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.
|Q1 2012||Q1 2011||Percent Change|
|Net Income (Loss)||$198||($50)||---|
Business Development Highlights for the Quarter ended September 30, 2012
- Completed preliminary discussions with the U.S. Food and Drug Administration (FDA) on several diagnostic products in advance of 510(k) submissions expected in Q3 and Q4
- Continued expansion of international business through the ELITech Group, focusing on securing regulatory approval in key countries
- Advanced automated systems program with the installation and initial sales of the SkyLAB 752 instrument in the U.S.
- Met key project guidelines of the Joint Product Development Agreement (JPDA) with ELITech, advancing several products expected to be released prior to end of fiscal year
- Conducted advanced clinical studies of Lassa virus products in West Africa in preparation of product launch spanning Q2 and Q3.
|UNAUDITED SUMMARY BALANCE SHEET DATA(in thousands)|
|September 30, 2012||June 30, 2012|
|Total stockholders’ equity||4,982||4,626|