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Chembio Diagnostics Turns To Profit In Q1

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5/8/2012 1:31 PM ET

Chembio Diagnostics, Inc. (CEMI.PK) reported first-quarter net income of $0.4 million or $0.01 per share, compared to a net loss of $0.1 million or breakeven per share last year.

Total revenues for the quarter rose sharply to $6.7 million from $3.6 million a year ago.

Lawrence Siebert, the chief executive officer of the company, said "2012 has gotten off to a very strong start with record product sales more than doubling compared with the prior year. These gains were led by increased purchase orders from the Oswaldo Cruz Foundation, our license and technology partner in Brazil, and from continued strong demand for our rapid HIV tests in the U.S."

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by RTT Staff Writer

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