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

ion) than the gross margin dollars in the comparable period in 2010.  Product gross margin increased by $.79 million, or 52.7% ($2.28 million vs. $1.49 million), over the comparable period in 2010.
  • Research and development expenses remained nearly constant compared to the 2010 period.  The mix of items did change, for instance an increase in clinical trials of $61,000 was partially offset by a decrease in materials of $58,000.
  • Selling General & Administrative Expenses increased in the third quarter of 2011 by $147,000 over the comparable third quarter of 2010.  An increase in commissions, due to the higher DPP product sales to Brazil, as well as increases in wages, share-based compensation and other expenses, partially offset by decreased professional fees was responsible for the increase.
  • Operating income was approximately $.48 million in the third quarter of 2011 as compared to operating income in the third quarter of 2010 of approximately $.18 million. In addition, net income was approximately $.48 million in the third quarter of 2011 as compared to a net income in the third quarter of 2010 of approximately $.17 million.

    • Financial Highlights for the nine months ended September 30, 2011

  • Product sales for the nine months ended September 30, 2011 increased 38% to $11.52 million from $8.34 million in the same period of 2010.
  • R&D, milestone and grant revenues for the nine months decreased to $1.53 million from $2.30 million in the same period of 2010, and license and royalty revenue decreased to $.13 million from $.40 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 $1.04 million, or 18.5%, greater ($6.65 million vs. $5.61 million) than the gross margin dollars in the comparable period in 2010.  Product gross margi
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    • SOURCE Chembio Diagnostics, Inc.
    Copyright©2010 PR Newswire.
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