist the Company’s long-term objective of launching a number of InMeals® Technology primarily based merchandise to assist deal with these and different illnesses.

Zackary Irani, Biomerica CEO commented, “We are focusing on significant near-term revenue opportunities in three key areas. First is the launch of our InFoods® IBS product as a laboratory developed test (LDT) because of the positive responses from gastroenterologists interested in using InFoods® IBS to help their patients manage the challenging and often debilitating symptoms of IBS. We expect to begin generating revenues before calendar year end 2022. Second, we are anticipating FDA clearance of our H. Pylori product soon, and we will target large reference labs in the U.S. market with this product. Third, via U.S. and international partners, and through domestic and international government and corporate screening programs we are expanding retail distribution of both our EZ Detect™ Colon Disease test, used to detect an early warning sign of colorectal cancer, and our Aware® Breast Self Exam product.”

“We also continue to add more opportunities to bring our products to broader audiences of patients and medical professionals,” added Mr. Irani. “A few examples include Walmart’s decision to expand the distribution of our Aware product and the availability of EZ Detect and Aware on Amazon, where orders are fulfillment by Amazon.”

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About Biomerica (NASDAQ:)
Biomerica, Inc. (www.biomerica.com) is a global biomedical technology company that develops, patents, manufactures and markets advanced diagnostic and therapeutic products used at the point-of-care (in home and in physicians’ offices) and in hospital/clinical laboratories for detection and/or treatment of medical conditions and diseases. The Company’s products are designed to enhance the health and well-being of people, while reducing total healthcare costs. Biomerica primarily focus is on gastrointestinal and inflammatory diseases where the Company has multiple diagnostic and therapeutic products in development.

About InFoods®
The Biomerica InFoods® IBS product is designed to allow physicians to identify patient specific foods (e.g. eggs, broccoli, wheat, potatoes, corn, etc.), that when removed from the diet, may alleviate or improve an individual’s IBS symptoms including, but not limited to, constipation, diarrhea, bloating, pain and indigestion. This patented, diagnostic-guided therapy is designed to allow for a patient specific, guided dietary regimen to improve IBS outcomes. The point-of-care product is being developed to allow physicians to perform the test in-office using a finger stick blood sample while a clinical lab version of the product is expected to be the first for which the company will seek regulatory approval. A billable CPT code that can be used by both clinical labs and physicians’ offices is already available for InFoods® diagnostic products. Since the InFoods® product is a diagnostic-guided therapy, and not a drug, it has no drug type side effects. An estimated 45 million people in America currently suffer from IBS making it a leading cause for patient doctor visits.

The Private Securities Litigation Reform Act of 1995 provides a “protected harbor” for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by Biomerica) contains statements that are forward-looking, such as statements relating to the efficacy of the Company’s InFoods® products, Aware product and H. Pylori product, FDA clearance of such products, EUA clearance of these products, the rapidity of testing results, uniqueness of our products, pricing of the Company’s products and test kits, current or increased demand for our products, demand for international orders, availability of the Company’s products and test kits, disease states and illnesses that our InFoods® Technology could treat, timing of development and commercial launch of new products. 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 products and tests; pending or future regulatory approvals necessary prior to commercialization of the Company’s products; pricing, demand and availability of the Company’s products; completion of new or ongoing validation product testing; dependence on international shipping carriers; governmental import/export regulations; competition from other similar products and from competitors that have significantly more financial and other resources available to them; governmental virus control regulations that make it difficult or impossible for the company to maintain current operations; the Company’s ability to comply with current and new regulations; the Company’s ability to obtain patent protection on any aspects of its products and technologies; costs and overhead required to manufacture our products and finance our operations; availability to future financing in the capital markets that may be required to fund the Company. 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 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.

Corporate Contact:
Biomerica Investor Relations
949-645-2111