**UNITED      STATES SECURITIES AND EXCHANGE COMMISSION**

**FORM      10-KSB/A**

**AMENDMENT      NO. 1 TO FORM 10-KSB**

**Annual      Report Pursuant to Section 13 or 15(d) of**

**the      Securities Exchange Act of 1934**

**HEMAGEN      DIAGNOSTICS**
**,**

**      INC.**

| Delaware                                                                                    | 04-2869857                                          |
|---------------------------------------------------------------------------------------------|-----------------------------------------------------|
| (State                or Other Jurisdictionof                Incorporation or Organization) | (I.R.S.                employer identification No.) |

| 9033                Red Branch Rd., Columbia, MD        | 21045                     |
|---------------------------------------------------------|---------------------------|
| (Address                of Principal Executive Offices) | (Zip                Code) |

| (443)                367-5500                                                        |
|--------------------------------------------------------------------------------------|
| (Issuer’s                telephone number, Including Area                Code) |

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**HEMAGEN      DIAGNOSTICS, INC.**

**INDEX      TO ANNUAL REPORT ON FORM 10-KSB/A**

|                             | Page                                                                                                                                                                     |
|----------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **PART                    II**   |                                                                                                                                                                     |   |
| Item                    5.       | Market                    for Registrant’s Common Equity Related Stockholder Matters and Small                    Business Issuer Purchases of Equity Securities   | 5 |
| **PART                    III.** |                                                                                                                                                                     |
| Item                    9.       | Directors,                    Executive Officers, Promoters and Control Persons; Compliance                    with Section                    16(a) of the Exchange Act | 6 |
| Item                    10.      | Executive                    Compensation                                                                                                                                | 9 |
| Item                    11.      | Security                    Ownership of Certain Beneficial Owners and Management and Related                    Stockholder Meeting                                     | 10 |
| Item                    12.      | Certain                    Relationships and Related Transactions                                                                                                        | 11 |
| Item                    13.      | Exhibits                                                                                                                                                                 | 11 |
| Item                    14.      | Principal                    Accountant Fees and Services                                                                                                                | 13 |
| EX-31.1                          |                                                                                                                                                                     | 15  |
| EX-31.2                          |                                                                                                                                                                     | 17  |
| EX-32.1                          |                                                                                                                                                                     | 19  |
| EX-32.2                          |                                                                                                                                                                     | 20  |
|                             |                                                                                                                                                                     |

*statements,      within the meaning of the Private Securities Litigation Reform Act of 1995,      and      are intended to be covered by the safe harbors created by that Act. Forward      looking statements may be identified by words such as “estimates”,“anticipates”, “projects”, “plans”, “expects”, “intends”, “believes”, “should”and similar expressions and by the context in which they are used. Such      statements are based on current expectations. Reliance should not be placed      on      forward-looking statements because they involve known and unknown risks,      uncertainties and other factors which may cause actual results, performance      or      achievements to differ materially from those expressed or implied. Any      forward-looking statement speaks only as of the date made. Hemagen undertakes      no      obligation to update any forward-looking statements to reflect events or      circumstances after the date on which they are made.*

*Statements      concerning the establishments of reserves and adjustments for dated and obsolete      products, expected financial performance, on-going business strategies and      possible future action which Hemagen intends to pursue to achieve strategic      objectives constitute forward-looking information. All forward looking      statements, including those relating to the sufficiency of such charges,      implementation of strategies and the achievement of financial performance are      each subject to numerous conditions, uncertainties, risks and other factors.      Factors which could cause actual performance to differ materially from these      forward-looking statements, include, without limitation, management’s analysis      of Hemagen’s assets, liabilities and operations, the failure to sell      date-sensitive inventory prior to its expiration, competition, new product      development by competitors which could render particular products obsolete,      the      inability to develop or acquire and successfully introduce new products or      improvements of existing products, costs and difficulties in complying with      the      laws and regulations administered by the United States Food and Drug      Administration, changes in the relative strength of the U.S. dollar and      Brazilian reais, unfavorable political or economic developments in Brazilian      operations, and the ability to assimilate successfully product      acquisitions.*

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**Explanatory      Note**

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**Part      II**

**Item      5.   Market for Registrant’s Common Equity Related Stockholder Matters      and Small Business Issuer**

**                    Purchases of Equity Securities**

| **Fiscal                Year 2005** | **High** | **Low** |
|-------------------------------------|----------|---------|
| First                Quarter        | $0.51    | $0.22   |
| Second                Quarter       | $0.45    | $0.27   |
| Third                Quarter        | $0.40    | $0.22   |
| Fourth                Quarter       | $0.33    | $0.17   |
|                                |     |    |
| **Fiscal                Year 2006** |     |    |
| First                Quarter        | $0.26    | $0.17   |
| Second                Quarter       | $0.52    | $0.19   |
| Third                Quarter        | $0.50    | $0.30   |
| Fourth                Quarter       | $0.36    | $0.25   |

**Dividends**

**Securities      Authorized for Issuance under Equity Compensation Plans**

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**Equity      Compensation Plan Information**

|       **Plan                category**      |    **Number                of securities to be issued upon exercise of outstanding options,****warrants,                and rights** |    **Weighted-average                exercise price of outstanding options, warrants, and****rights** | **Number                of securities remaining available for future issuance under equity                compensation plans (excluding securities reflected in****column                (a))** |
|---------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Equity                compensation plans approved by security holders     | 2,481,014(1)                                                                                                                                        | $1.08                                                                                                                | 490,500(2)                                                                                                                                                                                      |
| Equity                compensation plans not approved by security holders | __                                                                                                                                                  | __                                                                                                                   | __                                                                                                                                                                                              |
| Total                                                                     | 2,481,014                                                                                                                                           | $1.08                                                                                                                | 490,500                                                                                                                                                                                         |

**Part      III**

**Item      9.   Directors, Executive Officers, Promoters and Control Persons;      Compliance With Section 16(a) of the Exchange Act.**

**         Executive Officers and Directors**

| William                  P. HalesDirector                  since 1999Term                  expires 2008Age:                  44 | William                  P. Hales has been a Director of Hemagen and its President since                  October 1,                  1999 and its Chairman of the Board of Directors since February                  2004. Mr.                  Hales has served as Hemagen’s CEO since 2002. From 1997 to January 2001,                  Mr. Hales was an Investment Banker and Advisor with Jesup & Lamont                  Securities Corporation, an investment banking and brokerage firm.                  Prior to                  that, Mr. Hales spent six years in public accounting with Ernst&                  Young and Coopers & Lybrand advising clients on both audit and                  management consulting engagements. |
|---------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Dr.                Alan S. CohenDirector                since 1993Term                expires 2009Age:                80  | Dr.                Cohen has served as a Director of Hemagen since its inception. Dr.                Cohen                has been a Professor of Medicine at Boston University School of Medicine                since 1968 and a Professor of Pharmacology since 1974. He is currently                Distinguished Professor of Medicine(E). Dr. Cohen is Editor-in-Chief                of                *AMYLOID.                The Journal of Protein Folding Disorders*.                Dr. Cohen served as the Director of the Arthritis Center of Boston                University from 1976 to 1994. From 1973 to 1992, Dr. Cohen served                as Chief                of Medicine of Boston City Hospital. Dr. Cohen is a past president                of the                American College of Rheumatology. Dr. Cohen received his Bachelor                of Arts                degree from Harvard College and his M.D. degree from the Boston University                School of Medicine.                                                                                                                                                                                                                                                                                                                                                                                                         |
|---------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Richard                W. EdwardsDirector                since 2003Term                expires 2009Age:                47 | Mr.                Edwards has served as the Chief Financial Officer of Trust Atlantic                Financial Corporation since 2006.  Prior to joining Trust Atlantic,                he served as Chief Financial Officer of Square 1 Financial Inc.,                a                privately held bank holding company, from August 2005 to 2006. Prior                to                joining Square 1 Financial, he served as Chief Financial Officer                of                Capital Bank Corporation, a publicly traded bank holding company,                from                April 2004 to August 2005. He served as Senior Vice President and                the                Chief Accounting Officer of National Commerce Financial Corporation,                a                NYSE traded bank holding company, from July 2002 to April 2004. From                January 2001 to July 2002, Mr. Edwards was the Chief Financial Officer                of                New South Bancshares, Inc. He spent eight years in various senior                financial roles with Bank of America prior to January 2001 and eight                years                in public accounting with Ernst & Young prior to that. Mr. Edwards                earned a B.S. degree in accounting from the University of Illinois                and is                a member of the AICPA.   |
| Edward                T. LutzDirector                since 2004Term                expires 2007Age:                60     | Mr.                Lutz has been the President & CEO of Lutz Advisors, Inc. since 2001.                Prior to that Mr. Lutz served Tucker Anthony Sutro Capital Markets                within                the Investment Banking Group focusing on the bank and thrift industry.                He                has over thirty-five years experience in bank regulation, mergers                and                acquisitions of troubled financial institutions, strategic planning                and                structuring financial transactions. Over the last 13 years he has                specialized in investment banking and consulting to bank and thrift                institutions. Mr. Lutz is a member of the board of directors of Union                State Bank (NYSE) and U.S.B. Holding Co., Inc. (NYSE). Mr. Lutz is                the                Chairman of the Audit Committee of Union State Bank. Mr. Lutz earned                his                B.A. in Economics from Hofstra University and his M.B.A in Finance                from                American University.                                                                                                                                                                                                                                                                                                   |

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| **Name**                        | **Age** | **Position**                                                                               |
|---------------------------------|---------|--------------------------------------------------------------------------------------------|
| William                P. Hales | 44      | Chairman                of the Board, President and Chief Executive                Officer |

**Audit      Committee**

**Compliance      with Section 16(a) of the Exchange Act**

**Code      of Ethics**

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**Item      10.   Executive Compensation**

**Summary      Compensation Table**

|                                                                                | Annual                Compensation | Long-TermCompensationAwards |
|-------------------------------------------------------------------------------------|------------------------------------|-----------------------------|
| Name                and Principal Position                                          | Year                               | Salary($)                   | Bonus($) | Other                AnnualCompensation($) | SecuritiesUnderlyingOptions(#) |
| William                P. HalesPresident                and Chief Executive Officer | 200620052004                       | $176,250$168,750$165,000    | $0$0$0 | $39,124$38,724$39,005 | (1)(2)(3) | 250,000---- |

|   | (1) | Represents                  $26,760 in provision of use of a company apartment, and $8,364                  for a                  leased car and $4,000 estimated for the Company’s contributions in the                  Employee Stock Ownership Plan.                  |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | (2) | Represents                  $26,760 in provision of use of a company apartment, and $8,364                  for a                  leased car and $3,600 estimated for the Company’s contributions in the                  Employee Stock Ownership Plan.                  |
|   | (3) | Represents                  $26,760 in provision of use of a company apartment, and $8,364                  for a                  leased car and $3,881 estimated for the Company’s contributions in the                  Employee Stock Ownership                  Plan. |

**Option/SAR      Grants in Last Fiscal Year**

| Name                                  | Number                of Securities Underlying Options Granted |   | %                of Total Options Granted to Employees in Fiscal 2006 |   | Exercise                Price($/Per                Share) |   | ExpirationDate |
|---------------------------------------|----------------------------------------------------------------|--------|-----------------------------------------------------------------------|--------|-----------------------------------------------------------|--------|----------------|
| William                P. Hales  | 250,000                                                        |   | 52%                                                                   |   | $.20                                                      |   | 10/24/2015     |

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**Aggregated      Option/SAR Exercises in Last Fiscal Year and FY-End Option/SAR      Values**

|                           |                                                      |                          | Number                of Securities Underlying Unexercised Options at FY-End | Value                of Unexercised In-the-Money Options at FY-End |
|--------------------------------|-----------------------------------------------------------|-------------------------------|------------------------------------------------------------------------------|--------------------------------------------------------------------|
| Name                           | Shares                Acquired on                Exercise | Value                Realized | Exercisable/Unexercisable                                                    | Exercisable/Unexercisable                                          |
| William                P.Hales | --                                                        | --                            | 1,980,148                                                                    | $25,000/0                                                          |
|                           |                                                      |                          |                                                                         |                                                               |

**Director      Compensation**

**Item      11. Security Ownership of Certain Beneficial Owners and Management and Related      Stockholder Matters.**

**Equity      Compensation Plan**

**Beneficial      Ownership of Common Stock**

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|  **Title                of Class**    | **Name                and Address of****Beneficial Owner**                                                                                           | **Amount                and Nature****Of                Beneficial Owner** |  **Percent                of Class** |
|--------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------|-------------------------------------------|
| Common                Stock                | William                P. HalesPresident                & CEO, Director9033                Red Branch Rd.Columbia,                MD 21045  | 3,805,198(1)                                                               | 25%                                       |
|  Common Stock     |  Jonathan E. Rothschild1061-B Shary CircleConcord, CA   94518                                                                    |  1,133,021                                                            |  7.4%                                |
| Common                Stock                | Dr.                Alan Cohen Director54                Winston Rd.Newtown,                MA 02459                                             | 265,001(2)                                                                 | 1.7%                                      |
| Common                Stock                | Richard                W. EdwardsDirector9316                Teton Pines WayRaleigh,                NC 27617                                    | 103,008(3)                                                                 | 0.7%                                      |
| Common                Stock                | Edward                T. LutzDirector6                West Sanders St.Greenlawn,                NY 11740                                        | 76,846(4)                                                                  | 0.5%                                      |
| Common                Stock                | All                Directors and Executive Officers as a Group                                                                                       | 4,250,053                                                                  | 27.9%                                     |

**Item      12. Certain Relationships and Related Transactions**

**Item      13. Exhibits**

| **Exhibit****No**. | **Description                  of Exhibit**                                                                                                              | **Filing****Status** |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------|
| 3.1                | Certificate                  of Incorporation                                                                                                            | A                    |
| 3.2                | Bylaws                                                                                                                                                   | A                    |
| 4.1                | Specimen                  Stock Certificate                                                                                                              | A                    |
| 4.2                | Rights                  Agreement dated January 27, 1999                                                                                                 | A                    |
| 4.3                | First                  Amendment to the Rights Agreement dated September 30, 1999                                                                        | B                    |
| 10.6*              | 1992                  Stock Option Plan                                                                                                                  | A                    |
| 10.17              | Description                  of the Lease for office space of HDC in Sao Paulo, Brazil                                                                   | N                    |
| 10.25              | Settlement                  Agreement dated September 30, 1999                                                                                           | C                    |
| 10.29              | Form                  of 8% Senior Subordinated Secured Convertible Note                                                                                 | E                    |
| 10.30              | Second                  Amendment to the Lease between the Company and 9033 Red Branch                  Road,                  L.L.C. dated June 9, 2000 | E                    |
| 10.32              | Second                  Restructuring Agreement between the Company and Dade Behring, Inc.                  dated                  November 9, 2000      | D                    |
| 10.35*             | 2001                  Stock Option Plan                                                                                                                  | D                    |

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| **Exhibit****No**. | **Description                of Exhibit**                                                                                                                                                                                                                      | **Filing****Status** |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------|
| 10.40              | Line                of Credit Financing Agreement between Hemagen Diagnostics, Inc. and                Reagents Applications, Inc. and Bay National Bank dated September                26,                2002                                                | I                    |
| 10.42*             | Directors                Rule 10(b)5-1 Stock Purchase Plan                                                                                                                                                                                                     | J                    |
| 10.44*             | Hemagen                Employee Stock Ownership Plan                                                                                                                                                                                                           | K                    |
| 10.45              | Trust                Agreement for the Hemagen Stock Ownership Plan                                                                                                                                                                                            | K                    |
| 10.50              | Quota                Purchase and Sale Agreement and Non-Competition Agreement                                                                                                                                                                                 | K                    |
| 10.52              | Form                of 8% Senior Subordinated Secured Convertible Note dated September                30,                2004                                                                                                                                  | M                    |
| 10.55              | Construction                Loan Agreement and related Promissory Note between Hemagen Diagnostics,                Inc. and Reagents Applications, Inc. and Bay National Bank dated                June 24,                2005                                | L                    |
| 10.60              | Second                modification and amendment to Line of Credit Financing Agreement                between                Hemagen Diagnostics, Inc. and Reagents Applications, Inc. and Bay                Naitonal                Bank dated June 24, 2005 | L                    |
| 10.65              | Lease                Agreement for 330 North Warwick Avenue, Baltimore City, Maryland                between                Hemagen Properties LLC and Hemagen Diagnostics, Inc. dated June 24,                2005                                            | L                    |
| 14.0               | Code                of Ethics Policy                                                                                                                                                                                                                           | J                    |
| 14.1               | Insider                Trading Policy                                                                                                                                                                                                                          | J                    |
| 23                 | Consent                of Independent Registered Public Accounting Firm                                                                                                                                                                                        | P                    |
| 31.1               | Certification                of Chief Executive Officer pursuant to Rule 13a-14(a)                                                                                                                                                                             | O                    |
| 31.2               | Certification                of Chief Financial Officer pursuant to Rule 13a-14(a)                                                                                                                                                                             | O                    |
| 32.1               | Certification                of Chief Executive Officer pursuant to Rule 13a-14(a)                                                                                                                                                                             | O                    |
| 32.2               | Certification                of Chief Financial Officer pursuant to Rule 13a-14(a)                                                                                                                                                                             | O                    |
|               |  *Management                compensatory contracts.                                                                                                                                                                                                       |                 |
|               |                                                                                                                                                                                                                                                           |                 |
| A.                 | Incorporated                by reference to Registration Statement No. 33-52686-B                                                                                                                                                                              |                 |
| B.                 | Incorporated                by reference to Hemagen’s Form 10-KSB for the fiscal year ended September                30, 2000                                                                                                                            |                 |
| C.                 | Incorporated                by reference to Hemagen’s Form 8-K filed on October 7,                1999                                                                                                                                                   |                 |
| D.                 | Incorporated                by reference to Hemagen’s Form 10-KSB for the fiscal year ended September                30, 2001                                                                                                                            |                 |
| E.                 | Incorporated                by reference to Hemagen’s Form S-3 filed on July 21, 2000                                                                                                                                                                    |                 |
| F.                 | Incorporated                by reference to Hemagen’s Form S-8, Registration Statement No. 333-57080,                filed with the SEC on March 15, 2001                                                                                                |                 |
| G.                 | Incorporated                by reference to Hemagen’s 10-QSB for the quarter ended March 31,                2001                                                                                                                                         |                 |
| H.                 | Incorporated                by reference to Hemagen’s Form 8-K filed on March 23, 2001                                                                                                                                                                   |                 |
| I.                 | Incorporated                by reference to Hemagen’s Form 10-KSB for the fiscal year ended September                30, 2002                                                                                                                            |                 |
| J.                 | Incorporated                by reference to Hemagen’s Form 10-KSB for the fiscal year ended September                30, 2003                                                                                                                            |                 |
| K.                 | Incorporated                by reference to Hemagen’s Form 10-KSB for the year ended September 30,                2004                                                                                                                                   |                 |
| L.                 | Incorporated                by reference to Hemagen’s Form 10-QSB for the quarter ended June 30,                2005                                                                                                                                     |                 |
| M.                 | Incorporated                by reference to S-3 filed on May 26, 2005                                                                                                                                                                                          |                 |
| N.                 | Incorporated                by reference to Hemagen’s Form 10-KSB for the year ended September 30,                2005                                                                                                                                   |                 |
| O.                 | Filed                herewith                                                                                                                                                                                                                                  |                 |
| P.                 | Previously                filed                                                                                                                                                                                                                                |                 |

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**Item      14.   Principal Accountant Fees and Services**

|                                                                |   | 2006   |    |   |   | 2005   |   |   |
|---------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|--------|--------|
|                                                                |   |   |    |   |   |   |   |   |
| Audit                fees and SAS 100 quarterly review related fees |   | $      | 98,300  |   |   |   |   | $      | 82,600 |   |   |
|                                                                |   |   |    |   |   |   |   |   |   |   |   |
| Audit                related fees                                   |   | $      | 0       |   |   |   |   | $      | 0 |   |   |
|                                                                |   |   |    |   |   |   |   |   |   |   |   |
| Fees                related to tax services                         |   | $      | 13,075  | (a)    |   |        |   | $      | 10,440 | (a) |   |
|                                                                |   |   |    |   |   |   |   |   |   |   |   |
| All                other fees                                  |   | $      | 0       |   |   |   |   | $      | 0 |   |   |
|                                                                |   |   |    |   |   |   |   |   |   |   |   |
|                                                                |   | $      | 111,375 |   |   |   |   | $      | 93,040 |   |   |

| (a) | The                Audit Committee believes the provision of these services is compatible                with maintaining the principal accountant’s                independence. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

*Audit      Fees*

*Fees      Related to Tax Services.*

*All      Other Fees.*

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**SIGNATURES**

|                                            |                                                 |                                   |
|-------------------------------------------------|------------------------------------------------------|----------------------------------------|
|                                            | HEMAGEN              DIAGNOSTICS, INC.               |
|                                       |                                            |                              |
| Date:                January 29, 2007 | By:                                        | /s/ William              P. Hales |
|                                            | William P. Hales                                     |
|                                            | President              & Chief Executive Officer |

| Name                                        | Capacity                                                                                  | Date                                    |
|---------------------------------------------|-------------------------------------------------------------------------------------------|-----------------------------------------|
|  /s/                  William P. Hales |                       President and Chief Executive Officer, Director |  January                  29, 2007 |
| William                  P. Hales           |
|                                   |                      Director                                              | January                  29, 2007       |
| Alan                  S. Cohen, M.D.   |
| /s/                  Richard W. Edwards     |                      Director                                              | January                  29, 2007       |
| Richard                  W. Edwards         |
|  /s/                  Edward T. Lutz   |                                          Director                |  January                  29, 2007 |
| Edward                  T. Lutz        |
| /s/                  William P. Hales       |                     Principal Financial Officer                                 | January                  29, 2007       |
| William                  P. Hales           |
|  /s/                  Laura A. Bell    |                                         Controller                    |  January                  29, 2007 |
| Laura                  A. Bell              |

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