Chembio Diagnostics, Inc. (Nasdaq: CEMI), a leading point-of-care
diagnostics company focused on infectious diseases, today reported
financial results for the quarter and year ended December 31, 2020.
Recent Accomplishments & Highlights
- Achieved fourth quarter 2020 total
revenue of $10.2 million and product revenue of $6.9 million,
representing growth of 62% and 39%, respectively, compared to the
prior year period
- Received FDA Premarket Application (PMA) approval for the DPP
HIV-Syphilis test
- Expanded manufacturing capabilities by validating and
implementing automated lines
COVID-19 Testing Portfolio Update
- Received notice in January 2021 that the FDA was declining to
review the DPP SARS-CoV-2 Antigen test system based on its updated
prioritization guidance, under which review of the system was not a
priority. The FDA supplementally advised on the type and nature of
information it would need to receive in a subsequent EUA
application in order for the DPP SARS-CoV-2 Antigen test system to
be prioritized for review.
- Signed an in-licensing agreement to distribute a,
point-of-care, EUA approved, respiratory panel for the detection of
SARS-CoV-2 Antigens, Flu A and Flu B in the U.S., which is
scheduled to launch in March.
- Obtained CE mark for the DPP SARS-CoV-2 Antigen test system and
the DPP SARS-CoV-2 IgM/IgG antibody test system.
- Received ANVISA approval for the DPP SARS-CoV-2 Antigen test
system through our subsidiary in Brazil.
- Awarded $12.7 million by Biomedical Advanced Research and
Development Authority (BARDA) for the development and issuance of
an Emergency Use Authorization (EUA) application for the DPP
Respiratory Antigen Panel and the preparation and receipt of 510(k)
clearance for the rapid DPP SARS-CoV-2 Antigen System.
“We appreciate the FDA’s updated guidance regarding our COVID-19
antigen system. As part of our commitment to the COVID-19 testing
market and ongoing work with BARDA, we are engaged in testing and
development to submit a new EUA application and 510(k) application
for the DPP SARS-CoV-2 Antigen System,” said Richard Eberly,
Chembio’s President and Chief Executive Officer. “To immediately
enhance our product portfolio, we signed an in-licensing agreement
that will provide an additional COVID-19 testing solution for our
expanded US commercial team to offer along with our DPP
HIV-Syphilis system and broader HIV portfolio.”
“In 2020 we implemented a strategic business model shift at
Chembio, Mr. Eberly stated. “We have realigned our organization to
address higher value U.S. opportunities and capitalize on the
launch of products like the DPP HIV-Syphilis System and the
portfolio of COVID-19 tests being developed. We built a more
comprehensive commercial team including management, sales and
customer service professionals who have established deeper
relationships and distribution channels. These changes have
established a foundation for the business to achieve more
profitable growth.”
Mr. Eberly continued, “While we have faced challenges on the
regulatory front regarding our portfolio of COVID-19 tests, we
remain committed to obtaining FDA approval for these tests. We plan
to build upon our the regulatory approvals received in other
regions by driving international commercialization of our tests in
their approved geographies. Looking ahead to 2021, our top
priorities include improving product margins through expanded
manufacturing automation, focusing on controlling costs through
operational excellence and building long-term customer
relationships. We are confident we now have the team and strategy
in place to work towards driving sustained, profitable growth.”
Fourth Quarter 2020 Financial ResultsTotal
revenue for the fourth quarter of 2020 was $10.2 million, an
increase of 62% compared to the prior year period. Net product
sales for the fourth quarter of 2020 were $6.9 million, an increase
of 39% compared to the prior year period. Government grant, license
and royalty, and R&D revenue for the fourth quarter of 2020
totaled $3.4 million, an increase of 143% compared to the prior
year period.
Gross product margin for the fourth quarter of 2020 was
$492,000, compared to $1.2 million for the prior year period. Gross
product margin percentage for the fourth quarter of 2020 was 7.2%,
compared to 24% for the prior year period. Gross product margin in
the fourth quarter of 2020 was impacted by unfavorable geographic
product mix and operational inefficiencies.
Research and development expenses increased by $1.2 million, or
64%, in the fourth quarter of 2020 compared to the prior year
period. The increase in research and development expense was
primarily due to clinical trial expenses related to development of
the DPP SARS-CoV-2 Antigen and DPP Respiratory Panel test systems.
Selling, general and administrative expenses increased by $3.5
million, or 100%, in the fourth quarter of 2020 compared to the
prior year period. The increase in selling, general and
administrative expenses was primarily due to the expansion of
Chembio’s U.S. commercial organization, together with legal
expenses and facility costs related to the COVID-19 pandemic.
Net loss for the fourth quarter of 2020 was $7.1 million, or
$0.35 per diluted share, compared to a net loss of $3.9 million, or
$0.23 per diluted share, for the prior year period.
Full Year 2020 Financial ResultsTotal revenue
for 2020 was $32.5 million, a decrease of 6% compared to the prior
year period. Net product sales for the full year 2020 were $24.8
million, a decrease of 14% compared to the prior year period.
Government grant, license and royalty, and R&D revenue for 2020
totaled $7.7 million, an increase of 37% compared to the prior year
period.
Gross product margin for 2020 was $0.9 million, compared to $6.5
million for the prior year period. Gross product margin percentage
for 2020 was 4%, compared to 22% for the prior year period. Gross
product margin in 2020 was impacted by product returns in the U.S.,
unfavorable geographic mix, and other operational inefficiencies,
offset in part by savings from the retrenchment of Chembio’s
Malaysian facility.
Research and development expenses increased by $0.9 million, or
11%, in 2020 compared to the prior year period primarily due to
costs related to the development of and clinical trials related to
the DPP SARS-CoV-2 systems. Selling, general and administrative
expenses increased by $4.9 million, or 30%, in 2020 compared to the
prior year period. The increase in selling, general and
administrative expenses was primarily due to Chembio’s expanded
U.S. commercial organization, legal expenses, and a full year of
operations for Chembio’s facility in Brazil following its
acquisition in the fourth quarter of 2019, offset somewhat by the
retrenchment of its Malaysia facility in May 2020.
Net loss for 2020 was $25.5 million, or $1.34 per diluted share,
compared to a net loss of $13.7 million, or $0.81 per diluted
share, for the prior year period.
Cash and cash equivalents as of December 31, 2020 totaled $23.1
million.
Conference CallChembio will host a conference
call today beginning at 4:30 pm ET to discuss its financial results
and recent business highlights. Investors interested in listening
to the call may do so by dialing 888-506-0062 from the United
States or 973-528-0011 from outside the United States and providing
entry code 663365. To listen to a live webcast of the call, please
visit the Investor Relations section of Chembio's website at
www.chembio.com. Following the call, a replay will be available on
the Investor Relations section of Chembio’s website. A telephone
replay will be available until 4:30 pm ET on March 25, 2021 by
dialing 877-481-4010 from the United States or 919-882-2331 from
outside the United States and using passcode 40186.
About the DPP Rapid Test
PlatformChembio’s proprietary DPP technology platform
provides high-quality, rapid diagnostic results in 15 to 20 minutes
using a small drop of blood from the fingertip or alternative
samples. Through advanced multiplexing, the DPP platform can detect
up to eight, distinct test results from a single patient sample,
delivering greater clinical value than other rapid tests. For
certain applications, Chembio’s easy-to-use, highly portable,
battery-operated DPP Micro Reader optical analyzer then reports
accurate results in approximately 15 seconds, making it well-suited
for decentralized testing where real-time results enable patients
to be clinically assessed while they are still on-site. Objective
results produced by the DPP Micro Reader reduce the possibility of
the types of human error that can be experienced in the visual
interpretations required by many rapid tests.
Chembio’s portfolio of DPP-based point-of-care
tests with FDA regulatory approvals include the DPP HIV-Syphilis
System (PMA approved), DPP HIV 1/2 Assay (PMA approved and CLIA
waived), DPP Zika IgM System (510(k)), and DPP Ebola Antigen System
(EUA). Additionally, DPP-based tests have received regulatory
approvals from the World Health Organization, CE-Mark, Agência
Nacional de Vigilância Sanitária (ANVISA), and other global
organizations, where they aid in the detection and diagnosis of
several other critical diseases and conditions.
All DPP tests are developed and manufactured in the
United States and are the subject of a range of domestic and global
patents and patents pending.
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. 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.
About the ProjectsChembio will use the federal
funds from the Department of Health and Human Services; Office of
the Assistant Secretary for Preparedness and Response; Biomedical
Advanced Research and Development Authority, under Contract No.
75A50121P00012 and Contract No. 75A50120C00138.
Forward-Looking StatementsCertain statements
contained in the three paragraphs following the bulleted items
under “COVID-19 Testing Portfolio Update” above are not historical
facts and may be forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements regarding the intent,
belief or current expectations with respect to the availability,
timing, functionality and regulatory approval of Chembio’s COVID-19
diagnostic tests as well as Chembio’s ability to achieve
profitability or growth. Such statements, which are expectations
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 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 following, any of which could be exacerbated even further by
the continuing COVID-19 outbreak in the United States and globally:
the ability of Chembio to maintain existing, and timely obtain
additional, regulatory approvals, particularly for its proposed
COVID-19 diagnostic tests, which approvals are subject to processes
that can change recurringly without notice; Chembio’s dependence
upon, and limited experience with, COVID-19 diagnostic tests; the
highly competitive and rapidly developing market for testing
solutions for COVID-19, which includes a number of competing
companies with strong relationships with current and potential
customers, including governmental authorities, and with
significantly greater financial and other resources that are
available to Chembio; and the risks of doing business with foreign
governmental entities, including geopolitical, international and
other challenges as well as potential material adverse effects of
tariffs and other changes in U.S. trade policy. Chembio undertakes
no obligation to publicly update forward-looking statements in this
release to reflect events or circumstances that occur after the
date hereof or to reflect any change in Chembio's expectations with
regard to the forward-looking statements or the occurrence of
unanticipated events. Factors that may impact Chembio's success are
more fully disclosed in Chembio's periodic public filings with the
U.S. Securities and Exchange Commission, including its Annual
Report on Form 10-K for the fiscal year ended December 31, 2019 and
subsequent Quarterly Reports on Form 10-Q, particularly under the
heading “Risk Factors.”
DPP is Chembio’s registered trademark, and the Chembio logo is
Chembio’s trademark. For convenience, these trademarks appear in
this release without ® or ™ symbols, but that practice does not
mean that Chembio will not assert, to the fullest extent under
applicable law, its rights to the trademarks.
Investor Relations ContactPhilip
TaylorGilmartin Group(415) 937-5406investor@chembio.com
CHEMBIO DIAGNOSTICS, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
|
|
|
|
|
|
|
|
|
For the three months ended
(Unaudited) |
|
For the year ended |
|
Dec. 31, 2020 |
|
Dec. 31, 2019 |
|
Dec. 31, 2020 |
|
Dec. 31, 2019 |
REVENUES: |
|
|
|
|
|
|
|
Net product sales |
$ |
6,852,526 |
|
|
$ |
4,925,043 |
|
|
$ |
24,767,149 |
|
|
$ |
28,844,997 |
|
R&D |
|
1,095,402 |
|
|
|
1,152,249 |
|
|
|
4,851,562 |
|
|
|
4,025,538 |
|
Government Grants |
|
2,018,924 |
|
|
|
- |
|
|
|
2,018,924 |
|
|
|
654,744 |
|
License and royalty
revenue |
|
260,112 |
|
|
|
235,401 |
|
|
|
832,562 |
|
|
|
938,753 |
|
TOTAL
REVENUES |
|
10,226,964 |
|
|
|
6,312,693 |
|
|
|
32,470,197 |
|
|
|
34,464,032 |
|
|
|
|
|
|
|
|
|
COSTS AND
EXPENSES: |
|
|
|
|
|
|
|
Cost of product sales |
|
6,361,480 |
|
|
|
3,743,592 |
|
|
|
23,874,487 |
|
|
|
22,394,317 |
|
Research and development
expenses |
|
3,275,455 |
|
|
|
1,995,826 |
|
|
|
9,508,494 |
|
|
|
8,538,416 |
|
Selling, general and
administrative expenses |
|
7,134,593 |
|
|
|
3,572,823 |
|
|
|
21,037,701 |
|
|
|
16,138,424 |
|
Severance, restructuring and
other related costs |
|
- |
|
|
|
- |
|
|
|
1,122,310 |
|
|
|
- |
|
Acquisition Costs |
|
- |
|
|
|
325,852 |
|
|
|
63,497 |
|
|
|
721,465 |
|
|
|
16,771,528 |
|
|
|
9,638,093 |
|
|
|
55,606,489 |
|
|
|
47,792,622 |
|
LOSS FROM
OPERATIONS |
|
(6,544,564 |
) |
|
|
(3,325,400 |
) |
|
|
(23,136,292 |
) |
|
|
(13,328,590 |
) |
|
|
|
|
|
|
|
|
OTHER
INCOME: |
|
|
|
|
|
|
|
Interest Expense, net |
|
(731,818 |
) |
|
|
(663,463 |
) |
|
|
(2,841,830 |
) |
|
|
(846,831 |
) |
|
|
|
|
|
|
|
|
LOSS BEFORE INCOME
TAXES |
|
(7,276,382 |
) |
|
|
(3,988,863 |
) |
|
|
(25,978,122 |
) |
|
|
(14,175,421 |
) |
|
|
|
|
|
|
|
|
Income tax benefit |
|
137,198 |
|
|
|
99,953 |
|
|
|
456,794 |
|
|
|
500,292 |
|
|
|
|
|
|
|
|
|
NET LOSS |
$ |
(7,139,184 |
) |
|
$ |
(3,888,910 |
) |
|
$ |
(25,521,328 |
) |
|
$ |
(13,675,129 |
) |
|
|
|
|
|
|
|
|
Basic and diluted loss
per share |
$ |
(0.35 |
) |
|
$ |
(0.23 |
) |
|
$ |
(1.34 |
) |
|
$ |
(0.81 |
) |
|
|
|
|
|
|
|
|
Weighted average
number of shares outstanding, basic and diluted |
|
20,150,168 |
|
|
|
17,079,151 |
|
|
|
19,085,691 |
|
|
|
16,954,142 |
|
CHEMBIO DIAGNOSTICS, INC. AND SUBSIDIARIES |
CONDENSED CONSOLIDATED BALANCE SHEETS |
AS OF |
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2020 |
|
December 31, 2019 |
|
|
|
|
|
- ASSETS - |
|
|
|
|
CURRENT
ASSETS: |
|
|
|
|
Cash and cash equivalents |
|
$ |
23,066,301 |
|
|
$ |
18,271,352 |
|
Accounts receivable, net of
allowance for doubtful accounts of $254,232 and $62,000 as of
December 31, 2020 and December 31, 2019, respectively |
|
|
3,377,387 |
|
|
|
3,661,325 |
|
Inventories, net |
|
|
12,516,402 |
|
|
|
9,598,030 |
|
Prepaid expenses and other
current assets |
|
|
778,683 |
|
|
|
693,013 |
|
TOTAL CURRENT
ASSETS |
|
|
39,738,773 |
|
|
|
32,223,720 |
|
|
|
|
|
|
FIXED
ASSETS: |
|
|
|
|
Property, Plant and Equipment,
net |
|
|
8,688,403 |
|
|
|
5,933,569 |
|
Finance lease right-of-use
asset, net |
|
|
233,134 |
|
|
|
210,350 |
|
TOTAL FIXED ASSETS,
net |
|
|
8,921,537 |
|
|
|
6,143,919 |
|
|
|
|
|
|
OTHER
ASSETS: |
|
|
|
|
Operating lease right-of-use
assets, net |
|
|
6,112,632 |
|
|
|
7,030,744 |
|
Intangible assets, net |
|
|
3,645,986 |
|
|
|
3,914,352 |
|
Goodwill |
|
|
5,963,744 |
|
|
|
5,872,690 |
|
Deposits and other assets |
|
|
509,342 |
|
|
|
543,539 |
|
|
|
|
|
|
TOTAL
ASSETS |
|
$ |
64,892,014 |
|
|
$ |
55,728,964 |
|
|
|
|
|
|
- LIABILITIES AND STOCKHOLDERS’ EQUITY - |
|
|
|
|
CURRENT
LIABILITIES: |
|
|
|
|
Accounts payable and accrued
liabilities |
|
$ |
10,042,790 |
|
|
$ |
5,526,243 |
|
Deferred revenue |
|
|
1,606,997 |
|
|
|
125,000 |
|
Operating lease
liabilities |
|
|
642,460 |
|
|
|
41,894 |
|
Finance lease liabilities |
|
|
58,877 |
|
|
|
568,294 |
|
Note payable |
|
|
- |
|
|
|
180,249 |
|
TOTAL CURRENT
LIABILITIES |
|
|
12,351,124 |
|
|
|
6,441,680 |
|
|
|
|
|
|
OTHER
LIABILITIES: |
|
|
|
|
Long-term operating lease
liabilities |
|
|
6,327,143 |
|
|
|
6,969,603 |
|
Long-term finance lease
liabilities |
|
|
185,239 |
|
|
|
171,953 |
|
Long-term debt, less current
portion, net |
|
|
18,182,158 |
|
|
|
17,644,149 |
|
Deferred tax liability |
|
|
69,941 |
|
|
|
466,326 |
|
TOTAL
LIABILITIES |
|
|
37,115,605 |
|
|
|
25,252,031 |
|
|
|
|
|
|
STOCKHOLDERS’
EQUITY: |
|
|
|
|
Preferred stock – 10,000,000
shares authorized, none outstanding |
|
|
- |
|
|
|
- |
|
Common stock - $0.01 par
value; 100,000,000 shares authorized; 20,223,498 shares and
17,733,617 shares issued at December 31, 2020 and December 31,
2019, respectively |
|
|
202,235 |
|
|
|
177,335 |
|
Additional paid-in
capital |
|
|
124,961,514 |
|
|
|
95,433,077 |
|
Accumulated deficit |
|
|
(97,106,331 |
) |
|
|
(71,585,003 |
) |
Treasury stock 41,141 and 0
shares at cost as of December 31, 2020 and December 31, 2019,
respectively |
|
|
(190,093 |
) |
|
|
- |
|
Accumulated other
comprehensive (loss) income |
|
|
(90,916 |
) |
|
|
9,844 |
|
TOTAL STOCKHOLDERS’
EQUITY |
|
|
27,776,409 |
|
|
|
24,035,253 |
|
|
|
|
|
|
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
$ |
64,892,014 |
|
|
$ |
55,728,964 |
|
CHEMBIO DIAGNOSTICS, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS |
|
|
FOR THE YEARS ENDED |
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
December 31, |
|
|
|
2020 |
|
2019 |
|
CASH FLOWS FROM
OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
Cash received from customers and grants |
|
$ |
34,736,133 |
|
|
$ |
37,930,172 |
|
|
Cash paid to suppliers and employees |
|
|
(50,238,409 |
) |
|
|
(45,655,562 |
) |
|
Cash paid for operating leases |
|
|
(1,139,944 |
) |
|
|
(632,952 |
) |
|
Cash paid for finance leases |
|
|
(19,987 |
) |
|
|
(7,892 |
) |
|
Interest and taxes, net |
|
|
(2,225,031 |
) |
|
|
(689,272 |
) |
|
Net cash used in
operating activities |
|
|
(18,887,238 |
|
|
|
(9,055,506 |
) |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
Purchase of businesses, net of cash acquired |
|
|
- |
|
|
|
(100,000 |
) |
|
Acquisition of and deposits on fixed assets |
|
|
(3,961,369 |
) |
|
|
(3,502,540 |
) |
|
Patent Application Costs |
|
|
(205,493 |
) |
|
|
(297,006 |
) |
|
Working capital adjustment related to business combination |
|
|
- |
|
|
|
145,760 |
|
|
Net cash used in
investing activities |
|
|
(4,166,862 |
) |
|
|
(3,753,786 |
) |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
Proceeds from sale of common stock, net |
|
|
28,436,740 |
|
|
|
- |
|
|
Proceeds from option exercises |
|
|
- |
|
|
|
32,486 |
|
|
Principal payments for finance leases |
|
|
(51,166 |
) |
|
|
(19,875 |
) |
|
Payments on debt issuance costs |
|
|
- |
|
|
|
(186,313 |
) |
|
Payments on note payable |
|
|
(180,249 |
) |
|
|
(181,822 |
) |
|
Proceeds from issuance of long-term debt, net |
|
|
- |
|
|
|
18,850,000 |
|
|
Stimulus package loan |
|
|
2,978,315 |
|
|
|
- |
|
|
Payment of stimulus package loan |
|
|
(2,978,315 |
) |
|
|
- |
|
|
Payments of tax withholdings on stock award |
|
|
(441,723 |
) |
|
|
- |
|
|
Net cash provided by
financing activities |
|
|
27,763,602 |
|
|
|
18,494,476 |
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash |
|
|
85,447 |
|
|
|
61,617 |
|
|
INCREASE IN CASH AND
CASH EQUIVALENTS |
|
|
4,794,949 |
|
|
|
5,746,801 |
|
|
Cash and cash equivalents - beginning of the period |
|
|
18,271,352 |
|
|
|
12,524,551 |
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents - end of the period |
|
$ |
23,066,301 |
|
|
$ |
18,271,352 |
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF NET
LOSS TO NET CASH USED IN OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss |
|
$ |
(25,521,328 |
) |
|
$ |
(13,675,129 |
) |
|
Adjustments: |
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
2,697,126 |
|
|
|
1,916,194 |
|
|
Share based compensation |
|
|
1,223,171 |
|
|
|
1,655,900 |
|
|
Benefit from deferred tax liability |
|
|
(396,385 |
) |
|
|
(513,715 |
) |
|
Provision for doubtful accounts |
|
|
270,193 |
|
|
|
20,000 |
|
|
Non-cash inventory changes |
|
|
3,543,515 |
|
|
|
- |
|
|
Changes in assets and
liabilities, net of effects from acquisitions: |
|
|
|
|
|
|
|
Accounts receivable |
|
|
283,939 |
|
|
|
3,764,045 |
|
|
Inventories |
|
|
(6,461,887 |
) |
|
|
(1,457,612 |
) |
|
Prepaid expenses and other current assets |
|
|
(85,670 |
) |
|
|
64,355 |
|
|
Deposits and other assets |
|
|
34,195 |
|
|
|
(90,624 |
) |
|
Accounts payable and accrued liabilities |
|
|
4,043,896 |
|
|
|
(441,015 |
) |
|
Deferred revenue |
|
|
1,481,997 |
|
|
|
(297,905 |
) |
|
Net cash used in
operating activities |
|
$ |
(18,887,238 |
) |
|
$ |
(9,055,506 |
) |
|
|
|
|
|
|
|
|
|
Supplemental
disclosures for non-cash investing and financing
activities: |
|
|
|
|
|
|
|
Deposits on manufacturing equipment transferred to fixed
assets |
|
$ |
472,651 |
|
|
$ |
430,000 |
|
|
Issuance of common stock for net assets of business acquired |
|
|
– |
|
|
|
443,291 |
|
|
Contingent liability earnout |
|
|
1,011,261 |
|
|
|
1,225,000 |
|
|
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