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Chembio Diagnostics, Inc. (CEMI) Stock Inclining in After Market Despite no Visible Reason

Chembio Diagnostics, Inc. (CEMI) is an innovative leading diagnostics company primarily aiming to develop and commercialize tests that are used for the immediate detection and diagnosis of different infectious diseases. The diagnosed diseases may belong to different categories including sexually transmitted disease, insect vector, and COVID-19. The company’s products have a consumer base on a global scale.

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The price of CEMI stock during the regular trading of December 21, 2021, with a significant incline of 5.88% was $1.80. At last check in the after-market, the stock was further up by 3.89%.

Events and Happenings

On December 06, 2021, CEMI reported the submission of a De Novo/510(k) Request for the DPP SARS-CoV-2 Antigen assessment system to the FDA. The assessment system was developed to determine SARS-CoV-2 antigens rapidly in 20 minutes, using a negligibly invasive nasal swab and uncoded using a DPP Micro Reader 2 optical analyzer.

On November 29, 2021, CEMI reported that it received the approval of the South Africa Health Products Regulatory Authority (SAHPRA) for the DPP SARS-CoV-2 Antigen assessment system. SAHPRA gave the rights of approval, authorization, and commercialization of the test for use by professional healthcare providers.

On November 22, 2021, CEMI was given an international arbitration award from BioSure (UK) Ltd on November 18, 2021. BioSure was CEMI’s earlier UK supplier of HIV self-testing kits. On November 16, 2021, CEMI reported the submission to FDA for an Emergency Use Authorization (EUA) request for the new DPP SARS-CoV-2 Antigen test.

On November 15, 2021, CEMI reported that the schedule of delivery for consignments of DPP SARS-COV-2 Antigen Tests had been extended into March 2021. The company believes it had the chance to fulfill all of the $28.3 million orders.

Key Financials

On November 04, 2021, CEMI announced its financial results for the third quarter ended September 30, 2021. Some of the key financial highlights are as follows

Revenue

Total revenue of $12.1 million was reported for the third quarter of 2021 which is 17% more than the total revenue for the same period the prior year. During Q3 2020 the revenue was $10.2 million.

Net Loss per Share

Net loss per diluted share for the period of third-quarter 2021 was $6.4 million, or $0.24 per share, in comparison to a net loss of $5.4 million, or $0.28 per share, for the same period the prior year.

Total Current Assets

Total current assets of the company for Q3 2021 were $60 million.

Conclusion

CEMI’s stock is 13%up from the last week which is an appreciable increase in terms of investors’ input in the company. The experts are suggesting that the company will perform really well in the coming days to develop the interest of potential investors and stockholders in the company’s strategies.

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