NEW YORK (360Dx) – Chembio Diagnostics said after the close of the market on Wednesday that its total revenues grew 22 percent year over year, as its product revenues jumped 19 percent.
For the three months ended March 31, total revenues reached $7.7 million, up from $6.3 million in Q1 2017. Product revenues rose to $6.4 million from $5.4 million, while license and royalty revenues more than doubled to $201,931 from $100,000, and R&D, milestone, and grant revenues increased 38 percent to $1.1 million from $797,740.
"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,” Chembio CEO John Sperzel said in a statement.
In December, the company reached a deal with AstraZeneca to develop a point-of-care diagnostic test to detect an undisclosed biomarker, and last month, it entered a point-of-care diagnostic test development deal with LumiraDx for infectious diseases.
"Our performance on all fronts is driving growth and creating momentum [that] we look to build upon," Sperzel said. "We are increasingly confident in our ability to leverage our DPP platform to derive significant value and believe we are in an advantageous position in the global point-of-care diagnostics market."
Chembio's R&D expenses increased 28 percent year over year to $4.1 million from $3.2 million, while its SG&A costs were trimmed 4 percent to $2.4 million from $2.5 million.
For Q1, the company had a net loss of $652,343, or $.05 per share, compared to a net loss of $1.6 million, or $.13 per share, in Q1 2017.
Chembio exited the quarter with $12.5 million in cash and cash equivalents.