Chembio Diagnostics, Inc. (OTCBB: CEMI) today posted its financial results for the three and 12 months ending December 31, 2007, reporting a 42% increase in revenue, attributed to first-time sales of the company’s rapid HIV tests to its U.S. marketing partner and increased sales in both Africa and Mexico.
The company reported its total revenue for 2007 at $9.2 million, up from $6.5 million in 2006; rapid HIV test revenue for 2007 increased to $7.9 million, up 79% from $4.4 million reported in 2006.
“Our 2007 revenue growth is largely attributable to our entry into the U.S. market. The recent CLIA waiver mentioned above significantly expands the market for this point-of-care diagnostic. In addition, recent recommendations by the U.S. Center for Disease Control and Prevention (CDC) for routine HIV screening of the general population are expected to continue to drive sales of rapid, point-of-care HIV diagnostics,” Lawrence Siebert, president and CEO of Chembio Diagnostics, stated in a press release.
The company also announced it achieved set performance objectives regarding its Dual Path Platform (DDP) point-of-care test system, demonstrating the advantages of DPP over other related technologies.
“During 2007 we made great strides toward advancing our proprietary DPP technology. We engaged in a number of feasibility agreements for DPP, and are optimistic about its future. Our agreements with the Oswaldo Cruz Foundation and agreements in negotiations with others are validating DPP and laying the ground work for future DPP collaborations,” Siebert stated.
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