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Corgenix narrows Q2 losses

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Corgenix Medical Corp. (OTC:CONX) posted second-quarter sales of $1.96 million for the three months ended Dec. 31, 2009, down 1.8 percent compared with $2 million during the same period in 2008. Net losses narrowed rose 68.7 percent to $84 million, compared with $268 million during Q2 2009:

Press Release

Corgenix Reports Second Quarter Fiscal 2010 Financial Results

— Net loss for the quarter decreases 69% vs. prior year —

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.

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