Chembio Diagnostics develops, manufactures, and markets proprietary diagnostic tests for the healthcare industry. The company’s rapid HIV testing product is known as the HIV STAT-PAK®, and is patented and fully approved by the FDA. The company recently reported record-breaking total revenues for the quarter ended June 30th, 2008.
This year’s second quarter led to the lowest losses for the company since 2004, as well as astonishingly high total revenue. In total, revenues for the quarter reached $2.72 million, increasing more than eight percent over the $2.5 million recorded in the first three months of 2008. Of the $2.72 million, $2.21 million came from the company’s rapid HIV testing products. Gross profit was also up significantly; climbing more than thirty percent to $1.3 million.
Lawrence Siebert, President and CEO, said, “We are pleased at the continued improvements from our base lateral flow business as we approach realizing new revenue streams from our products. We expect to continue this momentum despite a difficult economic environment as our products serve a global market.”
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