Nevada
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0-30379
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88-0425691
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(State or Other Jurisdiction of
Incorporation or Organization)
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(Commission File Number)
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(I.R.S. Employer
Identification No.)
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Exhibit
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|
Description
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Press release of Chembio Diagnostics, Inc. dated November 8, 2018
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CHEMBIO DIAGNOSTICS, INC. | ||
Dated: November 8, 2018
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By: |
/s/ John J. Sperzel III
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John J. Sperzel III
|
||
Chief Executive Officer and President
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● |
Achieved total revenue of $9.4 million, including net product sales of $7.9 million, for the third quarter 2018, representing increases of 24% and
28%, respectively, compared to the prior year period.
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● |
Announced and closed the acquisition of opTricon GmbH, a privately-held developer and manufacturer of hand-held analyzers for rapid diagnostic
tests.
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● |
Filed CE mark application for a point-of-care DPP® test to detect
an undisclosed biomarker through the AstraZeneca funded collaboration and development program.
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● |
Received $10.5 million purchase commitment for 2019 from Bio-Manguinhos for the production of DPP® HIV and DPP® Leishmania assays in Brazil and their subsequent supply to Brazil’s Ministry of Health.
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● |
Completed an underwritten public offering bringing an estimated $16.6 million of net proceeds to the company.
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For the three months ended
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For the nine months ended
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|||||||||||||||
September 30, 2018
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September 30, 2017
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September 30, 2018
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September 30, 2017
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|||||||||||||
REVENUES:
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||||||||||||||||
Net product sales
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$
|
7,856,038
|
$
|
6,132,725
|
$
|
21,112,126
|
$
|
14,453,097
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||||||||
License and royalty revenue
|
228,553
|
150,000
|
707,010
|
477,631
|
||||||||||||
R&D, milestone and grant revenue
|
1,292,202
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1,304,649
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3,995,115
|
3,096,626
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||||||||||||
TOTAL REVENUES
|
9,376,793
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7,587,374
|
25,814,251
|
18,027,354
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||||||||||||
COSTS AND EXPENSES:
|
||||||||||||||||
Cost of product sales
|
6,774,749
|
4,064,791
|
16,827,956
|
9,487,848
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||||||||||||
Research and development expenses
|
1,897,751
|
1,805,738
|
5,736,265
|
6,034,735
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||||||||||||
Selling, general and administrative expenses
|
3,034,130
|
2,305,358
|
7,987,914
|
6,903,055
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||||||||||||
11,706,630
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8,175,887
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30,552,135
|
22,425,638
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|||||||||||||
LOSS FROM OPERATIONS
|
(2,329,837
|
)
|
(588,513
|
)
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(4,737,884
|
)
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(4,398,284
|
)
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||||||||
OTHER INCOME:
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||||||||||||||||
Interest income, net
|
15,656
|
3,852
|
42,985
|
24,956
|
||||||||||||
LOSS BEFORE INCOME TAXES
|
(2,314,181
|
)
|
(584,661
|
)
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(4,694,899
|
)
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(4,373,328
|
)
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||||||||
Income tax provision
|
-
|
-
|
-
|
-
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||||||||||||
NET LOSS
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$
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(2,314,181
|
)
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$
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(584,661
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)
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$
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(4,694,899
|
)
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$
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(4,373,328
|
)
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||||
Basic and diluted loss per share
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$
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(0.16
|
)
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$
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(0.05
|
)
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$
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(0.34
|
)
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$
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(0.36
|
)
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||||
Weighted average number of shares outstanding, basic and diluted
|
14,173,620
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12,311,098
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13,872,055
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12,293,781
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September 30, 2018
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December 31, 2017
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|||||||
(Unaudited)
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||||||||
- ASSETS -
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||||||||
CURRENT ASSETS:
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||||||||
Cash and cash equivalents
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$
|
6,848,583
|
$
|
3,790,302
|
||||
Accounts receivable, net
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7,794,014
|
2,085,340
|
||||||
Inventories, net
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5,978,426
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4,423,618
|
||||||
Prepaid expenses and other current assets
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1,579,750
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554,383
|
||||||
TOTAL CURRENT ASSETS
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22,200,773
|
10,853,643
|
||||||
FIXED ASSETS, net
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2,372,896
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1,909,232
|
||||||
OTHER ASSETS:
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||||||||
Intangible assets, net
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1,431,921
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1,597,377
|
||||||
Goodwill
|
1,628,864
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1,666,610
|
||||||
Deposits and other assets
|
331,423
|
589,159
|
||||||
TOTAL ASSETS
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$
|
27,965,877
|
$
|
16,616,021
|
||||
- LIABILITIES AND STOCKHOLDERS’ EQUITY -
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||||||||
CURRENT LIABILITIES:
|
||||||||
Accounts payable and accrued liabilities
|
$
|
6,798,600
|
$
|
3,046,303
|
||||
Deferred revenue
|
760,750
|
50,000
|
||||||
Current portion of note payable |
202,096 |
- | ||||||
TOTAL CURRENT LIABILITIES
|
7,761,446
|
3,096,303
|
||||||
OTHER LIABILITIES:
|
||||||||
Note payable
|
207,694
|
99,480
|
||||||
Deferred tax liability
|
333,318
|
341,042
|
||||||
TOTAL LIABILITIES
|
8,302,458
|
3,536,825
|
||||||
TOTAL STOCKHOLDERS’ EQUITY
|
19,663,419
|
13,079,196
|
||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
$
|
27,965,877
|
$
|
16,616,021
|
For the nine months ended
|
||||||||
September 30, 2018
|
September 30, 2017
|
|||||||
Net cash used in operating activities
|
$
|
(7,530,508
|
)
|
$
|
(7,176,935
|
)
|
||
Net cash used in investing activities
|
(401,897
|
)
|
(1,639,827
|
)
|
||||
Net cash provided by financing activities
|
10,990,466
|
134,280
|
||||||
Effect of exchange rate changes on cash
|
220
|
-
|
||||||
INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS
|
3,058,281
|
(8,682,482
|
)
|
|||||
Cash and cash equivalents - beginning of the period
|
3,790,302
|
10,554,464
|
||||||
Cash and cash equivalents - end of the period
|
$
|
6,848,583
|
$
|
1,871,982
|