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Chembio Diagnostics Reports Second Quarter 2012 Financial Results

Stocks in this article: CEMI

Product Sales Increase 95%, Operating Income Increases 160% Conference Call Begins at 10:00 a.m. Eastern Time Today

MEDFORD, N.Y., Aug. 9, 2012 (GLOBE NEWSWIRE) -- Chembio Diagnostics, Inc. (Nasdaq:CEMI), a leader in point-of-care diagnostic tests for infectious diseases, today reported financial results for the three and six months ended June 30, 2012.

Financial highlights for the second quarter of 2012 include the following (all comparisons are with the second quarter of 2011):

  • Total revenues of $6.08 million, up 68% compared with $3.61 million
  • Product sales of $5.81 million, up 95% compared with $2.97 million
  • Operating income of $512,000, compared with $197,000
  • Net income of $309,000 or $0.04 per diluted share, compared with $195,000 or $0.02 per diluted share

Financial highlights for the first six months of 2012 include the following (all comparisons are with the first six months of 2011):

  • Total revenues of $12.74 million, up 76% compared with $7.25 million
  • Product sales of $12.17 million, up 103% compared with $5.99 million
  • Operating income of $1.23 million, compared with $58,000
  • Net income of $742,000, or $0.09 per diluted share, compared with $53,000, or $0.01 per diluted share

Commenting on the Company's strong financial performance, Lawrence Siebert, Chembio's Chief Executive Officer, said, "Our second quarter results continued the strong momentum begun earlier in the year, with product sales that nearly doubled compared with the second quarter of last year. These gains were led by increased purchase orders from the Oswaldo Cruz Foundation (FIOCRUZ), our license and technology transfer partner in Brazil, and from continued strong demand for our rapid HIV tests in the U.S. We look forward to continued growth of our Dual Path Platform (DPP®) product line in Brazil by FIOCRUZ and expect this collaboration to drive revenue growth throughout 2012 and 2013.

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