NEW YORK (360Dx) – Chembio Diagnostics announced today that preliminary estimates show its fourth quarter 2018 revenues increased by between 22 percent and 27 percent over the prior-year quarter.
For the three months ended Dec. 31, 2018, the firm reported preliminary revenues of between $7.3 million and $7.6 million.
Chembio, which has a focus on infectious disease diagnostics, said its preliminary revenues for 2018 were between $33.1 million and $33.4 million, an increase of about 38 percent to 39 percent compared to the full-year 2017.
The firm said it expects to achieve full-year revenue of $100 million in 2023, based on its commercial and development opportunities and the operational investments it is making to scale the business.
John Sperzel, Chembio’s CEO, said in a statement that its "strong fourth quarter and 2018 results both exemplify the momentum we are building and demonstrate the demand around the world for our point-of-care diagnostic tests."
He said that the firm is developing "a broad pipeline of products" with its Dual Path Platform (DPP) technology that will give it entry to new markets.
In early morning trading today on the Nasdaq, Chembio's shares were down 2 percent at $7.03.