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Chembio Diagnostics Reports First Quarter 2018 Financial Results
Recent Accomplishments & Highlights
- Achieved total revenue of
$7.7 million of which net product sales were$6.4 million for the first quarter 2018, increases of 22% and 18% respectively, over prior year. - Increased production to initiate supply of HIV STAT-PAK® Assays to the
Ethiopian Pharmaceuticals Fund andSupply Agency in the second quarter, following the previously announced three-year$15.8 million total contract award. - Completed Phase 1 of the DPP® Assay to be developed through the
AstraZeneca collaboration, to identify an “undisclosed” biomarker. - Entered collaboration with LumiraDx to develop portfolio of new POC diagnostic tests for infectious diseases, which includes development funding, reagent purchases, and royalty payments from LumiraDx.
“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
First Quarter 2018 Financial Results
Total revenue for the first quarter of 2018 was
Product gross margin for the first quarter of 2018 was
Other costs and expenses, representing R&D and SG&A expenses, for the first quarter of 2018 were
Net loss for the first quarter of 2018 was
Cash and cash equivalents as of
Conference Call
Chembio will host a conference call today beginning at
About
The Company markets its products directly and through third-party distributors under the brand names: DPP®, STAT-PAK®, SURE CHECK®, and STAT-VIEW®.
Headquartered in
Forward-Looking Statements
Statements contained herein that are not historical facts may be forward-looking statements within the meaning of the Securities Act of 1933, as amended. Forward-looking statements include statements regarding the intent, belief or current expectations of the Company and its management. Such statements, which are estimates only, reflect management's current views, are based on certain assumptions, and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to Chembio's ability to obtain additional financing and to obtain regulatory approvals in a timely manner, as well as the demand for Chembio's products. Chembio undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in Chembio's expectations with regard to these forward-looking statements or the occurrence of unanticipated events. Factors that may impact Chembio's success are more fully disclosed in Chembio's most recent public filings with the
(Tables to follow)
Investor Relations Contact
Gilmartin Group
(415) 937-5402
investor@chembio.com
| CHEMBIO DIAGNOSTICS, INC. AND SUBSIDIARIES | ||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
| (Unaudited) | ||||||||
| For the three months ended | ||||||||
| March 31, 2018 | March 31, 2017 | |||||||
| REVENUES: | ||||||||
| Net product sales | $ | 6,398,227 | $ | 5,427,427 | ||||
| License and royalty revenue | 201,931 | 100,000 | ||||||
| R&D, milestone and grant revenue | 1,116,974 | 797,740 | ||||||
| TOTAL REVENUES | 7,717,132 | 6,325,167 | ||||||
| COSTS AND EXPENSES: | ||||||||
| Cost of product sales | 4,117,779 | 3,219,215 | ||||||
| Research and development expenses | 1,847,102 | 2,246,572 | ||||||
| Selling, general and administrative expenses | 2,406,569 | 2,488,337 | ||||||
| 8,371,450 | 7,954,124 | |||||||
| LOSS FROM OPERATIONS | (654,318 | ) | (1,628,957 | ) | ||||
| OTHER INCOME (EXPENSE): | ||||||||
| Interest income, net | 1,975 | 13,382 | ||||||
| LOSS BEFORE INCOME TAXES | (652,343 | ) | (1,615,575 | ) | ||||
| Income tax provision (benefit) | - | - | ||||||
| NET LOSS | $ | (652,343 | ) | $ | (1,615,575 | ) | ||
| Basic loss per share | $ | (0.05 | ) | $ | (0.13 | ) | ||
| Diluted loss per share | $ | (0.05 | ) | $ | (0.13 | ) | ||
| Weighted average number of shares outstanding, basic | 13,267,246 | 12,270,679 | ||||||
| Weighted average number of shares outstanding, diluted | 13,267,246 | 12,270,679 | ||||||
| CHEMBIO DIAGNOSTICS, INC. AND SUBSIDIARIES | ||||||||
| CONSOLIDATED BALANCE SHEETS | ||||||||
| - ASSETS - | ||||||||
| March 31, 2018 | December 31, 2017 | |||||||
| (Unaudited) | ||||||||
| CURRENT ASSETS: | ||||||||
| Cash and cash equivalents | $ | 12,457,538 | $ | 3,790,302 | ||||
| Accounts receivable, net of allowance for doubtful accounts of $42,000 at March 31, 2018 and December 31, 2017 | 3,813,087 | 2,085,340 | ||||||
| Inventories | 5,802,350 | 4,423,618 | ||||||
| Prepaid expenses and other current assets | 836,386 | 554,383 | ||||||
| TOTAL CURRENT ASSETS | 22,909,361 | 10,853,643 | ||||||
| FIXED ASSETS, net of accumulated depreciation | 1,859,132 | 1,909,232 | ||||||
| OTHER ASSETS | 3,903,261 | 3,853,146 | ||||||
| TOTAL ASSETS | $ | 28,671,754 | $ | 16,616,021 | ||||
| - LIABILITIES AND STOCKHOLDERS’ EQUITY - | ||||||||
| TOTAL CURRENT LIABILITIES | 4,432,109 | 3,096,303 | ||||||
| TOTAL LIABILITIES | 4,889,088 | 3,536,825 | ||||||
| STOCKHOLDERS’ EQUITY: | ||||||||
| Common stock - $.01 par value; 100,000,000 shares authorized, 14,162,702 and 12,318,570 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively | 141,627 | 123,185 | ||||||
| Additional paid-in capital | 73,906,362 | 62,821,288 | ||||||
| Accumulated deficit | (50,696,569 | ) | (50,044,225 | ) | ||||
| Accumulated other comprehensive income | 431,246 | 178,948 | ||||||
| TOTAL STOCKHOLDERS’ EQUITY | 23,782,666 | 13,079,196 | ||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 28,671,754 | $ | 16,616,021 | ||||
| CHEMBIO DIAGNOSTICS, INC. AND SUBSIDIARIES |
||||||||
| SUMMARY CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
| (Unaudited) | ||||||||
| For the three months ended | ||||||||
| March 31, 2018 | March 31, 2017 | |||||||
| Net cash used in operating activities | $ | (2,317,271 | ) | $ | (3,871,811 | ) | ||
| Net cash used in investing activities | (41,530 | ) | (1,100,171 | ) | ||||
| Net cash provided by financing activities | 11,006,266 | - | ||||||
| Effect of exchange rate changes on cash | 19,771 | - | ||||||
| INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | $ | 8,667,236 | $ | (4,971,982 | ) | |||
Source: Chembio Diagnostics, Inc.
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