Biomerica names Scott Madel as chief commercial officer

IRVINE, Calif. - Biomerica Inc. (NASDAQ:BMRA), a microcap diagnostic company with a market capitalization of approximately $8 million, has appointed Scott Madel as Chief Commercial Officer, the company announced Thursday in a press release.

Madel brings over 20 years of experience in healthcare and diagnostics, most recently serving as President of Boston Heart Diagnostics where he led an organizational turnaround. Previously, he held CEO positions at BioHealth Diagnostics and Genova Diagnostics Europe, helping grow Genova to over $100 million in annual revenue. According to InvestingPro data, Biomerica’s current annual revenue stands at $5.7 million with a 5% year-over-year growth rate, suggesting significant room for expansion under new leadership.

In his new role at Biomerica, Madel will focus on commercializing the company’s inFoods IBS test, a diagnostic tool that identifies food triggers responsible for irritable bowel syndrome symptoms. His responsibilities will include developing strategic partnerships, establishing payer strategies, and expanding provider engagement. InvestingPro analysis suggests the company is currently undervalued, with a strong balance sheet showing more cash than debt and a healthy current ratio of 3.76x.

"I’m excited to join Biomerica and champion the growth of inFoods IBS," Madel said. "This innovative solution has the potential to substantially improve the quality of life for millions of patients suffering from chronic GI conditions."

The inFoods IBS test uses a finger-stick blood sample to help physicians recommend personalized dietary changes based on a patient’s immune response. According to a clinical study published in Gastroenterology, 59.6% of patients who eliminated identified trigger foods achieved significant abdominal pain reduction, compared to 42.2% in the control group.

The study was conducted at institutions including Cleveland Clinic, Mayo Clinic, University of Michigan, and Beth Israel Deaconess Medical Center.

Biomerica develops diagnostic and therapeutic products for gastrointestinal and inflammatory diseases. The inFoods IBS test is currently available as a Laboratory Developed Test performed in a CLIA-certified laboratory.

In other recent news, Biomerica, Inc. reported promising results from a clinical trial of its inFoods IBS test, which showed significant improvements in managing symptoms of Irritable Bowel Syndrome. This trial, conducted across eight U.S. academic centers, demonstrated that 59.6% of patients in the treatment group experienced a reduction in abdominal pain. In the UAE, Biomerica received approval to market its Fortel Ulcer Test for detecting Helicobacter pylori, a known risk factor for gastric cancer, and its Fortel Kidney Disease Test for early detection of kidney damage. These approvals mark Biomerica’s expanding presence in the Middle East healthcare market. Furthermore, Biomerica announced a 1-for-8 reverse stock split to meet Nasdaq’s listing requirements, reducing outstanding shares while maintaining the number of authorized shares. The company also appointed Eric B. Chin to its Board of Directors, replacing Cathy Coste, with Chin expected to enhance financial oversight. These developments reflect Biomerica’s ongoing efforts to address global healthcare needs through innovative diagnostics.

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