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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, Inc. (Nasdaq: CEMI) has received a $28.3 million order from Bio-Manguinhos for DPP SARS-CoV-2 Antigen tests, aimed at supporting Brazil's Ministry of Health amid the COVID-19 pandemic. The test, which provides results within 20 minutes, helps detect active infections using a nasal swab. Although the order represents a significant opportunity, potential challenges in supply chain and production could affect timely delivery. Chembio has a history of collaboration with Bio-Manguinhos and aims to enhance testing capabilities in Brazil.
Chembio Diagnostics, Inc. (CEMI) reports Q1 2021 revenues of $8.7 million, up 27% YoY, and product revenue of $4.0 million, down 30% YoY. The company received $3.4 million in revenue from a BARDA award for EUA applications. R&D and SG&A expenses rose by 46%, contributing to a net loss of $4.5 million, or $0.22 per share. Cash reserves stand at $14.4 million. Chembio is actively pursuing EUAs for new COVID-19 tests, while expanding international distribution for its HIV self-test products. The company remains focused on achieving profitable growth.
Chembio Diagnostics (CEMI) will announce its first-quarter 2021 financial results on May 6, 2021, after trading hours. A conference call hosted by the management team is scheduled for 4:30 PM ET that same day. Investors can listen in via a US number (877-545-0320) or an international number (973-528-0016) using Entry Code: 562459. Chembio focuses on point-of-care diagnostics for infectious diseases, including COVID-19, and its products are sold globally through various channels.
Chembio Diagnostics has launched a rapid point-of-care test for detecting COVID-19 antigens and Flu A and B from a single patient sample. This test, which has received FDA Emergency Use Authorization, takes just 15 minutes to provide results and is available for immediate shipment across the United States. It is designed for use in various testing environments and can help differentiate between COVID-19 and influenza infections efficiently. The test is an essential tool as the healthcare industry prepares for transitioning COVID-19 to an endemic state.
Chembio Diagnostics, Inc. (CEMI) reported a strong performance in Q4 2020 with total revenues of $10.2 million, up 62% year-over-year, driven by a 39% increase in product sales to $6.9 million. Despite this growth, the company faced challenges, including a net loss of $7.1 million and a decrease in full-year revenue by 6% to $32.5 million. The gross product margin dropped to 7.2% from 24% due to operational inefficiencies. The company is focusing on regulatory approvals and expanding its U.S. commercial efforts.
Chembio Diagnostics, Inc. (CEMI) has appointed David Bespalko to its Board of Directors, effective March 4, 2021. With over 35 years in the in vitro diagnostics sector, including leadership roles at Thermo Fisher Scientific and Beckman Coulter, Mr. Bespalko is expected to bring valuable insights to enhance Chembio's DPP platform. Concurrently, Dr. Mary Lake Polan has opted not to seek reelection. The DPP technology allows rapid diagnostic results in decentralized settings, aiming to expand access to testing amid growing healthcare demands.
Chembio Diagnostics, Inc. (CEMI) announced it will release its financial results for Q4 and the full year 2020 on March 11, 2021, after trading closes. The management will host a conference call at 4:30 p.m. ET for investors to discuss these results. Interested parties can access the call by phone or through the company’s website. Chembio specializes in point-of-care diagnostics for infectious diseases, including COVID-19, and utilizes its innovative DPP technology for broad market applications.
Chembio Diagnostics, Inc. (CEMI) announced an exclusive distribution agreement with Luas Diagnostics in the U.K. and Ireland following the CE mark approval for its DPP SARS-CoV-2 Antigen and IgM/IgG test systems. This partnership aims to enhance market presence in these regions immediately. The DPP tests provide rapid results: 20 minutes for the antigen test and 15 minutes for antibody detection, essential for COVID-19 management. The DPP platform's advanced technology enables objective results, reducing human error in diagnostics, further aiding clinical outcomes.
Chembio Diagnostics (CEMI) announced the appointment of Dr. David Acheson to its Board of Directors. Dr. Acheson brings extensive public health and infectious disease management experience. His previous roles include serving as President of The Acheson Group and Chief Medical Officer at the FDA. The company emphasizes the potential of its proprietary DPP technology platform for rapid testing, particularly amid the COVID-19 pandemic. The DPP platform offers quick, accurate results and has received multiple FDA and global regulatory approvals for various diagnostic tests.
Chembio Diagnostics, Inc. (CEMI) has secured a $12.7 million contract from BARDA to enhance COVID-19 testing efficiency. The funding will aid the development of a rapid DPP Respiratory Antigen Panel test capable of detecting Influenza A, Influenza B, and SARS-CoV-2 from a single sample, yielding results in approximately 20 minutes. Additionally, the contract supports the FDA 510(k) clearance for their DPP SARS-CoV-2 Antigen test submitted on October 15, 2020. Chembio emphasizes that these rapid tests are crucial for effective clinical management and public health during flu season.
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