Chembio Diagnostics loss widens on higher research, marketing costs
Chembio Diagnostics Inc. on Thursday, May 7, 2015, reported a wider loss for the January to March period than in the same period in 2014. Credit: Heather Walsh
Chembio Diagnostics Inc. on Thursday reported a wider loss for the January to March period than in the same period in 2014.
The Medford-based manufacturer of rapid tests for HIV, syphilis and other diseases reported a loss of $647,000 for the quarter. That's more than double the 2014 loss of $225,000.
Only 25¢ for 5 months
Chembio Diagnostics Inc. on Thursday reported a wider loss for the January to March period than in the same period in 2014.
The Medford-based manufacturer of rapid tests for HIV, syphilis and other diseases reported a loss of $647,000 for the quarter. That's more than double the 2014 loss of $225,000.
John J. Sperzel, the company's chief executive, blamed the wider loss on larger expenses for research and marketing.
Chembio reported sales of $6 million for January to March, a 7-percent gain from 2014.
Sperzel said the company is poised for growth, in part because it will regain full control of the marketing of its tests by the summer of 2016.
The earnings report was released before Thursday's stock market opening. Chembio shares were up 11 cents to $4.70 in early trading on the Nasdaq market.