Disappointment and hope – among the feelings expressed in the press release of Chembio Diagnostics Inc.(OTC:CEMI). Several days later – one solid decline in the share price took place, though a recovery is underway as it seems. 
It is one of the few companies out there to show positive figures on the balance sheet. Net income, instead of net loss, just one thing among the others. The balance sheet came out last Thursday. A press release was issued as well and it pretty much covers what happened in the last three months with figures mentioned and some explanations given why they are like that. An interesting thing followed, however – the effect on the market was a decline of roughly 20% for the share price. Also – a trading volume above 700k shares, lastly seen in November 010. This was August 4 – last Thursday.
Even more interesting – a reverse is taking place this week. The stock has almost recovered to its levels from last week, the session yesterday closing at $0.39 per share. No catalyst is in place for this sudden change in direction. Could it be possible that more people had time to read the information in the 10-Q over the weekend? These are some of the figures it includes:
- $2.1 million in cash; [BANNER]
- $6.9 million in total current assets;
- $2 million in total current liabilities;
- $34.4 million in accumulated deficit;
- $3.6 million in total revenues;
- $194k in net income;
A noticeable decline in the figures last year, nevertheless better results than most penny stock enterprises. Given some explanations in the press release for the financial quarter, the annual figures would be even more interesting. In the meantime, as mentioned, a reverse is on the way. Whether sustainable growth in the stock price would be the pattern for the days to come is not an easy question. After all, it has been a steady decline in the last few months, and a sharp drop after the above results came out. Uncertainty is still a factor for CEMI performance on the stock market.
