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

er was partially offset by a decrease of $287,000 in R&D, milestone and grant revenue and a decrease of $37,000 in license and royalty revenue.  The increased sales to Alere and Brazil together with increased sales to Mexico and Asia, substantially outpaced a decrease in sales to Africa and combined to produce a 52.7% increase in product gross margin dollars as compared to the third quarter of 2010. The product gross margin increased by almost two percentage points, from 39.4% in the third quarter of 2010 to 41.2% in the third quarter of 2011.  Overall gross margin was 45% for the three months ended September 30, 2011.  

The Company had a record gross margin for the quarter ended September 30, 2011 of $2.67 million as compared to $2.20 million in the quarter ended September 30, 2010.  Gross margin for the nine months ended September 30, 2011 was $6.65 million as compared to $5.61 million in the nine months ended September 30, 2010. These product sales, together with increased gross margins have enabled the Company to increase funding of research, development, clinical and regulatory programs by approximately $.88 million in 2011 while still maintaining a net income.

For the nine months ended September 30, 2011, the Company had a 38% increase in Net Product Sales consisting of a 52% increase in sales to Alere, Inc. of our FDA-approved rapid HIV tests for marketing in the U.S. and a $2.60 million increase in sales of our DPP® products to Brazil.  The 2010 DPP® net product sales were only $6,500.   These increases, together with overall sales increases and changes in product mix, combined to produce a 71.6% increase in product gross margin dollars as compared to the first nine months of 2010. The product gross margin increased by 8.5 percentage points, from 34.9% in the first nine months of 2010 to 43.4% in the first nine months of 2011.  Overall gross margin was 50.5% for the nine months ended September 3
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SOURCE Chembio Diagnostics, Inc.
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