Biomerica, Inc. (BMRA) Stock Surged on Friday, Here’s Why

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Biomerica, Inc. (BMRA), a biomedical technology company, has declined by 4.83% in the premarket trading session. As a consequence, BMRA stock is changing hands at $5.91 at the time of this writing. On Friday, BMRA stock closed the day at $6.21 after increasing a massive 38% during the regular trading session. The increase is partly attributable to the Biomerica Supplier agreement with Walmart.

BMRA agreement with Walmart

On Friday, BMRA announced that it had entered into a General Merchandise Supplier Agreement with Walmart. The agreement was meant for the sale of the Company’s EZ Detect™ colorectal disease screening test in the Walmart retail system. The company said that it had shipped its first orders of the EZ Detect™ product to Walmart. Walmart would begin selling its products through its online sales this week. Biomerica also said that it was in the final phase of working with Walmart to stock and sell the EZ detect on its stores. The company revealed that it is in negotiations with some of the big distributors for the distribution of EZ detection in Asia and Europe. EZ detect is a colon disease screening test. It’s a simple at-home test or detection of occult blood in an individual’s stool. That could be a warning sign for colorectal diseases. Commenting on the development, Zack Irani, CEO of Biomerica, stated that the agreement for online sales of EZ Detect with Walmart could bring significant exposure to the product among the masses.

2021 annual financial results

On 27th August, BMRA reported the annual financial results for the fiscal year 2021, which ended 31st May 2021. According to the details, on 31st May, the company had cash and cash equivalents of $4.19 million. The total current assets stood at $9.23 million, while the total liabilities were $1.30 million. The net sales during the period stood at $7.19 million. During the fiscal year 2020, the net sales were $6.69 million. The cost of sales for the period remained at $6.7 million. For fiscal 2020, the cost of sales was $4.91 million. The gross profit for the year stood at $4.96, while for fiscal 2020, it remained at $1.78 million. The total operating expenses for the period stood at $7.01 million. For the comparative period of 2020, the total operating expenses remained at $4.18 million. The net loss for the year remained at $6.46 million, while for the previous year, it was $2.33 million. The basic and diluted loss per share was $0.54. For an equivalent period of 2020, it was $0.23.

What’s next for BMRA?

During the last month, BMRA stock has soared by 35%, mainly on the back of its EZ detect screening test. Analysts are hopeful that reliance upon technology would prove beneficial for the future performance of BMRA stock.

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