**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

**Washington,      D.C. 20549**

**FORM      10-QSB**

**QUARTERLY      REPORT PURSUANT TO SECTION 13 OR 15 (d) OF **

**THE      SECURITIES EXCHANGE ACT OF 1934**

| For                the Quarterly Period Ended December 31, 2006 | Commission                File |
|-----------------------------------------------------------------|--------------------------------|
|                                                            | Number                1-11700  |

| **HEMAGEN                DIAGNOSTICS, INC.**                                                   |
|------------------------------------------------------------------------------------------------|
| (Exact                name of Small Business Issuer asSpecified                in its Charter) |

| Delaware                               |   | 04-2869857                              |
|----------------------------------------|--------|-----------------------------------------|
| (State                of Organization) |   | (I.R.S.                Employer Number) |

| 9033                Red Branch Road, Columbia, Maryland 21045-2105                   |
|--------------------------------------------------------------------------------------|
| (Address                of principal executive offices, Zip Code)                    |
|                                                                                 |
|                                                                                 |
| (443)                367 5500                                                        |
| (Issuer’s                telephone number, including area                code) |

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**HEMAGEN      DIAGNOSTICS, INC. AND SUBSIDIARIES**

**INDEX**

| **PART                I.  FINANCIAL INFORMATION** |                   | **Page                Number**                                                                                            |
|--------------------------------------------------------|------------------------|---------------------------------------------------------------------------------------------------------------------------|
|                                                   | Item                1. | Financial                Statements (unaudited)                                                                           |   |   |
|                                                   |                   |                                                                                                                      |   |   |
|                                                   |                   | Consolidated                Balance Sheets;December                31, 2006 and September 30, 2006                        |   | 3 |
|                                                   |                   |                                                                                                                      |   |   |
|                                                   |                   | Consolidated                Statements Of Operations; three months ended December 31, 2006 and                2005        |   | 5 |
|                                                   |                   |                                                                                                                      |   |   |
|                                                   |                   | Consolidated                Statements Of Cash Flows; three months Ended December 31, 2006 and                2005        |   | 6 |
|                                                   |                   |                                                                                                                      |   |   |
|                                                   |                   | Notes                to Consolidated Financial Statements                                                                 |   | 7 |
|                                                   |                   |                                                                                                                      |   |   |
|                                                   | Item                2. | Management’s                Discussion and Analysis of Financial Condition and Results of                Operations |   | 14 |
|                                                   |                   |                                                                                                                      |   |   |
|                                                   | Item                3. | Controls                and Procedures                                                                                    |   | 19 |
|                                                   |                   |                                                                                                                      |   |   |
| **PART                II. OTHER INFORMATION**          |                   |                                                                                                                      |
|                                                   |                   |                                                                                                                      |   |   |
|                                                   | Item                2. | Changes                in Securities and Small Business Issuer Purchases of Equity                Securities              |   | 20 |
|                                                   |                   |                                                                                                                      |   |   |
|                                                   | Item                6. | Exhibits                                                                                                                  |   | 20 |
|                                                   |                   |                                                                                                                      |   |   |
| **SIGNATURES**                                         |                   | 21                                                                                                                        |
|                                                   |                   |                                                                                                                      |
| **CERTIFICATIONS**                                     |                   | 22                                                                                                                        |

----

| **PART                I -** | **Financial                Information** |   |   |   |   |   |   |   |   |
|-----------------------------|------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|
|                        |                                     |   |   |   |   |   |   |   |   |   |
| Item                1.      | Financial                Statements      |   |   |   |   |   |   |   |   |
|                        |                                     |   |   |   |   |   |   |   |   |   |

**HEMAGEN      DIAGNOSTICS, INC. AND SUBSIDIARIES**

**CONSOLIDATED        BALANCE SHEETS**

**(UNAUDITED)**

|                                                                                                                                                                                                                                   |   |   | December                312006 |   |   | September                  30,2006 |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------------------------------|--------|--------|------------------------------------|--------|
| ASSETS                                                                                                                                                                                                                                 |   |   |                           |   |   |                               |   |
|                                                                                                                                                                                                                                   |   |   |                           |   |   |                               |   |
| **CURRENT                ASSETS:**                                                                                                                                                                                                     |   |   |                           |   |   |                               |   |
| Cash                and cash equivalents                                                                                                                                                                                               |   | $      | 139,156                        |   | $      | 150,663                            |   |
| Accounts                receivables, less allowance fordoubtful                accounts of $78,682 at December 31, 2006and                September 30, 2006                                                                           |   |   | 665,414                        |   |   | 1,003,373                          |   |
|                                                                                                                                                                                                                              |   |   |                           |   |   |                               |   |
| Inventories;                net                                                                                                                                                                                                        |   |   | 2,976,527                      |   |   | 2,760,781                          |   |
| Prepaid                expenses and other current assets                                                                                                                                                                               |   |   | 233,613                        |   |   | 267,863                            |   |
|                                                                                                                                                                                                                                   |   |   |                           |   |   |                               |   |
| **Total                current assets**                                                                                                                                                                                                |   |   | 4,014,710                      |   |   | 4,182,680                          |   |
|                                                                                                                                                                                                                                   |   |   |                           |   |   |                               |   |
|                                                                                                                                                                                                                                   |   |   |                           |   |   |                               |   |
| **PROPERTY                    AND EQUIPMENT;**net                    of accumulated depreciationand                  amortization of $7,232,189 and $7,219,781 atDecember                31, 2006 and September 30, 2006, respectively |   |   | 163,477                        |   |   | 170,974                            |   |
| **OTHER                ASSETS, NET**                                                                                                                                                                                                   |   |   | 59,168                         |   |   | 35,118                             |   |
|                                                                                                                                                                                                                                   |   |   |                           |   |   |                               |   |
|                                                                                                                                                                                                                                   |   |   |                           |   |   |                               |   |
| **Total                Assets**                                                                                                                                                                                                        |   | $      | 4,237,355                      |   | $      | 4,388,772                          |   |
|                                                                                                                                                                                                                                   |   |   |                           |   |   |                               |   |

| *The                accompanying notes are an integral part of the financial                statements.*   |
|----------------------------------------------------------------------------------------------------------------------|

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**HEMAGEN**
**        DIAGNOSTICS, INC. AND SUBSIDIARIES**

**CONSOLIDATED        BALANCE SHEETS**

**(UNAUDITED)**

|                                                                                                                                                                                                                                                                                                                                                 |   |                  December                  31,2006 |                 |                  September                  30,2006 |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------|----------------------|----------------------------------------------------------|--------|
|  **LIABILITIES              AND STOCKHOLDERS’ EQUITY**                                                                                                                                                                                                                                                                                    |   |                                                    |                 |                                                     |   |   |   |
|  **CURRENT                LIABILITIES:**                                                                                                                                                                                                                                                                                                        |   |                                                    |                 |                                                     |   |   |   |
| Revolving                line of credit                                                                                                                                                                                                                                                                                                              |   |                                                    | 50,000               |                                                     |   | -- |   |
| Accounts                payable and accrued liabilities                                                                                                                                                                                                                                                                                              |   |                                                    | 1,377,251            |                                                     |   | 1,230,890 |   |
| Deferred                revenue                                                                                                                                                                                                                                                                                                                      |   |                                                    | 22,179               |                                                     |   | 25,104 |   |
| Note                payable                                                                                                                                                                                                                                                                                                                          |   |                                                    | --                   |                                                     |   | -- |   |
| Total                Current Liabilities                                                                                                                                                                                                                                                                                                             |   |                                                    | 1,449,430            |                                                     |   | 1,255,994 |   |
|                                                                                                                                                                                                                                                                                                                                                 |   |                                                    |                 |                                                     |   |   |   |
| Senior                    subordinated secured convertible notes due September                    30,                      2009, net of unamortized discount of $193,243 and $209,285 at                                          December 31, 2006 and September 30, 2006, respectively |   |                                                    | 3,856,607            |                                                     |   | 3,840,565 |   |
|                                                                                                                                                                                                                                                                                                                                                 |   |                                                    |                 |                                                     |   |   |   |
| Total                liabilities                                                                                                                                                                                                                                                                                                                     |   |                                                    | 5,306,037            |                                                     |   | 5,096,559 |   |
|                                                                                                                                                                                                                                                                                                                                                 |   |                                                    |                 |                                                     |   |   |   |
| **COMMITMENTS                AND CONTINGENGIES**                                                                                                                                                                                                                                                                                                     |   |                                                    |                 |                                                     |   |   |   |
|  **STOCKHOLDERS’                DEFICIT**                                                                                                                                                                                                                                                                                                 |   |                                                    |                 |                                                     |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                 |   |                                                    |                 |                                                     |   |   |   |
| Preferred                stock, $0.01 par value - 1,000,000 shares authorized; none                issued                                                                                                                                                                                                                                            |   |                                                    |                 |                                                     |   |   |   |
| Common                stock, $.01 par value - 30,000,000 shares authorized;                     issued and outstanding: 15,325,281 and 15,325,281                       at December 31, 2006 and September 30, 2006,                    respectively                                                                   |   |                                                    | 153,252              |                                                     |   | 153,252 |   |
| Additional                paid-in capital                                                                                                                                                                                                                                                                                                            |   |                                                    | 22,841,029           |                                                     |   | 22,836,134 |   |
| Accumulated                deficit                                                                                                                                                                                                                                                                                                                   |   |                                                    | (23,863,601          | )                                                        |   | (23,503,209 | ) |
| Accumulated                other comprehensive loss- currency                translation loss                                                                                                                                                                                                                                                   |   |                                                    |  (109,725  |                )                                    |   |  (104,327  |                ) |
| Less                  treasury stock at cost; 100,000 shares at December 31, 2006                   and September 30, 2006, respectively.                                                                                                                                                                                                       |   |                                                    | (89,637              | )                                                        |   | (89,637 | ) |
| Total                Stockholders’ Deficit                                                                                                                                                                                                                                                                                                     |   |                                                    | (1,068,682           | )                                                        |   | (707,787 | ) |
| Total                Liabilities and Stockholders’ Deficit                                                                                                                                                                                                                                                                                     |   | $                                                       | 4,237,355            |                                                     | $      | 4,388,772 |   |
|                                                                                                                                                                                                                                                                                                                                                 |   |                                                    |                 |                                                     |   |   |   |

*The      accompanying notes are an integral part of the financial      statements.*

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**HEMAGEN        DIAGNOSTICS, INC. AND SUBSIDIARIES**

**CONSOLIDATED          STATEMENTS OF OPERATIONS**

|                                                                                                                                                                 |   |  Three                Months Ended |                            |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------|---------------------------------|
|                                                                                                                                                                 |   |                                    | December                31,2006 |   |   | December                  31,2005 |   |
| **Revenues:**                                                                                                                                                        |   |                                    |                            |   |   |   |   |
| Product                sales                                                                                                                                         |   |  $                                 | 1,388,285                       |   | $ | 1,965,123 |   |
|                                                                                                                                                                 |   |                                    |                            |   |   |   |   |
| **Costs                and expenses:**                                                                                                                               |   |                                    |                            |   |   |   |   |
| Cost                of product sales                                                                                                                                 |   |                                    | 953,479                         |   |   | 1,060,932 |   |
| Research                and development                                                                                                                              |   |                                    | 65,944                          |   |   | 59,757 |   |
| Selling,                general and administrative                                                                                                                   |   |                                    | 621,173                         |   |   | 582,588 |   |
|                                                                                                                                                                 |   |                                    |                            |   |   |   |   |
| Operating                (loss) income                                                                                                                               |   |                                    | (252,311                        | ) |   | 261,846 |   |
|                                                                                                                                                                 |   |                                    |                            |   |   |   |   |
| **Other                expenses:**                                                                                                                                   |   |                                    |                            |   |   |   |   |
| Interest                expense, net, including $16,658                and $14,638 respectively                    of debt discount amortization |   |                                    | (92,920                         | ) |   | (117,175 | ) |
| Other                                                                                                                                                                |   |                                    | (9,612                          | ) |   | 717 |   |
| Total                other expenses                                                                                                                                  |   |                                    | (102,532                        | ) |   | (116,458 | ) |
|                                                                                                                                                                 |   |                                    |                            |   |   |   |   |
| Net                (loss) income before income taxes                                                                                                                 |   |                                    | (354,843                        | ) |   | 145,388 |   |
|                                                                                                                                                                 |   |                                    |                            |   |   |   |   |
| Income                tax expense                                                                                                                                    |   |                                    | (5,549                          | ) |   | (23,535 | ) |
|                                                                                                                                                                 |   |                                    |                            |   |   |   |   |
| **Net                (loss) income**                                                                                                                                 |   |  $                                 | (360,392                        | ) | $ | 121,853 |   |
|  Other                comprehensive loss, net of tax:                                                                                                           |   |                                    |                            |   |   |   |   |
| Foreign                currency translation adjustments                                                                                                              |   |  $                                 | (5,398                          | ) | $ | (11,850 | ) |
| Other                comprehensive loss                                                                                                                              |   |                                    | (5,398                          | ) |   | (11,850 | ) |
|                                                                                                                                                                 |   |                                    |                            |   |   |   |   |
| **Comprehensive                (loss) income**                                                                                                                       |   |  $                                 | (365,790                        | ) | $ | 110,003 |   |
|                                                                                                                                                                 |   |                                    |                            |   |   |   |   |
| Net                (loss) income per share - basic:                                                                                                                  |   | $                                       | (0.02                           | ) | $ | 0.01 |   |
|                                                                                                                                                                 |   |                                    |                            |   |   |   |   |
| Net                (loss) income per share - diluted                                                                                                                 |   | $                                       | (0.02                           | ) | $ | 0.01 |   |
|                                                                                                                                                                 |   |                                    |                            |   |   |   |   |
| Weighted                average common shares outstanding - basic                                                                                                    |   |                                    | 15,225,281                      |   |   | 15,206,627 |   |
|                                                                                                                                                                 |   |                                    |                            |   |   |   |   |
| Weighted                average common shares outstanding - diluted                                                                                                  |   |                                    | 15,225,281                      |   |   | 15,206,627 |   |

*The        accompanying notes are an integral part of the financial        statements*

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**HEMAGEN      DIAGNOSTICS, INC. AND SUBSIDIARIES**

**CONSOLIDATED        STATEMENTS OF CASH FLOWS**

**(UNAUDITED)**

|                                                                                                                                                                                                                                                                                                       |   | Three                Months EndedDecember                  31, |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                            |   |                                                           | 2006 |   |   | 2005 |   |
| **Cash                flows from operating activities:**                                                                                                                                                                                                                                                        |   |                                                           |   |   |   |   |   |
| Net                income (loss)                                                                                                                                                                                                                                                                                |   | $                                                              | (360,392 | ) | $ | 121,853 |   |
| Adjustments                to reconcile net income (loss) to net   cash                  provided by                  operating activities:                                                                                                                                                           |   |                                                           |   |   |   |   |   |
|   Depreciation                and                amortization                                                                                                                                                                                                                                         |   |                                                           | 8,670 |   |   | 12,013 |   |
|   Amortization                of                debt discount                                                                                                                                                                                                                                         |   |                                                           | 16,042 |   |   | 14,638 |   |
|           Stock              Option Compensation                                                                                                                                                                                                              |   |                                                           | 4,895 |   |   | -- |   |
|   Gain                on exchange                of senior subordinated secured    convertible                note                                                                                                                                                                |   |                                                           | -- |   |   | (5,235 | ) |
|   Loss                on sale of                property and equipment                                                                                                                                                                                                                                |   |                                                           | -- |   |   | 1,335 |   |
| Changes                in operating assets and liabilities:                                                                                                                                                                                                                                                     |   |                                                           |   |   |   |   |   |
|   Accounts                and other                receivables                                                                                                                                                                                                                                        |   |                                                           | 337,959 |   |   | 9,053 |   |
|   Prepaid                expenses                and other current assets                                                                                                                                                                                                                             |   |                                                           | 10,198 |   |   | 70,622 |   |
|   Inventories                                                                                                                                                                                                                                                                                         |   |                                                           | (215,746 | ) |   | (134,004 | ) |
|   Accounts                payable                and accrued expenses                                                                                                                                                                                                                                 |   |                                                           | 146,361 |   |   | (15,059 | ) |
|   Deferred                revenue                                                                                                                                                                                                                                                                     |   |                                                           | (2,925 | ) |   | (5,009 | ) |
|     Net                cash (used in) provided by operating activities                                                                                                                                                                                                                      |   |                                                           | (54,938 | ) |   | 70,207 |   |
|                                                                                                                                                                                                                                                                                                            |   |                                                           |   |   |   |   |   |
| **Cash                flows from investing activities:**                                                                                                                                                                                                                                                        |   |                                                           |   |   |   |   |   |
| Purchase                of property and equipment                                                                                                                                                                                                                                                               |   |                                                           | (1,502 | ) |   | -- |   |
|     Net                cash used in investing activities                                                                                                                                                                                                                                    |   |                                                           | (1,502 | ) |   | -- |   |
|                                                                                                                                                                                                                                                                                                            |   |                                                           |   |   |   |   |   |
| **Cash                flows from financing activities:**                                                                                                                                                                                                                                                        |   |                                                           |   |   |   |   |   |
| Net                repayments of revolving line of credit                                                                                                                                                                                                                                                       |   |                                                           | 50,000 |   |   | (60,000 | ) |
| Net                borrowings on construction mortgage financing obtained with purchase                of                land                  and building                                                                                                                                           |   |                                                           | -- |   |   | 7,681 |   |
|     Net                cash provided by (used in) financing activities                                                                                                                                                                                                                      |   |                                                           | 50,000 |   |   | (52,319 | ) |
| Effects                of foreign exchange rate                                                                                                                                                                                                                                                                 |   |                                                           | (5,067 | ) |   | (11,850 | ) |
|                                                                                                                                                                                                                                                                                                            |   |                                                           |   |   |   |   |   |
|       Net                (decrease)                increase in cash and cash equivalents                                                                                                                                                                                          |   |                                                           | (11,507 | ) |   | 6,038 |   |
|                                                                                                                                                                                                                                                                                                            |   |                                                           |   |   |   |   |   |
| Cash                and cash equivalents at beginning of period                                                                                                                                                                                                                                                 |   |                                                           | 150,663 |   |   | 272,168 |   |
|                                                                                                                                                                                                                                                                                                            |   |                                                           |   |   |   |   |   |
| Cash                and cash equivalents at end of period                                                                                                                                                                                                                                                  |   |  $                                                        | 139,156 |   | $ | 278,206 |   |
|                                                                                                                                                                                                                                                                                                            |   |                                                           |   |   |   |   |   |
| Supplemental                disclosure of cash flow information:                                                                                                                                                                                                                                                |   |                                                           |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                            |   |                                                           |   |   |   |   |   |
| Interest                paid                                                                                                                                                                                                                                                                                    |   |  $                                                        | 81,409 |   | $ | 102,766 |   |
|                                                                                                                                                                                                                                                                                                            |   |                                                           |   |   |   |   |   |
| Issuance                of 20,938 shares of common stock and $16,625 senior secured convertible                note due September 30, 2009, with an original issue discount of $1,047                in                exchange for $25,000 senior secured convertible notes due April 17,                2005. |   |  $                                                        | -- |   | $ | 25,000 |   |
|  *The                accompanying notes are an integral part of the financial                statements.*                                                                                                                                                                                                  |

----

**HEMAGEN      DIAGNOSTICS, INC. AND SUBSIDIARIES**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS**

**NOTE      A - BASIS OF PRESENTATION**

**NOTE      B- RECENT ACCOUNTING PRONOUNCEMENTS **

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|                                                                                                      |   |   | Three                  months endedDecember                  31, 2005  |   |
|-----------------------------------------------------------------------------------------------------------|--------|--------|-----------------------------------------------------------------------------|--------|
| Net                  Income (Loss):                                                                       |   |   |                                                                        |   |
| As                    reported                                                                            |   | $      | 121,853                                                                     |   |
|                                                                                                      |   |   |                                                                        |   |
| Less                stock-based compensation expense:                                                     |   |   |                                                                        |   |
|                       determined under the fair value method for all awards |   |   | (74,481                                                                     | )      |
|  Pro              forma net income (loss)                                                            |   |   | 47,372                                                                      |   |
|                                                                                                      |   |   |                                                                        |   |
| Net                income per common share:                                                               |   |   |                                                                        |   |
|   Basic                and                Diluted;                                              |   |   |                                                                        |   |
|     As                reported                                                        |   | $      | 0.01                                                                        |   |
|     Pro                forma                                                          |   | $      | 0.00                                                                        |   |
|                                                                                                      |   |   |                                                                        |   |

----

**NOTE      C- NET INCOME (LOSS) PER SHARE**

|                                            |   | Three                Months EndedDecember                31 |      |
|-------------------------------------------------|--------|-------------------------------------------------------------|-----------|
|                                            |   | 2006                                                        |      | 2005 |   |
| Convertible                notes                |   |                                                        | 5,399,800 |   |   | 5,399,800 |   |
| Options                to purchase common stock |   |                                                        | 2,362,514 |   |   | 2,623,514 |   |
|                                            |   |                                                        | 7,762,314 |   |   | 8,023,314 |   |
|                                            |   |                                                        |      |   |   |   |   |

**NOTE      D - STOCK BASED COMPENSATION**

----

----

|                                   | Three                  Months EndedDecember                31, |
|----------------------------------------|----------------------------------------------------------------|
|                                   | 2006                                                           |   | 2005 |
| Dividend                yield          | --                                                             |   | -- |
| Expected                volatility     | 82%                                                            |   | 81% |
| Risk-free                interest rate | 4.0%                                                           |   | 4.0% |
| Expected                life in years  | 10                                                             |   | 10 |

----

----

**NOTE        E - INVENTORIES**

** **

|                             |   |   | December                  31,2006  |    |   | September                  30,2006 |   |
|----------------------------------|--------|--------|-----------------------------------------|---------|--------|------------------------------------|--------|
|                             |   |   |                                    |    |   |                               |   |
| Raw                  Materials   |   | $      | 1,524,896                               |    | $      | 1,397,931                          |   |
| Work-in-process                  |   |   | 176,102                                 |    |   | 162,501                            |   |
| Finished                  goods  |   |   | 1,899,234                               |    |   | 1,794,053                          |   |
|                             |   |   | 3,600,232                               |    |   | 3,354,485                          |   |
| Less                  reserves   |   |   | (623,705                                | )  |   | (593,744                           | )      |
| Net                  inventories |   | $      | 2,976,527                               |    | $      | 2,760,741                          |   |

**NOTE        F - LINE OF CREDIT**

**NOTE      G - EXCHANGE OFFERING**

----

**NOTE      H - GEOGRAPHICAL INFORMATION**

|                                         |   | United*States |      |  Brazil |   |  Consolidated |   |
|----------------------------------------------|--------|---------------|-----------|--------------|--------|--------------------|--------|
| December                31, 2006:            |   |          |      |         |   |               |   |   |   |   |
|   Revenues                         |   | $             | 1,101,073 |         | $      | 287,212            |   | $ | 1,388,285 |   |
|   Long-lived                assets |   |          | 137,218   |         |   | 85,427             |   |   | 222,645 |   |
|                                         |   |          |      |         |   |               |   |   |   |   |
| December                31, 2005:            |   |          |      |         |   |               |   |   |   |   |
|   Revenues                         |   | $             | 1,514,500 |         | $      | 450,623            |   | $ | 1,965,123 |   |
|   Long-lived                assets |   |          | 1,021,285 |         |   | 27,540             |   |   | 1,048,825 |   |

**Item      2.   Managements Discussion      and      Analysis of Financial Condition **
**and      Results of Operations**

----

**Overview**

**Critical      Accounting Policies**

----

**Results      of Operations**
** **

***The      Three Month Period Ended December 31, 2006***

***Compared      to the Three Month Period Ended December 31, 2005***

| · | Activities                related to upgrade to the Analyst instrument and product offering                such as                evaluating and developing complimentary products for Hemagen’s Analyst                product line to distribute to the veterinary market and alternative                tests                utilizing the Analysts’ rotor technology;                and |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Continuing                to develop additional assays and reagents to fill in the Raichem                clinical                chemistry reagent product line; and |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Developing                new ELISA kits and enhancing existing ELISA                kits. |
|--------|--------------------------------------------------------------------------------------------|

----

**Liquidity      and Capital Resources**

----

----

**Item      3.   Controls      and Procedures**

----

**PART      II.    OTHER INFORMATION**

**Item      2.**
**Unregistered      Sales of Equity Securities and Use of Proceeds. **

| Period                               | (a)                  Total Number of Shares Purchased | (b)AveragePrice                  Paid per Share | (c)                  Total Number of Shares Purchased as Part of Publicly Announced                  Plans or                  Programs | (d)                  Maximum Number (or Approximate Dollar Value) of Shares that May                  Yet Be                  Purchased Under the Plans or Programs |
|--------------------------------------|-------------------------------------------------------|-------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| October                  1-31, 2006  | --                                                    | --                                              | --                                                                                                                                      | --                                                                                                                                                                  |
| November                  1-30, 2006 | 3,125                                                 | 0.25                                            | 3,125                                                                                                                                   | --                                                                                                                                                                  |
| December                  1-31, 2006 | 16,438                                                | 0.245                                           | 16,438                                                                                                                                  | --                                                                                                                                                                  |
| Total                                | 19,563                                                | 0.25                                            | 19,563                                                                                                                                  | --                                                                                                                                                                  |

|   | (1) | Represents                shares of Company’s Common Stock purchased pursuant to the Company’s                Employee Stock Ownership Plan (ESOP) that was established October                1, 2003                with no expiration. The purpose of the plan is not to repurchase,                but                rather is an employee benefit plan. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | There                is no maximum number of shares that may be purchased under the Company’s                Employee Stock Ownership Plan. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------|

**Item      6.  Exhibits**

|   | Exhibit                  31.1 |  | Certification                  of Chief Executive Officer pursuant to Rule 13a-14(a)                                                                                     |
|--------|-------------------------------|--|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                               |  |                                                                                                                                                                     |
|        | Exhibit                  31.2 |  | Certification                  of Principal Financial Officer pursuant to Rule                  13a-14(a)                                                                |
|   |                               |  |                                                                                                                                                                     |
|        | Exhibit                  32.1 |  | Certification                  of Chief Executive Officer pursuant to Section 1350 of Chapter                  63 of Title                  18 of the United States Code |
|   |                               |  |                                                                                                                                                                     |
|   | Exhibit                  32.2 |  | Certification                  of Principal Financial Officer pursuant to Section 1350                  of Chapter 63 of Title 18 of the United States Code              |

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**SIGNATURES**

|                                       |                                                     |                                   |
|--------------------------------------------|----------------------------------------------------------|----------------------------------------|
|                                       | **HEMAGEN                DIAGNOSTICS, INC.**(Registrant) |
|                                  |                                                |                              |
| Date:               February 20, 2007 | By:                                            | /s/ William              P. Hales |
|                                       | William P. Hales                                         |
|                                       | President              and Chief Executive Officer       |

|                                             |                              |                                |
|--------------------------------------------------|-----------------------------------|-------------------------------------|
|                                        |                         |                           |
| Date:                February 20, 2007 | By:                     | /s/ Laura              A. Bell |
|                                             | Laura A. Bell                     |
|                                             | Corporate              Controller |

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