- Fiscal Discipline Leads to Improvement as Loss per Share Narrows to
$0.27 from$0.40 Amidst Sales Force Expansion for the Nine Months in Fiscal 2024
- InFoods IBS Positive Clinical Data to be Presented at the Upcoming Digestive Disease Week (DDW) 2024 Conference in the DDW Irritable Bowel Syndrome (IBS) Clinical Session
- Company in discussions with Key Clinical Lab Customers for Use of its Recently US FDA 510(k) Cleared Hp Detect™ Test Product, Designed to Detect the Presence of the H. pylori Bacteria that infects approximately 35% of the
U.S. Population
Recent Highlights:
- Collaborators from the
University of Michigan will present inFoods IBS clinical trial data during the highly anticipated IBS Clinical Session at the 2024 Digestive Disease Week (DDW) Annual Meeting inWashington DC . Known as the foremost gathering for digestive disease healthcare professionals globally, DDW provides an unparalleled platform for showcasing cutting-edge research and advancements.
- The Company is in discussions with labs to facilitate the adoption of its recently
US FDA 510(k) cleared HP Detect™ ELISA Test. HP Detect is designed to Detect the Presence of the H. pylori Bacteria that infects approximately 35% of theU.S. Population. Over 80% of gastric cancers are attributed to H. pylori infection, and gastric cancer is the third most common cause of cancer-related death worldwide. The Company is now marketing the product to clinical labs In the US and distributors internationally.
“We are excited about the sales growth of our inFoods IBS technology. At the same time, we are seeing increased demand for our EZ Detect colorectal disease test given the insurance reimbursement in
Third Quarter Fiscal 2024 Financial Results
In our fiscal third quarter of 2024, despite encountering some softness in top-line revenue, we remain optimistic and steadfast in our commitment to advancing the commercialization efforts of the inFoods® IBS test. While net sales for the fiscal third quarter of 2024 were
Although our operating expenses for the quarter were
Net sales for the nine months in fiscal 2024 were
Selected Financial Results | Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended | |||||||||
($ in millions, except percentages) | |||||||||||||
Revenue | |||||||||||||
Gross magin | -14.7 | % | 10.8 | % | 13.7 | % | 9.9 | % | |||||
Operating expenses | |||||||||||||
Operating loss | ( | ) | ( | ) | ( | ) | ( | ) | |||||
Net Loss | ( | ) | ( | ) | ( | ) | ( | ) | |||||
About
About inFoods®
The inFoods IBS test is designed to assess a patient’s above normal immunoreactivity to specific foods utilizing a simple finger prick blood sample. Instead of difficult to manage broad dietary restrictions, physicians can now use the InFoods IBS information to make targeted, patient-specific recommendations about specific foods that, when removed from the diet, may alleviate IBS symptoms such as pain, bloating, diarrhea and constipation. The inFoods IBS test and clinical outcomes were studied at several prominent centers including
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 current and future sales, revenues, overhead, expenses, cost of goods, operations, and earnings; the Company's need for raising additional capital; the Company's expected commercialization launch dates and future revenues from the Company's HP Detect product, InFoods IBS product and other products; and diversification of the Company's revenue streams. Such forward-looking information is based upon the current beliefs and expectations of management and involves important risks and uncertainties that could significantly affect anticipated results. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Accordingly, such results may differ materially from those expressed in any forward-looking statements made by or on behalf of
Corporate Contact:
949-645-2111
investors@biomerica.com
Source:
Source:
2024 GlobeNewswire, Inc., source