**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 June 30, 2007 | Commission                  File |
|---------------------------------------------------------------|----------------------------------|
|                                                          | Number                  1-11700  |

**HEMAGEN      DIAGNOSTICS, INC.**

| Delaware                                |    | 04-2869857                                       |
|-----------------------------------------|--------------|--------------------------------------------------|
| (State                of Incorporation) |         | (I.R.S.Employer                  Identification) |

|   | 9033                Red Branch Road, Columbia, Maryland 21045-2105 |   |
|--------|--------------------------------------------------------------------|--------|
|   | (Address                of principal executive offices, Zip Code)  |   |

|   | (443)                367 5500                    |   |
|--------|--------------------------------------------------|--------|
|   | (Issuer’s                telephone number) |   |

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**HEMAGEN      DIAGNOSTICS, INC. AND SUBSIDIARIES**

**INDEX**

| **PART                  I.  FINANCIAL INFORMATION** |                     | **Page                  Number**                                                                                                             |
|----------------------------------------------------------|--------------------------|----------------------------------------------------------------------------------------------------------------------------------------------|
|                                                     | Item                  1. | Financial                  Statements (unaudited)                                                                                            |   |   |
|                                                     |                     |                                                                                                                                         |   |   |
|                                                     |                     | Consolidated                  Balance Sheets;June                  30, 2007 and September 30, 2006                                           |   | 3 |
|                                                     |                     |                                                                                                                                         |   |   |
|                                                     |                     | Consolidated                  Statements Of Operations; Three and Nine Months Ended June 30,                  2007 and                  2006 |   | 5 |
|                                                     |                     |                                                                                                                                         |   |   |
|                                                     |                     | Consolidated                  Statements Of Cash Flows; Nine Months Ended June 30, 2007 and                  2006                            |   | 6 |
|                                                     |                     |                                                                                                                                         |   |   |
|                                                     |                     | Notes                  to Consolidated Financial Statements                                                                                  |   | 7 |
|                                                     |                     |                                                                                                                                         |   |   |
|                                                     | Item                  2. | Management’s                  Discussion and Analysis of Financial Condition and Results of                  Operation                 |   | 13 |
|                                                     |                     |                                                                                                                                         |   |   |
|                                                     | Item                  3. | Controls                  and Procedures                                                                                                     |   | 16 |
|                                                     |                     |                                                                                                                                         |   |   |
| **PART                  II. OTHER INFORMATION**          |                     |                                                                                                                                         |
|                                                     |                     |                                                                                                                                         |   |   |
|                                                     | Item                  2. | Unregistered                  Sales of Equity Securities and Use of Proceeds                                                                 |   | 17 |
|                                                     |                     |                                                                                                                                         |   |   |
|                                                     | Item 4.        | Submission of Matters to                a Vote of                Security Holders                                                            |   | 17 |
|                                                     |                     |                                                                                                                                         |   |   |
|                                                     | Item                5.   | Other                Information                                                                                                        |   | 18 |
|                                                     |                     |                                                                                                                                         |   |   |
|                                                     | Item                  6. | Exhibits                                                                                                                                     |   | 18 |
|                                                     |                     |                                                                                                                                         |   |   |
| **SIGNATURES**                                           |                     | 19                                                                                                                                           |
|                                                     |                     |                                                                                                                                         |
| **CERTIFICATIONS**                                       |                     | 20                                                                                                                                           |

----

**PART I   Financial      Information**

**HEMAGEN      DIAGNOSTICS, INC. AND SUBSIDIARIES**

**CONSOLIDATED        BALANCE SHEETS**

**(UNAUDITED)**

|                                                                                                                                                                                                                                                                                               |   | June                30,2007 |      |   | September                30,2006 |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------|-----------|--------|----------------------------------|--------|
| ASSETS                                                                                                                                                                                                                                                                                                       |   |                        |      |   |                             |   |
|                                                                                                                                                                                                                                                                                               |   |                        |      |   |                             |   |
| **CURRENT                ASSETS:**                                                                                                                                                                                                                                                                           |   |                        |      |   |                             |   |
| Cash                and cash equivalents                                                                                                                                                                                                                                                                     |   | $                           | 98,792    |   |                             | $      | 150,663 |   |
| Accounts                receivable, less allowance for   doubtful                accounts of $54,336                and $76,625 at    June                30, 2007 and September 30, 2006, respectively                                                                   |   |                        | 1,003,787 |   |                             |   | 1,003,373 |   |
| Inventories,                net                                                                                                                                                                                                                                                                              |   |                        | 2,645,894 |   |                             |   | 2,760,781 |   |
| Prepaid                expenses and other current assets                                                                                                                                                                                                                                                     |   |                        | 250,718   |   |                             |   | 267,863 |   |
|                                                                                                                                                                                                                                                                                               |   |                        |      |   |                             |   |   |   |
|         Total                current assets                                                                                                                                                                                                                          |   |                        | 3,999,191 |   |                             |   | 4,182,680 |   |
|                                                                                                                                                                                                                                                                                               |   |                        |      |   |                             |   |   |   |
| **PROPERTY                AND EQUIPMENT;**net of accumulated depreciation                        and amortization of $ 7,274,220 and $7,219,781 at                        June 30, 2007 and September 30, 2006, respectively |   |                        | 227,423   |   |                             |   | 170,974 |   |
|                                                                                                                                                                                                                                                                                                         |   |                        |      |   |                             |   |   |   |
| **OTHER                ASSETS**                                                                                                                                                                                                                                                                         |   |                        | 72,283    |   |                             |   | 35,118 |   |
|                                                                                                                                                                                                                                                                                               |   |                        |      |   |                             |   |   |   |
| **Total                Assets**                                                                                                                                                                                                                                                                         |   | $                           | 4,298,897 |   |                             | $      | 4,388,772 |   |

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

----

**HEMAGEN      DIAGNOSTICS, INC. AND SUBSIDIARIES**

**CONSOLIDATED      BALANCE SHEETS**

**(UNAUDITED)**

| **LIABILITIES                  AND STOCKHOLDERS’ DEFICIT**                                                                                                                                                                                                                                                                       |   | June                30,2007 |        |   | September                30,2006 |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------|-------------|--------|----------------------------------|--------|
| **CURRENT                LIABILITIES:**                                                                                                                                                                                                                                                                                                               |   |                        |        |   |                             |   |
| Revolving                line of credit                                                                                                                                                                                                                                                                                                               |   |                        | 250,000     |   |                             |   | -- |   |
| Accounts                payable and accrued liabilities                                                                                                                                                                                                                                                                                               |   |                        | 1,615,723   |   |                             |   | 1,230,890 |   |
| Deferred                revenue                                                                                                                                                                                                                                                                                                                       |   |                        | 19,204      |   |                             |   | 25,104 |   |
|                                                                                                                                                                                                                                                                                                                                             |   |                        |        |   |                             |   |   |   |
|                 Total                Current Liabilities                                                                                                                                                                                                              |   |                        | 1,884,927   |   |                             |   | 1,255,994 |   |
|                                                                                                                                                                                                                                                                                                                                        |   |                        |        |   |                             |   |   |   |
| Senior                  subordinated secured convertible notes due September 30,       2009,                  net of                  unamortized discount of $160,764 and $209,285 at        June                30, 2007 and September 30, 2006, respectively            |   |                        | 3,889,086   |   |                             |   | 3,840,565 |   |
|                                                                                                                                                                                                                                                                                                                                             |   |                        |        |   |                             |   |   |   |
| **        Total                liabilities**                                                                                                                                                                                                                                                                  |   |                        | 5,774,013   |   |                             |   | 5,096,559 |   |
|                                                                                                                                                                                                                                                                                                                                             |   |                        |        |   |                             |   |   |   |
| **COMMITMENTS                AND CONTINGENGIES**                                                                                                                                                                                                                                                                                                      |   |                        |        |   |                             |   |   |   |
|  **STOCKHOLDERS’                DEFICIT**                                                                                                                                                                                                                                                                                                  |   |                        |        |   |                             |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                  |   |                        |        |   |                             |   |   |   |
| Preferred                      stock, $0.01 par value - 1,000,000 shares authorized; none                      issuedCommon                    stock, $.01 par value - 30,000,000 shares authorized;issued                  and outstanding:  15,325,289 and 15,325,289at                June 30, 2007 and September 30, 2006, respectively |   |                        | 153,252     |   |                             |   | 153,252 |   |
| Additional                paid-in capital                                                                                                                                                                                                                                                                                                             |   |                        | 22,844,867  |   |                             |   | 22,836,134 |   |
| Accumulated                deficit                                                                                                                                                                                                                                                                                                                    |   |                        | (24,311,680 | )      |                             |   | (23,503,209 | ) |
| Accumulated                  other comprehensive loss-    currency                translation loss                                                                                                                                                                                                                                |   |                        | (71,918     | )      |                             |   | (104,327 | ) |
| Less                  treasury stock at cost; 100,000 shares at June 30, 2007   and                September 30, 2006, respectively.                                                                                                                                                                                                   |   |                        | (89,637     | )      |                             |   | (89,637 | ) |
|  Total                Stockholders’ Deficit                                                                                                                                                                                                                                                                                                |   |                        | (1,475,116  | )      |                             |   | (707,787 | ) |
| **Total                Liabilities and Stockholders’ Deficit**                                                                                                                                                                                                                                                                                  |   | $                           | 4,298,897   |   |                             | $      | 4,388,772 |   |
|                                                                                                                                                                                                                                                                                                                                                  |   |                        |        |   |                             |   |   |   |

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

----

**HEMAGEN      DIAGNOSTICS, INC. AND SUBSIDIARIES**

**CONSOLIDATED        STATEMENTS OF OPERATIONS**

|                                                                             |   | Three                Months Ended |       |   | Nine                Months Ended |   |
|----------------------------------------------------------------------------------|--------|-----------------------------------|------------|--------|----------------------------------|--------|
|                                                                             |   | June                30,2007       |       |   | June                30,2006      |   |   | June                30,2007 |   |   | June                30,2006 |   |
| **Revenues:**                                                                    |   |                              |       |   |                             |   |   |   |   |   |   |   |
|    Product                sales                                   |   | $                                 | 1,767,256  |   |                             | $      | 1,661,057 |   |   | $ | 4,850,482 |   |   | $ | 5,528,971 |   |
|                                                                             |   |                              |       |   |                             |   |   |   |   |   |   |   |   |   |   |   |
| **Costs                and expenses:**                                           |   |                              |       |   |                             |   |   |   |   |   |   |   |   |   |   |   |
|    Cost                of product sales                           |   |                              | 1,135,321  |   |                             |   | 986,940 |   |   |   | 3,240,307 |   |   |   | 3,182,479 |   |
|    Research                and development                        |   |                              | 71,514     |   |                             |   | 75,443 |   |   |   | 229,596 |   |   |   | 231,223 |   |
|    Selling,                general and administrative             |   |                              | 579,884    |   |                             |   | 615,759 |   |   |   | 1,856,844 |   |   |   | 1,793,176 |   |
|                                                                             |   |                              |       |   |                             |   |   |   |   |   |   |   |   |   |   |   |
| Operating                (loss) income                                           |   |                              | (19,463    | )      |                             |   | (17,085 | ) |   |   | (476,265 | ) |   |   | 322,093 |   |
|                                                                             |   |                              |       |   |                             |   |   |   |   |   |   |   |   |   |   |   |
| **Other                expenses:**                                               |   |                              |       |   |                             |   |   |   |   |   |   |   |   |   |   |   |
|    Interest                and amortization of debt discount |   |                              | (100,400   | )      |                             |   | (105,657 | ) |   |   | (296,597 | ) |   |   | (339,940 | ) |
|    Other                                                          |   |                              | (1,850     | )      |                             |   | - |   |   |   | (1,707 | ) |   |   | - |   |
|    Total                other expenses                            |   |                              | (102,250   | )      |                             |   | (105,657 | ) |   |   | (298,304 | ) |   |   | (339,940 | ) |
|                                                                             |   |                              |       |   |                             |   |   |   |   |   |   |   |   |   |   |   |
| Net                loss before income taxes                                      |   | $                                 | (121,713   | )      |                             | $      | (122,742 | ) |   | $ | (774,569 | ) |   | $ | (17,847 | ) |
|                                                                             |   |                              |       |   |                             |   |   |   |   |   |   |   |   |   |   |   |
| Income                tax expense                                                |   |                              | (16,040    | )      |                             |   | (21,600 | ) |   |   | (33,902 | ) |   |   | (65,490 | ) |
|                                                                             |   |                              |       |   |                             |   |   |   |   |   |   |   |   |   |   |   |
| **Net                loss**                                                      |   | $                                 | (137,753   | )      |                             | $      | (144,342 | ) |   | $ | (808,471 | ) |   | $ | (83,337 | ) |
|  Other                comprehensive income, net of tax:                     |   |                              |       |   |                             |   |   |   |   |   |   |   |   |   |   |   |
| Foreign                currency translation adjustments                          |   |                              | 21,900     |   |                             |   | 15,219 |   |   |   | 32,409 |   |   |   | 15,264 |   |
| Other                comprehensive income                                        |   |                              | 21,900     |   |                             |   | 15,219 |   |   |   | 32,409 |   |   |   | 15,264 |   |
|                                                                             |   |                              |       |   |                             |   |   |   |   |   |   |   |   |   |   |   |
| **Comprehensive                loss**                                            |   | $                                 | (115,853   | )      |                             | $      | (129,123 | ) |   | $ | (776,062 | ) |   | $ | (68,073 | ) |
|                                                                             |   |                              |       |   |                             |   |   |   |   |   |   |   |   |   |   |   |
| Net                loss per share - basic:                                       |   | $                                 | (0.01      | )      |                             | $      | (0.01 | ) |   | $ | (0.05 | ) |   | $ | (0.01 | ) |
| Net                loss per share - diluted:                                     |   | $                                 | (0.01      | )      |                             | $      | (0.01 | ) |   | $ | (0.05 | ) |   | $ | (0.01 | ) |
|                                                                             |   |                              |       |   |                             |   |   |   |   |   |   |   |   |   |   |   |
| Weighted                average common shares outstanding – basic          |   |                              | 15,225,289 |   |                             |   | 15,225,289 |   |   |   | 15,225,289 |   |   |   | 15,219,000 |   |
| Weighted                average common shares outstanding – diluted        |   |                              | 15,225,289 |   |                             |   | 15,225,289 |   |   |   | 15,225,289 |   |   |   | 15,219,000 |   |
|                                                                             |   |

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

----

**HEMAGEN      DIAGNOSTICS, INC. AND      SUBSIDIARIES**

**CONSOLIDATED      STATEMENTS OF CASH      FLOWS**

**(UNAUDITED)**

|                                                                                                                                                                                                                                                                                                                   |   | Nine                Months EndedJune                30, |     |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------|----------|
|                                                                                                                                                                                                                                                                                                                   |   | 2007                                                    |     |   | 2006 |   |
| **Cash                flows from operating activities:**                                                                                                                                                                                                                                                               |   |                                                    |     |   |   |   |
| Net                loss                                                                                                                                                                                                                                                                                                |   | $                                                       | (808,471 | ) |   | $ | (83,337 | ) |
| Adjustments                  to reconcile net loss to net    cash                provided by operating activities:                                                                                                                                                                                 |   |                                                    |     |   |   |   |   |   |
|     Depreciation                and amortization                                                                                                                                                                                                                                                   |   |                                                    | 26,138   |   |   |   | 33,675 |   |
|     Amortization                of debt discount                                                                                                                                                                                                                                                   |   |                                                    | 48,521   |   |   |   | 43,794 |   |
|     Loss                on sale of property and equipment                                                                                                                                                                                                                                          |   |                                                    | 0        |   |   |   | 726 |   |
|     Stock                option compensation                                                                                                                                                                                                                                                       |   |                                                    | 8,733    |   |   |   | 0 |   |
| Changes                in operating assets and liabilities:                                                                                                                                                                                                                                                            |   |                                                    |     |   |   |   |   |   |
|     Accounts                and other receivables                                                                                                                                                                                                                                                  |   |                                                    | (414     | ) |   |   | 154,863 |   |
|     Prepaid                expenses and other current assets                                                                                                                                                                                                                                       |   |                                                    | 17,144   |   |   |   | (34,716 | ) |
|     Inventories                                                                                                                                                                                                                                                                                    |   |                                                    | 114,887  |   |   |   | (148,916 | ) |
|     Accounts                payable and accrued expenses                                                                                                                                                                                                                                           |   |                                                    | 384,833  |   |   |   | (39,263 | ) |
|     Other                assets                                                                                                                                                                                                                                                                    |   |                                                    | (37,165  | ) |   |   | 21,000 |   |
|                       Deferred revenue                                                                                                                                                                                                                                         |   |                                                    | (5,900   | )  |   |   | (10,847 | )  |
|        Net                cash used in operating activities                                                                                                                                                                                                                         |   |                                                    | (251,694 | ) |   |   | (63,021 | ) |
| **Cash                flows from investing activities:**                                                                                                                                                                                                                                                               |   |                                                    |     |   |   |   |   |   |
| Purchase                of property and equipment                                                                                                                                                                                                                                                                      |   |                                                    | (79,281  | ) |   |   | (14,987 | ) |
|       Net                cash used in investing activities                                                                                                                                                                                                                               |   |                                                    | (79,281  | ) |   |   | (14,987 | ) |
|                                                                                                                                                                                                                                                                                                                   |   |                                                    |     |   |   |   |   |   |
| **Cash                flows from financing activities:**                                                                                                                                                                                                                                                               |   |                                                    |     |   |   |   |   |   |
| Net                borrowings on note payable                                                                                                                                                                                                                                                                          |   |                                                    | 250,000  |   |   |   | 7,681 |   |
| Exercise                of stock options                                                                                                                                                                                                                                                                               |   |                                                    |     |   |   |   | 4,188 |   |
|       Net                cash provided by financing activities                                                                                                                                                                                                                           |   |                                                    | 250,000  |   |   |   | 11,869 |   |
|                                                                                                                                                                                                                                                                                                                   |   |                                                    |     |   |   |   |   |   |
| Effects                of foreign exchange rate                                                                                                                                                                                                                                                                        |   |                                                    | 29,104   |   |   |   | 15,264 |   |
|                                                                                                                                                                                                                                                                                                                   |   |                                                    |     |   |   |   |   |   |
|             Net                decrease in cash and cash equivalents                                                                                                                                                                                       |   |                                                    | (51,871  | ) |   |   | (50,875 | ) |
|                                                                                                                                                                                                                                                                                                                   |   |                                                    |     |   |   |   |   |   |
| Cash                and cash equivalents at beginning of period                                                                                                                                                                                                                                                        |   |                                                    | 150,663  |   |   |   | 272,168 |   |
|                                                                                                                                                                                                                                                                                                                   |   |                                                    |     |   |   |   |   |   |
| Cash                and cash equivalents at end of                period                                                                          |   |  $                                                 | 98,792   |   |   | $ | 221,293 |   |
|                                                                                                                                                                                                                                                                                                                   |   |                                                    |     |   |   |   |   |   |
| Supplemental                disclosure of cash flow information:                                                                                                                                                                                                                                                       |   |                                                    |     |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                   |   |                                                    |     |   |   |   |   |   |
| Cash                paid during the period for                interest                                         |   |  $                                                 | 256,134  |   |   | $ | 241,992 |   |
|                                                                                                                                                                                                                                                                                                                   |   |                                                    |     |   |   |   |   |   |

| *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**

----

|                                                                       |   | Three                months endedJune                30, 2006 |     |   | Nine                months endedJune                30, 2006 |   |
|----------------------------------------------------------------------------|--------|---------------------------------------------------------------|----------|--------|--------------------------------------------------------------|--------|
|                                                                       |   |                                                          |     |   |                                                         |   |
| Net                (loss)  Income :                              |   |                                                          |     |   |                                                         |   |
|     As                reported                         |   | $                                                             | (144,342 | )      |                                                         | $      | (83,337 | ) |
|                                                                       |   |                                                          |     |   |                                                         |   |   |   |
| Less                stock-based compensation expense:                      |   |                                                          | (23,862  | )      |                                                         | $      | (98,343 | ) |
|                                                                       |   |                                                          |     |   |                                                         |   |   |   |
|     Pro                forma net loss                  |   | $                                                             | (168,204 | )      |                                                         | $      | (181,680 | ) |
|                                                                       |   |                                                          |     |   |                                                         |   |   |   |
| Net                income per common share:                                |   |                                                          |     |   |                                                         |   |   |   |
|     Basic                and Diluted;                  |   |                                                          |     |   |                                                         |   |   |   |
|         As                reported |   |                                                          | (.01     | )      |                                                         |   | (.01 | ) |
|         Pro                forma   |   |                                                          | (.01     | )      |                                                         |   | (.01 | ) |

----

*Fair Value      Measurements*

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

----

|                                            |   | Three                Months EndedJune                30 |      |   | Nine Months                EndedJune                30 |
|-------------------------------------------------|--------|---------------------------------------------------------|-----------|--------|-------------------------------------------------------------|
|                                            |   | 2007                                                    |      |   | 2006                                                        |   |   | 2007 |   |   |                        2006 |
| Convertible                notes                |   |                                                    | 5,399,800 |   |                                                        |   | 5,399,800 |   |   |   | 5,399,800 |   |   |   | 5,399,800 |   |
| Options                to purchase common stock |   |                                                    | 2,410,014 |   |                                                        |   | 2,501,014 |   |   |   | 2,410,014 |   |   |   | 2,501,014 |   |
|                                            |   |                                                    | 7,809,814 |   |                                                        |   | 7,900,814 |   |   |   | 7,809,814 |   |   |   | 7,900,814 |   |

**NOTE      D – STOCK BASED COMPENSATION**

----

|                                   |   | Three                  and Nine Months EndedJune                30, |   |
|----------------------------------------|--------|---------------------------------------------------------------------|--------|
|                                   |   | 2007                                                                |   |   | 2006 |   |
| Dividend                yield          |   |                                                                | --     |   |   |   | -- |   |
| Expected                volatility     |   |                                                                | 82%    |   |   |   | 87% |   |
| Risk-free                interest rate |   |                                                                | 4%     |   |   |   | 5% |   |
| Expected                life in years  |   |                                                                | 10     |   |   |   | 5-10 |   |

**NOTE      E - INVENTORIES**

**    **

|                           |   | June                30,2007 |      |   | September                30,2006 |   |
|--------------------------------|--------|-----------------------------|-----------|--------|----------------------------------|--------|
|                           |   |                        |      |   |                             |   |
| Raw                Materials   |   |                        | 1,507,462 |   |                             |   | 1,397,931 |   |
| Work-in-process                |   |                        | 241,878   |   |                             |   | 162,501 |   |
| Finished                goods  |   |                        | 1,571,887 |   |                             |   | 1,794,053 |   |
|                           |   |                        | 3,321,227 |   |                             |   | 3,354,485 |   |
| Less                reserves   |   |                        | (675,333  | )      |                             |   | (593,704 | ) |
| Net                inventories |   |                        | 2,645,894 |   |                             |   | 2,760,781 |   |
|                           |   |                        |      |   |                             |   |   |   |

----

**NOTE      F - LINE OF CREDIT**

**.  **

**NOTE      G – SENIOR SUBORDIANTED SECURED CONVERTIBLE NOTES**

**NOTE      H – GEOGRAPHICAL INFORMATION**

|                                                           |   | United*States |      |   | Brazil |   |      | Consolidated |   |
|----------------------------------------------------------------|--------|---------------|-----------|--------|--------|--------|-----------|--------------|--------|
|                                                           |   |          |      |   |   |   |      |         |   |
| June                30, 2007:                                  |   |          |      |   |   |   |      |         |   |
|      Revenues                         |   |          | 3,872,536 |   |   |   | 977,946   |         |   |   | 4,850,482 |   |
|      Long-lived                assets |   |          | 169,234   |   |   |   | 130,472   |         |   |   | 299,706 |   |
|                                                           |   |          |      |   |   |   |      |         |   |   |   |   |
| June                30, 2006:                                  |   |          |      |   |   |   |      |         |   |   |   |   |
|      Revenues                         |   |          | 4,281,046 |   |   |   | 1,247,925 |         |   |   | 5,528,971 |   |
|      Long-lived                assets |   |          | 1,009,315 |   |   |   | 62,341    |         |   |   | 1,071,656 |   |

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**Item      2.    Management’s Discussion and Analysis and Plan of      Operation**

**Overview**

----

**Results      of Operations**

***The      Three Month Period Ended June 30, 2007***

***Compared      to the Three Month Period Ended June 30, 2006***

| · | Activities                relate to upgrading the Analyst instrument and product offerings                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. |
|--------|--------------------------------------------------------------------------------------------|

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***The      Nine Month Period Ended June 30, 2007***

***Compared      to the Nine Month Period Ended June 30, 2006***

----

**Liquidity      and Capital Resources**

**Item      3.    Controls and Procedures**

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**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(1) |   | (d)                Maximum                Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased                Under the Plans or Programs (2) |
|-----------------------------------------|--------|---------------------------------------------------------|--------|--------|-----------------------------------------------|--------|--------|----------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| April                1 – 30, 2007 |   |                                                    | 0      |   |                                          |   | 0      |                                                                                                                 |   |                                                                                                                                                              | 0 |   |   |
| May                1 – 31, 2007   |   |                                                    | 0      |   |                                          |   | 0      |                                                                                                                 |   |                                                                                                                                                              | 0 |   |   |
| June                1 – 30, 2007  |   |                                                    | 3,125  |   |                                          | $      | 0.22   |                                                                                                                 |   |                                                                                                                                                              | 3,125 |   |   |
| Total                                   |   |                                                    | 3,125  |   |                                          | $      | 0.22   |                                                                                                                 |   |                                                                                                                                                              | 3,125 |   |   |

|   | (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      4.    Submission of Matters to a Vote of Security      Holders.**

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**Item      5.    Other Information**

**Item      6.    Exhibits**

|  (a)     |  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 |

----

**SIGNATURES**

|                         |                                                     |   |
|------------------------------|----------------------------------------------------------|--------|
|                         | Hemagen                Diagnostics, Inc.(Registrant)     |   |
|                         |                                                     |   |
|  August 14, 2007        |  /s/William P. Hales                                |   |
|                         |  William              P. Hales                      |   |
|                         |  President              and Chief Executive Officer |   |
|                         |                                                     |   |
|                         |                                                     |   |
|                         |                                                     |   |
| August              14, 2007 |  /s/Catherine              M. Davidson              |   |
|                         |  Catherine              M. Davidson                 |   |
|                         |  Principal              Financial Officer           |   |
|                         |                                                     |   |   |
|                         |                                                     |   |   |