Chembio Diagnostics reports 1Q financial results
Medford-based Chembio Diagnostic Systems reported quarterly earnings on Wednesday. Credit: Barry Sloan
Chembio Diagnostics Inc. reported a larger loss for this year's January-March period compared with a year earlier because it purchased a company in Germany and rented a new headquarters building in Hauppauge, executives said Wednesday.
The Medford-based manufacturer of rapid tests for HIV, syphilis, Ebola, Zika and other infectious diseases said it lost $2.8 million in the three months ended March 31 compared with a loss of $652,300 a year ago.
Revenue totaled $8.3 million in the period, up 8 percent year over year.
CEO John J. Sperzel said Chembio has begun using robots to make some tests at its Medford factory and the development “represents our commitment to efficiently scaling operations in preparation for additional growth. We look forward to building on our momentum,” he said.
The announcement came after the stock market closed. Chembio shares were down 19 cents, or 2.6 percent, to $7.02 on the Nasdaq stock market.
James T. Madore writes about Long Island business news including the economy, development, and the relationship between government and business. He previously served as Albany bureau chief.
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