Chembio Diagnostics (NASDAQ:CEMI) rose in morning trading after the provider of rapid point-of-care diagnostic tests reported a narrower-than-expected quarterly loss and higher-than-estimated revenue.
Shares gained 1.5% to $5.34 at 10:58 a.m. in New York.
Net loss expanded to $0.4mln, or $0.05 loss per diluted share, in the September quarter, from net loss of $0.3mln, or $0.03 loss per diluted share, the Medford, New York-based company said in a statement on Thursday.
That result beat the $0.07 loss estimated by one analyst polled by Capital IQ.
Third-quarter revenue decreased 5.8% to $6.89mln, but topped the $6.65mln estimate of two analysts on average.
“Chembio continues to focus on the following three business areas: Sexually Transmitted Diseases (“STD”), Fever Diseases, and Technology Collaborations," chief executive officer John Sperzel said in the statement.