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ERBA Diagnostics, Inc. Reports Second Quarter 2012 Financial Results

Gross profit for the second quarter of 2012 was $2,204,000, or 51.1% of net revenue, compared with $2,360,000, or 53.9% of net revenue for the second quarter of 2011. Gross profit for the six months ended June 30, 2012 decreased by $148,000, or 3.3%, from the same period last year. The decrease in gross profit resulted from lower sales and the decrease in gross profit margin percentage was primarily driven by a decrease in sales of our proprietary instruments, which have a higher average margin than reagent sales in the United States.

Operating expenses for the second quarter of 2012 decreased compared to the same period of 2011, to $2,340,000 from $3,520,000. Selling expenses decreased mainly due to open sales positions in the United States and, in Italy, reduction in workforce and lower commissions. General and administrative expenses decreased as a result of reduction in workforce, reduction in leased office space and reduction in provision for doubtful accounts. Research and development expenses decreased principally due to reduction of research and development activities in the United States and funding of research and development in Italy.

Loss from operations for the second quarter of 2012 was $136,000 compared with loss from operations of $1,161,000 in the second quarter of 2011. Loss from operation totaled $255,000 for the six months ended June 30, 2012 compared to the loss from operations of $2,168,000 in the same period of 2011. Net loss for the second quarter of 2012 was $359,000, or $0.01 loss per share, compared with a net loss of $767,000, or $0.02 loss per share, in the second quarter of 2011. Net loss for the six months ended June 30, 2012 was $437,000, or $0.01 loss per share, compared to net loss of $1,788,000, or $0.05 loss per share, in the same period of 2011. Comprehensive loss was $474,000 for the second quarter of 2012 compared with comprehensive loss of $736,000 in the second quarter of 2011. Comprehensive loss for the six months ended June 30, 2012 was $471,000 compared to a comprehensive loss of $1,532,000 in the same period of 2011.

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