Chembio Diagnostics Inc. (CEMI) shares surged 10.68% in after-hours on Tuesday, November 16, 2021, and closed the daily trading at $2.28. Even in the regular trading session of Tuesday, CEMI’s stock gained 1.48%. CEMI shares have fallen 55.02% over the last 12 months, and they have moved up 0.98% in the past week. Over the past three months, the stock has lost 19.84%, while over the past six months, it has declined 36.42%.

Let’s see what is the latest news about the company?

CEMI EUA Application for New DPP SARS-CoV-2 Antigen Test

On November 16, 2021, Chembio Diagnostics, Inc. (CEMI) submitted an Emergency Use Authorization (EUA) application to the U.S. Food and Drug Administration (FDA) for the new DPP SARS-CoV-2 Antigen test.

Recently, Chembio received an award from the Biomedical Advanced Research and Development Authority (BARDA) to assist in developing a COVID-19 point-of-care antigen test system using Chembio’s proprietary DPP technology and requesting FDA EUA for the test system. The new test has been designed to detect SARS-CoV-2 antigens in only 20 minutes.

CEMI update about DPP SARS-CoV-2 Antigen Test order

On November 15, 2021, Chembio Diagnostics, Inc. (CEMI), announced that the delivery schedule for shipments of DPP SARS-CoV-2 Antigen Tests under its July 2021 purchase order from Bio Manguinhos has been extended into March 2021. Chembio now has the opportunity to fulfill all the $28.3 million orders.

CEMI Recent Financial Results

On November 04, 2021, Chembio Diagnostics, Inc. (CEMI), announced its financial results for the quarter ended September 30, 2021.

Q3 2021 financial highlights

• CEMI achieved third quarter 2021 total revenue of $12.1 million compared to $10.3 million in Q3 2020.
• Gross profit was $1.5 million in Q3 2021, compared to $0.9 million for the prior-year period.
• Total cost and expenses were $17.7 million in Q3 2021 compared to $15.2 million in Q3 2020.
• It suffered a net loss of $6.4 million, or $0.24 per diluted share for the third quarter of 2021, compared to a net loss of $5.4 million, or $0.28 per diluted share for the third quarter of 2020.
• As of September 30, 2021, the company had cash and cash equivalents totaling $36.0 million.

CEMI EUA application for DPP Respiratory Antigen Panel test

On September 22, 2021, Chembio Diagnostics, Inc. (CEMI), submitted an Emergency Use Authorization (EUA) application to the Food and Drug Administration (FDA) for the company’s DPP Respiratory Antigen Panel test system.

The DPP Respiratory Antigen Panel test system can detect Influenza A, Influenza B, and SARS-CoV-2 antigens from a single patient sample using a simple nasal swab.

Conclusion

The recent EUA application could be the reason behind its good performance on Tuesday and it can continue its momentum on Wednesday as well.