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Profits jump at Chembio Diagnostics
Chembio Diagnostics Inc., a Medford company that develops and manufactures diagnostics tests for infectious diseases, reported a steep jump in profits Thursday as it expanded sales in Brazil.
The company said its net income soared to $309,000, during April, May and June, up 58 percent compared to the same period last year. Its sales for the second quarter climbed to $6.1 million, up 68 percent from 2011.
“Our second quarter results continued the strong momentum begun earlier in the year,” Chembio chief executive Lawrence Siebert said.
The jump in sales was fueled by increased orders from the Oswaldo Cruz Foundation, a research and development institution based in Rio de Janeiro. Chembio also befitted from strong sales of HIV tests in the U.S.
Founded in 1985, the company develops and makes a variety of tests to diagnose infectious diseases, including HIV, syphilis and hepatitis. It employees 140 people.