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TheStreet Open House

Corgenix Reports Second Quarter Fiscal 2013 Financial Results

Stock quotes in this article: CONX

Corgenix Medical Corporation (OTC BB: CONX), a worldwide developer and marketer of diagnostic test kits, today filed its second quarter Form 10-Q and reported its financial results. The report disclosed that the company’s revenues increased both for the quarter and year to date. Some of the results highlighted by the report are as follows:

  • Revenues for the quarter increased $412,587 or 20.0% vs. the prior year’s comparable quarter
  • Revenues for the six months increased $1,055,445 or 24.9% vs. the prior year’s comparable six months
  • Operating income for the quarter totaled $55,755 vs. an operating loss of $56,722 in the prior year’s comparable quarter
  • Net income for the quarter amounted to $50,372 vs. a net loss of $90,436 in the prior year’s comparable quarter
  • EBITDA for the quarter increased $129,900 or 385.5% vs. the prior year’s comparable quarter

“We continued to see excellent growth in the second quarter,” said President and Chief Executive Officer Douglass Simpson. “Our revenue and net income growth exceeded our expectations and we are especially excited about launching our Aspirin Works product into China. While there is much work to do for the remainder of the fiscal year, I am very pleased with the results of the quarter and the effort from our team members to deliver great results.”

The company noted that the quarterly results demonstrated particularly strong growth in sales of the AspirinWorks Test ® and the contract manufacturing sector, as the Company’s key customers continue expanding their presence in the U.S. and in important international markets.

The company continues to believe that the third and fourth fiscal quarters will remain strong and that fiscal year 2013 revenues will set another record for annual revenues, currently expected to be approximately $10.6 to $11 million, with substantial improvements in net income and EBITDA versus the prior year. As is always the case, there can be no such assurance that this guidance will be realized.

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