Chembio Diagnostics Inc. (CEMI) shares rose 17.33% in after-hours on Tuesday, August 03, 2021, and closed the daily trading at $4.13 per share. in the regular trading session of Tuesday, CEMI’s stock gained 19.73%. The stock volume remained 48.63 million shares, which was higher than the average daily volume of 13.71 million shares within the past 50 days. CEMI shares have fallen 40.03% over the last 12 months, and they have moved up 28.00% in the past week. Over the past three months, the stock has lost 4.09%, while over the past six months, it has declined 51.78%.
Let’s have a look at its recent news and developments.
CEMI upcoming financial results announcement
Chembio Diagnostics, Inc. (CEMI) will release its financial results for the second quarter of 2021 after the close of trading on Thursday, August 5, 2021. A corresponding conference call will begin at 4:30 p.m. Eastern Time on August 5, 2021.
CEMI recent $4 million HIV Test purchase order
On July 22, 2021, Chembio Diagnostics, Inc. (CEMI) received a $4 million purchase order from the Partnership for Supply Chain Management (PFSCM), supported by The Global Fund, for the purchase of Chembio’s HIV 1/2 STAT-PAK Assay for shipment to Ethiopia into early 2022.
CEMI received Huge Covid-19 test kit order
On July 21, 2021, Chembio Diagnostics, Inc (CEMI) shares doubled in premarket trading, after it received a $28.3 million purchase order from Bio-Manguinhos for SARS-CoV-2 Antigen tests in Brazil.
The rapid test was verified as commercially viable in the spring, and this massive order boosted investor confidence. Because COVID-19 cases are rising in certain parts of the world, more test orders could occur at any time.
CEMI Q1 2021 financial results announcement
On May 06, 2021, Chembio Diagnostics, Inc (CEMI) reported financial results for the first quarter ended March 31, 2021.
Q1 2021 financial highlights
- CEMI earned revenue of $8.7 million in Q1 2021 compared to $
- The gross product margin was $0.5 million in Q1 2021, compared to $1.3 million in Q1 2020.
- The total costs and expenses were $12.58 million in Q1 2021 compared to $11.3 million in Q1 2020.
- The company suffered a net loss of $4.5 million, or $0.22 per diluted share in Q1 2021, compared to a net loss of $5.0 million, or $0.29 per diluted share in Q1 2020.
- As of March 31, 2021, CEMI had total cash and cash equivalents of $14.4 million.
Conclusion
The recent purchase order which CEMI received and the upcoming financial results announcement could be the reason behind its exceptional performance on Tuesday. We can expect it to continue its momentum in the coming days.
