Chembio Diagnostics Inc
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Health Care : Health Care Equipment & Supplies | Small Cap Growth
Company profile

Chembio Diagnostics, Inc. (Chembio), and its subsidiary, Chembio Diagnostic Systems, Inc., develop, manufacture, market and license rapid point-of-care diagnostic tests (POCTs) that detect infectious diseases. The Company's products available are rapid tests for the detection of human immunodeficiency virus (HIV) 1/2 antibodies, and a multiplex rapid test for the detection of HIV and Syphilis antibodies. The HIV 1/2 rapid tests employ in-licensed and lateral flow technologies that are used with all blood matrices as samples, and are manufactured in a standard cassette format, a dipstick format and a barrel format. Its HIV 1/2 rapid antibody detection test incorporates the Dual Path Platform (DPP) POCT technology. The DPP HIV 1/2 Assay detects antibodies to HIV 1 and 2 in oral fluid samples, as well as in all blood matrices. The Company's product pipeline includes a multiplex rapid test for earlier detection of HIV and a multiplex test that detects HIV and Syphilis specific antibodies.

Closing Price
$7.16
Day's Change
2.04 (39.84%)
Bid
--
Ask
--
B/A Size
--
Day's High
8.00
Day's Low
6.36
Volume
(Heavy Day)
Volume:
13,098,870

10-day average volume:
1,864,561
13,098,870

UPDATE: Are any tech companies immune to the economic damage from coronavirus?

8:43 am ET March 25, 2020 (MarketWatch)
Print

By Therese Poletti, MarketWatch

Investors face a tough task rummaging through the rubble for the best tech companies in the current storm

Now that social-media companies, once the darlings of Wall Street, are confirming lower ad revenue due to the COVID-19 outbreak, investors are wondering if any companies in tech are immune from the pandemic's economic damage.

Some had been hoping that with so many people either working at home or self-isolated at home, the huge increase in volume of traffic on Facebook Inc. (FB) and Twitter Inc. (TWTR)(TWTR)(TWTR)would equate to a big increase in ad revenue, targeting those shut-in users. But with businesses hunkering down as well, and many small businesses in danger of collapse, companies are pulling back on ad spending in efforts to conserve cash.

Twitter and Facebook confirmed that bleaker truth for investors this week. On Tuesday, after the market closed, Facebook said in a blog post (http://www.marketwatch.com/story/facebook-says-ad-business-weakening-as-traffic-spikes-amid-covid-19-pandemic-2020-03-24) that its business, like many others around the world, was being "adversely affected (https://about.fb.com/news/2020/03/keeping-our-apps-stable-during-covid-19/)" and pointed out that it is still not making any money yet from some of its services where it is seeing increased engagement. That was clearly a reference to WhatsApp, its global text-messaging service, which still has yet to generate any real revenue.

Facebook followed Twitter, which warned about falling ad revenue on Monday (http://www.marketwatch.com/story/twitter-withdraws-first-quarter-revenue-guidance-due-to-coronavirus-2020-03-23) and said it was withdrawing its previous guidance for the first quarter. Twitter said it now expects a slight revenue decline from the year-ago period and an operating loss.

These companies are adding to the chorus that began in the past two weeks, with companies in nearly every industry withdrawing their financial guidance or outlook, as the world economy grinds to a halt in a major effort to stop the potentially deadly coronavirus from spreading. On Tuesday, the market got a big boost on hopes (http://www.marketwatch.com/story/these-62-stocks-in-the-sp-500-soared-at-least-20-on-tuesday-2020-03-24)that an economic stimulus package appeared to be closer to an actual deal, and on President Donald Trump's insistence that he wants the U.S. to be reopened again by Easter, April 12.

Even with that optimism, wading through the rubble of technology stocks to find a company that will emerge unscathed from the pandemic is tough. So far, companies from all sectors of tech are warning -- or about to warn -- about lower revenue and earnings and poor visibility. Also this week, Applied Materials Inc. (AMAT) , the world's largest maker of semiconductor equipment, added a new wrinkle into the ongoing tech supply chain issues, which as of two weeks ago seemed to be partially resolved. The company said that the cuts in airline schedules and government shutdowns (http://www.marketwatch.com/story/applied-materials-withdraws-q2-guidance-on-coronavirus-pandemic-2020-03-23) (http://www.marketwatch.com/story/applied-materials-withdraws-q2-guidance-on-coronavirus-pandemic-2020-03-23) (http://www.marketwatch.com/story/applied-materials-withdraws-q2-guidance-on-coronavirus-pandemic-2020-03-23)were resulting in "major disruptions in the supply chain."

Read: The tech supply chain is recovering but beware a relapse (http://www.marketwatch.com/story/tech-supply-chain-is-recovering-from-coronavirus-but-beware-a-relapse-2020-03-11).

With so many workers at home using computers and workspaces that are often far less equipped than the typical office, some companies have been seeing a surge in sales, such as Best Buy Co. Inc. (BBY) and Office Depot Inc. (ODP). But even so, with the disruptions in the supply chain and operations, Best Buy withdrew its guidance and suspended its stock buyback plan because of the unpredictable economy, and even though its sales were ahead of the current plan.

"We are seeing a surge in demand across the country for products that people need to work or learn from home, as well as those products that allow people to refrigerate or freeze food," Best Buy Chief Executive Corie Barry said in a statement on Saturday (http://www.marketwatch.com/story/best-buy-sees-surge-in-demand-for-items-that-help-people-work-from-home-2020-03-23). "As we meet the demand for these necessities, we are adjusting how we operate in many ways to improve safety." The company said it gave its staff the option to not work if they don't feel comfortable, and they will be paid if they are staying at home sick.

One analyst who has been trying hard to sift through and find potential winners is Dan Ives of Wedbush Securities. On Monday night, he wrote a report looking to the brighter side of the tech space, focusing on cloud companies like Microsoft Corp. (MSFT) and Amazon.com Inc.'s (AMZN) AWS that are benefiting from the increased use of remote technology, and popular names like Zoom Video Communications, , which has emerged as the go-to video-conference technology used by consumers in the past few weeks.

Read more about working-from-home-related stocks (http://www.marketwatch.com/story/work-from-home-tech-stocks-the-next-big-thing-or-shiny-new-object-2020-03-13).

He also sees the need for more security outside the corporate firewall as another arena for investors to focus on. "We point to the secular themes and winners (with stress-tested models) that can navigate this Category 5 storm of fear and uncertainty," Ives wrote, noting that cloud computing, cybersecurity and the 5G upgrade, longer-term, are the themes he is banking on.

According to a PwC pulse poll earlier this month (https://www.pwc.com/us/covid-19-survey?WT.mc_id=CT1-PL52-DM1-TR1-LS4-ND30-PRG6-CN_CFOPulseSurvey-&eq=CT1-PL52-DM1-CN_CFOPulseSurvey)of 50 CFOs in different industries, only 2% did not expect any impact to their company's revenue or profits from the coronavirus, while 58% expected a decline and 40% said it was still difficult to assess. More uncertainty, guidance pulls and earnings warnings are clearly going to be the new normal over the next month. With even some of the darlings of tech now showing they are not immune, picking the healthiest companies is a tough task.

-Therese Poletti; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

March 25, 2020 08:43 ET (12:43 GMT)

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