NEW YORK – Chembio Diagnostics reported after the close of the market on Tuesday that its second quarter revenues increased 10 percent year over year.
For the three months ended June 30, 2019, the Medford, New York-based point-of-care diagnostics firm tallied $9.6 million in revenues compared to $8.7 million a year ago, besting analysts' consensus estimate of $8.8 million.
Total revenues comprised $8.5 million in product sales, up 24 percent from $6.9 million a year ago; $248,831 in license and royalty revenue, down 10 percent from $276,526; and $854,264 in R&D and grant revenue, down 47 percent from $1.6 million.
"Our second quarter results demonstrate sustained performance in our core infectious disease business," Chembio CEO John Sperzel said in a statement. "We continue to make advancements positioning our business for growth on multiple fronts. We are expanding commercialization through additional product regulatory approvals to deepen our penetration in familiar markets, advancing and adding new collaborations with world class organizations to the R&D pipeline, and preparing for additional growth through manufacturing automation and facility expansion."
During the quarter, Chembio entered into a collaboration with Takeda subsidiary Shire Human Genetic Therapies to develop a point-of-care diagnostic test for an undisclosed biomarker. In addition, Chembio received CE marking for its DPP Zika, Dengue, Chikungunya multiplex test.
Chembio's Q2 net loss swelled to $3.2 million, or $.19 per share, from $1.7 million, or $.12 per share a year ago, and stayed below analysts' expectations of a loss per share of $.15.
The company's Q2 R&D expenses increased 5 percent to $2.1 million from 2.0 million in the prior-year quarter, while its SG&A expenses jumped 64 percent to $4.1 million from $2.5 million.
Chembio finished the quarter with cash and cash equivalents totaling $4.5 million.