Chembio Reports Preliminary Third Quarter 2018 Revenue
Signs Definitive Agreement to Acquire opTricon GmbH
“Our third quarter performance reflects continued execution in our core business and meaningful progress toward our strategic objectives,” stated
Chembio also announced today that it has signed a definitive agreement to acquire opTricon GmbH, a privately-held developer and manufacturer of hand-held analyzers for rapid diagnostic tests. Under terms of the purchase agreement, Chembio will pay
Since 2015, Chembio and opTricon have collaborated to develop the DPP® Micro Reader, a hand-held, battery-operated analyzer that uses an innovative image sensor to provide a quantitative interpretation of diagnostic results when combined with Chembio’s proprietary DPP® tests. Located in Berlin’s Science & Technology Park, opTricon will become Chembio’s Center-of-Excellence for optical technology and serve as Chembio’s European headquarters. As part of its ongoing business, opTricon will continue to develop and manufacture hand-held analyzers for OEM customers which do not compete with Chembio.
“Long term success in the point-of-care infectious disease market requires innovation that extends beyond the diagnostic test to include data capture, transmission, and storage,” stated
Chembio is a leading point-of-care diagnostics company focused on detecting and diagnosing infectious diseases. The company’s patented DPP® technology platform, which uses a small drop of blood from the fingertip, provides high-quality, cost-effective results in ~15 minutes. Coupled with Chembio’s extensive scientific expertise, its novel DPP® technology offers broad market applications beyond infectious disease, a number of which are under active development with collaboration partners. Chembio’s products are sold globally, directly and through distributors, to hospitals and clinics, physician offices, clinical laboratories, public health organizations, government agencies, and consumers. Learn more at www.chembio.com.
Preliminary and Forward-Looking Statements
The range for revenue for the third quarter of 2018 presented above represents a preliminary estimate because our financial closing procedures for the quarter remain to be performed and other developments may arise by the time the financial results for the quarter are completed. As a result, there is a possibility that revenue will not be within the range we currently estimate. This information is provided by and is the responsibility of management. Our independent registered public accounting firm has not audited, reviewed, compiled or performed any procedures with respect to this information and, accordingly, does not express an opinion or any other form of assurance on it.
The second, third, fourth, and fifth paragraphs of this press release contain statements concerning Chembio’s expectations as to the commencement of automated production and the acquisition closing and future operation of opTricon that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements reflect management's current views based on certain assumptions, and they involve risks and uncertainties. Actual results, events, or performance may differ materially from the forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to: the ability of Chembio to timely close the opTricon acquisition; the ability of Chembio to maintain existing, and timely obtain additional, regulatory approvals and to timely obtain additional financing; the risks of doing business with a foreign country, including geopolitical, international and other challenges as well as potential material adverse effects of tariffs and other changes in U.S. trade policy; and other risks described in public reports filed by Chembio with the
Lynn Pieper Lewis
Source: Chembio Diagnostics, Inc.