Biomerica Inc. Reports Earnings Results for the Second Quarter and Six Months Ended November 30, 2012
January 15, 2013 at 08:19 am EST
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Biomerica Inc. reported earnings results for the second quarter and six months ended November 30, 2012. The company reported net sales of $1,883,771 for the quarter ended November 30, 2012, compared to $1,616,606 for the same period in the previous year, an increase of $267,165, or 16.5%. Net income was $236,919 or $0.03 per share compared to net income of $195,092 or $0.03 per share last year. The company's net income for the quarter was lower due to a onetime restructuring in its Mexico facility which should make the company more efficient in the future as well as higher R&D costs in the quarter and six months period.
For the six months, the company's net sales were $3,585,719 compared to $3,024,271 for the first six months in fiscal 2012, an increase of $561,448 or 18.6%. Net income was $528,550 or $0.08 per share, compared to net loss of $312,884 or $0.05 per share in the same period the previous fiscal year.
Biomerica, Inc. is a biomedical technology company. The Company develops, patents, manufactures and markets advanced diagnostic and therapeutic products used at the point-of-care (in home and in physiciansâ offices) and in hospital/clinical laboratories for detection and/or treatment of medical conditions and diseases. It is also engaged in the research, development, commercialization and in certain cases regulatory approval, of patented, diagnostic-guided therapy (DGT) products to treat gastrointestinal diseases, such as irritable bowel syndrome (IBS), and other inflammatory diseases. The Company's InFoods IBS product uses a simple blood sample and is designed to identify patient-specific foods that, when removed from the diet, may alleviate IBS symptoms such as pain, bloating, diarrhea and constipation. The Companyâs two subsidiaries, Biomerica de Mexico, which is used for assembly/manufacturing and BioEurope GmbH, which acts as a distributor of Biomerica products in certain markets.