Chembio Diagnostics Inc. (CEMI) shares gained 0.28% to close Thursday’s session at $3.52. CEMI shares have fallen by -50.84% over the last 12 months, and they have moved down by -6.88% in the past week. The company has a current market of $70.79 million and its outstanding shares stood at 20.16 million.
Launching diagnostic tool to differentiate between flu and COVID-19
On April 01, 2021, Chembio Diagnostics, Inc. announced the commercial launch of a rapid point-of-care COVID-19/Flu A&B test which his approved by the FDA. The new test is immediately available for shipment to customers across the United States.
The rapid immunoassay testsimultaneously differentiates SARS-CoV-2 antigens and influenza Type A and Type B infections from a single swab and provide the results in 15 minutes.
Recent financial results
On March 12, 2021,CEMI announced financial results for the quarter and year ended December 31, 2020.
Fourth Quarter 2020 financial highlights
- For the fourth quarter of 2020, the total revenue was $10.2 million
- CEMI Net product saleswere $6.9 million for Q4 2020.
- For the fourth quarter of 2020, the gross product margin was $492,000, compared to $1.2 million for the prior-year period.
- CEMI spent $1.2 million in research and development expenses in the reported quarter.
- Selling, general and administrative expenses were $3.5 million, for the fourth quarter of 2020.
- CEMI suffered a net loss of $7.1 million, or $0.35 per diluted share in the fourth quarter of 2020, compared to a net loss of $3.9 million, or $0.23 per diluted share, for the prior-year period.
The full Year 2020 financial highlights
- CEMI reported revenue of $32.5 millionfor 2020.
- Net product sales for the full year 2020 were $24.8 million
- For the reported year, the gross product margin was $0.9 million, compared to $6.5 million for the prior year 2019.
- Research and development expenses increased by $0.9 million, or 11%, in 2020 compared to 2019.
- In 2020, Selling, general and administrative expenses increased by $4.9 million, or 30%, compared to 2019.
- CEMI suffered a net loss of $25.5 millionor $1.34 per diluted share for 2020 compared to a net loss of $13.7 million, or $0.81 per diluted share in 2019.
- As of December 31, 2020, CEMI had cash and cash equivalents of $23.1 million.
New members to the CEMI Board of directors
On March 8, 2021, CEMI announced the appointment of David Bespalko to the Company’s Board of Directors.
MrBespalkohas 35 years of leadership experience in the global Vitro diagnostics market.
On December 17, 2020, CEMI announced the appointment of David Acheson, M.D. to the Company’s Board of Directors.