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

n increased by $2.08 million, or 71.6% ($4.99 million vs. $2.91 million), as compared with the comparable period in 2010.
  • Research and development expenses increased by $.87 million, or 31%, to $3.70 million compared to $2.82 million in the 2010 period.  The increase is primarily due to an increase of $.66 million in clinical trial expenses.
  • Selling General & Administrative Expenses increased by $.27 million or 12.6% in the first nine months of 2011 as compared to the first nine months of 2010.  This was primarily due to an increase in commissions for the shipment of our DPP® products to Brazil.
  • Operating income was approximately $.54 million in the first nine months of 2011 as compared to operating income in the first nine months of 2010 of $.64 million. In addition, net income was approximately $.53 million in the first nine months of 2011 as compared to net income in the first nine months of 2010 of $.63 million.
  • The September 30, 2011 cash balance was $3.05 million as compared with $2.14 million at  December 31,  2010.  The increase in the 2011 period includes cash received from the change in receivables of $1.29 million, an increase in deferred revenue of $426,000, an increase of $289,000 in loans from HSBC on the revolver for equipment purchases and a $290,000 increase in accounts payable 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.

  • Summary of Clinical, Development and Regulatory ActivitiesCLINICAL & REGULATORYCE Mark for FDA approved HIV tests -- The final studies for the CE Marking requirements are complete and we submitted this data during October 2011.  

    Regulatory Approvals in Brazil throu
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    SOURCE Chembio Diagnostics, Inc.
    Copyright©2010 PR Newswire.
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