Chembio Diagnostics, Inc. (“Chembio” or the “Company”) (Nasdaq:
CEMI), a leading point-of-care diagnostics company focused on
infectious diseases, today reported financial results for the
quarter ended June 30, 2021.
Recent Highlights
- Achieved second quarter 2021 total
revenue of $6.5 million and product revenue of $3.9 million,
representing growth of 26% and 4%, respectively, compared to the
prior year period
- Initiated shipments under a $28.3
million purchase order for DPP SARS-CoV-2 Antigen Tests received
from Bio-Manguinhos to support the urgent needs of Brazil’s
Ministry of Health for delivery during 2021
- Received a $4.0 Million HIV Test
purchase order supported by The Global Fund for shipment to
Ethiopia into early 2022
- Continued clinical trials for the
DPP SARS-CoV-2 Antigen Test System, intended for use in
applications for a new EUA and a 510(k)
- Launched an at the market (“ATM”)
offering of common stock and raised $36.9 million of gross proceeds
in July
“In the second quarter, we focused on
international commercial opportunities where our DPP COVID test has
been approved. These efforts were successful, resulting in the
largest order in company history for DPP SARS-CoV-2 Antigen tests
from our longstanding customer Bio-Manguinhos. We also made
progress on our clinical activity to support U.S. regulatory
submissions for our DPP COVID-19 tests,” said Richard Eberly,
Chembio’s President and Chief Executive Officer. “Looking forward,
we believe the investments we have made in product development,
expanding our commercial infrastructure and our automated
manufacturing operations position us for future success. The
recently raised capital has strengthened the balance sheet and will
support execution of our strategic initiatives.”
Second Quarter 2021 Financial
ResultsTotal revenue for the second quarter of 2021 was
$6.5 million, an increase of 26% compared to the prior year period.
Net product sales for the second quarter of 2021 were $3.9 million,
an increase of 4% compared to the prior year period. Government
grant, license and royalty, and R&D revenue for the second
quarter of 2021 totaled $2.5 million, an increase of 92% compared
to the prior year period.
Gross product margin for the second quarter of
2021 was negative $0.1 million, compared to negative $1.9 million
for the prior year period. Gross product margin percentage for the
second quarter of 2021 was negative 3%, compared to negative 50%
for the prior year period. Gross product margin in the second
quarter of 2021 was negatively impacted by a write-down of
inventory. Gross product margins in the prior year period was
impacted by several factors, including the cost of returned product
and the recognition of cost of sales for product produced and
shipped outside the U.S., but for which revenue was not recognized
in that quarter.
Research and development expenses increased by
$0.9 million, or 46%, in the second quarter of 2021 compared to the
prior year period. The increase in research and development expense
was primarily associated with clinical and regulatory work related
to pursuing an EUA and 510(k) from the U.S. Food and Drug
Administration for the DPP SARS-CoV-2 Antigen test system and an
EUA for the DPP Respiratory Panel. The DPP Respiratiory Panel is a
multiplex test being designed to provide simultaneous, discrete,
and differential detection of Influenza A, Influenza B, and
SARS-CoV-2 antigens from a single patient respiratory specimen,
such as a nasal or nasopharyngeal swab, in approximately 20
minutes. Selling, general and administrative expenses increased by
$1.6 million, or 36%, in the second quarter of 2021 compared to the
prior year period, primarily due to increased costs associated with
professional fees and the expanded headcount of Chembio’s U.S.
commercial team.
During the second quarter of 2021, Chembio
recognized $1.3 million of non-cash impairment loss from the
write-off of the intangible assets, net, leasehold improvements,
net and right-of-use assets for leases, net associated with
Malaysian operations. Chembio also recognized $0.7 million of
restructuring costs related to professional fees.
Net loss for the second quarter of 2021 was $9.1
million, or $0.45 per diluted share, compared to a net loss of $7.8
million, or $0.42 per diluted share, for the prior year
period. The net losses reflected asset impairment,
restructuring, severance, and related costs of $2.0 million, or
$0.10 per share, for the second quarter of 2021, compared to $0.3
million, or $0.02 per diluted share, for the prior year period.
Cash and cash equivalents as of June 30, 2021
totaled $5.6 million. Subsequent to the quarter-end, $36.9 million
of gross proceeds were raised through the ATM offering.
Going Concern
ConsiderationsRevenues during the three months ended June
30, 2021 did not meet the Company’s expectations, and the shortfall
in revenues was a principal cause of the Company’s limited cash and
cash-equivalents position as of June 30, 2021. The decrease in cash
and cash-equivalents over the first two quarters of 2021 reflected
market, clinical trial and regulatory complications the Company
faced in seeking to develop and commercialize a portfolio of
COVID-19 test systems during the continuing, but evolving,
uncertainty of the COVID-19 pandemic. The decrease in cash and
cash-equivalents also resulted in part from significant continuing
expenses incurred in connection with pending legal matters and
delayed achievement of milestones associated with government grant
income, investments in inventory and the continuing automation of
U.S. manufacturing.
The Company performed an assessment to determine
whether there were conditions or events that, considered in the
aggregate, raised substantial doubt about the Company’s ability to
continue as a going concern within one year after the date the
accompanying unaudited condensed consolidated financial statements
are issued. Initially, this assessment did not consider the
potential mitigating effect of management’s plans that had not been
fully implemented. Because, as described below, substantial doubt
was determined to exist as the result of this initial assessment,
management then assessed the mitigating effect of its plans to
determine if it is probable that the plans (1) would be
effectively implemented within one year after the date the
accompanying unaudited condensed consolidated financial statements
are issued and (2) when implemented, would mitigate the
relevant conditions or events that raise substantial doubt about
the entity’s ability to continue as a going concern.
Following June 30, 2021, the Company undertook
and achieved measures to increase its total revenues and improve
its liquidity position:
- The Company received significant
purchase orders (the “Significant POs”) from two customers. The
Company had pursued the Significant POs for an extended period of
time, but did not receive them until July 2021 as follows:
- On July 20, 2021, the Company
received a $28.3 million purchase order from Bio-Manguinhos for the
purchase of DPP SARS-CoV-2 Antigen tests for delivery during 2021
to support the urgent needs of Brazil’s Ministry of Health in
addressing the COVID-19 pandemic. Bio-Manguinhos, a subsidiary of
the Oswaldo Cruz Foundation, is responsible for the development and
production of vaccines, diagnostics and biopharmaceuticals,
primarily to meet demands of Brazil’s national public health
system.
- On July 22, 2021, the Company
received a $4 million purchase order from the Partnership for
Supply Chain Management, supported by The Global Fund, for the
purchase of HIV 1/2 STAT-PAK Assays for shipment to Ethiopia into
early 2022.
- The Company raised gross proceeds
of approximately $36.9 million from the issuance of 8,323,242
shares of common stock pursuant to an At the Market Offering
Agreement (the “ATM Agreement”) with Craig Hallum Capital Group
LLC, pursuant to which Chembio may sell from time to time, at its
option, up to an aggregate of $60,000,000 of shares of common stock
through Craig Hallum Capital Group LLC, as sales agent. Net of the
placement fee and other transaction costs, the Company realized
estimated net proceeds of approximately $34.7 million.
These measures and other plans and initiatives
of the Company were designed to provide the Company with adequate
liquidity to meet its obligations for at least the twelve-month
period following the date the Company’s second quarter are to be
issued. Such plans and initiatives are dependent, however, on
factors that are beyond the Company’s control or that may not be
available on terms acceptable to the Company, or at all. The
Company considered how the uncertainties around the delivery of the
full number of tests covered by the Significant POs and other
customer orders may be affected by limitations of the Company’s
supply chain, staffing and liquidity, uncertainties regarding the
achievement of milestones and related recognition of revenue under
government grants, and other matters outside the Company’s control.
The Company further considered how such uncertainties could impact
its ability to meet the obligations specified in the Company’s
credit agreement over the next twelve months, which include
attaining minimum total revenue ranging from approximately $37.4
million to approximately $43.8 million for the rolling twelve
months as of the end of each quarter from September 30, 2021
through June 30, 2022. In the event of an event of default under
the credit agreement, the lender could elect to declare all amounts
outstanding thereunder, together with accrued interest, to be
immediately due and payable. In such an event, there can be no
assurance that the Company would have sufficient liquidity to fund
payment of the amounts that would be due under the credit agreement
or that, if such liquidity were not available, Chembio would be
successful in raising additional capital on acceptable terms, or at
all, or in completing any other endeavor to continue to be
financially viable and continue as a going concern. Chembio’s
inability to raise additional capital on acceptable terms in the
near future, whether for purposes of funding payments required
under the Credit Agreement or providing additional liquidity needed
by the Company for its operations, could have a material adverse
effect on the Company’s business, prospects, results of operations,
liquidity and financial condition. Accordingly, management
determined the Company could not be certain that its plans and
initiatives would be effectively implemented within one year after
the date the accompanying unaudited condensed consolidated
financial statements are issued.
Without giving effect to the prospect of raising
additional capital pursuant to the ATM Agreement, increasing
product revenue in the near future or executing other mitigating
plans, many of which are beyond the Company’s control, it is
unlikely that the Company will be able to generate sufficient cash
flows to meet its required financial obligations, including its
rent, debt service and other obligations due to third parties. The
existence of these conditions raises substantial doubt about the
Company’s ability to continue as a going concern for the
twelve-month period following the date the second quarter financial
statements are to be issued.
The Company’s second quarter financial
statements are being prepared assuming the Company will continue as
a going concern, which contemplates continuity of operations,
realization of assets and the satisfaction of liabilities in the
normal course of business for the twelve-month period following the
date the financial statements are issued.
Conference CallChembio will
host a conference call today beginning at 4:30 pm ET to discuss its
financial results and recent business highlights. Investors
interested in listening to the call may do so by dialing
888-506-0062 from the United States or 973-528-0011 from outside
the United States and providing entry code 629053. To listen to a
live webcast of the call, please visit the Investor Relations
section of Chembio's website at www.chembio.com. Following the
call, a replay will be available on the Investor Relations section
of Chembio’s website. A telephone replay will be available until
4:30 pm ET on August 19, 2021 by dialing 877-481-4010 from the
United States or 919-882-2331 from outside the United States and
using passcode 41881.
About Chembio
DiagnosticsChembio is a leading point-of-care diagnostics
company focused on detecting and diagnosing infectious diseases,
including COVID-19, sexually transmitted, respiratory and insect
vector diseases. Coupled with Chembio’s extensive scientific
expertise, its novel DPP technology offers broad market
applications beyond infectious disease. Chembio’s products are sold
globally, directly and through distributors, to hospitals and
clinics, physician offices, clinical laboratories, public health
organizations, government agencies, and consumers. Learn more at
www.chembio.com.
Forward-Looking
StatementsCertain statements contained in the paragraph
following the bulleted items under “Recent Highlights” above are
not historical facts and may be forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements include statements regarding the
intent, belief or current expectations with respect to the
distribution and sale of Chembio’s diagnostic tests, the
availability, timing, functionality and regulatory approval of
Chembio’s COVID-19 diagnostic tests, and Chembio’s ability to
maintain sufficient liquidity to fund its operation, including its
sales of tests pursuant to the Significant POs. Such statements,
which are expectations only, reflect management's current views,
are based on certain assumptions, and involve risks and
uncertainties. Actual results, events or performance may differ
materially from forward-looking statements due to a number of
important factors, and will be dependent upon a variety of factors,
including, but not limited to, the following, any of which could be
exacerbated even further by the continuing COVID-19 outbreak in the
United States and globally: the ability of Chembio to generate
revenue from the Significant POs or other product orders, and the
margins it can realize from that revenue, will depend on the
availability and cost of human, material and other resources
required to build and deliver the tests, which factors are largely
outside Chembio’s control; the ability of Chembio to maintain
existing, and timely obtain additional, regulatory approvals,
particularly for its proposed COVID-19 diagnostic tests, which
approvals are subject to processes that can change recurringly
without notice; Chembio’s dependence upon, and limited experience
with, COVID-19 diagnostic tests; the highly competitive and rapidly
developing market for testing solutions for COVID-19, which
includes a number of competing companies with strong relationships
with current and potential customers, including governmental
authorities, and with significantly greater financial and other
resources that are available to Chembio; and the risks of doing
business with foreign governmental entities, including
geopolitical, international and other challenges as well as
potential material adverse effects of tariffs and other changes in
U.S. trade policy. Chembio undertakes no obligation to publicly
update forward-looking statements in this release to reflect events
or circumstances that occur after the date hereof or to reflect any
change in Chembio's expectations with regard to the forward-looking
statements or the occurrence of unanticipated events. Factors that
may impact Chembio's success are more fully disclosed in Chembio's
periodic public filings with the U.S. Securities and Exchange
Commission, including its Quarterly Report on Form 10-Q for the
quarterly period ended March 31, 2021 and its Current Report on
Form 8-K filed with the Securities and Exchange Commisson on July
19, 2021, particularly under the heading “Risk Factors.”
DPP is Chembio’s registered trademark, and the
Chembio logo is Chembio’s trademark. For convenience, these
trademarks appear in this release without ® or ™ symbols, but that
practice does not mean that Chembio will not assert, to the fullest
extent under applicable law, its rights to the trademarks. All
other trademarks appearing in this release are the property of
their respective owners.
Investor Relations
ContactPhilip TaylorGilmartin Group(415)
937-5406investor@chembio.com
CHEMBIO DIAGNOSTICS, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS(Unaudited) |
|
|
|
|
|
|
|
|
|
For the three months ended |
|
For the six months ended |
|
June 30, 2021 |
|
June 30, 2020 |
|
June 30, 2021 |
|
June 30, 2020 |
REVENUES: |
|
|
|
|
|
|
|
Product revenue |
$ |
3,931,383 |
|
|
$ |
3,791,574 |
|
|
$ |
7,956,045 |
|
|
$ |
9,508,166 |
|
R&D revenue |
|
727 |
|
|
|
1,193,973 |
|
|
|
1,107,366 |
|
|
|
2,101,660 |
|
Government grant income |
|
2,280,000 |
|
|
|
- |
|
|
|
5,630,000 |
|
|
|
- |
|
License and royalty
revenue |
|
250,000 |
|
|
|
125,625 |
|
|
|
493,058 |
|
|
|
360,929 |
|
TOTAL
REVENUES |
|
6,462,110 |
|
|
|
5,111,172 |
|
|
|
15,186,469 |
|
|
|
11,970,755 |
|
|
|
|
|
|
|
|
|
COSTS AND
EXPENSES: |
|
|
|
|
|
|
|
Cost of product revenue |
|
4,039,696 |
|
|
|
5,670,737 |
|
|
|
7,588,137 |
|
|
|
10,045,179 |
|
Research and development
expenses |
|
2,796,981 |
|
|
|
1,922,306 |
|
|
|
5,660,319 |
|
|
|
3,881,159 |
|
Selling, general and
administrative expenses |
|
6,001,353 |
|
|
|
4,397,593 |
|
|
|
12,086,422 |
|
|
|
8,554,234 |
|
Asset impairment, severance,
restructuring and related costs |
|
1,961,156 |
|
|
|
387,540 |
|
|
|
2,044,243 |
|
|
|
1,110,658 |
|
Acquisition costs |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
63,497 |
|
|
|
14,799,186 |
|
|
|
12,378,176 |
|
|
|
27,379,121 |
|
|
|
23,654,727 |
|
LOSS FROM
OPERATIONS |
|
(8,337,076 |
) |
|
|
(7,267,004 |
) |
|
|
(12,192,652 |
) |
|
|
(11,683,972 |
) |
|
|
|
|
|
|
|
|
OTHER
EXPENSE: |
|
|
|
|
|
|
|
Interest expense, net |
|
(727,374 |
) |
|
|
(712,052 |
) |
|
|
(1,439,851 |
) |
|
|
(1,374,192 |
) |
|
|
|
|
|
|
|
|
LOSS BEFORE INCOME
TAXES |
|
(9,064,450 |
) |
|
|
(7,979,056 |
) |
|
|
(13,632,503 |
) |
|
|
(13,058,164 |
) |
|
|
|
|
|
|
|
|
Income tax benefit |
|
65 |
|
|
|
135,259 |
|
|
|
67,955 |
|
|
|
214,818 |
|
|
|
|
|
|
|
|
|
NET LOSS |
$ |
(9,064,385 |
) |
|
$ |
(7,843,797 |
) |
|
$ |
(13,564,548 |
) |
|
$ |
(12,843,346 |
) |
|
|
|
|
|
|
|
|
Basic and diluted loss
per share |
$ |
(0.45 |
) |
|
$ |
(0.42 |
) |
|
$ |
(0.67 |
) |
|
$ |
(0.71 |
) |
|
|
|
|
|
|
|
|
Weighted average
number of shares outstanding, basic and diluted |
|
20,219,617 |
|
|
|
18,868,144 |
|
|
|
20,191,657 |
|
|
|
18,032,723 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CHEMBIO DIAGNOSTICS, INC. AND SUBSIDIARIES |
CONDENSED CONSOLIDATED BALANCE SHEETS |
AS OF |
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
June 30, 2021 |
|
December 31, 2020 |
|
|
|
|
|
- ASSETS - |
|
|
|
|
CURRENT
ASSETS: |
|
|
|
|
Cash and cash equivalents |
|
$ |
5,564,349 |
|
|
$ |
23,066,301 |
|
Accounts receivable, net of
allowance for doubtful accounts of $193,535 and $296,793 as of June
30, 2021 and December 31, 2020, respectively |
|
|
2,977,082 |
|
|
|
3,377,387 |
|
Inventories, net |
|
|
15,720,292 |
|
|
|
12,516,402 |
|
Prepaid expenses and other
current assets |
|
|
1,064,508 |
|
|
|
778,683 |
|
TOTAL CURRENT
ASSETS |
|
|
25,326,231 |
|
|
|
39,738,773 |
|
|
|
|
|
|
FIXED
ASSETS: |
|
|
|
|
Property, Plant and Equipment,
net |
|
|
9,149,460 |
|
|
|
8,688,403 |
|
Finance lease right-of-use
asset, net |
|
|
225,947 |
|
|
|
233,134 |
|
TOTAL FIXED ASSETS,
net |
|
|
9,375,407 |
|
|
|
8,921,537 |
|
|
|
|
|
|
OTHER
ASSETS: |
|
|
|
|
Operating lease right-of-use
assets, net |
|
|
6,274,945 |
|
|
|
6,112,632 |
|
Intangible assets, net |
|
|
2,329,859 |
|
|
|
3,645,986 |
|
Goodwill |
|
|
5,899,531 |
|
|
|
5,963,744 |
|
Deposits and other assets |
|
|
370,644 |
|
|
|
509,342 |
|
|
|
|
|
|
TOTAL
ASSETS |
|
$ |
49,576,617 |
|
|
$ |
64,892,014 |
|
|
|
|
|
|
- LIABILITIES AND STOCKHOLDERS’ EQUITY - |
|
|
|
|
CURRENT
LIABILITIES: |
|
|
|
|
Accounts payable and accrued
liabilities |
|
$ |
8,091,368 |
|
|
$ |
10,042,790 |
|
Deferred revenue |
|
|
404,486 |
|
|
|
1,606,997 |
|
Operating lease
liabilities |
|
|
867,154 |
|
|
|
642,460 |
|
Finance lease liabilities |
|
|
65,435 |
|
|
|
58,877 |
|
TOTAL CURRENT
LIABILITIES |
|
|
9,428,443 |
|
|
|
12,351,124 |
|
|
|
|
|
|
OTHER
LIABILITIES: |
|
|
|
|
Long-term operating lease
liabilities |
|
|
6,392,531 |
|
|
|
6,327,143 |
|
Long-term finance lease
liabilities |
|
|
174,466 |
|
|
|
185,239 |
|
Long-term debt, net |
|
|
18,477,924 |
|
|
|
18,182,158 |
|
Deferred tax liability |
|
|
- |
|
|
|
69,941 |
|
TOTAL
LIABILITIES |
|
|
34,473,364 |
|
|
|
37,115,605 |
|
|
|
|
|
|
STOCKHOLDERS’
EQUITY: |
|
|
|
|
Preferred stock – 10,000,000
shares authorized, none issued or outstanding |
|
|
- |
|
|
|
- |
|
Common stock - $0.01 par
value; 100,000,000 shares authorized; 20,285,695 shares and
20,223,498 shares issued at March 31, 2021 and December 31, 2020,
respectively |
|
|
203,374 |
|
|
|
202,235 |
|
Additional paid-in
capital |
|
|
126,006,387 |
|
|
|
124,961,514 |
|
Accumulated deficit |
|
|
(110,670,879 |
) |
|
|
(97,106,331 |
) |
Treasury stock 41,141 shares
at cost as of March 31, 2021 and December 31, 2020,
respectively |
|
|
(190,093 |
) |
|
|
(190,093 |
) |
Accumulated other
comprehensive loss |
|
|
(245,536 |
) |
|
|
(90,916 |
) |
TOTAL STOCKHOLDERS’
EQUITY |
|
|
15,103,253 |
|
|
|
27,776,409 |
|
|
|
|
|
|
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
$ |
49,576,617 |
|
|
$ |
64,892,014 |
|
|
|
|
|
|
|
|
|
|
CHEMBIO DIAGNOSTICS, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWSFOR THE SIX MONTHS
ENDED(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
June 30, |
|
|
|
2021 |
|
|
2020 |
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
Cash received from customers and grants |
|
$ |
14,493,073 |
|
|
$ |
16,993,648 |
|
|
Cash paid to suppliers and employees |
|
|
(28,559,938 |
) |
|
|
(22,751,210 |
) |
|
Cash paid for operating leases |
|
|
(696,188 |
) |
|
|
(457,277 |
) |
|
Cash paid for finance leases |
|
|
(10,312 |
) |
|
|
(9,367 |
) |
|
Interest and taxes, net |
|
|
(1,135,295 |
) |
|
|
(1,106,778 |
) |
|
Net cash used in
operating activities |
|
|
(15,908,660 |
) |
|
|
(7,330,984 |
) |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
Acquisition of and deposits on fixed assets |
|
|
(1,270,989 |
) |
|
|
(2,351,160 |
) |
|
Patent Application Costs |
|
|
(28,023 |
) |
|
|
(98,186 |
) |
|
Net cash used in
investing activities |
|
|
(1,299,012 |
) |
|
|
(2,449,346 |
) |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
Issuance of stock, net |
|
|
- |
|
|
|
28,463,741 |
|
|
Stimulus package loan |
|
|
- |
|
|
|
2,978,315 |
|
|
Payment of stimulus package loan |
|
|
- |
|
|
|
(2,978,315 |
) |
|
Payments on note payable |
|
|
- |
|
|
|
(104,542 |
) |
|
Payments of tax withholdings on stock award |
|
|
(119,513 |
) |
|
|
(343,080 |
) |
|
Payments on finance lease |
|
|
(29,820 |
) |
|
|
(23,578 |
) |
|
Net cash provided by
financing activities |
|
|
(149,333 |
) |
|
|
27,992,541 |
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash |
|
|
(144,947 |
) |
|
|
(29,095 |
) |
|
DECREASE IN CASH AND
CASH EQUIVALENTS |
|
|
(17,501,952 |
) |
|
|
18,183,116 |
|
|
Cash and cash equivalents - beginning of the period |
|
|
23,066,301 |
|
|
|
18,271,352 |
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents - end of the period |
|
$ |
5,564,349 |
|
|
$ |
36,454,468 |
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF NET
LOSS TO NET CASH USED IN OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss |
|
$ |
(13,564,548 |
) |
|
$ |
(12,843,346 |
) |
|
Adjustments: |
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
1,390,897 |
|
|
|
1,441,823 |
|
|
Share based compensation |
|
|
1,165,632 |
|
|
|
347,141 |
|
|
Non-cash inventory changes |
|
|
863,612 |
|
|
|
- |
|
|
Benefit from deferred tax liability |
|
|
(69,941 |
) |
|
|
(216,000 |
) |
|
Impairment of long-lived assets |
|
|
1,273,945 |
|
|
|
- |
|
|
Provision (recovery) for doubtful accounts |
|
|
(103,258 |
) |
|
|
94,262 |
|
|
Changes in assets and
liabilities, net of effects from acquisitions: |
|
|
|
|
|
|
|
Accounts receivable |
|
|
503,563 |
|
|
|
1,050,738 |
|
|
Inventories |
|
|
(4,067,502 |
) |
|
|
(4,533,511 |
) |
|
Prepaid expenses and other current assets |
|
|
(285,825 |
) |
|
|
(49,894 |
) |
|
Deposits and other assets |
|
|
138,698 |
|
|
|
113,655 |
|
|
Accounts payable and accrued liabilities |
|
|
(1,951,422 |
) |
|
|
3,291,993 |
|
|
Deferred revenue |
|
|
(1,202,511 |
) |
|
|
3,972,155 |
|
|
Net cash used in
operating activities |
|
$ |
(15,908,660 |
) |
|
$ |
(7,330,984 |
) |
|
|
|
|
|
|
|
|
|
Supplemental
disclosures for non-cash investing and financing
activities: |
|
|
|
|
|
|
|
Deposits on manufacturing equipment transferred to fixed
assets |
|
$ |
- |
|
|
$ |
472,651 |
|
|
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