----

----

|   |    X    |   | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2011. |
|--------|---------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------|

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

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

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|  HEMAGEN DIAGNOSTICS, INC. AND SUBSIDIARIES INDEX                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| PART I.  FINANCIAL INFORMATION                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | PAGE NUMBER |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |
| Item 1.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Financial Statements |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | Consolidated Balance Sheets;June 30, 2011 (unaudited) and September 30, 2010 | 3 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | Consolidated Statements of Operations;Three and Nine months ended June 30, 2011 and 2010 (unaudited) | 5 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | Consolidated Statements of Cash Flows;Nine months ended June 30, 2011 and 2010 (unaudited) | 6 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | Notes to Consolidated Financial Statements (unaudited) | 7 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |
| Item 2.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Management’s Discussion and Analysis of Financial Condition andResults of Operations | 12 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |
| Item 3.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Quantitative and Qualitative Disclosures about Market Risk | 16 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |
| Item 4.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Controls and Procedures | 16 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |
| PART II.  OTHER INFORMATION                                                                                                                              |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |
| Item 2.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Unregistered Sales of Equity Securities and Use of Proceeds | 17 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |
| Item 5.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Other Information | 17 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |
| Item 6.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Exhibits | 18 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |
| SIGNATURES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 19 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |
| CERTIFICATIONS                                                                                                             |   |

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Table of Contents

| HEMAGEN DIAGNOSTICS, INC. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS(unaudited)                         |   |
|----------------------------------------------------------------------------------------------------------|--------|
|                                                                                                     |   | June 30, |   |   | September 30, |   |
|                                                                                                     |   | 2011 |   |   | 2010 |   |
| ASSETS                                                                                                   |   |   |   |   |   |   |
|                                                                                                     |   |   |   |   |   |   |
| CURRENT ASSETS:                                                                                          |   |   |   |   |   |   |
| Cash                                                                                                     |   | $ | 209,933 |   |   | $ | 151,743 |   |
| Accounts receivable, less allowance for doubtful accounts  of                                  |   |   |   |   |   |   |   |   |
|     $72,750 and $60,016 at June 30, 2011 and September 30, 2010,                     |   |   |   |   |   |   |   |   |
|      respectively                                                               |   |   | 635,502 |   |   |   | 669,892 |   |
| Inventories, net                                                                                         |   |   | 1,479,031 |   |   |   | 1,386,317 |   |
| Current portion of note receivable                                                                       |   |   | 87,500 |   |   |   | 210,000 |   |
| Prepaid expenses and other current assets                                                                |   |   | 235,464 |   |   |   | 352,534 |   |
|                                                                                                     |   |   |   |   |   |   |   |   |
|              Total current assets       |   |   | 2,647,430 |   |   |   | 2,770,486 |   |
|                                                                                                     |   |   |   |   |   |   |   |   |
| PROPERTY AND EQUIPMENT; net of accumulated depreciation                                                  |   |   |   |   |   |   |   |   |
|          and amortization of $6,497,273 and $6,297,906 at   |   |   |   |   |   |   |   |   |
|          June 30, 2011 and September 30, 2010, respectively |   |   | 449,146 |   |   |   | 525,658 |   |
|                                                                                                     |   |   |   |   |   |   |   |   |
| OTHER ASSETS:                                                                                            |   |   |   |   |   |   |   |   |
|                                                                                                     |   |   |   |   |   |   |   |   |
| Long term portion of note receivable                                                                     |   |   | -- |   |   |   | 35,000 |   |
| Other assets                                                                                             |   |   | 65,995 |   |   |   | 40,250 |   |
|              Total other assets         |   |   | 65,995 |   |   |   | 75,250 |   |
|                                                                                                     |   |   |   |   |   |   |   |   |
| Total Assets                                                                                             |   | $ | 3,162,571 |   |   | $ | 3,371,394 |   |

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Table of Contents

| HEMAGEN DIAGNOSTICS, INC. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS (continued)(unaudited)                                                                                      |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                                              |   |   |   |   |   |   |
| LIABILITIES AND STOCKHOLDERS’ DEFICIT                                                                                                                                       |   | June 30, |   |   | September 30, |   |
|                                                                                                                                                                              |   | 2011 |   |   | 2010 |   |
| CURRENT LIABILITIES:                                                                                                                                                              |   |   |   |   |   |   |
| Accounts payable and accrued liabilities                                                                                                                                          |   | $ | 709,490 |   |   | $ | 743,170 |   |
| Revolving line of credit                                                                                                                                                          |   |   | -- |   |   |   | 398,000 |   |
| Revolving line of credit – Related Party                                                                                                                                    |   |   | 669,413 |   |   |   | -- |   |
| Deferred revenue                                                                                                                                                                  |   |   | 30,648 |   |   |   | 27,337 |   |
|      Total Current Liabilities                                                                                                                           |   |   | 1,409,551 |   |   |   | 1,168,507 |   |
|                                                                                                                                                                              |   |   |   |   |   |   |   |   |
| LONG TERM LIABILITIES:                                                                                                                                                            |   |   |   |   |   |   |   |   |
| Senior subordinated secured convertible notes                                                                                                                                     |   |   | 4,049,858 |   |   |   | 4,049,858 |   |
|         Total liabilities                                                                                                                 |   |   | 5,459,409 |   |   |   | 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; 15,580,281 and 15,565,281 issued and outstanding  as of June 30, 2011 and September 30, 2010, respectively |   |   | 155,802 |   |   |   | 155,652 |   |
| Additional paid-in capital                                                                                                                                                        |   |   | 23,014,523 |   |   |   | 22,959,539 |   |
| Accumulated deficit                                                                                                                                                               |   |   | (25,489,036 | ) |   |   | (24,890,439 | ) |
| Accumulated other comprehensive gain-                                                                                                                                             |   |   |   |   |   |   |   |   |
|     currency translation gain                                                                                                                                 |   |   | 111,510 |   |   |   | 17,914 |   |
|  Less treasury stock at cost; 100,000 shares                                                                                                                                 |   |   | (89,637 | ) |   |   | (89,637 | ) |
|   Total Stockholders’ Deficit                                                                                                                                     |   |   | (2,296,838 | ) |   |   | (1,846,971 | ) |
| Total Liabilities and Stockholders’ Deficit                                                                                                                                 |   | $ | 3,162,571 |   |   | $ | 3,371,394 |   |
|                                                                                                                                                                              |   |   |   |   |   |   |   |   |

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Table of Contents

| HEMAGEN DIAGNOSTICS, INC.CONSOLIDATED STATEMENTS OF OPERATIONS(unaudited)                                                     |   |
|-------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                          |   | Three Months Ended |   |   | Nine months Ended |   |
|                                                                                                                          |   | June 30, |   |   | June 30, |   |   | June 30, |   |   | June 30, |   |
|                                                                                                                          |   | 2011 |   |   | 2010 |   |   | 2011 |   |   | 2010 |   |
| Net Sales                                                                                                                     |   | $ | 1,400,678 |   |   | $ | 1,317,712 |   |   | $ | 3,995,056 |   |   | $ | 3,890,879 |   |
| Cost of Sales                                                                                                                 |   |   | 733,108 |   |   |   | 702,850 |   |   |   | 2,502,148 |   |   |   | 2,111,945 |   |
| Gross Profit                                                                                                                  |   |   | 667,570 |   |   |   | 614,862 |   |   |   | 1,492,908 |   |   |   | 1,778,934 |   |
| Operating Expenses:                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|        Selling, general and administrative                                                 |   |   | 605,997 |   |   |   | 506,443 |   |   |   | 1,792,277 |   |   |   | 1,533,364 |   |
|        Research and development                                                            |   |   | 1,366 |   |   |   | (2,157 | ) |   |   | 3,895 |   |   |   | 19,955 |   |
|                 Total operating expenses      |   |   | 607,363 |   |   |   | 504,286 |   |   |   | 1,796,172 |   |   |   | 1,553,319 |   |
|                 Total operating income (loss) |   |   | 60,207 |   |   |   | 110,576 |   |   |   | (303,264 | ) |   |   | 225,615 |   |
| Other income (expenses):                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|        Interest expense, net                                                               |   |   | (108,489 | ) |   |   | (83,870 | ) |   |   | (294,129 | ) |   |   | (251,694 | ) |
|        Other income (expense)                                                              |   |   | 198 |   |   |   | 47 |   |   |   | 128 |   |   |   | 3,191 |   |
|        Gain on sale of assets                                                              |   |   | -- |   |   |   | -- |   |   |   | 2,800 |   |   |   | 25,291 |   |
|                 Total other expense           |   |   | (108,291 | ) |   |   | (83,823 | ) |   |   | (291,201 | ) |   |   | (223,212 | ) |
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Net (loss) income, before income taxes                                                    |   |   | (48,084 | ) |   |   | 26,753 |   |   |   | (594,465 | ) |   |   | 2,403 |   |
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Income tax expense (benefit)                                                              |   |   | -- |   |   |   | 34,766 |   |   |   | 4,132 |   |   |   | 81,594 |   |
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss):                                                                                                            |   | $ | (48,084 | ) |   | $ | (8,013 | ) |   | $ | (598,597 | ) |   | $ | (79,191 | ) |
| Other comprehensive income (loss), net of tax:                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Foreign currency translation adjustments                                                                                      |   |   | 54,813 |   |   |   | (959 | ) |   |   | 93,596 |   |   |   | (1,080 | ) |
| Comprehensive income (loss):                                                                                                  |   | $ | 6,729 |   |   | $ | (8,972 | ) |   | $ | (505,001 | ) |   | $ | (80,271 | ) |
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings (loss) per share - Basic                                                                                             |   | $ | 0.00 |   |   | $ | 0.00 |   |   | $ | (0.04 | ) |   | $ | (0.01 | ) |
| Earnings (loss) per share - Diluted                                                                                           |   | $ | 0.00 |   |   | $ | 0.00 |   |   | $ | (0.04 | ) |   | $ | (0.01 | ) |
| Weighed average common shares used in calculation of earnings (loss) per share - Basic                                        |   |   | 15,478,907 |   |   |   | 15,459,567 |   |   |   | 15,473,743 |   |   |   | 15,450,446 |   |
| Weighed average common shares used in calculation of earnings (loss) per share – Diluted                                |   |   | 15,478,907 |   |   |   | 15,459,567 |   |   |   | 15,473,743 |   |   |   | 15,450,446 |   |

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Table of Contents

| HEMAGEN DIAGNOSTICS, INC. AND SUBSIDIARIES                                                                                                                                                                                                                                                                                                                                                         |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| CONSOLIDATED STATEMENTS OF CASH FLOWS                                                                                                                                                                                                                                                                                                                                                              |   |
| (Unaudited)                                                                                                                                                                                                                                                                                                                                                                                        |   |
|                                                                                                                                                                                                                                                                                                                                                                                               |   | Nine Months Ended |   |
|                                                                                                                                                                                                                                                                                                                                                                                               |   | June 30, |   |
| Cash flows from operating activities:                                                                                                                                                                                                                                                                                                                                                              |   | 2011 |   |   | 2010 |   |
| Net loss                                                                |   | $ | (598,597 | ) |   | $ | (79,191 | ) |
|      Adjustments to reconcile net cash provided by (used in)     operating activities:                                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |   |
| Cash provided by operating activities:                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |   |
|     Depreciation                                                                                                                                                                                                                                                                                                                                                               |   |   | 141,422 |   |   |   | 122,259 |   |
|     Non-cash interest expense – warrants                                                                                                                                                                                                                                                                                                                                 |   |   | 19,924 |   |   |   | -- |   |
|     Gain on sale of assets                                                                                                                                                                                                                                                                                                                                                |   |   | (2,800 | ) |   |   | (25,291 | ) |
|     Provision for (recovery of) bad debts                                                                                                                                                                                                                                                                                                                                      |   |   | 8,624 |   |   |   | (9,720 | ) |
|     Stock based compensation                                                                                                                                                                                                                                                                                                                                                   |   |   | 35,210 |   |   |   | 29,669 |   |
| Changes in operating assets and liabilities:                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |
|     Accounts receivable                                                                                                                                                                                                                                                                                                                                                        |   |   | 25,766 |   |   |   | (5,330 | ) |
|     Prepaid expenses and other current assets                                                                                                                                                                                                                                                                                                                                  |   |   | 117,070 |   |   |   | (82,870 | ) |
|     Inventories                                                                                                                                                                                                                                                                                                                                                                |   |   | (92,714 | ) |   |   | 237,658 |   |
|     Other assets                                                                                                                                                                                                                                                                                                                                                               |   |   | (25,746 | ) |   |   | 12,411 |   |
|     Accounts payable and accrued expenses                                                                                                                                                                                                                                                                                                                                      |   |   | (33,680 | ) |   |   | (261,273 | ) |
|     Deferred revenue                                                                                                                                                                                                                                                                                                                                                           |   |   | 3,311 |   |   |   | (20,505 | ) |
|        Net cash used in operating activities                                                                                                                                                                                                                                                                                                               |   |   | (402,210 | ) |   |   | (82,183 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |
| Cash flows from investing activities:                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |   |   |   |
| Purchase of property and equipment                                                                                                                                                                                                                                                                                                                                                                 |   |   | (39,350 | ) |   |   | (17,946 | ) |
| Proceeds from sale of assets                                                                                                                                                                                                                                                                                                                                                                       |   |   | 2,800 |   |   |   | 39,912 |   |
| Payments received on notes receivable                                                                                                                                                                                                                                                                                                                                                              |   |   | 157,500 |   |   |   | 157,500 |   |
|       Net cash provided by investing activities                                                                                                                                                                                                                                                                                                                      |   |   | 120,950 |   |   |   | 179,466 |   |
|                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |
| Cash flows from financing activities:                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |   |   |   |
| Borrowings (payments) on lines of credit                                                                                                                                                                                                                                                                                                                                                           |   |   | 271,413 |   |   |   | (2,000 | ) |
| Payments on Notes Payable                                                                                                                                                                                                                                                                                                                                                                          |   |   | -- |   |   |   | (28,859 | ) |
|       Net cash provided by (used in) financing activities                                                                                                                                                                                                                                                                                                            |   |   | 271,413 |   |   |   | (30,859 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |
| Effects of foreign exchange rate                                                                                                                                                                                                                                                                                                                                                                   |   |   | 68,037 |   |   |   | (1,098 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |
|             Net change in cash and cash equivalents                                                                                                                                                                                                                                                                                    |   |   | 58,190 |   |   |   | 65,326 |   |
|                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |
| Cash and cash equivalents at beginning of period                                                                                                                                                                                                                                                                                                                                                   |   |   | 151,743 |   |   |   | 156,314 |   |
|                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |
| Cash and cash equivalents at end of period                                                                                                                                                                                    |   | $ | 209,933 |   |   | $ | 221,640 |   |
| Supplemental disclosure of cash flow information:                                                                                                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |
| Cash payments for period for interest                                                                                                                                       |   | $ | 288,769 |   |   | $ | 276,604 |   |
| Cash payments for period for income taxes                                                                                                                                                                                          |   | $ | 3,011 |   |   | $ | 70,238 |   |

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Table of Contents

HEMAGEN DIAGNOSTICS, INC. AND SUBSIDIARIES

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Table of Contents

|                                                                                       |   | Three Months EndedJune 30, |       |   | Nine Months EndedJune 30, |   |
|--------------------------------------------------------------------------------------------|--------|----------------------------|------------|--------|---------------------------|--------|
|                                                                                       |   | 2011                       |       |   | 2010                      |   |   | 2011 |   |   | 2010 |   |
|                                                                                       |   |                       |       |   |                      |   |   |   |   |   |   |   |
| Numerator:                                                                                 |   |                       |       |   |                      |   |   |   |   |   |   |   |
|         Net loss                                   |   | $                          | (48,084    | )      |                      | $      | (8,013 | ) |   | $ | (598,597 | ) |   | $ | (79,191 | ) |
|                                                                                       |   |                       |       |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| Denominator:                                                                               |   |                       |       |   |                      |   |   |   |   |   |   |   |   |   |   |   |
|         Weighted –average shares outstanding |   |                       | 15,478,907 |   |                      |   | 15,459,567 |   |   |   | 15,473,743 |   |   |   | 15,450,446 |   |
|         Effect of dilutive shares                  |   |                       | --         |   |                      |   | -- |   |   |   | -- |   |   |   | -- |   |
|         Denominator for diluted earnings per share |   |                       | 15,478,907 |   |                      |   | 15,459,567 |   |   |   | 15,473,743 |   |   |   | 15,450,446 |   |
|                                                                                       |   |                       |       |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| Basic Earnings per share                                                                   |   | $                          | 0.00       |   |                      | $      | 0.00 |   |   | $ | (0.04 | ) |   | $ | (0.01 | ) |
| Diluted Earnings per share                                                                 |   | $                          | 0.00       |   |                      | $      | 0.00 |   |   | $ | (0.04 | ) |   | $ | (0.01 | ) |

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Table of Contents

|                             |   | Three Months EndedJune 30, |       |   | Nine Months EndedJune 30, |   |
|----------------------------------|--------|----------------------------|------------|--------|---------------------------|--------|
|                             |   | 2011                       |       |   | 2010                      |   |   | 2011 |   |   | 2010 |   |
|                             |   |                       |       |   |                      |   |   |   |   |   |   |   |
| Convertible notes                |   |                       | 11,571,022 |   |                      |   | 11,571,000 |   |   |   | 11,571,022 |   |   |   | 11,571,000 |   |
| Warrants                         |   |                       | 5,000,000  |   |                      |   | -- |   |   |   | 2,637,363 |   |   |   | -- |   |
| Options to purchase common stock |   |                       | 3,102,208  |   |                      |   | 2,962,208 |   |   |   | 3,031,805 |   |   |   | 2,962,208 |   |
| Total antidilutive instruments   |   |                       | 19,673,230 |   |                      |   | 14,533,208 |   |   |   | 17,240,190 |   |   |   | 14,533,208 |   |

|                                                                      |   |  Shares |      |   | Weighted average exercise price |   |   | Weighted averagelife in years |   |
|---------------------------------------------------------------------------|--------|--------------|-----------|--------|---------------------------------|--------|--------|-------------------------------|--------|
|                                                                      |   |         |      |   |                            |   |   |                          |   |
| Options outstanding – October 1, 2010                               |   |         | 2,932,208 |   |                            | $      | 0.15   |                          |   |   | 7.81 |   |
|        Granted                         |   |         | 190,000   |   |                            |   | 0.10   |                          |   |   | 4.56 |   |
|        Exercised                       |   |         | --        |   |                            |   | --     |                          |   |   | -- |   |
|        Forfeited, cancelled or expired |   |         | (20,000   | )      |                            |   | 0.17   |                          |   |   | -- |   |
| Options outstanding – June 30, 2011                                 |   |         | 3,102,208 |   |                            | $      | 0.15   |                          |   |   | 7.65 |   |
| Options exercisable – June 30, 2011                                 |   |         | 1,689,375 |   |                            | $      | 0.18   |                          |   |   | 7.09 |   |
|                                                                      |   |         |      |   |                            |   |   |                          |   |   |   |   |

|                    | Nine Months EndedJune 30, 2011 |
|-------------------------|--------------------------------|
|                    |
|                    |                           |
| Dividend yield          | --                             |
| Expected volatility     | 136.27% - 137.95%              |
| Risk-free interest rate | 1.47% - 3.48%                  |
| Expected life in years  | 5 -10                          |

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|                                                                      |   |  Shares |      |   | Weighted average exercise price |   |   | Weighted average life(in years) |   |
|---------------------------------------------------------------------------|--------|--------------|-----------|--------|---------------------------------|--------|--------|--------------------------------------|--------|
|                                                                      |   |         |      |   |                            |   |   |                                 |   |
| Warrants outstanding – October 1, 2010                              |   |         | --        |   |                            | $      | --     |                                 |   |   | -- |   |
|        Granted                         |   |         | 5,000,000 |   |                            |   | 0.20   |                                 |   |   | 4.61 |   |
|        Exercised                       |   |         | --        |   |                            |   | --     |                                 |   |   | -- |   |
|        Forfeited, cancelled or expired |   |         | --        |   |                            |   | --     |                                 |   |   | -- |   |
| Warrants outstanding – June 30, 2011                                |   |         | 5,000,000 |   |                            | $      | 0.20   |                                 |   |   | 4.61 |   |
| Warrants exercisable – June 30, 2011                                |   |         | 5,000,000 |   |                            | $      | 0.20   |                                 |   |   | 4.61 |   |

|                                                                                                                               |   | June 30, |      |   | September 30, |   |
|------------------------------------------------------------------------------------------------------------------------------------|--------|----------|-----------|--------|---------------|--------|
|                                                                                                                               |   | 2011     |      |   | 2010          |   |
|                    Raw Materials    |   | $        | 1,076,204 |   |          | $      | 1,171,982 |   |
|                    Work-in-process  |   |     | 49,750    |   |          |   | 137,035 |   |
|                    Finished goods   |   |     | 940,628   |   |          |   | 816,272 |   |
|                                                                                                                               |   |     | 2,066,582 |   |          |   | 2,125,289 |   |
|                    Less reserves    |   |     | (587,551  | )      |          |   | (738,972 | ) |
|                    Inventories, net |   | $        | 1,479,031 |   |          | $      | 1,386,317 |   |

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|                                            |   | United*States |      |   | Brazil |   |      | Consolidated |   |
|-------------------------------------------------|--------|---------------|-----------|--------|--------|--------|-----------|--------------|--------|
| June 30, 2011:                                  |   |          |      |   |   |   |      |         |   |
|      Revenues          |   | $             | 2,179,081 |   |   | $      | 1,815,975 |         |   | $ | 3,995,056 |   |
|      Long-lived assets |   | $             | 177,014   |   |   | $      | 338,127   |         |   | $ | 515,141 |   |
|                                            |   |          |      |   |   |   |      |         |   |   |   |   |
| June 30, 2010:                                  |   |          |      |   |   |   |      |         |   |   |   |   |
|      Revenues          |   | $             | 1,973,358 |   |   | $      | 1,917,521 |         |   | $ | 3,890,879 |   |
|      Long-lived assets |   | $             | 263,326   |   |   | $      | 346,155   |         |   | $ | 609,481 |   |

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Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations.

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Item 3.    Quantitative and Qualitative Disclosures About Market Risk.

Item 4.    Controls and Procedures.

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PART II.    OTHER INFORMATION

| Item 2.     Unregistered Sales of Equity Securities and Use of Proceeds. |
|---------------------------------------------------------------------------------------------------|

| Period           | (a)Total Number of Shares Purchased |  (b)AveragePrice Paid per Share | (c)Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(1) | (d)Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs (2) |
|------------------|-------------------------------------|--------------------------------------|----------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------|
| April 1-30, 2011 | -                                   | -                                    | -                                                                                      | -                                                                                                                   |
| May 1-31, 2011   | 23,455                              | $0.05                                | 23,455                                                                                 | -                                                                                                                   |
| June1-30, 2011   | 16,250                              | $0.05                                | 16,250                                                                                 | -                                                                                                                   |
| Total            | 39,705                              | $0.05                                | 39,705                                                                                 | -                                                                                                                   |

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

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

Item 4.    [Removed and Reserved.]

Item 5.    Other Information

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Item 6.    Exhibits.

| 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 |

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SIGNATURES

|            | Hemagen Diagnostics, Inc. |                          |
|-----------------|---------------------------|-------------------------------|
|            | (Registrant)              |                          |
|            |                      |                          |   |
| August 15, 2011 | By:                       | /s/ William P. Hales     |   |
|            |                      | William P. Hales              |   |
|            |                      | President and                 |   |
|            |                      | Chief Executive Officer       |   |
|            |                      | (Principal Executive Officer) |   |
|            |                      |                          |   |

|            |   |                           |   |
|-----------------|--------|--------------------------------|--------|
| August 15, 2011 | By:    | /s/ Catherine M. Davidson |   |
|            |   | Catherine M. Davidson          |   |
|            |   | Principal Financial Officer    |   |
|            |   |                           |   |

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