Nevada
|
0-30379
|
88-0425691
|
||
(State or other jurisdiction
|
(Commission File Number)
|
(IRS Employer
|
||
of Incorporation)
|
Identification Number)
|
|||
3661 Horseblock Road
|
||||
Medford, NY 11763
|
||||
(Address of principal executive offices)
|
||||
631-924-1135
|
||||
(Registrant’s Telephone Number)
|
|
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
|
|
|
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
|
|
|
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
|
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
99.1
|
PowerPoint Presentation entitled “Investor Presentation May 2012” dated May 24, 2012.
|
Exhibit Number
|
Description
|
99.1
|
PowerPoint Presentation titled “Investor Presentation May 2012” dated May 24, 2012.
|
·
|
Develops, Manufactures & Markets Point-of-Care Diagnostic Tests Participating in $10 billion POC test market
|
·
|
Partnered with leading license and distribution partners in U.S. and South America
|
·
|
Robust pipeline of POC diagnostics for infectious diseases based on lateral flow and proprietary DPP® platforms
|
·
|
New opportunities for strategic partnerships with HIV Self-Tests, Hepatitis-C, Multiplex DPP® POC Testing Products
|
·
|
Record Revenues and Income in 2009-2012YTD
|
·
|
Seasoned management team with relevant industry and financial experience
|
•
|
Product Revenue Growth of 40.8% over period to $17.4MM in 2011
|
•
|
Gross Margin Growth of 60% over period to $9.4MM in 2011
|
•
|
Non-Recurring Items Included in Net Income
|
‐
|
$1.5MM QTDP grant in 2010 credited to R&D expense
|
‐
|
$.3MM 2010 Expense related to possible strategic transaction
|
‐
|
2011 – Recognition of deferred tax asset valuation allowance of $5.1MM
|
·
|
ESTABLISH Chembio-DPP® Brand Serving Public Health & Related POCT Market Opportunities
|
·
|
CONTINUE to Increase Revenue and Profitability Growth to Drive Shareholder Value
|
·
|
COLLABORATE to Address New Market Opportunities by Leveraging our IP, Core Development and Manufacturing Competencies
|
·
|
Rapid HIV Test Markets -$200MM Globally
|
·
|
Potential HIV OTC (Self-testing) Market Estimated at >$250MM
|
·
|
Other New POCT Markets Targeted by Chembio
|
·
|
Estimated at >$250MM
|
·
|
R&D, Initial External Studies Completed
|
·
|
Estimated $75MM
|
·
|
DPP® Syphilis Screen & Confirm Tests in EU and Brazil; U.S. Clinical Studies
|
‐
|
50,000 new cases of HIV annually still in U.S.
|
‐
|
Estimated that >20% of HIV-positive individuals in U.S. unaware of their status
|
‐
|
Chembio’s U.S. market sales (to Alere) increased by 36.5% in 2011 to $7.2MM
|
‐
|
Estimated 20% U.S. market share
|
‐
|
Sold through distribution ex-U.S.
|
·
|
Will Help Avert More Infections By Enabling Self-testing
|
·
|
Chembio Is Uniquely Positioned To Participate In This New Market
|
·
|
Barrel Product Currently Sold In U.S, Professional Market By Alere Already Unitized
|
·
|
Anticipate Receiving FDA Investigational Device Exemption In 2012 To Begin Studies In 2013
|
‐
|
Features Independent Sample Path and Direct Binding
|
‐
|
Enables Improved Multiplex Products
|
•
|
Five Contracts with Aggregate $23MM of Minimum Purchases, All Products Approved in Brazil 2010-11
|
•
|
$4.3MM Revenues in 2011 >$9MM Anticipated in 2012
|
•
|
Possible New Products and Collaborations with FIOCRUZ & Others in Brazil
|
•
|
Clinical Trials Being Completed
|
•
|
Anticipated FDA PMA Approval in 2012
|
•
|
Market Launch 2013
|
•
|
Improved Performance & Unique Features
|
Complete
(U.S.) Sure Check®,(Intl)
|
HIV 1/2
STAT-PAK®
|
DPP®
HIV Screen
|
OraQuick® Advance
|
Uni-Gold®
|
|
Manufacturer
|
Chembio
Medford, NY
|
Chembio
Medford, NY
|
Chembio
Medford, NY
|
Orasure Bethlehem, PA
|
Trinity Biotech, Dublin Ireland
|
FDA Approval Date
|
2006
|
2006
|
Clinical trials 98% Completed
|
2003
|
2003
|
Technology
|
Lateral Flow & Unitized Barrel Device
|
Lateral Flow
|
DPP® Technology & Closed Sample Vial System
|
Lateral Flow
|
Lateral Flow
|
Est. US Market Shr.
|
8%
|
12%
|
N/A
|
65%
|
15%
|
Sample Types
|
All Blood Matrices
|
All Blood Matrices
|
Oral Fluid &
All Blood Matrices
|
Oral Fluid, Whole Blood, Plasma; not serum
|
All Blood Matrices
|
True IgG Control
|
Yes
|
Yes
|
Yes
|
Yes
|
No
|
Sample Size
(in microliters)
|
2.5
|
5
|
5
|
5
|
40
|
HIV-2
|
Yes
|
Yes
|
Yes
|
Yes
|
No
|
•
|
First Dual POCT for Syphilis Enables Confirmation & Treatment At POC
|
•
|
CE Marked October 2011, International Distribution being Established
|
•
|
US 510(K) Clinical Trials 2012
|
in (000's)
|
3 Mo. Mar. 31, 2012
|
3 Mo. Mar. 31, 2011
|
Y/E Dec. 31, 2011
|
Y/E Dec. 31, 2010
|
||||||||||||||||||||||||||||
Net Product Revenues
|
$ | 6,363 | $ | 3,015 | $ | 17,422 | $ | 13,516 | ||||||||||||||||||||||||
Non-Product Revenues
|
290 | 621 | 1,966 | 3,188 | ||||||||||||||||||||||||||||
TOTAL REVENUES
|
$ | 6,653 | $ | 3,636 | $ | 19,388 | $ | 16,705 | ||||||||||||||||||||||||
GROSS MARGIN
|
3,333 | 50 | % | 1,926 | 53 | % | 9,390 | 48 | % | 8,101 | 48 | % | ||||||||||||||||||||
OPERATING COSTS:
|
||||||||||||||||||||||||||||||||
Research and development expenses
|
1,379 | 12 | % | 1,290 | 35 | % | 4,878 | 25 | % | 2,586 | 15 | % | ||||||||||||||||||||
Selling, general and administrative expense
|
1,234 | 19 | % | 775 | 21 | % | 3,424 | 18 | % | 2,941 | 18 | % | ||||||||||||||||||||
2,613 | 2,065 | 8,302 | 5,527 | |||||||||||||||||||||||||||||
INCOME FROM OPERATIONS
|
720 | (139 | ) | 1,088 | 2,574 | |||||||||||||||||||||||||||
OTHER INCOME (EXPENSES):
|
(1 | ) | (3 | ) | (12 | ) | (15 | ) | ||||||||||||||||||||||||
NET INCOME-Before Taxes
|
719 | 11 | % | (142 | ) | -4 | % | 1,076 | 6 | % | 2,559 | 15 | % | |||||||||||||||||||
Income tax (benefit) provision
|
285 | - | (5,133 | ) | 46 | |||||||||||||||||||||||||||
NET INCOME
|
433 | 7 | % | (142 | ) | -4 | % | 6,209 | 32 | % | 2,513 | 15 | % |
Ticker Symbol (OTC-QB)
|
CEMI
|
Price 4/30/12
|
$0.490
|
52-Week High
|
$0.570
|
52-Week Low
|
$0.210
|
Outstanding Shares
|
63.9
|
Market Capitalization
|
$31.3
|
Fully Diluted Shares
|
69.7
|
Management Holding
|
12.5
|
Average Daily Volume (3 months)
|
32,500
|
($ in millions)
|
Mar’12
|
Dec'11
|
Dec. '10
|
Cash
|
$ 2,954
|
$ 3,011
|
$ 2,136
|
Total Current Assets
|
10,033
|
8,992
|
7,637
|
Total Assets
|
$16,360
|
$ 15,486
|
$ 9,086
|
Total Current Liabilities
|
3,133
|
2,858
|
3,076
|
Total Liabilities
|
3,254
|
2,991
|
3,277
|
Total Equity
|
13,106
|
12,495
|
5,809
|
Total Liabilities & Stockholders’ Equity
|
$16,360
|
$ 15,486
|
$ 9,086
|
Options
|
Amt.
|
Avg. Ex. Price
|
|
4.31MM held by Mgmt. & Board
|
5.82MM
|
$0.229
|
•
|
Full Year of New Products Launched in Brazil through FIOCRUZ
|
•
|
Launch of DPP® HIV & Syphilis Tests in Global & US Markets
|
•
|
Increased Lateral Flow HIV Test Sales in U.S. & Global Markets
|
•
|
Developments Related to Potential New Branded and/or OEM Products & Related Strategic Collaborations
|
•
|
DPP® HIV Oral Fluid Test
|
‐
|
Milestones toward FDA Approval
|
•
|
Sure Check HIV OTC
|
‐
|
IDE, Clinical Trials
|
•
|
Hepatitis-C Product
|
‐
|
Development, Studies
|
•
|
Syphilis Screen & Confirm
|
•
|
Others
|
‐
|
HIV/Syphilis Combo
|
‐
|
New Multiplex Tests
|
•
|
FDA & USDA- Approved Development & Manufacturing Facility
|
•
|
28,000 Sq. Ft. Leased Facility in Medford, NY
|
Reg. & Clinical QA &QC
|
15
|
SG&A
|
11
|
Research & Development
|
29
|
Operations
|
116
|
Lawrence Siebert
|
Chairman & CEO
|
2002
|
Richard Larkin
|
CFO
|
2003
|
Javan Esfandiari
|
SVP R&D
|
2000
|
Tom Ippolito
|
VP Regulatory, Clinical, QA/QC
|
2005
|
Rick Bruce
|
VP Operations
|
2000
|
Katherine Davis, MBA
|
2007
|
|
Barbara DeBuono, MD, MPH
|
2011
|
|
Peter Kissinger, Ph.D
|
2011
|
|
Gary Meller, MD, MBA
|
2005
|
‐
|
Develops, Manufactures & Markets Point-of-Care Diagnostic Tests Participating in $10 billion POC test market
|
‐
|
Partnered with leading license and distribution partners in U.S. and South America
|
‐
|
Robust pipeline of POC diagnostics for infectious diseases based on lateral flow and proprietary DPP® platforms
|
‐
|
New opportunities for strategic partnerships with HIV Self-Tests, Hepatitis-C, Multiplex DPP® POC Testing Products
|
‐
|
Record Revenues and Income in 2009-2012YTD
|
‐
|
Seasoned management team with relevant industry and financial experience
|
(in 000s)
|
2011
|
2010
|
2009
|
2008
|
2007
|
2006
|
||||||
REVENUES:
|
||||||||||||
Net Product sales
|
$ 17,422
|
13,516
|
12,372
|
10,356
|
8,765
|
6,294
|
||||||
Non-product revenues
|
1,966
|
3,189
|
1,462
|
694
|
466
|
208
|
||||||
TOTAL REVENUES
|
19,388
|
$ 16,705
|
$ 13,834
|
$ 11,050
|
$ 9,231
|
$ 6,502
|
||||||
Cost of sales
|
9,998
|
8,604
|
7,974
|
7,198
|
6,435
|
4,894
|
||||||
GROSS MARGIN
|
9,390
|
48%
|
8,101
|
48%
|
5,860
|
42%
|
3,852
|
35%
|
2,796
|
30%
|
1,608
|
25%
|
OVERHEAD COSTS:
|
||||||||||||
Research and development expenses
|
4,878
|
25%
|
2,586
|
15%
|
2,884
|
21%
|
2,606
|
24%
|
1,907
|
21%
|
1,401
|
22%
|
Selling, general and administrative expenses
|
3,424
|
18%
|
2,941
|
18%
|
2,659
|
19%
|
3,317
|
30%
|
3,765
|
41%
|
4,787
|
74%
|
8,302
|
5,527
|
5,543
|
5,923
|
5,672
|
6,188
|
|||||||
INCOME (LOSS) FROM OPERATIONS
|
1,088
|
2,574
|
317
|
(2,071)
|
(2,876)
|
(4,580)
|
||||||
OTHER INCOME (EXPENSES):
|
||||||||||||
Other income (expense)
|
-
|
(4)
|
(7)
|
96
|
121
|
(57)
|
||||||
Interest income
|
6
|
4
|
9
|
34
|
145
|
29
|
||||||
Interest expense
|
(19)
|
(15)
|
(10)
|
(8)
|
(17)
|
(387)
|
||||||
(13)
|
(15)
|
(8)
|
122
|
249
|
(415)
|
|||||||
NET INCOME (LOSS) BEFORE INCOME TAXES
|
1,075
|
2,559
|
309
|
(1,949)
|
(2,627)
|
(4,995)
|
||||||
Income tax (benefit) provision
|
(5,133)
|
46
|
-
|
-
|
-
|
-
|
||||||
NET INCOME (LOSS)
|
6,208
|
32%
|
2,513
|
15%
|
309
|
2%
|
(1,949)
|
-18%
|
(2,627)
|
-28%
|
(4,995)
|
-77%
|
Pref. Divid. '06/07, beneficial conversion feature in 2006 and effect of conversion in 2007
|
-
|
-
|
-
|
-
|
5,645
|
3,210
|
||||||
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
$ 6,208
|
$ 2,513
|
$ 309
|
$ (1,949)
|
-18%
|
$ (8,272)
|
-90%
|
$ (8,205)
|
-126%
|
|||
Basic income (loss) per share
|
$ 0.10
|
$ 0.04
|
$ 0.00
|
$ (0.03)
|
$ (0.57)
|
$ (0.80)
|
||||||
Diluted income (loss) per share
|
$ 0.09
|
$ 0.04
|
$ 0.00
|
$ (0.03)
|
$ (0.57)
|
$ (0.80)
|
||||||
Weighted average number of shares outstanding, basic
|
62,998
|
62,103
|
61,946
|
61,267
|
14,608
|
10,293
|
||||||
Weighted average number of shares outstanding, diluted
|
68,450
|
70,921
|
75,042
|
61,267
|
14,608
|
10,293
|
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