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Corgenix Reports First Quarter Fiscal 2013 Financial Results

Corgenix Medical Corporation (OTC BB: CONX.OB), a worldwide developer and marketer of diagnostic test kits, today filed its fiscal quarter Form 10-Q and reported financial results. The report disclosed that the company achieved record operating results for the quarter ended September 30, 2012.

  • Revenue for the quarter increased 29.5% to a record $2.82 million from $2.18 million in the same period of the prior year. Most of the growth was in contract manufacturing (up 291%), liver disease (up 37%), coagulation (up 32%) and AspirinWorks ® (up 19%). Geographically, North American revenues increased 30.4% and international revenues increased 24.1%.
  • Total gross profit for the quarter increased 14.8% to a record of $1.20 million from $1.05 million in the previous year.
  • Operating expenses declined from the first quarter in the prior year by 4.2% while interest expense decreased 89.4% to $6,000 in the current quarter from $60,000 in the prior year.
  • Operating income increased to $205,000 in the first quarter of 2012 from $6,000 in the first quarter of 2011.
  • The company achieved record net income for the current quarter of $198,000 versus a net loss of $50,000 in the prior year, while EBITDA increased 165% to $305,000.

Unaudited Financials at a Glance (in thousands, except percentages)

                       
    Q1 2012   Q1 2011   Percent Change
Revenue   $2,821   $2,178   29.5%
Gross Profit $1,202 $1,047 14.8%
Operating Expenses $997 $1,042 (4.2%)
Operating Income $205 $6 ---
Net Income (Loss) $198 ($50) ---
EBITDA   $305   $115   165.0%
 

“We had a solid first quarter and are very encouraged that our key strategic initiatives are beginning to pay off in a more stable business with solid profitability,” said Douglass Simpson, President and CEO of Corgenix. “We’re continuing to take important steps to maintain this growth in revenues and earnings to ensure long-term success, and we’re confident that our focus on the most important growth areas will continue to drive increased value for our shareholders.”

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