This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Chembio Diagnostics Reports Second Quarter 2013 Financial Results

Stocks in this article: CEMI

NEW YORK, Aug. 8, 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 three months and six months ended June 30, 2013.

Financial highlights for the 2013 second quarter include the following (all comparisons are with the 2012 second quarter):

  • Total revenues of $5.39 million, down 11% compared with $6.08 million
  • Product sales of $5.06 million, down 13% compared with $5.81 million
  • Operating loss of $(380,000), compared with operating income of $512,000
  • Net loss of $(241,000) or $(0.03) per diluted share, compared with net income of $309,000 or $0.04 per diluted share

Financial highlights for the first six months of 2013 include the following (all comparisons are with the first six months of 2012):

  • Total revenues of $12.07 million, down 5% compared with $12.74 million
  • Product sales of $11.37 million, down 7% compared with $12.17 million
  • Operating income of $107,000, compared with $1.23 million
  • Net income of $76,000, or $0.01 per diluted share, compared with $742,000, or $0.09 per diluted share

As previously reported in June, we received the single-largest purchase order in our history of $5.3 million for our HIV 1/2 STAT-PAK product, approximately $869,000 was shipped in the second quarter of 2013

Lawrence Siebert, Chembio's Chief Executive Officer, stated, "The operating loss in the second quarter is primarily due to a combination of increased operating expenses, especially an increase in clinical trial expenses related to our DPP® HIV 1/2 Assay CLIA waiver study, and decreased product sales. We also made the decision to add a significant number of manufacturing personnel in the second quarter in order to meet the larger unit volumes that were anticipated for the balance of this year. Although this level of cost would not have been justified based on second quarter revenues, it was critical in order to meet current demand based on our backlog and anticipated orders.

1 of 5

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,922.00 +117.20 0.66%
S&P 500 2,074.48 +3.83 0.18%
NASDAQ 4,774.5290 +9.1490 0.19%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs