Chembio Diagnostics, Inc. (CEMI) is a novel and leading global diagnostics biotechnology company engaged in the development and commercialization of testing facilities for the detection and diagnosis of different diseases. These diseases include STD, insect vector, and tropical disorders, along with COVID-19, enabling accelerated therapeutics. The company’s innovative DPP technology offers market applications for infectious diseases.
The price of CEMI stock during regular trading on March 3, 2022, was $0.92 with a decline of 3.37%. In the pre-market, its price was last checked to be plunged further by 11.9%.
CEMI: Key Financials
On March 3, 2022, CEMI released its unaudited fourth-quarter financials for the period ended December 31, 2021. Some of the fundamental highlights are discussed below.
Revenue
Total revenue of the fourth quarter in 2021 was $20.5 million against $10.2 million in the same quarter of 2020. The total revenue of the company gained momentum over the year by $10.3 million along with beating the analysts’ expectations by $7.02 million
EPS
Net loss basic and diluted per share in the fourth quarter of 2021 was $13.9 million or $0.47 as compared to $7.13 million or $0.35 in the corresponding quarter of 2020. The company observed a significant reduction in its EPS over the year along with missing the EPS estimates by -$0.27.
CEMI: Events and Happenings
On January 06, 2022, CEMI updated on awarding the grant of nonqualified stock option and an RSU to its new CFO following Nasdaq Listing Rules outside of any stock equity plan. The awards were granted concerning the terms of his employment contract with the company. On January 05, 2022, CEMI reported on appointing Larry Steenvoorden as the company’s new Chief Financial Officer with immediate effect.
On December 06, 2021, CEMI announced the submission of a De Novo/510(k) Application to the FDA for the DPP SARS-CoV-2 Antigen test platform.
Conclusion
CEMI stock down-performed by 78% in 2021 as the peak time of the pandemic hit the global economy adversely. The company observed a declining trend in Thursday’s aftermarket trading as it released its financial statement and missed the EPS estimates. For the first fiscal quarter of 2022, the company expects revenue in the range of $12.2 million with an EPS of -$0.23.
