Chembio reports narrowed losses for quarter
A Chembio Diagnostics facility in Medford on Feb. 19, 2014. Credit: Heather Walsh
Chembio Diagnostics Inc. narrowed its losses in the April-June period as sales increased of its tests for HIV and syphilis.
The Medford-based manufacturer reported Thursday a loss of $146,000 in the second quarter compared with a loss of $241,000 for the same time a year ago.
Sales climbed 38 percent to $7.4 million, including a significant gain in orders from Brazil.
Chief executive John J. Sperzel III said Chembio had successfully established its own U.S. sales force and expanded production. He also said it would further increase sales to foreign countries where demand is high for tests for infectious diseases.
Sperzel said the company may branch out from HIV and syphilis testing: "Our leadership team is actively evaluating opportunities for new product development and strategic partnerships beyond infectious disease."
Chembio released its earnings before Thursday's stock market opening. The company's shares rose 19 cents, or nearly 6 percent, to $3.45 in Nasdaq trading.
CORRECTION: An earlier version of this story misspelled the surname of John J. Sperzel III.
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