Chembio Diagnostics posts higher revenue, narrower loss in quarter

Shares of Chembio Diagnostics Inc. climbed Thursday after the Medford maker of diagnostic tests posted higher revenue and a narrower net loss in the first quarter.

The stock rose 3.8 percent to close at $8.15 Thursday. Shares were trading at $6.95 12 months ago.

The maker of tests for diseases such as Zika and HIV posted revenue of $7.7 million for the period ended March 31, up from $5.4 million in the 2017 period.

Its net loss shrank almost 60 percent to $652,343 compared with the year-earlier loss of $1.6 million. Diluted loss per share was 5 cents versus a diluted loss per share of 13 cents a year earlier.

Chembio chief executive John Sperzel attributed the improved results to better performance overall and important business partnerships.

"We started the year with continued execution in our core business, advancement of product development initiatives and progress on key technology collaborations, including those with AstraZeneca and LumiraDx," he said.

Costs related to research and development and selling, general and administrative expenses were $4.3 million, a 10.2 percent decline from the year-earlier quarter.