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Chembio reports narrower-than-estimated Q3 loss; shares gain

The provider of rapid point-of-care diagnostic tests reported better-than-expected quarterly revenue.

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Chembio shares have gained 37% this year so far.

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.

Quick facts: Chembio Diagnostics

Price: 5.77 USD

NASDAQ:CEMI
Market: NASDAQ
Market Cap: $116.82 m
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