Corgenix Reports Second Quarter Fiscal 2010 Financial Results

DENVER, Feb. 11 /PRNewswire-FirstCall/ -- Corgenix Medical Corporation (OTC Bulletin Board: CONX), a worldwide developer and marketer of diagnostic test kits, today filed its 2nd quarter Form 10-Q and reported its financial results. The report disclosed that the company's revenues slightly declined during the quarter but slightly increased for the six months ended December 31, 2009. Some of the results highlighted by the report are as follows:

• Revenues for the quarter decreased $35,574 or 1.8% vs. the prior year's comparable quarter
• Total operating expenses decreased $147,774 or 12.2% vs. the prior year's comparable quarter
• Operating income for the quarter was $12,395 vs. an operating loss of $56,223 for the prior year's comparable quarter
• Net loss decreased to $83,841 or 68.8% in the current quarter from $268,374 in the prior year's comparable quarter

Douglass Simpson, Corgenix CEO and President, stated, "Compared to the prior year, revenues softened slightly in the second quarter, largely due to a decrease in our private label (OEM) and contract manufacturing business sectors, partially offset by slight growth in our direct product sales. We have recently added new contract manufacturing customers and are continuing to focus on the expansion and strengthening of this segment of our business."

The company further noted that the financial performance for the quarter was not as strong as expected, with continued weakness in core product revenue. The company continues to remain hopeful that Fiscal Year 2010 revenues will exceed those of the prior fiscal year, even though there can be no assurance that this will be the case.

Second Quarter 2010 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 11, 2010, at 4:00 PM EST (2:00 PM MST). Interested parties can join the call by dialing (800) 862-9098. International participants may access the call by dialing +1 785-424-1051. The conference code is "CORGENIX". A replay will be available for 30 days following the call by dialing (800) 283-4641 for domestic participants and +1 402-220-0851 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. 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,
                       2009            2008           2009            2008
                   (unaudited)     (unaudited)    (unaudited)     (unaudited)
                   -----------     -----------    -----------     -----------
    Net sales          $1,959          $1,995         $4,004          $3,997
    Gross
     profit             1,075           1,154          2,191           2,261
    Total
     operating
     expenses           1,063           1,210          2,094           2,411
    Operating
     income
     (loss)                12             (56)            96            (150)
    Net loss              (84)           (268)           (91)           (609)
    Basic and
     diluted
     loss per
     share             $(0.00)         $(0.01)        $(0.00)         $(0.02)
    Diluted
     shares
     outstanding   31,033,209      30,280,155     30,669,532      30,186,124
    
     

    
    
                              SUMMARY BALANCE SHEET DATA
                                    (in thousands)
    
                                   December 31, 2009     June 30, 2009
                                      (unaudited)         (audited)
                                       ----------         ---------
    Cash                                   $662              $785
    Working capital                       2,043             2,013
    Total assets                          6,367             6,906
    Long-term debt                          607               744
    Total stockholders' equity            3,052             3,113
    
    

SOURCE Corgenix Medical Corporation