Chembio Diagnostics, Inc. (CEMI.OB), a company that develops, manufactures, and markets simple and cost-effective testing devices, recently announced its financial results for the third quarter 2008. Chembio is focused on high-quality rapid testing kits for detecting diseases such as HIV and tuberculosis to the worldwide market.
In the third quarter 2008, Chembio recognized total revenue of $3.52 million, which is a 52% increase compared to the same period in 2007 of $2.31 million. The company’s positive revenue numbers were mainly due to the company’s strong sales of its HIV testing kits in the U.S. and in Africa along with its increased sales in Brazil, Asia, and the Middle East.
The company increased its technical and manufacturing capacity over the third quarter, while reducing SG&A expenses. Chembio managed to reduce overall SG&A costs by 3.5% over the period. By controlling its SG&A costs and increasing its sales numbers, the company was able to achieve its highest quarterly gross margin of 45.4% since its merger in May 2004. A net loss of only $0.24 million was booked for the third quarter 2008, which is quite an improvement over the $1.01 million net loss recorded in the same period of 2007.
“As the global market for point-of-care tests continues to grow, we believe that we are well positioned to participate in that growth. With the record manufacturing volume that we produced in Q3, we also demonstrated the ability of our manufacturing and quality organizations to ramp up. As part of this, we increased employment at Chembio during Q3 in our manufacturing, regulatory, quality and R&D departments in order to accommodate larger production volume and increase product validation and development activities,” stated Chembio’s President and CEO Lawrence Siebert.
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