Corgenix Medical Corporation (OTCBB: CONX), a worldwide developer and marketer of diagnostic test kits, today filed its third-quarter Form 10-Q and reported its financial results. The report disclosed that the company’s revenues and net income increased for the year to date. Highlighted results of the report include:

  • Revenues for the current nine-month period increased $244,931 or 3.1% vs. the prior year.
  • Net income for the current nine-month period increased $15,358 or 5.0% vs. the prior year.
  • EBITDA for the quarter increased $14,821 or 9.0% vs. the prior year’s comparable quarter and increased $18,812 or 2.9% for the current nine-month period.

“The third-quarter and nine-month results were in line with our expectations,” stated Corgenix President and Chief Executive Officer Douglass Simpson. “Year to date we are showing improved results year over year in terms of both revenues and income, indicating continued demand for our products and services. It has been a good year so far, as we improved operating profit margins in a challenging market as a result of our focus on providing value-added products for our customers, diligent expense control and margin improvement.”

“We are encouraged by our consistent performance,” Mr. Simpson concluded, "and we continue to witness the results from our business growth initiatives that we have reported on previously, and we remain well-positioned to capitalize on the opportunities we have identified to deliver continued growth and improved results in the fourth quarter.”

The company continues to believe that the fourth fiscal quarter will remain strong and that fiscal year 2014 revenues will set another record for annual revenues, currently expected to exceed $11 million, with meaningful improvements in net income and EBITDA versus the prior year. As is always the case, there can be no assurance that this guidance will actually be realized.

Fiscal Third Quarter 2014 Conference Call Details

Corgenix invites all those interested in hearing management's discussion of third-quarter results to join a shareholders conference call on Thursday, May 15, 2014, at 4:00 p.m. EDT (2:00 p.m. MDT). 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) 753-0348 for U.S. participants and +1 402 220 2672 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 (including the world’s only non-blood-based test for aspirin effect), bone and joint disorders and a line of unique detection products for viral hemorrhagic disease. 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 (Corporate website) and www.corgenix.net (Contract Services website).

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

Nine Months Ended

           

March 31,
2014

March 31,
2013

March 31,
2014

March 31,
2013

(unaudited)

(unaudited)

(unaudited)

(unaudited)

 

Total revenues

$

2,451

$

2,496

$

8,040

$

7,795

Gross profit 1,128 1,173 3,776 3,444
Total operating expenses 1,063 1,106 3,428 3,117
Operating income 66 67 348 327
Net income 60 62 323 311
Basic income per share

$

0.00*

$

0.00*

$ 0.01 $ 0.01
Basic shares outstanding 51,437,816 49,626,185 51,348,476 48,826,676
Diluted income per share

 

$0.00*

 

$0.00*

 

$0.01

 

$0.01

Diluted shares outstanding 56,105,828 51,916,925 54,413,223 50,154,285
Adjusted EBITDA $ 180,471 $ 165,650 $ 652,602 $ 634,390
 

*Less than 0.01 or (0.01) per share

 

SUMMARY BALANCE SHEET DATA
(in thousands)

    
         

March 31, 2014
(unaudited)

June 30, 2013
(audited)

 
Cash $ 2,728 $ 1,957
 
Working capital 5,013 4,554
 
Total assets 7,685 6,733
 
Long-term debt 481 346
 
Total stockholders’ equity 6,031 5,421