Corgenix Reports Second Quarter Fiscal 2013 Financial Results

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.

Second Quarter 2013 Conference Call Details

Corgenix invites all those interested in hearing management's discussion of second quarter results to join a shareholders conference call on Thursday, February 14, 2013, at 4:00 p.m. EST (2:00 p.m. MST). 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.

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
($000 of U.S. dollars except shares outstanding and per-share amounts)
 
CORGENIX MEDICAL CORPORATION AND SUBSIDIARIES
OPERATIONAL DATA
   

Three Months Ended

Six Months Ended
 

December 31,

2012
 

December 31,

2011

December 31,

2012
 

December 31,

2011

(unaudited)

(unaudited)

(unaudited)

(unaudited)

Total revenues

$

2,478

$

2,066

$

5,299

$

4,244
Gross profit 1,069 938 2,271 1,985
Total operating expenses 1,013 994 2,011 2,036
Operating income (loss) 56 (57 ) 260 (51 )
Net income (loss) 50 (85 ) 249 (136 )
Basic income (loss) per share

$

0.00*

$

(0.00)*
$ 0.01

$

(0.00)*
Basic shares outstanding 48,975,498 45,047,166 48,435,612 43,282,141
Diluted income (loss) per share

$

0.00*

$

(0.00)*
$ 0.01

$

(0.00)*
Diluted shares outstanding 50,755,593 45,047,166 49,541,484 43,282,141
EBITDA $ 163,606 $ 33,697 $ 468,740 $ 157,200
 

*Less than 0.01 or (0.01) per share
 
SUMMARY BALANCE SHEET DATA
(in thousands)
   
December 31, 2012 June 30, 2012

(unaudited)

(audited)
 
Cash $ 1,232 $ 1,249
Working capital 4,282 3,645
Total assets 6,530 6,263
Long-term debt 402 472
Total stockholders’ equity 5,236 4,626
 

Copyright Business Wire 2010

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