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Corgenix Reports Fiscal 2010 Financial Results

Thu, 09/23/2010 - 6:32am
Bio-Medicine.Org

DENVER, Sept. 23 /PRNewswire-FirstCall/ -- Corgenix Medical Corporation (OTC Bulletin Board: CONX), a worldwide developer and marketer of diagnostic test kits, today filed its fiscal year Form 10-K and reported financial results. The report disclosed that the company's operating results have advanced for the fiscal year ended June 30, 2010. Some of the results highlighted by the report are as follows:

Adjusted EBITDA for the year was $815,981 vs. $403,741 for the prior year. Net income for the year was $2,391 vs. a net loss of $1,570,600 for the prior year. Operating income for the fiscal year was $328,471 vs. an operating loss of $349,490 for the prior year. Total revenues for the year increased $194,613 or 2.4% vs. the prior year. Total operating expenses decreased $514,893 or 10.7% vs. the prior year.

"Our fiscal year results demonstrate that we have reached a critical turning point in the history of our company. The move to profitability along with the opportunity to integrate and build on our new relationship with the ELITech Group should provide further avenues to grow our business," said Douglass Simpson, President and CEO of Corgenix. "As we complete the many tasks ahead, we will manage our company as we have during the challenges of the past several years, controlling costs and conserving cash, while making prudent investments for future growth."

"Looking at our pro-forma results it is easy to see the overall improvement in our operations," added Simpson. "By meeting our three primary objectives — a return to positive revenue growth, achieving positive net income and boosting EBITDA — we are positioned to focus on a number of long-term growth opportunities. As we move forward, we believe the value of our business and the opportunities we have in the medical device industry will become apparent to our sha

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