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Fourth Quarter Product Sales Up 25%, Full-Year Product Sales Up 40% Conference Call Begins at 5:00 p.m. Eastern Time Today
MEDFORD, N.Y., March 7, 2013 (GLOBE NEWSWIRE) --
Chembio Diagnostics, Inc. (Nasdaq:CEMI), a leader in point-of-care diagnostic tests for infectious diseases, today reported financial results for the fourth quarter and year ended December 31, 2012.
Financial highlights for the 2012 fourth quarter include the following (all comparisons are with the 2011 fourth quarter):
Total revenues of $7.87 million, up 27% compared with $6.22 million
Product sales of $7.41 million, up 25% compared with $5.91 million
Operating income of $705,000, compared with operating income of $551,000
Net income of $492,000 or $0.06 per diluted share, compared with net income of $5.68 million or $0.66 per diluted share, which included a tax benefit of $5.13 million or $0.60 per diluted share
Financial highlights for 2012 full year include the following (all comparisons are with the 2011 full year):
Total revenues of $25.61 million, up 32% compared with $19.39 million
Product sales of $24.33 million, up 40% compared with $17.42 million
Operating income of $1.45 million, compared with operating income of $1.09 million
Net income of $941,000 or $0.11 per diluted share, compared with net income of $6.21 million or $0.73 per diluted share, which included a tax benefit of $5.13 million or $0.60 per diluted share
Commenting on the Company's financial performance, Lawrence Siebert, Chembio's Chief Executive Officer, said, "During 2012 Chembio achieved strong growth and profitability and made considerable progress in our strategic plan. Chembio's US products are well positioned, growing both in sales and market share. We reached milestones on key product development programs and listed our common shares on the NASDAQ capital markets. We start the year with a backlog of orders and a strong outlook for 2013.