Biomerica, Inc. and Subsidiaries ("Biomerica", the "Company", "we" or "our") develops, manufactures, and markets medical diagnostic products designed for the early detection and monitoring of chronic diseases and medical conditions. Our medical diagnostic products are sold worldwide in two markets: 1) clinical laboratories and 2) point of care (physicians' offices and over-the-counter drugstores). Our diagnostic test kits are used to analyze blood or urine from patients in the diagnosis of various diseases and other medical complications, or to measure the level of specific hormones, antibodies, antigens or other substances, which may exist in the human body in extremely small concentrations.
RESULTS OF OPERATIONS
Consolidated net sales for Biomerica were $1,416,698 for the three months ended February 28, 2013 as compared to $1,514,673 for the same period in the previous year. This represents a decrease of $97,975 or 6.5%. The decrease for the three month period was due to decreased sales in the United States and Europe during the quarter. For the nine month periods ended February 28, 2013 as compared to February 29, 2012, net sales were $5,002,418 as compared to $4,538,944, an increase of $463,474, or 10.2%. The increase for the nine month period was primarily due to the increase of sales in Asia partially offset with lower sales in the United States and Europe. On April 2, 2013, the Company terminated its distribution agreement with its distributor in China and entered into a new distribution agreement with another distributor in China.
For the three months ended February 28, 2013 as compared to February 29, 2012, cost of sales increased as a percentage of sales from 62.6% of sales or $947,830, to 68.6% of sales, or $971,316. This increase in cost of sales was the result of various factors, which included higher operating expenses and higher material costs for goods sold. These higher costs were due to the change in product sales mix from higher margin products to lower margin products during the third quarter. The increase in costs of sales as a percentage, was a result of lower sales coupled with higher costs. For the nine months ended February 28, 2013 as compared to February 29, 2012, cost of sales increased as a percentage of sales from 61.4% of sales or $2,788,276, to 61.1% of sales or $3,055,575. The increase in cost of sales as a percentage was primarily a result of changes in the product mix of items sold which occurred in this quarter when combined with the results of the first two quarters.
For the three months ended February 28, 2013 compared to February 29, 2012, selling, general and administrative costs increased by $20,953, or 6.2%. The increase was mainly due to the attendance at a trade show in Dubai in fiscal 2013 which was not attended in 2012. For the nine month periods ended February 28, 2013 as compared to February 29, 2012, general and administrative costs increased by $57,697, or 5.6%. The increase in selling, general and administrative costs was due to higher cost of trade show attendance, product promotion and Mexico facility restructuring in the second quarter.
For the three months ended February 28, 2013 compared to February 29, 2012, research and development expenses increased by $55,412, or 58.5%. For the nine month period ended February 28, 2013 as compared to February 29, 2012, these expenses increased by $87,646, or 32.9%. The increases were primarily due to materials purchased to be used in development and refining of certain products and the addition of personnel in the research and development department.
For the three and nine months ended February 28, 2013 as compared to February 29, 2012, dividend and interest income and interest expense remained relatively constant. During the quarter ended February 29, 2012, the Company experienced water damage from a burst pipe. The Company was reimbursed by its insurance carrier for the damages. The net gain is reflected under other income and (expense) as gain from insurance proceeds.
Read more: http://www.faqs.org/sec-filings/130415/BIOMERICA-INC_10-Q/#ixzz2QZjiZh00
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