Biomerica, Inc. (BMRA), a biomedical technology company, has surged 6.69% in aftermarket trading session and consequently was trading at $5.26 at the time of the writing. On Friday, BMRA closed the day at $4.93 after soaring 11.79% during regular trading hours. The consistent increase in BMRA stock is attributable to receipt of notice allowance from the Canadian patent office.
Why BMRA Surging?
On Thursday, BMRA announced that the Canadian patent office had issued a notice of allowance for Biomerica’s patent application. The application was related to the company’s InFoods® diagnostic guided therapy platform technology. The technology offers a new and innovative approach for the treatment of patients who are suffering from Irritable Bowel Syndrome (IBS). IBS is a functional gastrointestinal disorder and has symptoms including bloating, abdominal pain, constipation, diarrhoea etc.
Launch of New Website
On 29th October, BMRA announced the launch of its new website for Aware® at-home breast self-exam pad. The Aware® Breast exam pad is an FDA-cleared device and increases sensitivity in breast self-exams easy and convenient. Breast cancer is the most commonly diagnosed cancer in women. The estimates suggest that one in eight women develop invasive breast cancer in their lifetime.
Q1 2022 Financial Highlights
On 15th October, BMRA reported the financial results for the first quarter of the fiscal year 2022. The quarter ended on 31st August 2021. The company generated net sales of $1.2 million during the quarter against $1.1 million for the same period of the previous fiscal. The sales and general administrative expenses for the period were $1 million against $1.3 million for the same period of the previous fiscal year. The Research and Development expenses were $0.4 million during the quarter against $0.7 million for the first quarter of fiscal 2021. The company suffered a net loss of $1.5 million during the quarter against $1.9 million for the same period of the quarter in fiscal 2021. The company had cash of $4.2 million on 31st August 2021.
Zackary Irani, CEO of BMRA, while commenting on the results said that the company has seen strong momentum during the quarter. He further said that the pandemic has increased the demand for in-home testing alternatives. The company believes that it would achieve numerous benefits from this shift in the market.
Future Outlook for BMRA
During the last three months, BMRA has increased more than 20%. The prime reason for the increase is different agreements by the company, leaving a positive impact upon investors. A consistent approach in this direction would provide the company with dividends in future to come.