Exhibit
99

|NEWS BULLETIN | HEMAGEN(R)DIAGNOSTICS, INC.
9033 Red Branch Road, Columbia, MD  21045
|------------- | ---------------------------------------------------------------------

AT THE COMPANY:
William P. Hales, President & CEO (443) 367-5500 Tel.(443) 367-5527 Fax

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|                                         |             
|---------------------------------------- | ------------
|FOR IMMEDIATE RELEASE 
February 14, 2006 | OTC: HMGN.OB

# HEMAGEN
REPORTS NET INCOME FOR THE FIRST QUARTERON INCREASED SALES AND IMPROVED OPERATING
RESULTS

COLUMBIA, MD  Hemagen
Diagnostics, Inc. (OTC: HMGN.OB) a biotechnology company that develops, manufactures, and
markets proprietary medical diagnostic test kits, today reported operating results for the
first fiscal quarter ended December 31, 2005. For the three-month period ended December
31, 2005, the Company reported net income of $122,000 or $0.01 per share, compared to a
net loss of $236,000 or ($0.02) per share for the quarter ended December 31, 2004. After
adjusting for non-cash charges including depreciation, amortization, and non-cash
interest, the net income for the quarter ended December 31, 2005 was $145,000 compared to
a net loss of $103,000 for the quarter ended December 31, 2004.

William P. Hales, President and CEO,
said, This quarter marks the first time the Company has reported net income since
taking over management of the company. We are pleased with the improvement in sales levels
and continue to strive to make progress in improving our operations. Our main focus is on
increasing revenues through core growth while continuing to contain costs. We remain
focused on our number one goal of building shareholder value and positioning the company
for sustained profitability. We continue to work to optimize our manufacturing facilities
and improve our operating efficiencies.

Revenues for the quarter ended
December 31, 2005 were $1,965,000 as compared to revenues of $1,778,000 for the quarter
ended December 31, 2004, an increase of $187,000 or 10.5%. The increase in sales, for the
three-month period ended December 31, 2005, were mainly due to the increase in revenue at
the Companys Brazilian subsidiary and at Raichem, the Companys Clinical
Chemistry Division.

Gross Margins for the quarter ended
December 31, 2005 were 46% of sales, as compared to 28% for the quarter ended December 31,
2004. Margins were higher than the previous period due to improved manufacturing
efficiencies and reduced manufacturing spending.

At December 31, 2005, Hemagen had
working capital of $1,841,000 and a current ratio of 1.8 to 1.0 compared to working
capital of $3,209,000 and a current ratio of 3.3 to 1.0 at December 31, 2004. This
reduction in working capital is mainly due to the classification of construction financing
which was used to purchase the Companys new headquarters as a current liability.
This liability will be reclassified as a long-term liability once the construction period
is complete. If this financing had been long term at December 31, 2005, the working
capital of the Company would have been $2,498,000 and the current ratio would have been
2.4 to 1.0 instead of 1.8 to 1.0. Hemagen had $278,000 of cash on hand at December 31,
2005, as compared to cash on hand of $307,000 at December 31, 2004.

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# HEMAGEN DIAGNOSTICS,
INC. AND SUBSIDIARYCONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

|                                     | Three Months Ended
|------------------------------------ | ------------------
|
|Revenues                             |                   
|Costs and Expenses:                  |                   
|Cost of Product sales                |                   
|Research and development             |                   
|Selling, general and administrative  |                   
|                                     |                   
|Operating income (loss)              |                   
|Other expenses, net                  |                   
|Income tax expense                   |                   
|Net income (loss)                    |                   
|                                     |                   
|Net loss per share-Basic and Diluted |                   
|                                     |                   

# RECONCILIATION OF
EARNINGS BEFORE NON-CASH CHARGES FOR THE THREE-MONTH PERIODSENDED DECEMBER 31, 2005
(UNAUDITED)

|                                       | Three Months Ended
|-------------------------------------- | ------------------
|
|Net income (loss)                      |                   
|Adjusted for:                          |                   
|Depreciation and Amortization          |                   
|Non-cash amortization of debt discount |                   
|Other non-cash charges                 |                   
|                                       |                   
|Net loss before non cash charges       |                   
|                                       |                   

This reconciliation of Earnings
before non-cash charges is presented because the company believes it is important to see
the impact of the non-cash on the earnings of the company.

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Hemagen Diagnostics, Inc., is a
biotechnology company that develops, manufactures, and markets more than 150 FDA-cleared
proprietary medical diagnostic test kits used to aid in the diagnosis of certain
autoimmune and infectious diseases. Hemagen also manufactures and markets a complete line
of Clinical Chemistry Reagents through its wholly owned subsidiary RAICHEM. In addition,
Hemagen manufactures and sells the Analyst® an FDA-cleared Clinical Chemistry Analyzer
used to measure important constituents in human and animal blood, and the Endochek, a
clinical chemistry analyzer used to measure important constituents in animal blood. In the
United States, the Company sells its products directly to physicians, veterinarians,
clinical laboratories and blood banks and on a private-label basis through multinational
distributors of medical supplies. Internationally, the Company sells its products
primarily through distributors. The Company sells the Analyst® and the Endochek both
directly and through distributors servicing physicians office laboratories and
veterinarians offices. Hemagens products are used in many of the largest
Laboratories, Hospitals, and Blood Banks around the world. Hemagen sells its products to
over 1,000 customers worldwide. The company focuses on markets that offer significant
growth opportunities. The Company was incorporated in 1985 and became a public company in
1993.

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Except for any
historical information contained herein, the
matters discussed in this press release contain
forward-looking statements that involve risks and
uncertainties, including those described in the
Companys Securities and Exchange Commission
Reports and Filings.

Certain Statements
contained in this News Bulletin that are
not historical facts constitute forward-looking
statements, within the meaning of the Private
Securities Litigation Reform Act of 1995,
and are intended to be covered by the
safe harbors created by that Act. Reliance
should not be placed on forward looking
statements because they involve unknown risks,
uncertainties and other factors which may cause
actual results, performance or achievements to
differ materially from those expressed or
implied. Forward looking statements may be
identified by words such as estimates,
anticipates, projects, plans, expects, intends,
believes, should and similar expressions and
by the context in which they are used.
Such statements are based upon current
expectations of the Company and speak only
as of the date made. The Company
undertakes no obligation to update any
forward-looking statements to reflect events or
circumstances after the date on which they
are made.

Statements concerning
the establishments of reserves and adjustments
for dated and obsolete products, expected
financial performance, on-going business strategies and
possible future action, which Hemagen intends
to pursue to achieve strategic objectives,
constitute forward-looking information. The sufficiency
of such reserves and adjustments, expected
performance, implementation of on-going business
strategies and possible future action, the
achievement of financial performance are each
subject to numerous conditions, uncertainties and
risk factors. Factors which could cause
actual performance to differ materially from
these forward looking statements, include without
limitation, managements analysis of Hemagens
assets, liabilities and operations, the failure
to sell date sensitive inventory prior to
its expiration, the inability of particular
products to support goodwill allocated to them,
competition, new product development by
competitors which could render particular products
obsolete, the inability to develop or
acquire and successfully introduce new products
or improvements of existing product costs and
difficulties in complying with laws and
regulations administered by the U. S. Food
and Drug Administration and the ability
to assimilate successfully product acquisitions.