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Corgenix Reports Fiscal 2010 Financial Results

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

    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)


    $ 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


    785Working capital


    2,013Total assets


    6,906Long-term debt


    744Total stockholders' equity



    SOURCE Corgenix Medical Corporation
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