|   | x |   | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2011. |
|--------|---|--------|----------------------------------------------------------------------------------------------------------------------------------------|

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

|   | HEMAGEN DIAGNOSTICS, INC.                              |   |
|--------|--------------------------------------------------------|--------|
|   | (Exact name of registrant as specified in its charter) |   |

|  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) |   |

|   |  Large accelerated filer | o      |  Accelerated filer   | o |   |
|--------|-------------------------------|--------|---------------------------|---|--------|
|   |                          |   |                      |
|   |  Non-accelerated filer   | o      | Smaller reporting company | x |   |

----

|                      |                         |                                                                                                  |   PageNumber |
|---------------------------|------------------------------|-------------------------------------------------------------------------------------------------------|-------------------|
|   PART I.  |   FINANCIAL INFORMATION |                                                                                                  |
|                      |                         |                                                                                                  |
|                      | Item 1.                      | Financial Statements                                                                                  |              |
|                      |                         |                                                                                                  |              |
|                      |                         | Consolidated Balance Sheets; Marcy 31, 2011 (unaudited) and September 30, 2010                        |  3           |   |
|                      |                         |                                                                                                  |              |
|                      |                         | Consolidated Statements of Operations; Three and Six-Months Ended March 31, 2011 and 2010 (unaudited) |  5           |   |
|                      |                         |                                                                                                  |              |
|                      |                         | Consolidated Statements of Cash Flows; Six-Months Ended March 31, 2011 and 2010 (unaudited)      |  6           |   |
|                      |                         |                                                                                                  |              |
|                      |                         | Notes to Consolidated Financial Statements (unaudited)                                                |  7           |   |
|                      |                         |                                                                                                  |              |
|                      | Item 2.                      | Management’s Discussion and Analysis of Financial Condition and Results of Operation       |  11          |   |
|                      |                         |                                                                                                  |              |
|                      | Item 3.                      | Quantitative and Qualitative Disclosures About Market Risk                                            |  13          |         |
|                      |                         |                                                                                                  |              |
|                      | Item 4.                      | Controls and Procedures                                                                               |  13          |   |
|                      |                         |                                                                                                  |
| PART II.                  | OTHER INFORMATION            |                                                                                                  |
|                      |                         |                                                                                                  |              |
|                      | Item 2.                      | Unregistered Sales of Equity Securities and Use Of Proceeds                                           |  14          |   |
|                      |                         |                                                                                                  |              |   |
|                      | Item 4.                      | Submission of Matters to a Vote of Security Holders                                                   |  14          |   |
|                      |                         |                                                                                                  |              |
|                      | Item 5                       | Other Information                                                                                     |  14          |                 |
|                      |                         |                                                                                                  |              |
|                      | Item 6.                      | Exhibits                                                                                              |  14          |   |
|                      |                         |                                                                                                  |              |
|   SIGNATURES         |  15                     |                                                                                                  |
|                      |                         |
|   CERTIFICATIONS     |                         |

----

|                                                                                                                                                                         |   | March 312011 |      |   | September 30,2010 |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------|-----------|--------|-------------------|--------|
| ASSETS                                                                                                                                                                       |   |         |      |   |              |   |
|                                                                                                                                                                         |   |         |      |   |              |   |
| CURRENT ASSETS:                                                                                                                                                              |   |         |      |   |              |   |
| Cash                                                                                                                                                                         |   | $            | 299,408   |   |              | $      | 151,743 |   |
| Accounts receivable, less allowance for doubtful accounts  of $71,338 and $60,016  at March 31, 2011 and September 30, 2010, respectively                |   |         | 646,826   |   |              |   | 669,892 |   |
| Inventories, net                                                                                                                                                             |   |         | 1,249,619 |   |              |   | 1,386,317 |   |
| Current portion of note receivable                                                                                                                                           |   |         | 140,000   |   |              |   | 210,000 |   |
| Prepaid expenses and other current assets                                                                                                                                    |   |         | 194,370   |   |              |   | 352,534 |   |
|                                                                                                                                                                         |   |         |      |   |              |   |   |   |
|              Total current assets                                                                           |   |         | 2,530,223 |   |              |   | 2,770,486 |   |
|                                                                                                                                                                         |   |         |      |   |              |   |   |   |
| PROPERTY AND EQUIPMENT; net of accumulated depreciation and amortization of  $6,415,572 and $6,297,906 at March 31, 2011 and September 30, 2010, respectively |   |         | 474,939   |   |              |   | 525,658 |   |
|                                                                                                                                                                         |   |         |      |   |              |   |   |   |
| OTHER ASSETS:                                                                                                                                                                |   |         |      |   |              |   |   |   |
|                                                                                                                                                                         |   |         |      |   |              |   |   |   |
| Long term portion of note receivable                                                                                                                                         |   |         | --        |   |              |   | 35,000 |   |
| Other assets                                                                                                                                                                 |   |         | 60,518    |   |              |   | 40,250 |   |
|              Total other assets                                                                             |   |         | 60,518    |   |              |   | 75,250 |   |
|                                                                                                                                                                         |   |         |      |   |              |   |   |   |
| Total Assets                                                                                                                                                                 |   | $            | 3,065,680 |   |              | $      | 3,371,394 |   |
|                                                                                                                                                                         |   |         |      |   |              |   |   |   |

----

|                                                                                                                                                                                           |   | March 31,2011 |        |   | September 30,2010 |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|-------------|--------|-------------------|--------|
|  LIABILITIES AND STOCKHOLDERS’ DEFICIT                                                                                                                                              |   |          |        |   |              |   |
|                                                                                                                                                                                           |   |          |        |   |              |   |
| CURRENT LIABILITIES:                                                                                                                                                                           |   |          |        |   |              |   |
| Accounts payable and accrued liabilities                                                                                                                                                       |   | $             | 803,236     |   |              | $      | 743,170 |   |
| Revolving line of credit – Bay Bank                                                                                                                                                      |   |          | --          |   |              |   | 398,000 |   |
| Revolving line of credit – TiFunding – Related Party                                                                                                                               |   |          | 504,413     |   |              |   | -- |   |
| Deferred revenue                                                                                                                                                                               |   |          | 35,340      |   |              |   | 27,337 |   |
|      Total Current Liabilities                                                                                                                                        |   |          | 1,342,989   |   |              |   | 1,168,507 |   |
|                                                                                                                                                                                           |   |          |        |   |              |   |   |   |
| LONG TERM LIABILITIES:                                                                                                                                                                         |   |          |        |   |              |   |   |   |
| Senior subordinated secured convertible notes                                                                                                                                                  |   |          | 4,049,858   |   |              |   | 4,049,858 |   |
|                                                                                                                                                                                           |   |          |        |   |              |   |   |   |
|         Total liabilities                                                                                                                              |   |          | 5,392,847   |   |              |   | 5,218,365 |   |
|                                                                                                                                                                                           |   |          |        |   |              |   |   |   |
|  STOCKHOLDERS’ DEFICIT                                                                                                                                                              |   |          |        |   |              |   |   |   |
|                                                                                                                                                                                           |   |          |        |   |              |   |   |   |
| Preferred stock, $0.01 par value - 1,000,000 shares authorized; none issued                                                                                                                    |   |          | --          |   |              |   | -- |   |
| Common stock, $.01 par value - 45,000,000 shares authorized; 15,575,281 and 15,565,281   issued and outstanding  as of March 31, 2011 and September 30, 2010, respectively |   |          | 155,752     |   |              |   | 155,652 |   |
| Additional paid-in capital                                                                                                                                                                     |   |          | 22,990,972  |   |              |   | 22,959,539 |   |
| Accumulated deficit                                                                                                                                                                            |   |          | (25,440,952 | )      |              |   | (24,890,439 | ) |
| Accumulated other comprehensive loss- currency translation loss                                                                                                                           |   |          | 56,698      |   |              |   | 17,914 |   |
| Less treasury stock at cost; 100,000 shares                                                                                                                                                    |   |          | (89,637     | )      |              |   | (89,637 | ) |
|   Total Stockholders’ Deficit                                                                                                                                                  |   |          | (2,327,167  | )      |              |   | (1,846,971 | ) |
| Total Liabilities and Stockholders’ Deficit                                                                                                                                              |   | $             | 3,065,680   |   |              | $      | 3,371,394 |   |
|                                                                                                                                                                                           |   |          |        |   |              |   |   |   |

----

|                                                                                                                          |   | Three Months Ended |       |   | Six-months Ended |   |
|-------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|------------|--------|------------------|--------|
|                                                                                                                          |   | March 31,2011      |       |   | March 31,2010    |   |   | March 31,2011 |   |   | March 31,2010 |   |
| Net Sales                                                                                                                     |   | $                  | 1,217,704  |   |             | $      | 1,421,374 |   |   | $ | 2,594,378 |   |   | $ | 2,573,167 |   |
| Cost of Sales                                                                                                                 |   |               | 902,177    |   |             |   | 766,426 |   |   |   | 1,769,040 |   |   |   | 1,409,095 |   |
| Gross Profit                                                                                                                  |   |               | 315,527    |   |             |   | 654,948 |   |   |   | 825,338 |   |   |   | 1,164,072 |   |
| Operating Expenses:                                                                                                           |   |               |       |   |             |   |   |   |   |   |   |   |   |   |   |   |
|        Selling, general and administrative                                                 |   |               | 586,393    |   |             |   | 495,700 |   |   |   | 1,186,281 |   |   |   | 1,026,921 |   |
|        Research and development                                                            |   |               | 1,146      |   |             |   | 5,232 |   |   |   | 2,528 |   |   |   | 22,112 |   |
|                 Total operating expenses      |   |               | 587,539    |   |             |   | 500,932 |   |   |   | 1,188,809 |   |   |   | 1,049,033 |   |
|                 Total operating income (loss) |   |               | (272,012   | )      |             |   | 154,016 |   |   |   | (363,471 | ) |   |   | 115,039 |   |
| Other income (expenses):                                                                                                      |   |               |       |   |             |   |   |   |   |   |   |   |   |   |   |   |
|        Interest expense, net                                                               |   |               | (96,996    | )      |             |   | (83,146 | ) |   |   | (185,640 | ) |   |   | (167,824 | ) |
|        Other income (expense)                                                              |   |               | (166       | )      |             |   | 3,230 |   |   |   | (70 | ) |   |   | 3,144 |   |
|        Gain on sale of assets                                                              |   |               | 2,800      |   |             |   | 25,291 |   |   |   | 2,800 |   |   |   | 25,291 |   |
|                 Total other expense           |   |               | (94,362    | )      |             |   | (54,625 | ) |   |   | (182,910 | ) |   |   | (139,389 | ) |
|                                                                                                                          |   |               |       |   |             |   |   |   |   |   |   |   |   |   |   |   |
|       Net income (loss), before income taxes                                                    |   |               | (366,374   | )      |             |   | 99,391 |   |   |   | (546,381 | ) |   |   | (24,350 | ) |
|                                                                                                                          |   |               |       |   |             |   |   |   |   |   |   |   |   |   |   |   |
|       Income tax expense (benefit)                                                              |   |               | (41        | )      |             |   | 36,552 |   |   |   | 4,132 |   |   |   | 46,828 |   |
|                                                                                                                          |   |               |       |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss):                                                                                                            |   | $                  | (366,333   | )      |             | $      | 62,839 |   |   | $ | (550,513 | ) |   | $ | (71,178 | ) |
| Other comprehensive income (loss), net of tax:                                                                                |   |               |       |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Foreign currency translation adjustments                                                                                      |   |               | 14,100     |   |             |   | (27,297 | ) |   |   | 38,784 |   |   |   | (121 | ) |
| Comprehensive income (loss):                                                                                                  |   | $                  | (352,233   | )      |             | $      | 35,542 |   |   | $ | (511,729 | ) |   | $ | (71,299 | ) |
|                                                                                                                          |   |               |       |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Earnings (loss) per share - Basic                                                                                             |   | $                  | (0.02      | )      |             | $      | 0.00 |   |   | $ | (0.04 | ) |   | $ | (0.00 | ) |
| Earnings (loss) per share - Diluted                                                                                           |   | $                  | (0.02      | )      |             | $      | 0.00 |   |   | $ | (0.04 | ) |   | $ | (0.00 | ) |
| Weighed average common shares used in calculation of earnings (loss) per share - Basic                                        |   |               | 15,472,670 |   |             |   | 15,455,003 |   |   |   | 15,471,160 |   |   |   | 15,445,885 |   |
| Weighed average common shares used in calculation of earnings (loss) per share – Diluted                                |   |               | 15,472,670 |   |             |   | 15,455,003 |   |   |   | 15,471,160 |   |   |   | 15,445,885 |   |

----

|                                                                                                                                                                                                                                                                                                                                                                                         |   | Six-months EndedMarch 31, |     |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------|----------|
| Cash flows from operating activities:                                                                                                                                                                                                                                                                                                                                                        |   | 2011                      |     |   | 2010 |   |
| Net loss                                                               |   | $                         | (550,513 | ) |   | $ | (71,178 | ) |
| Adjustments to reconcile net cash provided by (used in) operating activities:                                                                                                                                                                                                                                                                                                           |   |                      |     |   |   |   |   |   |
| Cash provided by operating activities:                                                                                                                                                                                                                                                                                                                                                       |   |                      |     |   |   |   |   |   |
|     Depreciation                                                                                                                                                                                                                                                                                                                                                         |   |                      | 93,898   |   |   |   | 83,615 |   |
|     Non-cash interest expense – warrants                                                                                                                                                                                                                                                                                                                           |   |                      | 7,970    |   |   |   | -- |   |
|     (Gain) on sale of assets                                                                                                                                                                                                                                                                                                                                             |   |                      | (2,800   | ) |   |   | (25,291 | ) |
|     Provision for (recovery of) bad debts                                                                                                                                                                                                                                                                                                                                |   |                      | 9,844    |   |   |   | (10,512 | ) |
|     Stock based compensation                                                                                                                                                                                                                                                                                                                                             |   |                      | 23,563   |   |   |   | 17,460 |   |
| Changes in operating assets and liabilities:                                                                                                                                                                                                                                                                                                                                                 |   |                      |     |   |   |   |   |   |
|     Accounts receivable                                                                                                                                                                                                                                                                                                                                                  |   |                      | 13,222   |   |   |   | (58,878 | ) |
|     Prepaid expenses and other current assets                                                                                                                                                                                                                                                                                                                            |   |                      | 158,164  |   |   |   | 10,741 |   |
|     Inventories                                                                                                                                                                                                                                                                                                                                                          |   |                      | 136,698  |   |   |   | 135,676 |   |
|     Other assets                                                                                                                                                                                                                                                                                                                                                         |   |                      | (20,268  | ) |   |   | (18,559 | ) |
|     Accounts payable and accrued expenses                                                                                                                                                                                                                                                                                                                                |   |                      | 60,067   |   |   |   | (195,941 | ) |
|     Deferred revenue                                                                                                                                                                                                                                                                                                                                                     |   |                      | 8,003    |   |   |   | 7,156 |   |
|        Net cash provided by (used in) operating activities                                                                                                                                                                                                                                                                                                |   |                      | (62,152  | ) |   |   | (125,711 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                         |   |                      |     |   |   |   |   |   |
| Cash flows from investing activities:                                                                                                                                                                                                                                                                                                                                                        |   |                      |     |   |   |   |   |   |
| Purchase of property and equipment                                                                                                                                                                                                                                                                                                                                                           |   |                      | (31,482  | ) |   |   | (3,336 | ) |
| Proceeds from sale of assets                                                                                                                                                                                                                                                                                                                                                                 |   |                      | 2,800    |   |   |   | 39,912 |   |
| Payments received on notes receivable                                                                                                                                                                                                                                                                                                                                                        |   |                      | 105,000  |   |   |   | 105,000 |   |
|       Net cash provided by investing activities                                                                                                                                                                                                                                                                                                                |   |                      | 76,318   |   |   |   | 141,576 |   |
|                                                                                                                                                                                                                                                                                                                                                                                         |   |                      |     |   |   |   |   |   |
| Cash flows from financing activities:                                                                                                                                                                                                                                                                                                                                                        |   |                      |     |   |   |   |   |   |
| Payments (borrowings) on line of credit                                                                                                                                                                                                                                                                                                                                                      |   |                      | 106,413  |   |   |   | (2,000 | ) |
| Payments on Notes – Itau Bank                                                                                                                                                                                                                                                                                                                                                          |   |                      | --       |   |   |   | (27,057 | ) |
|       Net cash provided by (used in) financing activities                                                                                                                                                                                                                                                                                                      |   |                      | 106,413  |   |   |   | (29,057 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                         |   |                      |     |   |   |   |   |   |
| Effects of foreign exchange rate                                                                                                                                                                                                                                                                                                                                                             |   |                      | 27,086   |   |   |   | 499 |   |
|                                                                                                                                                                                                                                                                                                                                                                                         |   |                      |     |   |   |   |   |   |
|             Net change in cash and cash equivalents                                                                                                                                                                                                                                                                              |   |                      | 147,665  |   |   |   | (12,693 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                         |   |                      |     |   |   |   |   |   |
| Cash and cash equivalents at beginning of period                                                                                                                                                                                                                                                                                                                                             |   |                      | 151,743  |   |   |   | 156,314 |   |
|                                                                                                                                                                                                                                                                                                                                                                                         |   |                      |     |   |   |   |   |   |
| Cash and cash equivalents at end of period                                                                                                                                                                                   |   | $                         | 299,408  |   |   | $ | 143,621 |   |
| Supplemental disclosure of cash flow information:                                                                                                                                                                                                                                                                                                                                            |   |                      |     |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                         |   |                      |     |   |   |   |   |   |
| Cash payments for period for interest                                                                                                                                 |   | $                         | 165,641  |   |   | $ | 185,745 |   |
| Cash payments for period for income taxes                                                                                                                                                                               |   | $                         | 6,108    |   |   | $ | 18,094 |   |

----

----

|                                                                                       |   | Three Months EndedMarch 31, |       |   | Six-months EndedMarch 31, |   |
|--------------------------------------------------------------------------------------------|--------|-----------------------------|------------|--------|---------------------------|--------|
|                                                                                       |   | 2011                        |       |   | 2010                      |   |   | 2011 |   |   | 2010 |   |
|                                                                                       |   |                        |       |   |                      |   |   |   |   |   |   |   |
| Numerator:                                                                                 |   |                        |       |   |                      |   |   |   |   |   |   |   |
|         Net income (loss)                          |   | $                           | (366,333   | )      |                      | $      | 62,839 |   |   | $ | (550,513 | ) |   | $ | (71,178 | ) |
|                                                                                       |   |                        |       |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| Denominator:                                                                               |   |                        |       |   |                      |   |   |   |   |   |   |   |   |   |   |   |
|         Weighted –average shares outstanding |   |                        | 15,472,670 |   |                      |   | 15,455,003 |   |   |   | 15,471,160 |   |   |   | 15,445,885 |   |
|         Effect of dilutive shares                  |   |                        | --         |   |                      |   | -- |   |   |   | -- |   |   |   | -- |   |
|         Denominator for diluted earnings per share |   |                        | 15,472,670 |   |                      |   | 15,455,003 |   |   |   | 15,471,160 |   |   |   | 15,445,885 |   |
|                                                                                       |   |                        |       |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| Basic Earnings per share                                                                   |   | $                           | (0.02      | )      |                      | $      | 0.00 |   |   | $ | (0.04 | ) |   | $ | (0.00 | ) |
| Diluted Earnings per share                                                                 |   | $                           | (0.02      | )      |                      | $      | 0.00 |   |   | $ | (0.04 | ) |   | $ | (0.00 | ) |

|                             |   | Three Months EndedMarch 31, |       |   | Six-months EndedMarch 31, |   |
|----------------------------------|--------|-----------------------------|------------|--------|---------------------------|--------|
|                             |   | 2011                        |       |   | 2010                      |   |   | 2011 |   |   | 2010 |   |
|                             |   |                        |       |   |                      |   |   |   |   |   |   |   |
| Convertible notes                |   |                        | 11,571,022 |   |                      |   | 11,571,022 |   |   |   | 11,571,022 |   |   |   | 11,571,022 |   |
| Warrants                         |   |                        | 2,944,444  |   |                      |   | -- |   |   |   | 1,456,044 |   |   |   | -- |   |
| Options to purchase common stock |   |                        | 3,059,986  |   |                      |   | 1,007,208 |   |   |   | 2,996,164 |   |   |   | 1,007,208 |   |
| Total antidilutive instruments   |   |                        | 17,575,452 |   |                      |   | 12,578,230 |   |   |   | 16,023,230 |   |   |   | 12,578,230 |   |

|                                                                      |   |  Shares |      |   | Weighted average exercise price |   |   | Weighted averagelife |   |
|---------------------------------------------------------------------------|--------|--------------|-----------|--------|---------------------------------|--------|--------|----------------------|--------|
|                                                                      |   |         |      |   |                            |   |   |                 |   |
| Options outstanding – October 1, 2010                               |   |         | 2,932,208 |   |                            | $      | 0.15   |                 |   |   | 8.56 |   |
|        Granted                         |   |         | 180,000   |   |                            |   | 0.10   |                 |   |   | 4.81 |   |
|        Exercised                       |   |         | --        |   |                            |   | --     |                 |   |   | -- |   |
|        Forfeited, cancelled or expired |   |         | (10,000   | )      |                            |   | 0.15   |                 |   |   | -- |   |
| Options outstanding – March 31, 2011                                |   |         | 3,102,208 |   |                            | $      | 0.15   |                 |   |   | 7.89 |   |
| Options exercisable – March 31, 2011                                |   |         | 1,075,708 |   |                            | $      | 0.21   |                 |   |   | 6.28 |   |

----

|                    |   | Three Months EndedMarch 31, |              |   | Six-months EndedMarch 31, |   |
|-------------------------|--------|-----------------------------|-------------------|--------|---------------------------|--------|
|                    |   | 2011                        |              |   | 2010                      |   |   | 2011 |   |   | 2010 |   |
| Dividend yield          |   |                        | --                |   |                      |   | -- |   |   |   | -- |   |   |   | -- |   |
| Expected volatility     |   |                        | 136.27% - 137.95% |   |                      |   | -- |   |   |   | 136.27% - 137.95% |   |   |   | -- |   |
| Risk-free interest rate |   |                        | 2.02% - 3.48%     |   |                      |   | -- |   |   |   | 1.47% - 3.48% |   |   |   | -- |   |
| Expected life in years  |   |                        | 5 -10             |   |                      |   | -- |   |   |   | 5 -10 |   |   |   | -- |   |

|                                                                      |   |  Shares |      |   | Weighted average exercise price |   |   | Weighted averagelife(in years) |   |
|---------------------------------------------------------------------------|--------|--------------|-----------|--------|---------------------------------|--------|--------|--------------------------------|--------|
|                                                                      |   |         |      |   |                            |   |   |                           |   |
| Warrants outstanding – October 1, 2010                              |   |         | --        |   |                            | $      | --     |                           |   |   | -- |   |
|        Granted                         |   |         | 5,000,000 |   |                            |   | 0.20   |                           |   |   | 4.86 |   |
|        Exercised                       |   |         | --        |   |                            |   | --     |                           |   |   | -- |   |
|        Forfeited, cancelled or expired |   |         | --        |   |                            |   | --     |                           |   |   | -- |   |
| Options outstanding – March 31, 2011                                |   |         | 5,000,000 |   |                            | $      | 0.20   |                           |   |   | 4.86 |   |
| Options exercisable – March 31, 2011                                |   |         | 5,000,000 |   |                            | $      | 0.20   |                           |   |   | 4.86 |   |

|                                                                                                                               |   | March 31,2011 |      |   | September 30,2010 |   |
|------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|-----------|--------|-------------------|--------|
|                    Raw Materials    |   | $             | 1,079,811 |   |              | $      | 1,171,982 |   |
|                    Work-in-process  |   |          | 91,009    |   |              |   | 137,035 |   |
|                    Finished goods   |   |          | 677,017   |   |              |   | 816,272 |   |
|                                                                                                                               |   |          | 1,847,837 |   |              |   | 2,125,289 |   |
|                    Less reserves    |   |          | (598,218  | )      |              |   | (738,972 | ) |
|                    Inventories, net |   | $             | 1,249,619 |   |              | $      | 1,386,317 |   |

----

|                                            |   | United*States |      |   | Brazil |   |      | Consolidated |   |
|-------------------------------------------------|--------|---------------|-----------|--------|--------|--------|-----------|--------------|--------|
| March 31, 2011:                                 |   |          |      |   |   |   |      |         |   |
|      Revenues          |   | $             | 1,360,006 |   |   | $      | 1,234,372 |         |   | $ | 2,594,378 |   |
|      Long-lived assets |   | $             | 313,000   |   |   | $      | 377,631   |         |   | $ | 690,631 |   |
|                                            |   |          |      |   |   |   |      |         |   |   |   |   |
| March 31, 2010:                                 |   |          |      |   |   |   |      |         |   |   |   |   |
|      Revenues          |   | $             | 1,327,625 |   |   | $      | 1,245,542 |         |   | $ | 2,573,167 |   |
|      Long-lived assets |   | $             | 313,000   |   |   | $      | 377,631   |         |   | $ | 690,631 |   |

----

| ·   | Taking steps related 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; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

----

----

----

| Exhibit 31.1 | Certification of Chief 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 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 |

----

|                     | Hemagen Diagnostics, Inc.(Registrant) |                                  |
|--------------------------|---------------------------------------|---------------------------------------|
|                     |                                  |                                  |   |
| Date:  May 16, 2011 | By:                                   | /s/ William P. Hales             |   |
|                     |                                  | William P. Hales                      |   |
|                     |                                  | President and Chief Executive Officer |   |
|                     |                                  | (Principal Executive Officer)         |   |

|                     |   |                           |   |
|--------------------------|--------|--------------------------------|--------|
| Date:  May 16, 2011 | By:    | /s/ Catherine M. Davidson |   |
|                     |   | Catherine M. Davidson          |   |
|                     |   | (Principal Financial Officer)  |   |