Navigation Links
Corgenix Reports Fiscal 2010 Financial Results
Date:9/23/2010

DENVER, Sept. 23 /PRNewswire-FirstCall/ -- Corgenix Medical Corporation (OTC Bulletin Board: CONX), a worldwide developer and marketer of diagnostic test kits, today filed its fiscal year Form 10-K and reported financial results. The report disclosed that the company's operating results have advanced for the fiscal year ended June 30, 2010. Some of the results highlighted by the report are as follows:

  • Adjusted EBITDA for the year was $815,981 vs. $403,741 for the prior year.
  • Net income for the year was $2,391 vs. a net loss of $1,570,600 for the prior year.
  • Operating income for the fiscal year was $328,471 vs. an operating loss of $349,490 for the prior year.
  • Total revenues for the year increased $194,613 or 2.4% vs. the prior year.
  • Total operating expenses decreased $514,893 or 10.7% vs. the prior year.

  • "Our fiscal year results demonstrate that we have reached a critical turning point in the history of our company. The move to profitability along with the opportunity to integrate and build on our new relationship with the ELITech Group should provide further avenues to grow our business," said Douglass Simpson, President and CEO of Corgenix. "As we complete the many tasks ahead, we will manage our company as we have during the challenges of the past several years, controlling costs and conserving cash, while making prudent investments for future growth."

    "Looking at our pro-forma results it is easy to see the overall improvement in our operations," added Simpson. "By meeting our three primary objectives — a return to positive revenue growth, achieving positive net income and boosting EBITDA — we are positioned to focus on a number of long-term growth opportunities. As we move forward, we believe the value of our business and the opportunities we have in the medical device industry will become apparent to our shareholders and the investment community."  

    Fiscal 2010 Conference Call DetailsCorgenix invites all those interested in hearing management's discussion of fiscal year results to join a shareholders conference call today, Thursday, September 23, 2010, 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) 388-6197 for U.S. participants and +1 402 220 1115 for international participants.  

    About Corgenix Medical CorporationCorgenix 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 and has significant experience advancing products through the FDA process. More information is available at www.corgenix.com.

    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 HIGHLIGHTSCORGENIX MEDICAL CORPORATION AND SUBSIDIARIES
    OPERATIONAL DATAFiscal Year EndedFiscal Year EndedJune 30, 2010June 30, 2009Net sales

    $8,258,170$8,063,557Gross profit

    $4,644,608$4,481,540Total operating expenses

    $4,316,137$4,831,030Operating income (loss)

    $   328,471$(349,490)Net income (loss)

    $
    2,391$(1,570,600)EBITDA

    $ 815,981403,741Basic and diluted loss per share

    $
    .00*$(0.05)Weighted average shares outstanding

    30,848,46830,237,813*Less than $0.01 per shareSUMMARY BALANCE SHEET DATA
    (in thousands)June 30, 2010

    June 30, 2009Cash

    $
    494

    $
    785Working capital

    2,146

    2,013Total assets

    6,155

    6,906Long-term debt

    485

    744Total stockholders' equity

    3,157

    3,113
    '/>"/>

    SOURCE Corgenix Medical Corporation
    Copyright©2010 PR Newswire.
    All rights reserved

    Related medicine technology :

    1. Corgenix to Host Conference Call to Discuss Fiscal 2010 Results
    2. Corgenix Medical Corp. and the ELITech Group Establish Strategic Alliance
    3. Corgenix Medical Corp. Announces Launch of Products for Automated Systems
    4. Corgenix Reports Second Quarter Fiscal 2010 Financial Results
    5. Corgenix and BG Medicine Announce Supply Agreement for BGM Galectin-3(TM)
    6. Corgenix Reports Financial Results for First Quarter of Fiscal 2010
    7. Corgenix to Host Conference Call to Discuss Fiscal 2010 First Quarter Results
    8. Corgenix, Tulane Announce Award of NIH Grant Extending Hemorrhagic Fever Virus Product Development Program
    9. Corgenix AspirinWorks(R) Test Recognized in POLYCAP Study at ACC.09
    10. Biodel Reports Research Progress in Poster Session on Short-Acting Insulins at 46th EASD Annual Meeting
    11. Elsevier Launches International Journal of Surgery Case Reports
    Post Your Comments:
    *Name:
    *Comment:
    *Email:
    (Date:6/24/2016)... 2016 Dehaier Medical Systems Ltd. (NASDAQ: ... markets and sells medical devices and wearable sleep respiratory ... strategic cooperation agreement with Hongyuan Supply Chain Management Co., ... June 20, 2016, to develop Dehaier,s new Internet medical ... Dehaier will leverage Hongyuan Supply Chain,s sales platform to ...
    (Date:6/24/2016)... , June 24, 2016 ... Market by Type (Standard Pen Needles, Safety Pen Needles), ... (Insulin, GLP-1, Growth Hormone), Mode of Purchase (Retail, Non-Retail) ... MarketsandMarkets, This report studies the market for the forecast ... to reach USD 2.81 Billion by 2021 from USD ...
    (Date:6/24/2016)...  Arkis BioSciences, a leading innovator in the ... cerebrospinal fluid treatments, today announced it has secured ... led by Innova Memphis, followed by Angel Capital ... Arkis, new financing will accelerate the commercialization of ... of its in-licensed Endexo® technology. ...
    Breaking Medicine Technology:
    (Date:6/25/2016)... , ... June 25, 2016 , ... Conventional wisdom preaches ... success. In terms of the latter, setting the bar too high can result in ... than just slow progress toward their goal. , Research from PsychTests.com ...
    (Date:6/24/2016)... ... ... was in a crisis. Her son James, eight, was out of control. Prone to extreme ... “When something upset him, he couldn’t control his emotions,” remembers Marcy. “If there was ... other children and say he was going to kill them. If we were driving ...
    (Date:6/24/2016)... ... June 24, 2016 , ... Comfort Keepers® of San Diego, CA is excited ... To Recovery® program to drive cancer patients to and from their cancer treatments. ... highest quality of life and ongoing independence. Getting to and from medical treatments ...
    (Date:6/24/2016)... ... June 24, 2016 , ... The Haute ... Dr. Barry M. Weintraub as a prominent plastic surgeon and the network’s newest ... world, and the most handsome men, look naturally attractive. Plastic surgery should be ...
    (Date:6/24/2016)... ... June 24, 2016 , ... Venture Construction Group (VCG) ... held on June 20th at the Woodmont Country Club at 1201 Rockville Pike, Rockville, ... dedicated to helping service members that have been wounded in battle and their families. ...
    Breaking Medicine News(10 mins):