Corgenix Reports Fiscal 2013 Financial Results

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Corgenix Reports Fiscal 2013 Financial Results

Company announces record revenues and net income for the year

DENVER--(BUSINESS WIRE)-- Corgenix Medical Corporation (OTCBB: 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 continued to advance for the fiscal year ended June 30, 2013. Some of the key results in the report are as follows:

  • Total revenues for the year were $10,187,805, a record for the Company, and 9.7% over the prior year.
  • Operating income was $296,385 for the year, a $782,593 improvement over the prior year.
  • EBITDA amounted to $700,651 for the current year, versus a negative $87,690 for the prior year.

"We are very pleased with the record results we reported this morning, which included strong revenue, EBITDA and earnings growth from the continuing strong demand for our services and products worldwide," Douglass Simpson, Corgenix' President and Chief Executive Officer, commented. "Our Contract Manufacturing sector in particular continues to contribute greatly to this growth, plus we are also seeing increased demand for our unique diagnostic products."

Mr. Simpson went on to say, "We fully expect this new fiscal year will demonstrate further expansion of our business worldwide, including our efforts in Contract Services and Companion Diagnostics. In terms of global distribution, we established a foothold in China in fiscal 2013, and are now well positioned to expand our presence in this important market, not only with the expected growth of AspirinWorks®, but with our other proprietary products and technologies as well."

Corgenix management expects fiscal 2014 to be even stronger than the past year, with meaningful improvements in total revenues, net income and EBITDA.

Fiscal 2013 Conference Call Details

Corgenix invites all those interested in hearing management's discussion of fiscal year results to join a shareholders conference call today, Monday, September 30, 2013, at 4 p.m. EDT (2 p.m. MDT). Interested parties can join the call by dialing (866) 952-1906. International participants may access the call by dialing +1 785 424 1825. The conference code is "CORGENIX." A replay will be available for 30 days following the call by dialing (800) 283-4593 for U.S. participants and +1 402 220 0872 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 in product submissions to the FDA and other worldwide regulatory authorities. Additionally Corgenix contract develops and manufactures products for key medical and life science companies in state-of-the-art facilities in Colorado. The company operates under a Quality Management System that is ISO 13485:2012 certified and compliant with FDA regulations. More information is available at www.corgenix.com (Corporate website) and www.corgenix.net (Contract Services website).

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, 2013 June 30, 2012
 

Total revenues

$10,187,805

$9,289,358

Gross profit$4,563,533$3,934,363
Total operating expenses$4,267,148$4,420,571
Operating income (loss)296,385($486,208)
Net income (loss)275,462($603,702)
EBITDA$700,651($87,690)
Basic earnings (loss) per share$0.01($0.01)
Diluted earnings (loss) per share$0.01($0.01)
Weighted average shares outstanding-Basic

49,145,446

44,864,021

Weighted average shares outstanding-Diluted

51,233,360

44,864,021

 
    

SUMMARY BALANCE SHEET DATA

(in thousands)

 
June 30, 2013June 30, 2012
Cash$ 1,957$ 1,249
Working capital4,5543,645
Total assets6,7336,263
Long-term debt346472
Total stockholders' equity5,4214,626



Corgenix Medical Corp.
Company Contact:
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 x 230
Vice President, Public Relations Supervisor
dan@armadamedical.com

KEYWORDS:   United States  North America  Colorado

INDUSTRY KEYWORDS:

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