Biomerica, Inc. (BMRA) stock first surged about 5% in the pre-market trading session to $4.26 but turned 5% lower early Thursday after the company published its financial results for the second quarter of fiscal 2022.
BMRA is an international biomedical technology firm. It designs, develops, and commercializes advanced diagnostic and therapeutic products to detect and treat medical diseases.
BMRA Q2 Fiscal 2022 Financial Results
On 16th December 2021, BMRA reported its preliminary financial results for the second fiscal quarter ended 30th November 2021. For the Q2 of fiscal 2022, BMRA expects revenue of roughly $4.6 million. It is up 238% from $1.4 million in the Q2 of fiscal 2021. For the Q2 ended 30th November 2021, the company expects operating loss to range from $0.9 million to $1.3 million. The company ended the second fiscal quarter with $7 million cash on its balance sheet.
Chairman and Chief Executive Officer of BMRA, Zack Irani, commented that they are satisfied with the elevated demand for their products, especially for the COVID-19 testing kits. As the new variants keep on emerging, they expect higher demand for these tests and at-home tests for other diseases, he added.
The company is also noticing improved demand and interest across its other product lines. Due to the revenue growth, BMRA is well-position for higher operating margins as the supply chain issues decline worldwide. He is excited to announce that data analysis for their InFoods IBS clinical trial is underway. They are back on track to receive and report top-line results by January 2022, Mr. Irani continued.
BMRA Formed Colorectal Cancer Scientific Advisory Board
On 19th November 2021, BMRA reported that Dr. Brooks Cash had agreed to chair the company’s recently formed Colorectal Cancer Scientific Advisory Board. Dr. Brooks is one of the most renowned leaders of the Gastroenterology field.
The Scientific Advisory Board will help promote the EZ Detect products for Colorectal Cancer screenings. Some other opinion leaders of Gastroenterology will also be joining Dr. Brooks on this board. Colorectal cancer is the second most common cause of death in the U.S. In 2020, approximately 147,950 people were diagnosed with CRC, and roughly 53,200 died from the disease.