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Corgenix Reports Second Quarter Fiscal 2009 Financial Results

- Revenues for the quarter decrease 17% vs. prior year -

DENVER, Feb. 12 /PRNewswire-FirstCall/ -- Corgenix Medical Corporation (OTC Bulletin Board: CONX), a worldwide developer and marketer of diagnostic test kits, today filed its 2nd quarter Form 10-Q and reported financial results. The report disclosed that the company's sales and operating results have declined during the quarter and six months ended December 31, 2008. Some of the results highlighted by the report are as follows:

  • Revenues for the quarter decreased $404,012 or 16.8% vs. the prior year's comparable quarter; of this, $179,365 was a reduction in contract manufacturing revenue primarily due to reduced sales to one key customer as previously reported.
  • Total operating expenses increased $88,345 or 7.9% vs. the prior year's comparable quarter.
  • Operating loss for the quarter was $56,223 vs. an operating income of $224,224 for the prior year's comparable quarter.
  • Net loss increased to $268,374 in the current quarter from $60,310 in the prior year's comparable quarter.

"The decline in our revenues continues to demonstrate the weakness in our contract manufacturing sector as previously reported," said Douglass Simpson, President and CEO of Corgenix. "Excluding contract manufacturing revenue, our six month revenues declined approximately 3.5% over the same period in the prior year which we believe is largely related to the slowdown of the overall economy. We are continuing to aggressively seek opportunities to grow our business in contract manufacturing as well as our core products including the AspirinWorks Test."

The company noted that the financial performance for the quarter was weak, with weakness in core product revenue and increased net negative cash flow. The company expects that Fiscal Year 2009 revenues will approximate that of the prior fiscal year.

Second Quarter 2009 Conference Call Details

Corgenix invites all those interested in hearing management's discussion of second quarter results to join a shareholders conference call on Thursday, February 12, 2009 at 4:00 PM EST (2:00 PM MST). Interested parties can join the call by dialing (800) 862-9098. International participants may access the call by dialing +1 785-424-1051. The conference code is "CORGENIX". A replay will be available for 30 days following the call by dialing (800) 723-5782 for domestic participants and +1 402-220-2663 for international participants.

About Corgenix Medical Corporation

Corgenix is a leader in the development and manufacturing of specialized diagnostic kits for immunology disorders, vascular diseases and bone and joint disorders, including the world's only non-blood-based test for aspirin effect. Corgenix diagnostic products are commercialized for use in clinical laboratories throughout the world. The company currently sells over 50 diagnostic products through a global distribution network. More information is available at

Statements in this press release that are not strictly historical facts are "forward looking" statements (identified by the words "believe", "estimate", "project", "expect" or similar expressions) within the meaning of the Private Securities Litigation Reform Act of 1995. These statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance of the Company's products and services in the marketplace, competitive factors, changes in the regulatory environment, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. The statements in this press release are made as of today, based upon information currently known to management, and the company does not undertake any obligation to publicly update or revise any forward-looking statements.

                            SUMMARY OF FINANCIAL HIGHLIGHTS
      ($000 of U.S. dollars except shares outstanding and per share amounts)

                                    OPERATIONAL DATA

                        Three Months Ended              Six Months Ended
                        ------------------              ----------------

                    December 31,   December 31,   December 31,   December 31,
                       2008           2007           2008           2007
                    (unaudited)    (unaudited)    (unaudited)    (unaudited)

    Net sales            $1,995         $2,399         $3,997         $4,504
    Gross profit          1,154          1,346          2,261          2,487
    Total operating
     expenses             1,210          1,122          2,411          2,261
    Operating income
     (loss)                 (56)           224           (150)           226
    Net loss               (268)           (60)          (609)          (748)
    Basic and diluted
     loss per share      $(0.01)        $(0.00)        $(0.02)        $(0.03)
    Diluted shares
     outstanding     30,280,155     25,048,943     30,186,124     22,179,066

                                SUMMARY BALANCE SHEET DATA
                                      (in thousands)

                               December 31, 2008           June 30, 2008
                                   (unaudited)               (audited)

    Cash                                   $731                  $1,520
    Working capital                       2,268                   2,889
    Total assets                          6,790                   7,888
    Long-term debt                          943                   1,276
    Total stockholders' equity            3,636                   4,153

SOURCE Corgenix Medical Corporation
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