Shares of the Chembio Diagnostics, Inc. (CEMI) stock were rising in the pre-market trading session today on July 26, 2021. The CEMI stock price saw an uptrend of 1.31 % to reach $3.10 a share at the time of this writing. The stock went down at the previous closing by 29%. Let’s deep dive to explore more of it.
What’s Happening?
CEMI is the developer and manufacturer of point-of-care (POC) diagnostic tests that help in the diagnosis of diseases. There is no news related to CEMI stock today to justify the bullish sentiment. It seems that the CEMI stock is rising without any obvious reason. However, it has been noticed that the stock became red at some points in the pre-market session today.
CEMI stock’s Upcoming Financial Results:
Chembio Diagnostics, Inc on July 23, 2021, announced the release date of its second-quarter 2021 financial results which is August 5, 2021. CEMI stock will announce financial results after the closing of trading on the above-mentioned date.
CEMI stock’s first-quarter financial results:
In the first quarter 2021 financial results, the CEMI stock generated $8.7 million revenue which was 27% higher than the same period of the prior year.Net products sales were declined 30% to drop at $4.0 million and the gross product margin was $0.5 million in the first quarter of 2021.
The CEMI stock spent 46% higher research and development expenses in the first quarter of 2021 as compared to the same tenure of the previous year. Selling general and administrative expenses were increased by 46% or $1.9 million in the first three months of 2021.
Net loss for the Chembio stock was $4.5 million as compared to $5.0 million in the prior-year period. As of March 31, 2021, cash and cash equivalents were totaled $14.4 million.
COVID Diagnostic Test Order:
On July 20, 2021, Chembio Diagnostics received a purchase order worth $28.3 million from Bio-Manguinhos. The order was related to Chembio’s DPP SARS-CoV-2 Antigen tests that use the nasal swab for detecting COVID-19 pathogen in only 20 minutes. As a result of this order, the shares of Chembio were doubled at that time.
Conclusion:
The CEMI stock was green in the pre-market trading session despite no specific news related to it on today’s date. The revenue of the first quarter was higher as compared to previous year same period. The upcoming financial results in august will further explain the position of this stock.
