Biomerica Announces Year End Results -- Sales Up Over 6%
IRVINE, CA--(Marketwired - Aug 30, 2013) - Biomerica, Inc. (OTCBB: BMRA), a global provider of advanced diagnostic products for the early detection of medical conditions, today reported net sales for the fiscal year 2013 were $6,472,960 versus net sales of $6,081,131 in fiscal 2012, an increase of 6.4%. Net cash flow from operating activities was $1,394,037 for fiscal year ended May 31, 2013 compared with $147,412 for the 2012 year end. Income from operations was $514,008 for fiscal 2013 compared to $504,999 for fiscal 2012 reflecting an increase in Research and Development spending of over $111,000 for the current fiscal year compared to the previous year. Net Income was flat at $0.08 per share for the fiscal year ended May 31, 2013 compared to net income of $0.08 per share, in fiscal 2012.
Commenting on the Company's financial performance, Zackary Irani, Biomerica's Chief Executive Officer, said, "While we are disappointed in the top line revenue during the second half of our fiscal year, annual sales in Asia and Europe increased despite a challenging economic climate. Biomerica has several products in different stages of the registration process is three large markets. The company expects regulatory approval for these products in this fiscal year. In addition, the company is restructuring its distribution channel in China which is negatively impacting sales in the near term. However, we believe this new strategic focus will result in both higher sales and higher margins in the future. The strength of our balance sheet continues to increase as we added almost $1.4 million to our cash balances this year. Finally, we are very excited about our R&D pipeline and the revenue prospects for the propriety products we are working on."
About Biomerica (OTCBB: BMRA)
Biomerica, Inc. (www.biomerica.com) is a global biomedical company that develops, manufactures and markets advanced diagnostic products used at the point-of-care (in home and in physicians' offices) and in hospital/clinical laboratories for the early detection 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 focuses on products for Diabetes, Gastrointestinal Disease and esoteric testing.
The Private Securities Litigation Reform Act of 1995 provides a "safe 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 intended launch dates, expected improvements in performance, new product introductions, sales potential, market size, continued growth, favorable positions, expansion, expected approvals, leading market positions, expanded distribution, anticipated increases in sales or production volume of the Company, success of product and new product offerings. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future, and accordingly, such results may differ materially from those expressed in any forward-looking statements made by or on behalf of Biomerica. The 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.