Chembio Diagnostics Announces Preliminary Estimates of Second Quarter 2020 Revenues
July 06 2020 - 4:23PM
Chembio Diagnostics, Inc. (Nasdaq: CEMI), a leading
global point-of-care diagnostic company focused on infectious
diseases, today announced its preliminary estimates of revenue
results for the quarter ended June 30, 2020.
Total revenues for the three months ended June 30, 2020 are
expected to be in the range of $4.5 million to $4.7 million,
subject to increase by up to an additional $2.5 million of revenue
with respect to products that were shipped outside the United
States during the quarter. While Chembio continues to both ship DPP
COVID-19 IgM/IgG systems and pursue additional opportunities
outside the United States, it also continues to monitor any
potential response by other regulators of the FDA’s recent
revocation of the EUA for the system. Chembio expects total
revenues to be finalized prior to issuance of its financial
statements for the quarter and six months ended June 30, 2020.
Revenues from Chembio’s COVID-19-related sales for the quarter are
estimated to range from $0.8 million to $3.3 million, and inclusive
in the high end of the range is the additional $2.5 million of
product shipped outside the United States.
Total revenues for the three months ended June 30, 2019 were
$9.9 million. The decrease in sales is related to a combination of
the impact of the COVID-19 pandemic on historical products and
markets, as well as the Company’s shift to address the pandemic
with its newly developed product during the three months ended June
30, 2020, combined with seasonally stronger sales of HIV tests to
Latin America during the prior year period.
Cash and cash equivalents at June 30, 2020 are estimated to
total approximately $36.6 million, including approximately $3.3 of
restricted cash and cash equivalents, compared with
$11.2 million at March 31, 2020. The increase in cash and cash
equivalents compared to the prior quarter reflect the approximate
net proceeds from the Company’s secondary equity raise of $28.4
million, offset by capital expenditures, operating costs, and other
items.
The estimated range and amounts for revenue results for the
second quarter of 2020 and the estimated amount of cash and cash
equivalents at June 30, 2020 are preliminary estimates because
Chembio’s 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. Until Chembio
releases its second quarter operating results during the first week
of August 2020, the preliminary results described in this press
release are estimates only and are subject to revisions that could
cause the final results to differ materially. Chembio undertakes no
responsibility to update its preliminary estimates in the
interim.
Conference Call InformationChembio will host a
conference call on Tuesday, July 7, 2020, at 8:00 am (Eastern time)
to discuss the information described in recent press releases and
related business and financial matters. Interested parties can
participate in the conference call by dialing 877-407-0778 (U.S.
toll-free) or 201-689-8565 (international) or joining a live audio
webcast available at www.chembio.com/investors/calendar-of-events/.
Following the call, a replay of the call is expected to be
available through July 10, 2020, by dialing 877-481-4010 (U.S.
toll-free) or 919-882-2331 (international), conference ID code
35572, or by accessing
www.chembio.com/investors/calendar-of-events/.
About Chembio DiagnosticsChembio
is a leading point-of-care diagnostics company focused on detecting
and diagnosing infectious diseases, including COVID-19, sexually
transmitted disease, and fever and tropical disease. The company’s
proprietary DPP technology platform, which uses a small drop of
blood from the fingertip or alternative sample types, provides
high-quality, cost-effective results in approximately 15 minutes.
Coupled with Chembio’s extensive scientific expertise, its novel
DPP technology offers broad market applications beyond infectious
disease. 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.
DPP is Chembio’s registered trademark. For convenience, this
trademark appears in this release without ® symbols, but that
practice does not mean that Chembio will not assert, to the fullest
extent under applicable law, its rights to the trademark.
Contact: Philip TaylorGilmartin
Group(415) 937-5406investor@chembio.com
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