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

0, 2011.

The Company's cash increased for the nine months ended September 30, 2011 by $909,000, to $3.05 million, as compared to an increase in cash for the same period in 2010 of $268,000.  The increases during the 2011 and 2010 periods are primarily attributable to cash provided by operations. The increase in the 2011 period also includes cash received from the change in receivables of $1.29 million, an increase in deferred revenue of $426,000, an increase of $286,000 in loans from HSBC on the revolver for equipment purchases and a $290,000 increase in accounts payable and accrued liabilities.  These cash increases for the nine-month period were partially offset by an increase in inventories of $1.24 million. In addition the Company received $205,000 from the exercise of warrants.  The increased cash from operations in 2011 was also attributable to non-cash expenses aggregating $458,000, primarily from depreciation and amortization expense.

Lawrence Siebert, Chembio's Chief Executive Officer, commented, "Chembio had a very strong quarter as we manufactured a record volume of products, improved product gross margins, maintained our commitment to investing in our product pipeline, and generated strong bottom line results and cash flow."

Financial Highlights for the Quarter ended September 30, 2011

  • Product sales for the quarter ended September 30, 2011 (third quarter) increased 46% to $5.53 million from $3.79 million in the same period of 2010.
  • R&D, milestone and grant revenues for the third quarter decreased to $.37 million from $.66 million in the same period of 2010, and license and royalty revenue decreased to $.03 million from $.06 million.
  • The increased product revenue, together with changes in product mix, partially offset by decreased R&D and licensing and royalty revenues, combined to produce gross margin dollars that were $.46 million, or 21%, higher ($2.67 million vs. $2.21 mill
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  • SOURCE Chembio Diagnostics, Inc.
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