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IRVINE, Calif. - Biomerica, Inc. (NASDAQ:BMRA), a provider of diagnostic solutions with a current market capitalization of $8.5 million and year-to-date stock return of ~40%, has received approval from the United Arab Emirates Ministry of Health and Prevention to sell its Fortel Ulcer Test, a diagnostic tool for detecting Helicobacter pylori (H. pylori) infection. The test, which delivers results in 10 minutes, aims to aid in the early detection of conditions such as peptic ulcers and gastric cancer, which are often linked to H. pylori. According to InvestingPro data, the company maintains a healthy liquidity position with a current ratio of 3.76, suggesting strong capability to support product rollouts.
H. pylori, classified by the World Health Organization as a Class 1 carcinogen, is a significant health threat associated with about 80% of gastric cancer cases worldwide. In the UAE, studies suggest that over half the population may be infected, with certain demographics displaying even higher rates.
The Fortel Ulcer Test’s approval marks a step forward in Biomerica’s expansion in the Middle East, complementing other products like the EZ Detect Colon Disease Test. The company has established collaborations with UAE-based distributors and healthcare providers to ensure availability of the test across the country.
Biomerica’s CEO, Zack Irani, emphasized the test’s role in empowering healthcare providers to rapidly detect H. pylori infection, thereby preventing serious gastrointestinal diseases and improving patient outcomes. InvestingPro analysis reveals the company holds more cash than debt on its balance sheet, though it’s currently experiencing rapid cash burn - one of several key insights available to Pro subscribers.
Biomerica is known for its focus on gastrointestinal and inflammatory diseases, developing diagnostic and therapeutic products intended for point-of-care and clinical laboratory use. The company’s mission is to improve global health through affordable and accessible diagnostics.
This news is based on a press release statement from Biomerica, Inc. and reflects the company’s ongoing efforts to address critical healthcare needs with innovative diagnostic tools. While the company reported revenue growth of 5% in the last twelve months, InvestingPro analysis indicates the stock is currently undervalued, with additional metrics and insights available to subscribers, including 6 more ProTips and comprehensive financial health scores.
In other recent news, Biomerica, Inc. has received approval from the United Arab Emirates Ministry of Health and Prevention to sell its Fortel® Kidney Disease Test in the UAE. This test is designed to detect early signs of kidney damage, which is crucial for individuals at higher risk due to conditions like diabetes and hypertension. Additionally, Biomerica announced a 1-for-8 reverse stock split to comply with Nasdaq’s minimum bid price requirements, which will consolidate every eight shares into one, reducing the total outstanding shares. The reverse stock split was approved by shareholders and aims to maintain the company’s listing status on Nasdaq.
Furthermore, Biomerica has achieved CE marking for its food intolerance products for Crohn’s Disease and Ulcerative Colitis under the EU’s In Vitro Diagnostic Medical Devices Regulation. This certification allows the company to market these products within the EU, enhancing its global presence. In another development, a clinical trial published in the journal Gastroenterology highlighted the effectiveness of Biomerica’s inFoods® IBS diet therapy. The trial found significant reductions in abdominal pain and bloating for IBS patients following a personalized diet based on the inFoods® IBS test.
These developments reflect Biomerica’s ongoing efforts to expand its diagnostic and therapeutic offerings in various international markets. The company’s focus on personalized healthcare solutions continues to drive its strategic initiatives in the medical diagnostics field.
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