Biomerica signs deal with UAE for cancer detection products



Irvine, California – bioamerican inc. . (Nasdaq: ) announced an exclusive multi-year distribution agreement with a leading healthcare group in the United Arab Emirates (UAE) to increase cancer detection through the use of its home screening products. The agreement includes distribution of Biomerica's EZ Detect™, a colorectal disease screening test, and Aware®, a device designed to aid breast self-examination.

EZ Detect™ is a simple, FDA-approved two-minute test that can be performed at home without the need to handle stool. It can detect occult blood in stool, an early indicator of colorectal cancer, the third most common cancer worldwide. Dubai Healthcare Authority recently approved insurance reimbursement for EZ Detect™, increasing its affordability and accessibility in the UAE.

Aware® is another FDA-approved product from Biomerica that increases the sensitivity of breast self-exams, an important early detection method for breast cancer. Early detection is crucial because approximately 80% of breast cancers are detected in women who notice changes in their breasts, and when cancer is caught early, survival rates can be as high as 99%.

The first orders for EZ Detect™ and Aware® have been placed, marking the beginning of the partnership. The collaboration aims to integrate these tests into national health protocols and improve proactive health management in the Middle East.

Biomerica CEO Zack Irani emphasized the importance of the collaboration, saying it supports the shift toward proactive health management and is consistent with the company's commitment to early cancer detection. The strategic alliance is expected to enhance the distribution of Biomerica health screening tools in the UAE and potentially introduce additional products to the region.

3rd party advertising. Not an offer or recommendation by Investing.com.See disclosures here or
Remove ads
.

The move comes in response to the high incidence of colorectal cancer, which is the second leading cause of cancer death in the UAE. The test is designed to encourage regular screening and early detection, which is crucial in the fight against cancer.

Information about this collaboration and the products involved is based on press release statements from Biomerica, Inc.

Investment Professional Insights

Amid the good news that Biomerica Inc. (NASDAQ: BMRA ) has signed an exclusive distribution agreement in the United Arab Emirates, InvestingPro data provides a nuanced financial view of the company. Biomerica's market capitalization is only $11.19 million, underscoring its market position as a smaller company. The price-to-earnings ratio (P/E), a measure of a company's current share price relative to its earnings per share, currently stands at -1.83, reflecting the company's lack of profitability over the trailing 12 months to Q3 2024.

In addition, the company's revenue dropped significantly by 43.28% during the same period, and its financial performance faced challenges. However, given the price-to-book (P/B) ratio of 1.44, the stock's assets and liabilities can be considered fairly valued.

InvestingPro Tips shows that while Biomerica holds more cash than debt on its balance sheet, and has more liquid assets than short-term debt, it is burning through cash quickly. This may be a concern for investors concerned about the company's financial sustainability. Additionally, analysts predict the company will turn a profit this year, which could signal an improvement in its current financial position.

3rd party advertising. Not an offer or recommendation by Investing.com.See disclosures here or
Remove ads
.

For those looking for a more in-depth analysis, InvestingPro has additional tips on Biomerica, including insights into sales growth expectations and share price movements. Interested readers can explore these valuable tips by visiting Biomerica's InvestingPro platform: https://www.investing.com/pro/BMRA.To enhance your InvestingPro experience, use the coupon code PRONEWS24 Annual or biennial Pro and Pro+ subscriptions receive an additional 10% discount. Biomerica also offers 13 additional InvestingPro Tips, providing a comprehensive perspective for informed investment decisions.

This article was generated with the support of artificial intelligence and reviewed by an editor. For more information, please see our terms and conditions.





Source link

Leave a Reply

Your email address will not be published. Required fields are marked *