RTTNews | Oct 16, 2020 09:53AM EDT

09:52 Friday, October 16, 2020 (RTTNews.com) - Shares of Biomerica Inc. (BMRA) are slipping 30% on Friday morning after the medical products maker reported third-quarter results.

BMRA is currently trading $5.00, down $2.29 or 31.41%, on the Nasdaq.

Sales for the third quarter dropped to $1.14 million from $1.19 million a year ago. Net loss was $1.6 million, wider than last year's loss of $0.5 million.

Research and Development expense increased 80% to $0.7 million largely due to the development of several COVID-19 tests, including a new antigen test for COVID-19.

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