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Corgenix Reports Third Quarter Fiscal 2008 Financial Results
Date:5/15/2008

Total revenues for the quarter decrease approximately 3% vs. prior year

DENVER, May 15 /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-QSB and reported financial results. The report disclosed that the company's sales and operating results have advanced during the quarter and nine months ended March 31, 2008, and further confirmed that the initiatives the company put in place several months earlier are continuing to prove effective. Some of the results highlighted by the report are as follows:

-- Total revenues for the quarter decreased $61,166 or 3.1% vs. the prior

year's comparable quarter.

-- Revenues, excluding contract manufacturing, increased $186,686 or 10.6%

vs. the prior year's comparable quarter.

-- Total operating expenses decreased $30,009 or 2.4% vs. the prior year's

comparable quarter.

-- Operating loss for the quarter was $62,912 vs. an operating loss of

$37,423 in the prior year's comparable quarter.

-- Net loss for the quarter was $352,102 vs. $329,370 in the prior year's

comparable quarter.

"While much was accomplished in the quarter, including product sales growth and reduction in operating expenses, the overall financial results in the third quarter were less than we had expected, reflecting to some extent, the timing of our sales orders, but to a greater extent, softer sales in the contract manufacturing aspect of our business, which was a direct result of the new business strategy of our largest contract manufacturing customer," said Douglass Simpson, President and CEO of Corgenix. "Excluding contract manufacturing, our sales increased 10.6% over the same period in the prior year. It's important to recognize that Corgenix is still growing well ahead of industry averages -- our sales are up almost 20% for the nine m
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SOURCE Corgenix Medical Corporation
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