Corgenix Reports Fiscal 2012 Financial Results

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Corgenix Reports Fiscal 2012 Financial Results

Company records record revenues for the year

DENVER--(BUSINESS WIRE)-- Corgenix Medical Corporation (OTC BB: CONX.OB), 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, 2012. Some of the key results in the report are as follows:

  • Total revenues for the year were $9,289,358, a record for the Company, and 17% over the prior year.
  • Sales of AspirinWorks® more than doubled that in the prior year.
  • Operating loss for the fiscal year was $486,208 vs. $135,964 for the prior year.
  • Net loss for the year was $623,391 vs. $414,553 for the prior year.

"Our fiscal year results reflect our successful efforts to expand our business by increasing market demand for our unique AspirinWorks product, continued growth in our contract manufacturing and contract R&D sectors, and the ongoing rebuilding of our international customer base following the 2010 transition to the ELITech Group," said Douglass Simpson, Corgenix President and Chief Executive Officer. "Fiscal 2012 showed higher operating and net losses, resulting from planned increase in operating expenses along with a shift in product mix, but we are confident that moving forward we can maintain the double-digit revenue growth which should allow us to move to profitability beginning in fiscal 2013."

Corgenix management believes that fiscal 2013 will be another record year, with revenues showing a double digit increase and with a much improved bottom line, increased EBITDA and internally generated cash flow.

Fiscal 2012 Conference Call Details

Corgenix invites all those interested in hearing management's discussion of fiscal year results to join a shareholders conference call today, Thursday, Sept. 27, 2012, at 4 p.m. EST (2 p.m. 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) 388-6509 for U.S. participants and +1 402 220 1111 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 and has significant experience advancing products through the FDA process. More information is available at http://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. Such statements, which are inherently uncertain, are based on management's current expectations and are subject to various factors, risks and uncertainties that may cause actual results, outcome of events, timing and performance to differ materially from those expressed or implied by such 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 reports filed with the Securities and Exchange Commission, and in the Company's subsequent 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 or intend to publicly update or revise any forward-looking statements.

SUMMARY OF FINANCIAL HIGHLIGHTS

 

CORGENIX MEDICAL CORPORATION AND SUBSIDIARIES

OPERATIONAL DATA

  
Fiscal Year EndedFiscal Year Ended
June 30, 2012June 30, 2011
 

Total revenues

$9,289,358

$7,941,576

Gross profit$3,934,363$3,929,192
Total operating expenses$4,420,571$4,065,156
Operating (loss)($486,208)($135,964)
Net (loss)($603,702)($393,065)
EBITDA($87,690)

$787,255

Basic and diluted loss per share($0.01)($0.01)
Weighted average shares outstanding44,864,02140,152,793
 

SUMMARY BALANCE SHEET DATA

(in thousands)

  
June 30, 2012June 30, 2011
Cash$1,249$1,095
Working capital3,6453,317
Total assets6,2636,953
Long-term debt472600
Total stockholders' equity4,6264,194



Company Contact:
Corgenix Medical Corp
William Critchfield, 303-453-8903
Senior VP of Operations and Finance and CFO
wcritchfield@corgenix.com
or
Media Contact:
Armada Medical Marketing
Dan Snyders, 303-623-1190 ext. 230
Vice President, Public Relations Supervisor
dan@armadamedical.com

KEYWORDS:   United States  North America  Colorado

INDUSTRY KEYWORDS:

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