**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

**Washington,      D.C. 20549**

**FORM      10-QSB**

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

**THE      SECURITIES EXCHANGE ACT OF 1934**

| For                the Quarterly Period Ended March 31, 2007 | Commission                File |
|--------------------------------------------------------------|--------------------------------|
|                                                         | Number                1-11700  |

**HEMAGEN      DIAGNOSTICS, INC.**

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

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

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

----

**HEMAGEN      DIAGNOSTICS, INC. AND SUBSIDIARIES**

**INDEX**

| **PART                I.  FINANCIAL INFORMATION** |                   | **Page                Number**                                                                                                         |
|--------------------------------------------------------|------------------------|----------------------------------------------------------------------------------------------------------------------------------------|
|                                                   | Item                1. | Financial                Statements (unaudited)                                                                                        |   |   |
|                                                   |                   |                                                                                                                                   |   |   |
|                                                   |                   | Consolidated                Balance Sheets;March 31,                2007 and September 30, 2006                                   |   | 3 |
|                                                   |                   |                                                                                                                                   |   |   |
|                                                   |                   | Consolidated                Statements Of Operations; Three and Six Months Ended March 31, 2007                and                2006 |   | 5 |
|                                                   |                   |                                                                                                                                   |   |   |
|                                                   |                   | Consolidated                Statements Of Cash Flows; Six Months Ended March 31, 2007 and                2006                     |   | 6 |
|                                                   |                   |                                                                                                                                   |   |   |
|                                                   |                   | Notes                to Consolidated Financial Statements                                                                              |   | 7 |
|                                                   |                   |                                                                                                                                   |   |   |
|                                                   | Item                2. | Management’s                Discussion and Analysis or Plan of Operation                                                         |   | 12 |
|                                                   |                   |                                                                                                                                   |   |   |
|                                                   | Item                3. | Controls                and Procedures                                                                                                 |   | 16 |
|                                                   |                   |                                                                                                                                   |   |   |
| **PART                II. OTHER INFORMATION**          |                   |  17                                                                                                                               |
|                                                   |                   |                                                                                                                                   |   |   |
|                                                   | Item                2. | Unregistered                Sales of Equity Securities and Use of Proceeds                                                             |   | 17 |
|                                                   |                   |                                                                                                                                   |   |   |
|                                                   | Item 4.      | Submission of Matters to a              Vote of              Security Holders                                                          |   | 17 |
|                                                   |                   |                                                                                                                                   |   |   |
|                                                   | Item                6. | Exhibits                                                                                                                               |   | 18 |
|                                                   |                   |                                                                                                                                   |   |   |
| **SIGNATURES**                                         |                   | 19                                                                                                                                     |
|                                                   |                   |                                                                                                                                   |
| **CERTIFICATIONS**                                     |                   | 20                                                                                                                                     |

----

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

**HEMAGEN      DIAGNOSTICS, INC. AND SUBSIDIARIES**

**CONSOLIDATED      BALANCE SHEETS**

**(UNAUDITED)**

|                                                                                                                                                                                                                                                                             |                                                                                                                                                                                  |   |    |      | March                31,       2007 |    |      | September                30,2006 |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------|-----------|-------------------------------------------------------------------|---------|-----------|----------------------------------|
|                                                                                                                                                                                                                                                                             |                                                                                                                                                                                  |   |    |
| ASSETS                                                                                                                                                                                                                                                                           |                                                                                                                                                                                  |   |    |      |                                                              |    |
|                                                                                                                                                                                                                                                                             |                                                                                                                                                                                  |   |    |      |                                                              |    |      |                             |
| **CURRENT                ASSETS:**                                                                                                                                                                                                                                               |                                                                                                                                                                                  |   |    |      |                                                              |    |
|                                                                                                                                                                                                                                                                             | Cash                and cash equivalents                                                                                                                                              |   | $       | 149,446   |                                                              | $       | 150,663   |
|                                                                                                                                                                                                                                                                             | Accounts                receivables, less allowance for doubtful accounts of $78,739 and                $76,625                at March 31, 2007 and September 30, 2006, respectively |   |    | 884,483   |                                                              |    | 1,003,373 |
|                                                                                                                                                                                                                                                                             | Inventories,                net                                                                                                                                                       |   |    | 2,809,783 |                                                              |    | 2,760,781 |
|                                                                                                                                                                                                                                                                             | Prepaid                expenses and other current assets                                                                                                                              |   |    | 164,588   |                                                              |    | 267,863   |
|                                                                                                                                                                                                                                                                             |                                                                                                                                                                                  |   |    |      |                                                              |    |      |
|                                                                                                                                                                                                                                                                             | Total                current assets                                                                                                                                                   |   |    | 4,008,300 |                                                              |    | 4,182,680 |
|                                                                                                                                                                                                                                                                             |                                                                                                                                                                                  |   |    |      |                                                              |    |      |
| **PROPERTY                AND EQUIPMENT;**net                of accumulated depreciation and  amortization                of $                7,250,950 and $7,219,781 at March 31, 2007 and  September                30,                2006, respectively |                                                                                                                                                                                  |   | 203,794 |      |                                                              | 170,974 |
|                                                                                                                                                                                                                                                                             |                                                                                                                                                                                  |   |    |      |                                                              |    |      |
| **OTHER                ASSETS**                                                                                                                                                                                                                                                  |                                                                                                                                                                                  |   |    | 94,562    |                                                              |    | 35,118    |
|                                                                                                                                                                                                                                                                             |                                                                                                                                                                                  |   |    |      |                                                              |    |      |                             |
| **Total                Assets**                                                                                                                                                                                                                                                  |                                                                                                                                                                                  |   | $       | 4,306,656 |                                                              | $       | 4,388,772 |
|                                                                                                                                                                                                                                                                             |                                                                                                                                                                                  |   |    |      |                                                              |    |      |                             |

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

----

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

**CONSOLIDATED        BALANCE SHEETS**

**(UNAUDITED)**

| **LIABILITIES                  AND STOCKHOLDERS’ DEFICIT**                                              |   |   | March                  31, |   |   | September                  30, |   |
|---------------------------------------------------------------------------------------------------------------|--------|--------|----------------------------|--------|--------|--------------------------------|--------|
|                                                                                                          |   |   | 2007                       |   |   | 2006                           |   |
| **CURRENT                  LIABILITIES:**                                                                     |   |   |                       |   |   |                           |   |
| Revolving                  line of credit                                                                     |   |   | 250,000                    |   |   | --                             |   |
| Accounts                  payable and accrued liabilities                                                     |   |   | 1,516,035                  |   |   | 1,230,890                      |   |
| Deferred                  revenue                                                                             |   |   | 30,258                     |   |   | 25,104                         |   |
|                                                                                                          |   |   |                       |   |   |                           |   |
|     Total                  Current Liabilities                                            |   |   | 1,796,293                  |   |   | 1,255,944                      |   |
|                                                                                                          |   |   |                       |   |   |                           |   |
| Senior                  subordinated secured convertible notes due September 30,                              |   |   |                       |   |   |                           |   |
|   2009,                  net of                  unamortized discount of $177,604 and $209,285 at   |   |   |                       |   |   |                           |   |
|   March                  31, 2007 and                  September 30, 2006, respectively             |   |   | 3,872,246                  |   |   | 3,840,565                      |   |
|                                                                                                          |   |   |                       |   |   |                           |   |
| **  Total                  liabilities**                                                            |   |   | 5,668,539                  |   |   | 5,096,559                      |   |
|                                                                                                          |   |   |                       |   |   |                           |   |
| **COMMITMENTS                  AND CONTINGENGIES**                                                            |   |   |                       |   |   |                           |   |
|  **STOCKHOLDERS’                  DEFICIT**                                                        |   |   |                       |   |   |                           |   |
|                                                                                                          |   |   |                       |   |   |                           |   |
| Preferred                  stock, $0.01 par value - 1,000,000 shares authorized; none                  issued |   |   |                       |   |   |                           |   |
| Common                  stock, $.01 par value - 30,000,000 shares authorized;                                 |   |   |                       |   |   |                           |   |
|   issued                  and                  outstanding: 15,325,281 and 15,325,281               |   |   |                       |   |   |                           |   |
|   at                  March 31, 2007                  and September 30, 2006, respectively          |   |   | 153,252                    |   |   | 153,252                        |   |
| Additional                  paid-in capital                                                                   |   |   | 22,842,246                 |   |   | 22,836,134                     |   |
| Accumulated                  deficit                                                                          |   |   | (24,173,925                | )      |   | (23,503,209                    | )      |
| Accumulated                  other comprehensive loss-                                                        |   |   |                       |   |   |                           |   |
|   currency                  translation loss                                                        |   |   | (93,819                    | )      |   | (104,327                       | )      |
| Less                  treasury stock at cost; 100,000 shares at March 31, 2007                                |   |   |                       |   |   |                           |   |
|   and                  September 30,                  2006, respectively.                           |   |   | (89,637                    | )      |   | (89,637                        | )      |
|   Total                  Stockholders’ Deficit                                                |   |   | (1,361,883                 | )      |   | (707,787                       | )      |
| **Total                  Liabilities and Stockholders’ Deficit**                                        |   | $      | 4,306,656                  |   | $      | 4,388,772                      |   |
|                                                                                                          |   |   |                       |   |   |                           |   |

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

----

|  **HEMAGEN                DIAGNOSTICS, INC. AND SUBSIDIARIES**                  |   |
|--------------------------------------------------------------------------------------|--------|
|  **CONSOLIDATED                STATEMENTS OF OPERATIONS**                       |   |
|  **(UNAUDITED)**                                                                |   |
|                                                                                 |   |   |   |   |   |  Three                Months Ended |   | Six                Months Ended |   |
|                                                                                 |   |   |   |   |   |  March                31, |   | March                31 |   | March                31, |   | March                31, |   |
|                                                                                 |   |   |   |   |   |  2007 |   | 2006 |   | 2007 |   | 2006 |   |
| **Revenues:**                                                                        |   |   |   |    |   |   |   |   |   |   |   |
|   Product                sales                                             |   |   |   | $1,694,942 |   | $1,902,791 |   | $3,083,226 |   | $3,867,914 |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Costs                and expenses:**                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Cost                of product                sales                      |   |   |   |   | 1,152,201 |   |   | 1,134,610 |   |   | 2,104,986 |   |   | 2,195,542 |   |
|   Research                and                development                   |   |   |   |   | 92,138 |   |   | 96,022 |   |   | 158,082 |   |   | 155,779 |   |
|   Selling,                general                and administrative        |   |   |   |   | 651,465 |   |   | 594,829 |   |   | 1,276,960 |   |   | 1,177,417 |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating                (loss) income                                               |   |   |   |   | (200,862 | ) |   | 77,330 |   |   | (456,802 | ) |   | 339,176 |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Other                income (expenses):**                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Interest                and                amortization of debt discount |   | (98,857 | ) |   | (117,833 | ) |   | (196,197 | ) |   | (235,008 | ) |
|   Other                                                                    |   |   |   |   | 5,336 |   |   | 9 |   |   | 143 |   |   | 726 |   |
|   Total                other income                (expenses)              |   |   |   |   | (93,521 | ) |   | (117,824 | ) |   | (196,054 | ) |   | (234,282 | ) |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                (loss) income before income taxes                                 |   |   |   | $ | (294,383 | ) | $ | (40,494 | ) | $ | (652,856 | ) | $ | 104,894 |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income                tax expense                                                    |   |   |   |   | (15,943 | ) |   | (20,355 | ) |   | (17,862 | ) |   | (43,890 | ) |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Net (loss)                income**                                            |   |   |   | $ | (310,326 | ) | $ | (60,849 | ) | $ | (670,718 | ) | $ | 61,004 |   |
|  Other                comprehensive loss, net of tax:                           |   |   |   |   |   |   |   |   |   |   |   |   |
| Foreign                currency translation adjustments                              |   |   |   |   | 15,907 |   |   | 11,896 |   |   | 10,509 |   |   | 46 |   |
| Other                comprehensive (loss) income                                     |   |   |   |   | 15,907 |   |   | 11,896 |   |   | 10,509 |   |   | 46 |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Comprehensive                income (loss)**                                       |   |   |   | $ | (294,419 | ) | $ | (48,953 | )  | $ | (660,209 | ) | $ | 61,050 |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                loss per share - basic:                                           |   |   |   | $ | (0.02 | ) | $ | 0.00 |   | $ | (0.04 | ) | $ | 0.00 |   |
| Net                loss per share - diluted:                                         |   |   |   | $ | (0.02 | ) | $ | 0.00 |   | $ | (0.04 | ) | $ | 0.00 |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted                average common shares outstanding - basic                    |   |   |   |   | 15,225,289 |   |   | 15,225,289 |   |   | 15,225,289 |   |   | 15,215,855 |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted                average common shares outstanding - diluted                  |   |   | 15,225,289 |   |   | 15,225,289 |   |   | 15,225,289 |   |   | 15,318,548 |   |
|                                                                                 |

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

----

**HEMAGEN        DIAGNOSTICS, INC. AND SUBSIDIARIES**

**CONSOLIDATED        STATEMENTS OF CASH FLOWS**

**(UNAUDITED)**

|                                                                                                         |   |   |                  Six                  Months EndedMarch                  31, |
|--------------------------------------------------------------------------------------------------------------|--------|--------|-----------------------------------------------------------------------------------|
|                                                                                                         |   |   |                                                                              | 2007 |   | 2006 |   |
| **Cash                  flows from operating activities:**                                                   |   |   |                                                                              |   |   |   |   |
| Net                  (loss) income                                                                           |   |   |                                                                              |   | $ | (670,718 | ) | $ | 61,004 |   |
| Adjustments                  to reconcile net income (loss) to net                                           |   |   |                                                                              |   |   |   |   |   |   |   |
|   cash                  provided by                  operating activities:                         |   |   |                                                                              |   |   |   |   |   |   |   |
|   Depreciation                  and                  amortization                                  |   |   |                                                                              |   |   | 19,043 |   |   | 23,004 |   |
|   Amortization                  of                  debt discount                                  |   |   |                                                                              |   |   | 31,681 |   |   | 25,700 |   |
|   Loss                  on sale of                  property and equipment                         |   |   |                                                                              |   |   | 0 |   |   | 726 |   |
|   Stock                  option                  compensation (FAS123R)                            |   |   |                                                                              |   |   | 6,112 |   |   | 0 |   |
| Changes                  in operating assets and liabilities:                                                |   |   |                                                                              |   |   |   |   |   |   |   |
|   Accounts                  and other                  receivables                                 |   |   |                                                                              |   |   | 118,890 |   |   | (99,328 | ) |
|   Prepaid                  expenses                  and other current assets                      |   |   |                                                                              |   |   | 103,274 |   |   | 32,653 |   |
|   Inventories                                                                                      |   |   |                                                                              |   |   | (49,000 | ) |   | (209,075 | ) |
|   Accounts                  payable                  and accrued expenses                          |   |   |                                                                              |   |   | 285,146 |   |   | 106,191 |   |
|   Other                  Assets                                                                    |   |   |                                                                              |   |   | (59,445 | ) |   | -- |   |
|   Deferred                  revenue                                                                |   |   |                                                                              |   |   | 5,154 |   |   | (6,068 | ) |
|     Net                  cash (used in) provided by operating activities                 |   |   |                                                                              |   |   | (209,863 | ) |   | (65,193 | ) |
|                                                                                                         |   |   |                                                                              |   |   |   |   |   |   |   |
| **Cash                  flows from investing activities:**                                                   |   |   |                                                                              |   |   |   |   |   |   |   |
| Purchase                  of property and equipment                                                          |   |   |                                                                              |   |   | (52,314 | ) |   | (7,455 | ) |
|    Net                  cash                  used in investing activities                    |   |   |                                                                              |   |   | (52,314 | ) |   | (7,455 | ) |
|                                                                                                         |   |   |                                                                              |   |   |   |   |   |   |   |
| **Cash                  flows from financing activities:**                                                   |   |   |                                                                              |   |   |   |   |   |   |   |
| Net                  borrowings on note payable                                                              |   |   |                                                                              |   |   | 250,000 |   |   | 7,681 |   |
|                        Net cash provided by financing activities                    |   |   |                                                                              |   |   | 250,000 |   |   | 7,681 |   |
| Effects                  of foreign exchange rate                                                            |   |   |                                                                              |   |   | 10,960 |   |   | (571 | ) |
|                                                                                                         |   |   |                                                                              |   |   |   |   |   |   |   |
|                        Net decrease in cash and cash equivalents                    |   |   |                                                                              |   |   | (1,217 | ) |   | (65,538 | ) |
|                                                                                                         |   |   |                                                                              |   |   |   |   |   |   |   |
| Cash                  and cash equivalents at beginning of period                                            |   |   |                                                                              |   |   | 150,663 |   |   | 272,168 |   |
|                                                                                                         |   |   |                                                                              |   |   |   |   |   |   |   |
| Cash                  and cash equivalents at end of period                                                  |   |   |                                                                              |   | $ | 149,446 |   | $ | 206,630 |   |
|                                                                                                         |   |   |                                                                              |   |   |   |   |   |   |   |
| Supplemental                  disclosure of cash flow information:                                           |   |   |                                                                              |   |   |   |   |   |   |   |
| Cash                  paid during the period for interest                                                    |   |   |                                                                              |   | $ | 165,325 |   | $ | 204,935 |   |
|                                                                                                         |   |   |                                                                              |   |   |   |   |   |   |   |
| *The                  accompanying notes are an integral part of the financial                  statements.* |

----

**HEMAGEN      DIAGNOSTICS, INC. AND SUBSIDIARIES**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS**

**NOTE      A - BASIS OF PRESENTATION**

**NOTE      B- RECENT ACCOUNTING PRONOUNCEMENTS **

----

----

|                                                                                                                                                  |   | Three                months endedMarch                31, 2006 |     | Six                months endedMarch                31, 2006 |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------|----------|--------------------------------------------------------------|--------|
|                                                                                                                                                  |   |                                                           |     |                                                         |   |
| Net                (Loss) Income :                                                                                                                    |   |                                                           |     |                                                         |   |
|   As                reported                                                                                                                |   |                                                           | ($60,849 | )                                                            | $      | 61,004 |   |
|                                                                                                                                                  |   |                                                           |     |                                                         |   |   |   |
| Less                stock-based compensation expense: determined under the   fair                value method                for all awards |   |                                                           | --       |                                                         |   | ($74,481 | ) |
|                                                                                                                                                  |   |                                                           |     |                                                         |   |   |   |
|   Pro                forma net                (loss)                                                                                        |   | $                                                              | (60,849  | )                                                            |   | ($13,477 | ) |
|                                                                                                                                                  |   |                                                           |     |                                                         |   |   |   |
| Net                income per common share:                                                                                                           |   |                                                           |     |                                                         |   |   |   |
|   Basic                and                Diluted;                                                                                          |   |                                                           |     |                                                         |   |   |   |
|     As                reported                                                                                                    |   |                                                           | .00      |                                                         |   | .00 |   |
|     Pro                forma                                                                                                      |   |                                                           | .00      |                                                         |   | .00 |   |

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

|                                              |   |  Three                  Months EndedMarch                  31 |      | Six                  Months EndedMarch                  31 |   |
|---------------------------------------------------|--------|--------------------------------------------------------------------|-----------|------------------------------------------------------------|--------|
|                                              |   |                                                               | 2007      |                                                       |   | 2006 |   |   | 2007 |   |   | 2006 |   |
| Convertible                  notes                |   |                                                               | 5,399,800 |                                                       |   | 5,399,800 |   |   | 5,399,800 |   |   | 5,399,800 |   |
| Options                  to purchase common stock |   |                                                               | 2,375,014 |                                                       |   | 2,465,611 |   |   | 2,375,014 |   |   | 2,520,822 |   |
|                                              |   |                                                               | 7,774,814 |                                                       |   | 7,865,411 |   |   | 7,774,814 |   |   | 7,920,622 |   |
|                                              |   |                                                               |      |                                                       |   |   |   |   |   |   |   |   |   |

**NOTE        D - STOCK BASED COMPENSATION**

----

|                                   |   | Three                and Six MonthsEnded                March                31, |   |
|----------------------------------------|--------|----------------------------------------------------------------------------------|--------|
|                                   |   | 2007                                                                             |   | 2006 |   |
| Dividend                yield          |   |                                                                             | --     |   |   | -- |   |
| Expected                volatility     |   |                                                                             | 82     | % |   | 81 | % |
| Risk-free                interest rate |   |                                                                             | 4      | % |   | 5 | % |
| Expected                life in years  |   |                                                                             | 10     |   |   | 5-10 |   |

----

**NOTE      E - INVENTORIES**

|                           |   | March                31,2007 |      | September                30,2006 |   |
|--------------------------------|--------|------------------------------|-----------|----------------------------------|--------|
| Raw                Materials   |   |                         | 1,435,738 |                             |   | 1,397,931 |   |
| Work-in-process                |   |                         | 250,896   |                             |   | 162,501 |   |
| Finished                goods  |   |                         | 1,625,383 |                             |   | 1,794,053 |   |
|                           |   |                         | 3,312,017 |                             |   | 3,354,485 |   |
| Less                reserves   |   |                         | (502,234  | )                                |   | (593,704 | ) |
| Net                inventories |   |                         | 2,809,783 |                             |   | 2,760,781 |   |
|                           |   |                         |      |                             |   |   |   |

**NOTE      F - LINE OF CREDIT**

**.**

**NOTE      G - EXCHANGE OFFERING**

----

**NOTE      H - GEOGRAPHICAL INFORMATION**

|                             |   | United*States |      |  Brazil |   |  Consolidated |   |
|----------------------------------|--------|---------------|-----------|--------------|--------|--------------------|--------|
| March                31, 2007:   |   |          |      |         |   |               |   |   |   |   |
| Revenues                         |   |          | 2,462,206 |         |   | 621,020            |   |   | 3,083,226 |   |
| Long-lived                assets |   |          | 199,686   |         |   | 98,670             |   |   | 298,356 |   |
|                             |   |          |      |         |   |               |   |   |   |   |
| March                31, 2006:   |   |          |      |         |   |               |   |   |   |   |
| Revenues                         |   |          | 3,036,938 |         |   | 830,976            |   |   | 3,867,914 |   |
| Long-lived                assets |   |          | 1,018,112 |         |   | 63,926             |   |   | 1,082,038 |   |

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

----

**Overview**

**Critical      Accounting Policies**

----

**Results      of Operations**
** **

***The      Three Month Period Ended March 31, 2007***

***Compared      to the Three Month Period Ended March 31, 2006***

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

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

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

----

***The      Six Month Period Ended March 31, 2007***

***Compared      to the Six Month Period Ended March 31, 2006***

----

----

**Liquidity      and Capital Resources**

**Item        3. Controls and Procedures**

----

**PART      II. OTHER INFORMATION**

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

| Period                              |   |   | (a)                  Total Number of Shares Purchased |   |   | (b)AveragePrice                  Paid per Share |   |   | (c)                  Total Number of Shares Purchased as Part of Publicly Announced                  Plans or                  Programs(1) |   |   | (d)                  Maximum Number (or Approximate Dollar Value) of Shares that May                  Yet Be                  Purchased Under the Plans or Programs (2) |   |
|-------------------------------------|--------|--------|-------------------------------------------------------|--------|--------|-------------------------------------------------|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                |   |   |                                                  |   |   |                                            |   |   |                                                                                                                                       |   |   |                                                                                                                                                                    |   |
| January                  1-31, 2007 |   |   | 11,000                                                |   |   | $0.25                                           |   |   | 11,000                                                                                                                                     |   |   |                                                                                                                                                                    |   |
| February 1-28, 2007            |   |   | 0                                                     |   |   | $0.00                                           |   |   | 0                                                                                                                                          |   |   |                                                                                                                                                                    |   |
| March                  1-31, 2007   |   |   | 9,000                                                 |   |   | $0.23                                           |   |   | 9,000                                                                                                                                      |   |   |                                                                                                                                                                    |   |
| Total                               |   |   | 20,000                                                |   |   | $0.24                                           |   |   | 20,000                                                                                                                                     |   |   |                                                                                                                                                                    |   |

| (1) | Represents                shares of Company’s Common Stock purchased pursuant to the Company’s                Employee Stock Ownership Plan (ESOP) that was established October                1, 2003                with no expiration. The purpose of the plan is not to repurchase,                but                rather is an employee benefit plan. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | There                is no maximum number of shares that may be purchased under the Company’s                Employee Stock Ownership Plan.                                                                                                                                                                                                                         |

**Item      4.    Submission of Matters to a Vote of Security Holders.**

----

**Item      6.  Exhibits.**

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

----

**SIGNATURES**

|                                  |                                                     |                                   |
|---------------------------------------|----------------------------------------------------------|----------------------------------------|
|                                  | **HEMAGEN                DIAGNOSTICS, INC.**(Registrant) |
|                             |                                                |                              |
| Date:               May 29, 2007 | By:                                            | /s/ William              P. Hales |
|                                  | William P. Hales                                         |
|                                  | President              and Chief Executive Officer       |

|                               |                                  |                                |
|-----------------------------------------|--------------------------------------------|------------------------------------------|
| Date:                 May 29, 2007 | By:                              | /s/ William                P. Hales |
|                                    | William P. Hales                           |
|                                    | Principal                Financial Officer |

----