Chembio Diagnostics, Inc. (CEMI.OB) Posts 42% Increase in Revenue, Advances in Proprietary Technology
Chembio Diagnostics, Inc. (OTCBB: CEMI) today posted its financial results for the three and 12 months ending December 31, 2007, reporting a 42% increase in revenue, attributed to first-time sales of the company’s rapid HIV tests to its U.S. marketing partner and increased sales in both Africa and Mexico. The company reported its total revenue for 2007 at $9.2 million, up from $6.5 million in 2006; rapid HIV test revenue for 2007 increased to $7.9 million, up 79% from $4.4 million reported in 2006. "Our 2007 revenue growth is largely attributable to our entry into the U.S. market. The recent CLIA…