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Chembio Diagnostics (Nasdaq: CEMI) announced the election of Leslie Teso-Lichtman to its Board of Directors during the 2022 Annual Meeting. Teso-Lichtman brings extensive experience in corporate financial leadership, notably at Roche Diagnostics and CereVasc. Chembio's CEO, Richard Eberly, expressed enthusiasm for her joining, highlighting her potential to enhance the company's Global Competitiveness program. Teso-Lichtman aims to contribute significantly as Chembio advances its growth in point-of-care diagnostics, which include tests for infectious diseases and COVID-19.
Chembio Diagnostics, Inc. (CEMI) has announced a manufacturing agreement with Reszon Diagnostics to produce its HIV 1/2 STAT-PAK Assay products at the Chembio Diagnostics Malaysia (CDM) facility, which paused operations in May 2020. The partnership aims to leverage CDM’s World Health Organization Prequalification Program product qualifications, with manufacturing expected to start in Q3 2022, pending quality targets. CEO Richard Eberly highlighted this collaboration as a key step in enhancing global competitiveness and addressing new market opportunities, particularly in Malaysia.
Chembio Diagnostics (CEMI) reported a total revenue of $18.8 million for Q1 2022, showing a remarkable increase of 116% year-over-year. Product revenue reached a record $18.5 million, a staggering 360% growth. Key contributions included $12.5 million from Latin America, up from only $0.3 million in the previous year. Despite these gains, the company posted a net loss of $8.8 million or $0.29 per share, worsened by $3 million in impairment and restructuring costs. Cash reserves decreased to $24.4 million, raising concerns over its ongoing viability.
Chembio Diagnostics, Inc. (CEMI) will release its financial results for Q1 2022 on May 5, 2022, after market close. A conference call will be held at 4:30 p.m. Eastern Time the same day, where management will discuss the results. Investors can participate by dialing the designated numbers or accessing the event online. Chembio specializes in developing point-of-care diagnostic tests for infectious diseases, including COVID-19. The company's tests are sold globally to various healthcare entities.
Chembio Diagnostics (CEMI) reported strong financial results for Q4 and FY 2021, achieving record quarterly revenue of $20.6 million, up 101% year-over-year, and product revenue growth of 154%. Annual total revenue reached $47.8 million, a 47% increase, with notable growth in U.S. and Latin American markets. However, the company faced a net loss of $33.9 million for the year and raised concerns about its ability to continue as a going concern. Initiatives for profitability enhancement are in progress, including a Global Competitiveness Program.
Chembio Diagnostics, Inc. (CEMI) will release its financial results for Q4 and full year 2021 on March 3, 2022, after market close. A conference call is scheduled for the same day at 4:30 p.m. ET, where management will discuss the results. Interested investors can join the call or access a replay through provided contact details. As a leader in point-of-care diagnostics, Chembio focuses on rapid tests for infectious diseases, including COVID-19, and markets products globally.
Chembio Diagnostics (Nasdaq: CEMI) announced the granting of stock options and restricted stock units to its new CFO, Lawrence J. Steenvoorden, effective January 5, 2022. The company provided a nonqualified stock option for 300,000 shares at $1.12 each, expiring in 2029, and a restricted stock unit award for up to 160,714 shares. Vesting for both awards occurs annually, with full acceleration under certain conditions, including termination without cause or a change in control. This announcement complies with Nasdaq Listing Rule 5635(c)(4).
Chembio Diagnostics (Nasdaq: CEMI) has appointed Larry Steenvoorden as Chief Financial Officer, effective immediately. Steenvoorden brings over 25 years of financial leadership experience, previously serving in senior roles at Accordion Partners and Onyx Renewable Partners. He has also worked for Siemens, focusing on financial planning and operations in healthcare diagnostics. Steenvoorden expressed enthusiasm for contributing to Chembio's goal of improving healthcare outcomes globally, particularly in decentralized healthcare settings.
Chembio Diagnostics (CEMI) announced a De Novo/510(k) request to the FDA for its DPP SARS-CoV-2 Antigen test system. Supported by BARDA, the project aims to expedite COVID-19 testing using DPP technology, allowing results in just 20 minutes from a nasal swab. The DPP platform is designed to enhance diagnostic efficiency across multiple disease categories. Chembio's extensive portfolio includes various FDA-approved rapid tests, reinforcing its commitment to decentralized healthcare solutions amid the pandemic.
Chembio Diagnostics, Inc. (CEMI) announced on November 26, 2021, that it received SAHPRA approval for its DPP SARS-CoV-2 Antigen test in South Africa, allowing for marketing and distribution by healthcare professionals. The test demonstrates strong sensitivity and specificity, enhancing Chembio's COVID-19 testing portfolio. The device provides rapid results in 20 minutes and employs a nasal swab for sample collection. Chembio's distributor, Patient Focus Africa, will utilize this test to support the growing testing needs in South Africa.