Chembio Diagnostics reports narrower loss as sales jump
A scientist at Chembio Diagnostics works on some the rapid tests the company produces for testing for HIV and other infectious diseases on Oct. 28, 2014. Credit: Newsday / John Paraskevas
Chembio Diagnostics Inc. on Wednesday said its loss narrowed in the July-September period compared with a year earlier on increased sales of its rapid tests for HIV and other diseases.
The Medford-based manufacturer of diagnostic tests said it lost $600,000 in the three months ended Sept. 30, compared with a loss of $2.1 million in the same quarter in 2016.
Sales rose 102.5 percent in the three-month period to $7.6 million, year over year.
CEO John J. Sperzel said, “during the third quarter of 2017, the company continued to make progress with each of its key objectives: strengthening the core sexually transmitted disease business, building a broad tropical and fever disease portfolio, and building a global commercial team.”
He returned to his job last month after receiving a heart transplant. Sharon Klugewicz, the company’s president of operations in North and South America, served as acting CEO from July through September.
Sperzel also said Wednesday that Chembio has completed development of a malaria test and hopes to begin selling it next year.
The earnings announcement came after the stock market close. Chembio shares closed down 15 cents, or more than 2 percent, to $6.25 on the NASDAQ Stock Market.
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