On Thursday, Chembio Diagnostics, Inc. (NASDAQ: CEMI) oscillated between $5.83 and $6.03 before concluding trading period higher +0.17% at $5.94. The stock recorded total trading quantity of 8,628 shares as compared to its average volume of 50,693 shares. The share price fluctuated between $4.85 to $11.55 during the 52-week trading period. The firm has a total market worth of $103.30M and $17.39M shares remain outstanding.

Chembio Diagnostics, Inc. (NASDAQ: CEMI), recently stated financial results for the quarter ended March 31, 2019.

Total revenue for the first quarter of 2019 was $8.3M, a raise of 8% contrast to the first quarter of 2018. Net product sales for the first quarter of 2019 were $6.4M, flat contrast to the first quarter of 2018.  License and royalty, and R&D and grant revenue for the first quarter of 2019 was $1.9M, a raise of 45% contrast to the first quarter of 2018.

Gross product margin for the first quarter of 2019 was $1.6M, a decrease of 29% contrast to the first quarter of 2018. Gross product margin percent for the first quarter of 2019 was 25.3% contrast to 35.6% for the first quarter of 2018.

Research and development expenses increased $0.4M, or 20%, for the three months ended March 31, 2019 contrast to the three months ended March 31, 2018, corresponding with the increase in R&D and grant revenue. Selling, general and administrative expenses, not including $0.4M of acquisition costs, increased by $1.6M, or 67%, for the three months ended March 31, 2019 contrast to the three months ended March 31, 2018.

Net loss, including $0.4M acquisition costs, for the first quarter of 2019 was $2.8M, or $0.16 per diluted share, contrast with a net loss of $0.7M, or $0.05 per diluted share, for the first quarter of 2018.

Cash and cash equivalents as of March 31, 2019 totaled $7.4M.

2019 Financial Outlook
Management expects 2019 full year revenue to be in the range of $36.0M to $40.0M