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Corgenix Reports Third Quarter Fiscal 2009 Financial Results

- Revenues for the quarter increase 4.2% vs. prior year -

DENVER, May 14 /PRNewswire-FirstCall/ -- Corgenix Medical Corporation (OTC Bulletin Board: CONX), a worldwide developer and marketer of diagnostic test kits, today filed its third quarter Form 10-Q and reported financial results. The report disclosed that the company's sales have increased during the quarter ended March 31, 2009, over the same period in the prior year. Some of the results highlighted by the report are as follows:

  • Revenues for the quarter increased $81,195 or 4.2% vs. the prior year's comparable quarter.
  • Total operating expenses increased $2,225 or less than 1% vs. the prior year's comparable quarter.
  • Operating loss for the quarter was $61,060 vs. $62,913 for the prior year's comparable quarter.
  • EBITDA increased to $267,312 in the current quarter from $122,643 in the prior year's comparable quarter.

Douglass Simpson, President and CEO of Corgenix, stated "This quarter's results demonstrate that despite the difficult global economy, we are progressing toward reaching our profitability goal. Revenues for the quarter increased over the prior year and expenses are in check. As we move forward we will see significant reductions in interest charges which should significantly improve the bottom line."

William Critchfield, Senior Vice President and CFO of Corgenix, added "Over the past quarter, we have instituted a vendor/service provider cost reduction initiative which we believe will cut well over $500,000 annually in our cost of sales and operating expenses, without any head-count reductions. This cost cutting initiative should help us expedite the process of finally achieving profitability and cash-flow positive operations."

The Company continues to expect that Fiscal Year 2009 revenues will approximate revenues reported in the prior fiscal year.

Third Quarter 2009 Conference Call Details

Corgenix invites all those interested in hearing management's discussion of third quarter results to join a shareholders conference call on Thursday, May 14, 2009, at 4:00 PM EDT (2:00 PM MDT). Interested parties can join the call by dialing (800) 895-0198. International participants may access the call by dialing +1 785-424-1053. The conference code is "CORGENIX". A replay will be available for 30 days following the call by dialing (800) 723-5782 for U.S. 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           Nine Months Ended

                      March 31,   March 31,      March 31,      March 31,
                        2009        2008           2009           2008
                     (unaudited) (unaudited)    (unaudited)    (unaudited)

    Net sales          $2,032      $1,951         $6,029         $6,455
    Gross profit        1,144       1,140          3,404          3,627
    Total operating
     expenses           1,205       1,203          3,616          3,464
    Operating income
     (loss)               (61)        (63)          (211)           163
    Net loss             (454)       (352)        (1,064)        (1,101)
    Weighted average
     outstanding   30,286,922  26,452,150     30,219,233     23,601,550
    Net loss per
     share             $(0.02)     $(0.01)        $(0.04)        $(0.05)
    Adjusted EBITDA      $267        $123           $456           $652

                            SUMMARY BALANCE SHEET DATA
                                  (in thousands)

                                      March 31, 2009   June 30, 2008
                                       (unaudited)       (audited)

    Cash                                   $665            $1,520
    Working capital                       2,150             2,889
    Total assets                          6,875             7,888
    Long-term debt                          841             1,276
    Total stockholders' equity            3,487             4,153

SOURCE Corgenix Medical Corporation
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