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Chembio Diagnostics Reports Second Quarter 2013 Financial Results

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.

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