|   |   X |   | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2009. |
|--------|---------------|--------|---------------------------------------------------------------------------------------------------------------------------------------|

|   |   |   | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ________________ TO ________________. |
|--------|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Delaware              |   | 04-2869857        |
|-----------------------|--------|-------------------|
| State of Organization |   | IRS Employer I.D. |

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

| (443) 367-5500                                             |
|------------------------------------------------------------|
| (Registrant’s telephone number, including area code) |

----

|                      |                         |                                                                                                       |   PageNumber |
|---------------------------|------------------------------|------------------------------------------------------------------------------------------------------------|-------------------|
|   PART I.  |   FINANCIAL INFORMATION |                                                                                                       |
|                      |                         |                                                                                                       |
|                      | Item 1.                      | Financial Statements                                                                                       |              |
|                      |                         |                                                                                                       |              |
|                      |                         | Consolidated Balance Sheets; June 30, 2009 (unaudited) and September 30, 2008                              |  3           |   |
|                      |                         |                                                                                                       |              |
|                      |                         | Consolidated Statements of Operations; Three and Nine Months Ended June 30, 2009 and 2008 (unaudited) |  5           |   |
|                      |                         |                                                                                                       |              |
|                      |                         | Consolidated Statements of Cash Flows; Nine Months Ended June 30, 2009 and 2008 (unaudited)      |  6           |   |
|                      |                         |                                                                                                       |              |
|                      |                         | Notes to Consolidated Financial Statements (unaudited)                                                     |  7           |   |
|                      |                         |                                                                                                       |              |
|                      | Item 2.                      | Management’s Discussion and Analysis of Financial Condition and Results of Operation            |  13          |   |
|                      |                         |                                                                                                       |              |
|                      | Item 3.                      | Quantitative and Qualitative Disclosures About Market Risk                                                 |  17          |         |
|                      |                         |                                                                                                       |              |
|                      | Item 4.                      | Controls and Procedures                                                                                    |  17          |   |
|                      |                         |                                                                                                       |
| PART II.                  | OTHER INFORMATION            |                                                                                                       |
|                      |                         |                                                                                                       |              |
|                      | Item 2.                      | Unregistered Sales of Equity Securities and Use Of Proceeds                                                |  18          |   |
|                      |                         |                                                                                                       |              |
|                      | Item 4.                      | Submission of Matters to a Vote of Security Holders                                                        |  18          |   |
|                      |                         |                                                                                                       |              |
|                      | Item 5                       | Other Information                                                                                          |  18          |                 |
|                      |                         |                                                                                                       |              |
|                      | Item 6.                      | Exhibits                                                                                                   |  19          |   |
|                      |                         |                                                                                                       |              |
|   SIGNATURES         |  20                     |                                                                                                       |
|                      |                         |
|   CERTIFICATIONS     |                         |

----

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

|                                                                                                                                                                                     |   | June 30,2009 (unaudited) |      |   | September 30,2008 |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------|-----------|--------|-------------------|--------|
| ASSETS                                                                                                                                                                                   |   |                          |      |   |              |   |
|                                                                                                                                                                                     |   |                          |      |   |              |   |
| CURRENT ASSETS:                                                                                                                                                                          |   |                          |      |   |              |   |
|   Cash                                                                                                                                                                         |   | $                             | 155,930   |   |              | $      | 98,799 |   |
|   Accounts receivable, less allowance for doubtful accounts of $111,154 and $62,485 at June 30, 2009 and    September 30, 2008, respectively               |   |                          | 734,171   |   |              |   | 866,306 |   |
|   Inventories, net                                                                                                                                                             |   |                          | 1,799,837 |   |              |   | 2,037,049 |   |
|   Current portion of note receivable                                                                                                                                           |   |                          | 210,000   |   |              |   | 210,000 |   |
|   Prepaid expenses and other current assets                                                                                                                                    |   |                          | 182,013   |   |              |   | 304,038 |   |
|                                                                                                                                                                                     |   |                          |      |   |              |   |   |   |
|                  Total current assets                                                               |   |                          | 3,081,951 |   |              |   | 3,516,192 |   |
|                                                                                                                                                                                     |   |                          |      |   |              |   |   |   |
| PROPERTY AND EQUIPMENT; net of accumulated depreciation and amortization of $6,066,453 and     $5,970,504 at June 30, 2009 and September 30, 2008, respectively |   |                          | 609,010   |   |              |   | 697,071 |   |
|                                                                                                                                                                                     |   |                          |      |   |              |   |   |   |
| OTHER ASSETS:                                                                                                                                                                            |   |                          |      |   |              |   |   |   |
|                                                                                                                                                                                     |   |                          |      |   |              |   |   |   |
| Long term portion of note receivable                                                                                                                                                     |   |                          | 297,500   |   |              |   | 455,000 |   |
| Other assets                                                                                                                                                                             |   |                          | 45,756    |   |              |   | 98,057 |   |
|                  Total other assets                                                                 |   |                          | 343,256   |   |              |   | 553,057 |   |
|                                                                                                                                                                                     |   |                          |      |   |              |   |   |   |
| Total Assets                                                                                                                                                                             |   | $                             | 4,034,217 |   |              | $      | 4,766,320 |   |

----

|                                                                                                                                                                              |   | June 30,2009(unaudited) |        |   | September 30,2008 |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------|-------------|--------|-------------------|--------|
|   CURRENT LIABILITIES:                                                                                                                                                       |   |                    |        |   |              |   |
| Accounts payable and accrued liabilities                                                                                                                                          |   | $                       | 1,028,901   |   |              | $      | 1,127,599 |   |
| Revolving line of credit                                                                                                                                                          |   |                    | 485,000     |   |              |   | 500,000 |   |
| Deferred revenue                                                                                                                                                                  |   |                    | 87,908      |   |              |   | 102,680 |   |
| Note Payable – Itau Bank                                                                                                                                                    |   |                    | 60,211      |   |              |   | 32,257 |   |
| Senior subordinated secured convertible notes, net of unamortized discount of $11,634 and $70,587 as of   June 30, 2009 and September 30, 2008, respectively       |   |                    | 4,038,216   |   |              |   | 3,979,263 |   |
|     Total Current Liabilities                                                                                                                                 |   |                    | 5,700,236   |   |              |   | 5,741,799 |   |
|                                                                                                                                                                              |   |                    |        |   |              |   |   |   |
|   LONG TERM LIABILITIES:                                                                                                                                                     |   |                    |        |   |              |   |   |   |
| Note Payable – Itau Bank, net of current portion                                                                                                                            |   |                    | --          |   |              |   | 119,466 |   |
|     Total Long Term Liabilities                                                                                                                               |   |                    | --          |   |              |   | 119,466 |   |
|              Total liabilities                                                                                   |   |                    | 5,700,236   |   |              |   | 5,861,265 |   |
|                                                                                                                                                                              |   |                    |        |   |              |   |   |   |
|  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; 15,340,281 and 15,325,281 issued and outstanding  as of June 30, 2009 and September 30, 2008, respectively |   |                    | 153,402     |   |              |   | 153,252 |   |
| Additional paid-in capital                                                                                                                                                        |   |                    | 22,916,642  |   |              |   | 22,867,507 |   |
| Accumulated deficit                                                                                                                                                               |   |                    | (24,536,752 | )      |              |   | (23,925,977 | ) |
| Accumulated other comprehensive loss-currency translation loss                                                                                                                    |   |                    | (109,674    | )      |              |   | (100,090 | ) |
| Less treasury stock at cost; 100,000 shares at June 30, 2009 and September 30, 2008, respectively.                                                                                |   |                    | (89,637     | )      |              |   | (89,637 | ) |
|       Total Stockholders’ Deficit                                                                                                             |   |                    | (1,666,019  | )      |              |   | (1,094,945 | ) |
|         Total Liabilities and Stockholders’ Deficit                                                                                 |   | $                       | 4,034,217   |   |              | $      | 4,766,320 |   |
|                                                                                                                                                                              |   |                    |        |   |              |   |   |   |   |

----

| HEMAGEN DIAGNOSTICS, INC.CONSOLIDATED STATEMENTS OF OPERATIONS(unaudited)                                                                                                                                                                                                                                                                                                                                             |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                       |   | Three Months Ended |   |   | Nine Months Ended |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                       |   | June 30,2009 |   |   | June 30,2008 |   |   | June 30,2009 |   |   | June 30,2008 |   |
| Net Sales                                                                                                                                                                                                                                                                                                                                                                                                                  |   | $ | 1,386,660 |   |   | $ | 1,353,199 |   |   | $ | 4,073,634 |   |   | $ | 4,686,512 |   |
| Cost of Sales                                                                                                                                                                                                                                                                                                                                                                                                              |   |   | 832,810 |   |   |   | 609,878 |   |   |   | 2,486,359 |   |   |   | 2,513,820 |   |
| Gross Profit                                                                                                                                                                                                                                                                                                                                                                                                               |   |   | 553,850 |   |   |   | 743,321 |   |   |   | 1,587,275 |   |   |   | 2,172,692 |   |
| Operating Expenses:                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|        Selling, general and administrative                                                                                                                                                                                                                                                                                                                                              |   |   | 565,545 |   |   |   | 630,983 |   |   |   | 1,759,728 |   |   |   | 1,798,228 |   |
|        Research and development                                                                                                                                                                                                                                                                                                                                                         |   |   | 35,734 |   |   |   | 35,183 |   |   |   | 75,128 |   |   |   | 126,776 |   |
|                 Total operating expenses                                                                                                                                                                                                                                                                                                   |   |   | 601,279 |   |   |   | 666,166 |   |   |   | 1,834,856 |   |   |   | 1,925,004 |   |
|                 Total operating income (loss) from continuing operations                                                                                                                                                                                                                                                                   |   |   | (47,429 | ) |   |   | 77,155 |   |   |   | (247,581 | ) |   |   | 247,688 |   |
| Other income (expenses):                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|        Interest expense (net), including $20,234 and $18,062 for the three       months ended June 30 2009 and 2008, respectively and  $58,953       and $54,260 for the nine months ended June 30, 2009 and 2008,       respectively of debt discount amortization. |   |   | (111,004 | ) |   |   | (105,643 | ) |   |   | (309,268 | ) |   |   | (281,712 | ) |
|        Other income                                                                                                                                                                                                                                                                                                                                                                     |   |   | 44 |   |   |   | 4,620 |   |   |   | 444 |   |   |   | 10,967 |   |
|        Gain on sale of assets                                                                                                                                                                                                                                                                                                                                                           |   |   | -- |   |   |   | -- |   |   |   | 43,117 |   |   |   | -- |   |
|                 Total other expense                                                                                                                                                                                                                                                                                                        |   |   | (110,960 | ) |   |   | (101,023 | ) |   |   | (265,707 | ) |   |   | (270,745 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Net loss before income taxes, from continuing operations                                                                                                                                                                                                                                                                                                                               |   |   | (158,389 | ) |   |   | (23,868 | ) |   |   | (513,288 | ) |   |   | (23,057 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Income Tax expense                                                                                                                                                                                                                                                                                                                                                                     |   |   | 2,816 |   |   |   | 36,747 |   |   |   | 19,288 |   |   |   | 93,325 |   |
|       Net loss from continuing operations                                                                                                                                                                                                                                                                                                                                                    |   |   | (161,205 | ) |   |   | (60,615 | ) |   |   | (532,576 | ) |   |   | (116,382 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       (Loss) Income from Discontinued Operations (includes a gain on sale       of  assets in the amount of $1,094,817 for the nine months ended       June 30, 2008)                                                                                                                                        |   |   | (78,199 | ) |   |   | -- |   |   |   | (78,199 | ) |   |   | 856,446 |   |
| Net income (loss):                                                                                                                                                                                                                                                                                                                                                                                                         |   |   | (239,404 | ) |   |   | (60,615 | ) |   |   | (610,775 | ) |   |   | 740,064 |   |
| Other comprehensive income (loss), net of tax:                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Foreign currency translation adjustments                                                                                                                                                                                                                                                                                                                                                                                   |   |   | 157,161 |   |   |   | 51,627 |   |   |   | (9,584 | ) |   |   | 90,974 |   |
| Comprehensive (loss) income:                                                                                                                                                                                                                                                                                                                                                                                               |   | $ | (82,243 | ) |   | $ | (8,988 | ) |   | $ | (620,359 | ) |   | $ | 831,038 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings (loss) per share, from continuing operations - Basic                                                                                                                                                                                                                                                                                                                                                              |   | $ | (0.01 | ) |   | $ | 0.00 |   |   | $ | (0.03 | ) |   | $ | (0.01 | ) |
| Earnings (loss) per share, from continuing operations - Diluted                                                                                                                                                                                                                                                                                                                                                            |   | $ | (0.01 | ) |   | $ | 0.00 |   |   | $ | (0.03 | ) |   | $ | (0.01 | ) |
| Earnings (loss) per share, from discontinued operations - Basic                                                                                                                                                                                                                                                                                                                                                            |   | $ | (0.01 | ) |   | $ | 0.00 |   |   | $ | (0.01 | ) |   | $ | 0.06 |   |
| Earnings (loss) per share, from discontinued operations - Diluted                                                                                                                                                                                                                                                                                                                                                          |   | $ | (0.01 | ) |   | $ | 0.00 |   |   | $ | (0.01 | ) |   | $ | 0.06 |   |
| Earnings (loss) per share - Basic                                                                                                                                                                                                                                                                                                                                                                                          |   | $ | (0.02 | ) |   | $ | 0.00 |   |   | $ | (0.04 | ) |   | $ | 0.05 |   |
| Earnings (loss) per share - Diluted                                                                                                                                                                                                                                                                                                                                                                                        |   | $ | (0.02 | ) |   | $ | 0.00 |   |   | $ | (0.04 | ) |   | $ | 0.05 |   |
| Weighted average common shares used in calculation of earnings (loss) per share - Basic                                                                                                                                                                                                                                                                                                                                    |   |   | 15,240,281 |   |   |   | 15,225,281 |   |   |   | 15,231,819 |   |   |   | 15,225,281 |   |
| Weighted average common shares used in calculation of earnings (loss) per share – Diluted                                                                                                                                                                                                                                                                                                                            |   |   | 15,240,281 |   |   |   | 15,272,578 |   |   |   | 15,231,819 |   |   |   | 15,268,491 |   |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                          |   | Nine Months EndedJune 30, |     |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------|----------|
| Cash flows from operating activities:                                                                                                                                                                                                                                                                                                                                                                                         |   | 2009                      |     |   | 2008 |   |
| Net (loss) income                                                                   |   | $                         | (610,775 | ) |   | $ | 740,062 |   |
| Adjustments to reconcile net loss to net cash provided by operating activities:                                                                                                                                                                                                                                                                                                                                               |   |                      |     |   |   |   |   |   |
|   Depreciation                                                                                                                                                                                                                                                                                                                                                                                                      |   |                      | 114,182  |   |   |   | 71,826 |   |
|   Amortization of debt discount                                                                                                                                                                                                                                                                                                                                                                                     |   |                      | 58,953   |   |   |   | 54,260 |   |
|   (Gain) on sale of assets                                                                                                                                                                                                                                                                                                                                                                                          |   |                      | (43,117  | ) |   |   | (838,907 | ) |
|   Provision for Bad Debts                                                                                                                                                                                                                                                                                                                                                                                           |   |                      | 27,802   |   |   |   | 13,580 |   |
|   Stock Based Compensation                                                                                                                                                                                                                                                                                                                                                                                          |   |                      | 49,285   |   |   |   | 5,239 |   |
| Changes in operating assets and liabilities:                                                                                                                                                                                                                                                                                                                                                                                  |   |                      |     |   |   |   |   |   |
|   Accounts receivable                                                                                                                                                                                                                                                                                                                                                                                               |   |                      | 104,332  |   |   |   | 130,739 |   |
|   Prepaid expenses and other current assets                                                                                                                                                                                                                                                                                                                                                                         |   |                      | 122,026  |   |   |   | (30,344 | ) |
|   Inventories                                                                                                                                                                                                                                                                                                                                                                                                       |   |                      | 237,212  |   |   |   | 377,004 |   |
|   Accounts payable and accrued expenses                                                                                                                                                                                                                                                                                                                                                                             |   |                      | (98,697  | ) |   |   | (532,247 | ) |
|   Other assets                                                                                                                                                                                                                                                                                                                                                                                                      |   |                      | 52,301   |   |   |   | (4,510 | ) |
|   Deferred revenue                                                                                                                                                                                                                                                                                                                                                                                                  |   |                      | (14,773  | ) |   |   | 66,781 |   |
|     Net cash (used in) provided by operating activities                                                                                                                                                                                                                                                                                                                                                   |   |                      | (1,269   | ) |   |   | 53,483 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                      |     |   |   |   |   |   |
| Cash flows from investing activities:                                                                                                                                                                                                                                                                                                                                                                                         |   |                      |     |   |   |   |   |   |
| Purchase of property and equipment                                                                                                                                                                                                                                                                                                                                                                                            |   |                      | (114,078 | ) |   |   | (412,990 | ) |
| Proceeds from sale of assets                                                                                                                                                                                                                                                                                                                                                                                                  |   |                      | 51,805   |   |   |   | 4,090 |   |
| Payments Received on Notes Receivable                                                                                                                                                                                                                                                                                                                                                                                         |   |                      | 157,500  |   |   |   | 122,500 |   |
|     Net cash provided by (used in) investing activities                                                                                                                                                                                                                                                                                                                                                   |   |                      | 95,227   |   |   |   | (286,400 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                      |     |   |   |   |   |   |
| Cash flows from financing activities:                                                                                                                                                                                                                                                                                                                                                                                         |   |                      |     |   |   |   |   |   |
| Net (payments) borrowings on Line of Credit                                                                                                                                                                                                                                                                                                                                                                                   |   |                      | (15,000  | ) |   |   | 140,000 |   |
| Payments on Notes – Itau Bank                                                                                                                                                                                                                                                                                                                                                                                           |   |                      | (91,513  | ) |   |   | -- |   |
| Borrowings on Notes – Itau Bank                                                                                                                                                                                                                                                                                                                                                                                         |   |                      | --       |   |   |   | 182,964 |   |
|     Net cash provided by (used in) financing activities                                                                                                                                                                                                                                                                                                                                                   |   |                      | (106,513 | ) |   |   | 322,964 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                      |     |   |   |   |   |   |
| Effects of foreign exchange rate                                                                                                                                                                                                                                                                                                                                                                                              |   |                      | 69,686   |   |   |   | 62,209 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                      |     |   |   |   |   |   |
|                    Net increase in cash and cash equivalents                                                                                                                                                                                                                                                                   |   |                      | 57,131   |   |   |   | 152,256 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                      |     |   |   |   |   |   |
| Cash and cash equivalents at beginning of period                                                                                                                                                                                                                                                                                                                                                                              |   |                      | 98,799   |   |   |   | 6,592 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                      |     |   |   |   |   |   |
| Cash and cash equivalents at end of period                                                                                                                                                                                                               |   | $                         | 155,930  |   |   | $ | 158,848 |   |
| Supplemental disclosure of cash flow information:                                                                                                                                                                                                                                                                                                                                                                             |   |                      |     |   |   |   |   |   |
|  Cash paid during the period for interest                                                                                                                                                                             |   | $                         | 289,219  |   |   | $ | 249,855 |   |

----

----

----

|                                                                                       |   | Three Months EndedJune 30, |       |   | Nine Months EndedJune 30, |   |
|--------------------------------------------------------------------------------------------|--------|----------------------------|------------|--------|---------------------------|--------|
|                                                                                       |   | 2009                       |       |   | 2008                      |   |   | 2009 |   |   | 2008 |   |
|                                                                                       |   |                       |       |   |                      |   |   |   |   |   |   |   |
| Numerator:                                                                                 |   |                       |       |   |                      |   |   |   |   |   |   |   |
|         Net (loss) income                          |   | $                          | (239,404   | )      |                      | $      | (60,615 | ) |   | $ | (610,775 | ) |   | $ | 740,064 |   |
|                                                                                       |   |                       |       |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| Denominator:                                                                               |   |                       |       |   |                      |   |   |   |   |   |   |   |   |   |   |   |
|         Weighted –average shares outstanding |   |                       | 15,240,281 |   |                      |   | 15,225,281 |   |   |   | 15,231,819 |   |   |   | 15,225,281 |   |
|         Effect of dilutive shares                  |   |                       | 313        |   |                      |   | 47,297 |   |   |   | 2,727 |   |   |   | 43,210 |   |
|         Denominator for diluted earnings per share |   |                       | 15,240,594 |   |                      |   | 15,272,578 |   |   |   | 15,234,546 |   |   |   | 15,268,491 |   |
|                                                                                       |   |                       |       |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| Basic Earnings per share                                                                   |   | $                          | (0.02      | )      |                      | $      | 0.00 |   |   | $ | (0.04 | ) |   | $ | 0.05 |   |
| Diluted Earnings per share                                                                 |   | $                          | (0.02      | )      |                      | $      | 0.00 |   |   | $ | (0.04 | ) |   | $ | 0.05 |   |

|                             |   | Three Months EndedJune 30, |      |   | Nine Months EndedJune 30, |   |
|----------------------------------|--------|----------------------------|-----------|--------|---------------------------|--------|
|                             |   | 2009                       |      |   | 2008                      |   |   | 2009 |   |   | 2008 |   |
|                             |   |                       |      |   |                      |   |   |   |   |   |   |   |
| Convertible notes                |   |                       | 5,399,800 |   |                      |   | 5,399,800 |   |   |   | 5,399,800 |   |   |   | 5,399,800 |   |
| Options to purchase common stock |   |                       | 2,889,222 |   |                      |   | 2,394,014 |   |   |   | 2,889,222 |   |   |   | 2,394,014 |   |
| Total antidilutive instruments   |   |                       | 8,289,022 |   |                      |   | 7,793,814 |   |   |   | 8,289,022 |   |   |   | 7,793,814 |   |

|                                                                      |   | Shares |      |   | Weighted average exercise price |   |   | Weighted averagelife |   |
|---------------------------------------------------------------------------|--------|--------|-----------|--------|---------------------------------|--------|--------|----------------------|--------|
|                                                                      |   |   |      |   |                            |   |   |                 |   |
| Options outstanding – October 1, 2008                               |   |   | 2,464,014 |   |                            | $      | 1.05   |                 |   |   | 1.62 |   |
|        Granted                         |   |   | 441,208   |   |                            |   | 0.15   |                 |   |   | 9.51 |   |
|        Exercised                       |   |   | --        |   |                            |   | --     |                 |   |   | -- |   |
|        Forfeited, cancelled or expired |   |   | (16,000   | )      |                            |   | 0.19   |                 |   |   | 3.53 |   |
| Options outstanding – June 30, 2009                                 |   |   | 2,889,222 |   |                            | $      | 0.92   |                 |   |   | 2.81 |   |
| Options exercisable – June 30, 2009                                 |   |   | 2,737,555 |   |                            | $      | 0.96   |                 |   |   | 2.80 |   |

----

|                    |   | Three Months EndedJune 30, |           |   | Nine Months EndedJune 30, |   |
|-------------------------|--------|----------------------------|----------------|--------|---------------------------|--------|
|                    |   | 2009                       |           |   | 2008                      |   |   | 2009 |   |   | 2008 |   |
| Dividend yield          |   |                       | --             |   |                      |   | -- |   |   |   | -- |   |   |   | -- |   |
| Expected volatility     |   |                       | 120.03%-120.20 | %      |                      |   | 114.20 | % |   |   | 95.1% - 105.25 | % |   |   | 95.10%-114.20 | % |
| Risk-free interest rate |   |                       | 3.01% - 3.16   | %      |                      |   | 3.78 | % |   |   | 1.67% - 2.45 | % |   |   | 2.46% - 3.78 | % |
| Expected life in years  |   |                       | 10             |   |                      |   | 10 |   |   |   | 1.5 |   |   |   | 5-10 |   |

|             |   | June 30,2009 |      |   | September 30,2008 |   |
|------------------|--------|--------------|-----------|--------|-------------------|--------|
|             |   |         |      |   |              |   |
| Raw Materials    |   | $            | 1,310,351 |   |              | $      | 1,385,253 |   |
| Work-in-process  |   |         | 148,600   |   |              |   | 159,903 |   |
| Finished goods   |   |         | 898,345   |   |              |   | 1,018,609 |   |
|             |   |         | 2,357,296 |   |              |   | 2,563,765 |   |
| Less reserves    |   |         | (557,459  | )      |              |   | (526,716 | ) |
| Inventories, net |   | $            | 1,799,837 |   |              | $      | 2,037,049 |   |

----

|                                            |   | United*States |      |   | Brazil |   |      | Consolidated |   |
|-------------------------------------------------|--------|---------------|-----------|--------|--------|--------|-----------|--------------|--------|
| June 30, 2009:                                  |   |          |      |   |   |   |      |         |   |
|      Revenues          |   |          | 2,477,340 |   |   |   | 1,596,294 |         |   |   | 4,073,634 |   |
|      Long-lived assets |   |          | 522,060   |   |   |   | 430,206   |         |   |   | 952,266 |   |
|                                            |   |          |      |   |   |   |      |         |   |   |   |   |
| June 30, 2008:                                  |   |          |      |   |   |   |      |         |   |   |   |   |
|      Revenues          |   |          | 2,927,251 |   |   |   | 1,759,261 |         |   |   | 4,686,512 |   |
|      Long-lived assets |   |          | 710,070   |   |   |   | 485,454   |         |   |   | 1,195,524 |   |

----

|                                                                                                 |   | Three Months Ended |     |   | Nine Months Ended |   |
|------------------------------------------------------------------------------------------------------|--------|--------------------|----------|--------|-------------------|--------|
|                                                                                                 |   | June 30,2009       |     |   | June 30,2008      |   |   | June 30,2009 |   |   | June 30,2008 |   |
| Net sales                                                                                            |   | $                  | 91,911   |   |              | $      | 68,898 |   |   | $ | 129,695 |   |   | $ | 440,137 |   |
| Costs of sales                                                                                       |   |               | (170,110 | )      |              |   | 68,898 |   |   |   | 207,894 |   |   |   | 479,864 |   |
| Gross Loss                                                                                           |   |               | (78,199  | )      |              |   | -- |   |   |   | (78,199 | ) |   |   | (39,727 | ) |
|                                                                                                 |   |               |     |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Operating expenses:                                                                                  |   |               |     |   |              |   |   |   |   |   |   |   |   |   |   |   |
|     Selling, general and administrative                                          |   |               | --       |   |              |   | -- |   |   |   | -- |   |   |   | 196,936 |   |
|     Research and development                                                     |   |               | --       |   |              |   | -- |   |   |   | -- |   |   |   | 1,708 |   |
|           Total operating costs and expenses       |   |               | --       |   |              |   | -- |   |   |   | -- |   |   |   | 198,644 |   |
|                                                                                                 |   |               |     |   |              |   |   |   |   |   |   |   |   |   |   |   |
|       Operating loss                                                   |   |               | (78,199  | )      |              |   | -- |   |   |   | (78,199 | ) |   |   | (238,371 | ) |
|                                                                                                 |   |               |     |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Other income (expenses):                                                                             |   |               |     |   |              |   |   |   |   |   |   |   |   |   |   |   |
|       Other Income (expense)                                           |   |               | --       |   |              |   | -- |   |   |   | -- |   |   |   | -- |   |
|       Gain on Sale of Assets                                           |   |               | --       |   |              |   | -- |   |   |   | -- |   |   |   | 1,094,817 |   |
|             Total other income (expense) |   |               | --       |   |              |   | -- |   |   |   | -- |   |   |   | 1,094,817 |   |
|                                                                                                 |   |               |     |   |              |   |   |   |   |   |   |   |   |   |   |   |
|       Net (loss) income before income taxes                            |   |               | (78,199  | )      |              |   | -- |   |   |   | (78,199 | ) |   |   | 856,446 |   |
|                                                                                                 |   |               |     |   |              |   |   |   |   |   |   |   |   |   |   |   |
|        Income Tax                                                 |   |               | --       |   |              |   | -- |   |   |   | -- |   |   |   | -- |   |
| Net income (loss) from discontinued operations                                                       |   |               | (78,199  | )      |              |   | -- |   |   |   | (78,199 | ) |   | $ | 856,446 |   |

|                                                                                                                               |   | June 30,2009 |    |
|------------------------------------------------------------------------------------------------------------------------------------|--------|--------------|---------|
|                    Raw Materials    |   | $            | 75,212  |   |
|                    Work-in-process  |   |         | 138     |   |
|                    Finished goods   |   |         | 2,097   |   |
|                                                                                                                               |   |         | 77,447  |   |
|                    Less reserves    |   |         | (77,447 | ) |
|                    Inventories, net |   | $            | --      |   |

----

----

| · | 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. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| · | Developing and enhancing IFA kits. |
|--------|------------------------------------|

----

----

----

----

| 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, 2009 |   |                                | 9,000  |   |                           | $      | 0.11   |                                                                                         |   |   | 9,000                                                                                                               |   |   |   | - |   |
| May 1-31, 2009   |   |                                | 5,000  |   |                           | $      | 0.10   |                                                                                         |   |   | 5,000                                                                                                               |   |   |   | - |   |
| June 1-30, 2009  |   |                                | 6,500  |   |                           | $      | 0.15   |                                                                                         |   |   | 6,500                                                                                                               |   |   |   | - |   |
| Total            |   |                                | 20,500 |   |                           | $      | 0.12   |                                                                                         |   |   | 20,500                                                                                                              |   |   |   | - |   |

|   | (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 it 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 # 1. | Dr Alan Cohen was elected a director for the term expiring in 2012 by a vote of 11,111,303  shares “For” and 432,309 shares “Withheld”.                                                                                                                                       |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|      |                                                                                                                                                                                                                                                                                                            |
| Item # 2. | Ratification of Stegman and Company as the Independent Public Accounts for fiscal 2009 was approved by a vote of 11,486,463 shares “For”, 41,831 shares “Against” and 15,318 shares “Abstained”.                                                                            |
|      |                                                                                                                                                                                                                                                                                                            |
| Item #3.  | Amending Hemagen’s 2007 Stock Incentive Plan to provide 1,500,000 additional common shares available for issuance was approved by a vote of 4,426,342 shares “For”, 295,330 shares “Against”, 10,050 shares “Abstained” and 6,811,890 shares “Not Voted”. |

----

| Exhibit 31.1 | Certification of Principal Executive Officer pursuant to Rules 13a-14(a) and 15d-14(a)                                    |
|--------------|---------------------------------------------------------------------------------------------------------------------------|
|         |                                                                                                                      |
| Exhibit 31.2 | Certification of Principal Financial Officer pursuant to Rules 13a-14(a) and 15d-14(a)                                    |
|         |                                                                                                                      |
| Exhibit 32.1 | Certification of Principal 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 |

----

|            | Hemagen Diagnostics, Inc.(Registrant)  |                                  |
|-----------------|---------------------------------------------|---------------------------------------|
|            |                                        |                                  |   |
| August 12, 2009 | By:                                         | /s/William P.  Hales        |   |
|            |                                        | William P. Hales                      |   |
|            |                                        | President and Chief Executive Officer |   |
|            |                                        | (Principal Executive Officer)    |   |
|            |                                        |                                  |   |
| August 12, 2009 | By:                                         | /s/Catherine M. Davidson              |   |
|            |                                        | Catherine M. Davidson                 |   |
|            |                                        | Principal Financial Officer           |   |
|            |                                        |                                  |   |