Corgenix Reports 23% Increase in Revenue for Third Quarter Fiscal 2007.BROOMFIELD, Colo. -- Corgenix Medical Corporation (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: CONX), a worldwide developer and marketer of diagnostic test kits, reported sales of $2,011,996 for the third fiscal quarter ended March 31, 2007, compared with $1,634,446 for the quarter ended March 31, 2006, an increase of 23.1%. For the nine months ended March 31, 2007, Corgenix reported sales of $5,390,919, compared with $4,850,282 for the nine-month period the year prior. Increases in revenues for the quarter were primarily attributable to substantial growth in both the Company's international business, across most product lines, and domestically in Corgenix's contract manufacturing and OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and business. The third quarter of fiscal 2007 produced an operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of $37,423 compared with an operating loss of $41,524 for the third quarter of fiscal 2006. The net loss for the quarter was $329,370, or $0.03 per share, compared with a net loss of $656,853 or $0.27 per share, in the year-earlier quarter. The reduction in the current quarter's net loss is principally due to a significant increase in sales and corresponding gross profit plus a substantial decrease in interest expense, partially offset by an increase in operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. . The nine months ended March 31, 2007 produced an operating loss of $740,432, compared with operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. of $256,157 for the nine-month period the year prior. The net loss for the nine months ended March 31, 2007 was $2,080,694, or $0.17 per share, compared with a net loss of $1,041,488, or $0.33 per share, for the comparable period in fiscal 2006. The net loss incurred during the first nine months of fiscal 2007 included a substantial increase in operating expenses, much of which were non-recurring expenditures due to the Company's headquarter head·quar·ter v. head·quar·tered, head·quar·ter·ing, head·quar·ters Usage Problem v.tr. To provide with headquarters: relocation in July, in addition to significant non-operating and non-cash charges to interest expense attributable to the 2005 convertible debt financings. "This was another great quarter for our growth, marking the first time the Company has had sales of over $2 million in a quarter," said Douglass Simpson, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Corgenix. "We continued to increase revenues while also strengthening the Company's sales and marketing position by reclaiming full rights to the Company's AspirinWorks([R]) Test Kit. This was an important step in ensuring that this aspirin response technology will be successfully delivered to the estimated $1 billion global aspirin therapy testing marketplace." AspirinWorks([R]) is Corgenix's newest diagnostic product for cardiovascular disease Cardiovascular disease Disease that affects the heart and blood vessels. Mentioned in: Lipoproteins Test cardiovascular disease and is pending 510(k) clearance with the U.S. Food and Drug Administration and is not currently available for in vitro in vitro /in vi·tro/ (in ve´tro) [L.] within a glass; observable in a test tube; in an artificial environment. in vi·tro adj. In an artificial environment outside a living organism. diagnostic use in the United States. Third Quarter 2007 Conference Call Details Corgenix invites all those interested in hearing management's discussion of third quarter results, on Tuesday, May 15, 2007 at 3:00 PM EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT (1:00 PM MDT MDT abbr. Mountain Daylight Time MDT (in the US and Canada) Mountain Daylight Time MDT n abbr (US) (= mountain daylight time) → ), to join the call by dialing 866-585-6398. International participants may access the call by dialing 416-849-9626. A replay will be available for one week following the call by dialing 866-245-6755 for domestic participants and 416-915-1035 for international participants and entering passcode 609559 when prompted. Participants may also access a live webcast of the conference call through the investor relations section of Corgenix's website, www.corgenix.com. The webcast will be available until May 22, 2007. 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 FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. 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 The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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. [TABLE OMITTED] [TABLE OMITTED] |
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