Chembio Lifted by HIV Test Sales

Chembio Diagnostics, a maker of rapid tests to detect HIV and other diseases, today reported its first profitable year since going public due to a double-digit surge in annual sales and a particularly strong fourth quarter.

The Medford-based firm, which went public in 2004, swung to a $309,000 profit in 2009, compared to a $1.9 million loss a year ago, on a 25 percent rise in sales to $13.83 million.

The firm also posted a 45 percent increase in fourth-quarter sales to $3.55 million, fueling a $217,000 net profit compared to a $555,000 net loss the prior fourth quarter.

For fiscal 2009, Chembio reported a 148 percent jump in revenue to $5.24 million from the sale of rapid HIV tests to Inverness Medical Innovations, the exclusive U.S. marketing partner for its two FDA approved rapid HIV tests.

Fourth quarter sales to Inverness shot up 238 percent to $1.83 million.

Chembio President Lawrence A. Siebert said the results enabled the firm to increase its investment in new products.

He said he believes the firm is “very well positioned to deliver continued growth in 2010 and beyond.”

Source: Long Island Business News