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Chembio Reports 3rd Quarter 2011 Results
Date:11/3/2011

MEDFORD, N.Y., Nov. 3, 2011 /PRNewswire/ -- Chembio Diagnostics, Inc. (OTC.PK: CEMI and OTC.QB: CEMI), which develops, manufactures, markets and licenses point-of-care diagnostic tests, reported revenues and earnings for the quarter ended September 30, 2011. Total revenues were $5.92 million for the quarter ended September 30, 2011, a quarterly record for the Company, which compares to total revenues of $4.51 million for the quarter ended September 30, 2010, a 31.5% increase.  The Company recorded net income of approximately $.48 million for the quarter ended September 30, 2011, compared to net income of approximately $.17 million for the quarter ended September 30, 2010, an increase of 183%.   Basic earnings per share, after rounding, were approximately $.01 per share for the quarter ended September 30, 2011, as compared with less than $0.01 per share for the year earlier period.

For the nine months ended September 30, 2011, total revenues were $13.17 million which compares to total revenues of $11.04 million for the nine months ended September 30, 2010, a 19% increase.  The Company recorded net income of approximately $.53 million for the nine months ended September 30, 2011, compared to net income of approximately $.63 million for the nine months ended September 30, 2010, a decrease of 16.5%.  Basic earnings per share, after rounding, were approximately $.01 per share for each of the nine-month periods.

The Company had a 46% increase in Net Product Sales during the third quarter as compared with the comparable period in 2010.  This resulted from a $.82 million or 75% increase in sales to Alere, Inc. of our FDA-approved rapid HIV tests for marketing in the U.S. to $1.91 million and a $1.70 million increase in sales of our DPP® products, all to the Oswaldo Cruz Foundation ("FIOCRUZ") in Brazil, to $1.705 million. The approximate $1.74 million increase in Net Product Sales for the third quart
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SOURCE Chembio Diagnostics, Inc.
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