Chembio posts loss as sales drop 24 percent
A Chembio Diagnostics facility in Medford on Feb. 19, 2014. Credit: Heather Walsh
Chembio Diagnostics Inc., the local company working to develop a rapid test for Ebola, lost $271,000 in the July-September period, it said Thursday.
The Medford-based business had posted a $717,000 profit in the same period a year earlier.
Sales in the quarter totaled $7.3 million, a 24 percent decline from 2013's $9.6 million. The company's point-of-care tests for HIV and syphilis are used extensively overseas including in South America and elsewhere.
Last week, Chembio announced a partnership with a Maryland biotechnology company to develop a rapid test for Ebola. The company also said it was pursuing tests for dengue fever virus and an undisclosed type of cancer.
Chembio employs 163 workers, a drop of 43 from last year. However, chief executive John J. Sperzel told stock analysts Thursday that he plans to triple the U.S. sales team to six people this year.
Sarra Sounds Off, Ep. 15: LI's top basketball players On the latest episode of "Sarra Sounds Off," Newsday's Gregg Sarra and Matt Lindsay take a look top boys and girls basketball players on Long Island.
Sarra Sounds Off, Ep. 15: LI's top basketball players On the latest episode of "Sarra Sounds Off," Newsday's Gregg Sarra and Matt Lindsay take a look top boys and girls basketball players on Long Island.
