Chembio Diagnostics, Inc. (CEMI) stock soared in the intraday session today after it announced the launch of Commercial Distribution of Third-Party COVID-19 Antigen Assay. CEMI stock saw a surge of 17.16% to reach $3.15 a share at the time of this writing. The stock was gloomy in the previous trading session and went down by 0.74% at closing. Let’s dig in to explore more of it.
What’s Happening?
Chembio stock operates via manufacturing and commercializing of point of care diagnostics tests for the detection and diagnostic of diseases. The main tests which this stock is offering are COVID-19, HIV and Syphilis, and Zika virus. CEMI stock launched the commercial distribution of an FDA Emergency Use Authorized, patent-pending, rapid point-of-care COVID-19 antigen test. The purpose behind this launch is its use in decentralized and traditional testing settings. The newly launched product is available for the customers of Chembio in the United States.
InBios International, Inc has manufactured SCoV-2 Ag Detect™ Rapid Test. It is the fast immunoassay test that has a CLIA waiver certificate and is permissible for use in laboratories. This test does not require any instrumentation and gives results in 20 minutes from a nasal swab. COVID-19 patients suspected by their healthcare provider within 5 days of symptom appearance can go through this test. More this test can be performed for asymptotic serial testing.
Financial View of CEMI stock:
Chembio stock on August 05, 2021, did announce second-quarter 2021 financial results the highlights of which are given below.
- CEMI stock generated $6.5 million in revenue in the second quarter of 2021.
- CEMI stock reported a $0.1 million gross margin for the second quarter of 2021.
- Chembio spent 46% higher research and development expenses in Q2,2021 as compared to Q2,2020.
- Net loss was $9.1 million, or $0.45 per diluted share in the recently reported quarter.
- By the end of the second quarter, CEMI had $5.6 million in cash and cash equivalents.
Recent Developments of CEMI stock:
In July 2021, CEMI stock received two significant purchase orders. First order it received on July 20, 2021 by the Bio-Manguinhos was worth $28.3 million. The latter ordered DPP SARS-CoV-2 Antigen tests to meet the urgent needs of Brazil for COVID-19. The Second-order it received on July 22, 2021, from Partnership for Supply Chain Management, supported by The Global Fund, was worth $4 million. This order was related to HIV 1/2 STAT-PAK Assays shipment to Ethiopia in early 2022.
Wrap Up:
The recent announcement has made the Chembio stock green today as investors are now responding positively to the CEMI stock. CEMI has gained 16.51% in the last 30 days while lost 36.80% year to date.
