DENVER--(BUSINESS WIRE)--Corgenix Medical Corporation (OTC QB: CONX.OB), a worldwide developer and marketer of diagnostic test kits, today reported that preliminary sales results were much stronger in the fourth quarter (ended June 30, 2011) than the initial three fiscal quarters, coming in at approximately $2,348,000. However, sales were not at the record levels originally expected. This was largely due to the fact that contract manufacturing revenues, originally forecast to be approximately $350,000 for the quarter, were not realized due to a key raw materials failure not under the control of the company. Given the preliminary fourth quarter sales noted above, the company’s preliminary sales results for the fiscal year ended June 30, 2011, will be approximately $7,942,000, or 3.8% below sales reported in the prior fiscal year.
Douglass Simpson, Corgenix President and Chief Executive Officer, stated, “We are pleased to have ended the year on a high note with a strong fourth quarter. Had we not experienced the failure of an in-sourced reagent required for one of our contract manufacturing partners, we would have exceeded prior year sales even with the transitional nature of the year due to the new ELITech Group relationship.”
Simpson stated that management continues to believe that Corgenix will achieve record sales and bottom line results for the upcoming fiscal year ended June 30, 2012, and expects to release its complete financial results for the current fiscal year on or about Sept. 23, 2011.
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 advancing products through the FDA 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 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.