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Corgenix Reports Second Quarter Fiscal 2014 Financial Results

Companies mentioned in this article: Corgenix Medical Corporation

DENVER -- (BUSINESS WIRE) -- 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 and net income 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 $233,452 or 9.4% vs. the prior year’s comparable quarter.
  • Revenues for the six months increased $289,899 or 5.5% vs. the prior year’s comparable six months.
  • Net income for the quarter totaled $178,497 vs. $50,372 in the prior year’s comparable quarter.
  • Net income for the six-month period amounted to $262,544 vs. $245,612 in the prior year’s comparable six-month period.
  • EBITDA for the quarter increased $121,074 or 74.0% vs. the prior year’s comparable quarter.

“We are pleased with the solid improvement in our second quarter operating performance with an increase in revenues and net earnings,” said President and Chief Executive Officer Douglass Simpson. “Our focus on inventory management, expense control and operational efficiencies should continue to improve margins and maintain our strong financial position going forward.”

The company noted that the quarterly results demonstrated particularly strong growth in sales of Coagulation tests and in the Contract Manufacturing sector.

Simpson concluded: “Looking forward, we are well-positioned to capitalize on the opportunities provided by our unique cardiovascular biomarker technology offerings as well as our expanding Contract Services business.”

The company continues to believe that the third and fourth fiscal quarters will remain strong and that fiscal year 2014 revenues will set another record for annual revenues, currently expected to exceed $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.

Fiscal Second Quarter 2014 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 13, 2014, at 4:00 p.m. EST (2:00 p.m. 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) 688-9445 for U.S. participants and +1 402 220 1371 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 (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

Six Months Ended

   

December 31,

2013

December 31,

2012

December 31,

2013

December 31,

2012

(unaudited)

(unaudited)

(unaudited)

(unaudited)

 

Total revenues

$

2,712

$

2,478

$

5,589

$

5,299

Gross profit 1,317 1,069 2,648 2,271
Total operating expenses 1,136 1,013 2,366 2,011
Operating income 181 56 282 260
Net income 178 50 263 249
Basic income per share $ 0.00* $ 0.00* $ 0.01 $ 0.01
Basic shares outstanding 51,030,061 48,975,498 51,025,710 48,435,612
Diluted income per share $0.00* $0.00* $0.01 $0.01
Diluted shares outstanding 54,143,287 50,755,593 54,034,232 49,541,484
Adjusted EBITDA $ 284,680 $ 163,606 $ 472,130 $ 468,740

*Less than 0.01 or (0.01) per share

 
SUMMARY BALANCE SHEET DATA
(in thousands)
   
December 31, 2013 June 30, 2013

(unaudited)

(audited)

 
Cash $ 1,955 $ 1,957
Working capital 4,764 4,554
Total assets 7,158 6,733
Long-term debt 509 346
Total stockholders’ equity 5,882 5,421


Copyright © Business Wire 2014
Contact:

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 x 230
Vice President, Public Relations Supervisor
dan@armadamedical.com