Corgenix Reports Second Quarter Fiscal 2008 Financial Results
Feb 12, 2008 09:15:01 (ET)
DENVER, Feb 12, 2008 (BUSINESS WIRE) -- Corgenix Medical Corporation (CONX, Trade ), a worldwide developer and marketer of diagnostic test kits, today filed its 2nd quarter Form 10-QSB and reported financial results. The report disclosed that the company's sales and operating results have advanced during the quarter and six months ended December 31, 2007, and further confirmed that the initiatives the company put in place several months earlier are proving very effective. Some of the results highlighted by the report are as follows:
-- Revenues for the quarter increased $714,227 or 42.4% over the prior year's comparable quarter.
-- Total operating expenses decreased $326,074 or 22.5% vs. the prior year's comparable quarter.
-- Operating income for the quarter was $224,224 vs. an operating loss of $435,039 in the prior year's comparable quarter.
-- Net loss was dramatically reduced from $908,121 in the prior year's comparable quarter to $60,310 in the current quarter.
"The initiatives which we implemented beginning in the final quarter of fiscal 2007 to increase sales and decrease operating expenses are definitely showing positive results," said Douglass Simpson, President and CEO of Corgenix. "While we still have more work to do, these initiatives have materially reduced our operating expenses, improved our customer and sales experience and laid the groundwork to accelerate future revenue growth. Our Company is growing nicely and is very vibrant."
The Company noted that the financial performance for the quarter was strong, with notable growth in core product revenue and substantially reduced net negative cash flow. The Company expects that Fiscal Year 2008 will be another record year for revenues.
"We are continuing to build a solid foundation for AspirinWorks(R). Even though sales are not yet material, they are right on budget and should begin to pay off later in the current fiscal year, and especially in the years to come," noted Luis Lopez, M.D., Corgenix Chairman and Chief Medical Officer. "Our AspirinWorks(R) and AtherOx(R) products are currently in over 34 clinical studies worldwide and we expect to see exciting news as these studies are completed and move to publication."
Second Quarter 2008 Conference Call Details
Corgenix invites all those interested in hearing management's discussion of second quarter results to join a shareholders conference call on Tuesday, February 12, 2008, at 4:00 PM EST (2:00 PM MST). Interested parties can join the call by dialing 800-895-0198. International participants may access the call by dialing 785-424-1053. The conference code is "CORGENIX." A replay will be available for 30 days following the call by dialing 800-727-6189 for domestic participants and 402-220-2671 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. 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 advancing products through the FDA process. 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. These statements inherently involve risks and uncertainties that could cause actual results to differ materially from the 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 report 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 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, December 31, December 31, December 31,
2007 2006 2007 2006
(unaudited) (unaudited) (unaudited) (unaudited)
Net sales $2,399 $1,685 $4,504 $3,379
Gross profit 1,346 1,013 2,487 2,062
Total operating
expenses 1,122 1,448 2,261 2,765
Operating income
(loss) 224 (435) 226 (703)
Net loss (60) (908) (748) (1,751)
Basic and diluted
loss per share $(0.00) $(0.08) $(0.03) $(0.15)
Diluted shares
outstanding 25,048,943 11,959,592 22,179,066 11,542,725
SUMMARY BALANCE SHEET DATA
(in thousands)
December 31, 2007 June 30, 2007
(unaudited) (audited)
Cash $1,894 $1,324
Working capital 3,387 2,070
Total assets 8,721 8,889
Long-term debt 1,707 $2,508
Total stockholders' equity 4,499 2,993
SOURCE: Corgenix Medical Corporation
Corgenix Medical Corp
William Critchfield, 303-453-8903
Senior VP and CFO
wcritchfield@corgenix.com
or
Armada Medical Marketing
Dan Snyders, 303-623-1190, ext. 230
Vice President, Public Relations Supervisor
dan@armadamedical.com
