Corgenix Reports First Quarter Fiscal 2013 Financial Results

Corgenix Reports First Quarter Fiscal 2013 Financial Results

Record quarter for revenues, net income and EBITDA

DENVER--(BUSINESS WIRE)-- 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.

Unaudited Financials at a Glance (in thousands, except percentages)

                       
    Q1 2012   Q1 2011   Percent Change
Revenue   $2,821   $2,178   29.5%
Gross Profit $1,202 $1,047 14.8%
Operating Expenses $997 $1,042 (4.2%)
Operating Income $205 $6 ---
Net Income (Loss) $198 ($50) ---
EBITDA   $305   $115   165.0%
 

"We had a solid first quarter and are very encouraged that our key strategic initiatives are beginning to pay off in a more stable business with solid profitability," said Douglass Simpson, President and CEO of Corgenix. "We're continuing to take important steps to maintain this growth in revenues and earnings to ensure long-term success, and we're confident that our focus on the most important growth areas will continue to drive increased value for our shareholders."

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.

First Quarter Conference Call Details

Corgenix invites all those interested in hearing management's discussion of the first quarter results to join a shareholders conference call today, Tuesday, November 13, 2012, at 4:00 p.m. EST (2:00 p.m. MST). Interested parties can join the call by dialing (800) 895-0231. International participants may access the call by dialing +1 785-424-1054. The conference code is "CORGENIX." A replay will be available for 30 days following the call by dialing (800) 388-5895 for U.S. participants and +1 402-220-1110 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 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. 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.

   

UNAUDITED SUMMARY BALANCE SHEET DATA
(in thousands)

 

September 30, 2012

June 30, 2012

Cash $ 1,197 $ 1,249
Working capital 3,994 3,645
Total assets 6,735 6,263
Long-term debt 440 472
Total stockholders' equity 4,982 4,626



Company Contact:
Corgenix Medical Corp.
William Critchfield, 303-453-8903
Senior VP Operations and Finance and CFO
wcritchfield@corgenix.com
or
Media Contact:
Armada Medical Marketing
Dan Snyders, 303-623-1190 x230
Vice President, Public Relations Supervisor
dan@armadamedical.com

KEYWORDS:   United States  North America  Colorado

INDUSTRY KEYWORDS:

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