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Chembio Diagnostics, Inc. (CEMI) is a prominent point-of-care diagnostics company dedicated to identifying and diagnosing infectious diseases. With a strong focus on conditions such as COVID-19, sexually transmitted diseases, and tropical fevers, Chembio leverages its extensive scientific expertise and pioneering DPP technology. This dual-path platform offers broad market applications that extend beyond infectious diseases, providing reliable and rapid diagnostic solutions.
Chembio operates globally, distributing its products directly and through partners to various healthcare providers, including hospitals, clinics, physician offices, and clinical laboratories. The company also collaborates with public health organizations, government bodies, and consumers to ensure widespread access to its diagnostic tools.
Recently, Chembio has been involved in significant projects that highlight its commitment to innovation. The company's novel DPP technology continues to revolutionize point-of-care testing, offering accuracy and speed that are critical for managing and controlling disease outbreaks. Financially, Chembio maintains a robust condition, with consistent revenue streams and strategic acquisitions that expand its market reach and shareholder value.
Chembio’s products are well-regarded for their quality and reliability, making them a preferred choice for healthcare professionals. The company's dedication to improving public health through rapid diagnostics positions it as a critical player in the medical field.
In the latest news, Neil A. Goldman, CPA, has joined Life Science Outsourcing, Inc. as the new CFO. His extensive experience, particularly his transformative role at Chembio Diagnostics, signifies the continued growth and strategic advancement within the life sciences sector.
Chembio Diagnostics (CEMI) won an arbitration case against BioSure (UK) Ltd, its former distributor, on November 18, 2021. Chembio accused BioSure of breaching their distribution agreement and misappropriating trade secrets related to HIV self-tests. The tribunal awarded Chembio a total of $2,668,036.78, including damages and legal costs. BioSure has been ordered to stop selling its HIV self-test and to transfer all related regulatory approvals to Chembio. This outcome affirms Chembio's commitment to protecting its confidential information and trade secrets.
Chembio Diagnostics (CEMI) has submitted an Emergency Use Authorization (EUA) application for its DPP SARS-CoV-2 Antigen test to the FDA. This rapid test, which detects SARS-CoV-2 antigens in just 20 minutes using a minimally invasive nasal swab, builds on a previous BARDA award aimed at developing COVID-19 testing solutions. Chembio emphasizes the role of their proprietary DPP technology in providing effective, point-of-care diagnostics, supporting healthcare workers in managing patient care quickly.
Chembio Diagnostics, Inc. (CEMI) announced an extension of its delivery schedule for DPP SARS-CoV-2 Antigen Tests to March 2021, as part of a $28.3 million purchase order from Bio Manguinhos. Despite this, the company faces ongoing challenges related to supply chain, staffing, and liquidity. Chembio emphasizes collaboration with Bio Manguinhos and is focused on increasing production capacity amidst the COVID-19 pandemic. The DPP SARS-CoV-2 Antigen test provides results in 20 minutes, and the company holds numerous FDA and global regulatory approvals for its DPP-based diagnostic tests.
Chembio Diagnostics reported Q3 2021 total revenue of $12.1 million, up 17% year-over-year, with product revenue at $9.4 million, reflecting a 12% increase. The company received significant purchase orders for COVID-19 and HIV tests, including a record $28.3 million order from Bio-Manguinhos. Despite revenue growth, Chembio anticipates challenges fulfilling $11.5 million of the order by year-end due to supply chain issues. Net loss for Q3 stood at $6.4 million with cash on hand at $36 million.
Chembio Diagnostics, Inc. (CEMI) will announce its third-quarter financial results on November 4, 2021, after market close. Following the release, a conference call will be held at 4:30 p.m. ET for investors to discuss the results. The call can be accessed via phone or online. Chembio specializes in point-of-care diagnostics for infectious diseases, including COVID-19, and has a global market presence. The company aims to leverage its innovative DPP technology for a variety of applications beyond infectious diseases.
Chembio Diagnostics has submitted an Emergency Use Authorization (EUA) application to the FDA for its DPP Respiratory Antigen Panel test system. This innovative test allows for the simultaneous detection of Influenza A, Influenza B, and SARS-CoV-2 from a single nasal swab, providing results in about 20 minutes. The initiative is supported by a $12.7 million contract from BARDA, aimed at enhancing COVID-19 management during flu season. Chembio's DPP technology delivers rapid and accurate results, demonstrating its commitment to addressing public health needs.
Chembio Diagnostics, Inc. (CEMI) announced the launch of its FDA Emergency Use Authorized rapid COVID-19 antigen test, SCoV-2 Ag Detect™. This test delivers results within 20 minutes using a nasal swab and requires no special equipment. It is approved for use in both symptomatic patients within five days of symptom onset and asymptomatic testing. Chembio's offering comes amid rising COVID-19 cases, with a significant increase reported by the CDC. The test complements Chembio's existing respiratory panel products and is ready for immediate distribution across the U.S.
Chembio Diagnostics, Inc. (CEMI) reported a 26% increase in total revenue to $6.5 million for Q2 2021, with product revenue up 4% to $3.9 million. The company secured a $28.3 million order for DPP SARS-CoV-2 Antigen Tests from Bio-Manguinhos and a $4 million order for HIV tests for Ethiopia. However, it incurred a net loss of $9.1 million, primarily due to asset impairment and restructuring costs. Following a recent $36.9 million capital raise, Chembio aims to enhance liquidity but faces going concern risks amid uncertain revenue streams and increasing operational costs.
Chembio Diagnostics (CEMI) is set to release its second-quarter financial results on August 5, 2021, after market close. A conference call for investors will follow at 4:30 p.m. ET. Interested parties can access the call via phone or online. Chembio specializes in point-of-care diagnostics for infectious diseases, leveraging its DPP technology for diverse applications globally. The company serves hospitals, clinics, and public health organizations.
Chembio Diagnostics, Inc. (CEMI) announced a $4 million purchase order from the Partnership for Supply Chain Management for its HIV 1/2 STAT-PAK Assay, set for delivery to Ethiopia. The assay, with 99.7% sensitivity and 99.9% specificity, is WHO prequalified and aids in detecting HIV antibodies. However, Chembio's delivery may face challenges due to supply chain constraints. The order reinforces Chembio's commitment to improving HIV testing in Ethiopia, following a previous award in 2018 and aligns with UNAIDS's goals for HIV management.
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