Corgenix Reports Second Quarter Fiscal 2012 Financial Results

Revenues up 15.7% for quarter, on pace for record year

DENVER--(BUSINESS WIRE)--Corgenix Medical Corporation (OTC BB: CONX.OB), 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 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 $279,691 or 15.7% vs. the prior year’s comparable quarter
• Revenues for the six months increased $479,675 or 12.7% vs. the prior year’s comparable six months
• Interest expense decreased $17,227 or 37.4% vs. the prior year’s comparable quarter

“In this latest reporting period, we continued the double-digit revenue growth seen in recent quarters,” stated Douglass Simpson, Corgenix CEO and President. “It is especially encouraging that most of the increase came from the newer and more profitable products like AspirinWorks and Hyaluronic Acid. Likewise, our Contract Manufacturing sector increased over 200% this quarter, a trend we expect will continue through the rest of this year and into Fiscal 2013.”

The company further noted that the financial performance for the quarter was not as strong as expected, with some weakness in international and certain core product revenue. The company continues to believe that the third and fourth fiscal quarters will be considerably stronger and that Fiscal Year 2012 revenues will set a record for the Company’s annual revenues, currently expected to be approximately $9.7 million, with concurrent improvements in net income and adjusted EBITDA versus the prior year. As is always the case, there can be no such assurance that these results will be realized.

Second Quarter 2012 Conference Call Details

Corgenix invites all those interested in hearing management's discussion of second quarter results to join a shareholders conference call on Tuesday, February 14, 2012, at 4:00 p.m. EST (2:00 p.m. MST). Interested parties can join the call by dialing [phone]. International participants may access the call by dialing [phone]. The conference code is “CORGENIX.” A replay will be available for 30 days following the call by dialing [phone] for U.S. participants and [phone] 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. 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.

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, 2011	December 31, 2010	December 31, 2011	December 31, 2010
	(unaudited)	(unaudited)	(unaudited)	(unaudited)
Total revenues	$ 2,066	$ 1,786	$4,244	$3,764
Gross profit	938	882	1,985	1,943
Total operating expenses	994	898	2,036	2,199
Operating loss	(57)	(16)	(51)	(256)
Net loss	(85)	(62)	(136)	(410)
Basic and diluted loss per share	$ (0.00)	$(0.00)	$(0.00)	$(0.01)
Diluted shares outstanding	45,047,166	40,918,633	43,282,141	39,420,020

SUMMARY BALANCE SHEET DATA (in thousands)
	December 31, 2011 (unaudited)		June 30, 2011 (audited)
Cash	$	812	$	1,095
Working capital		3,942		3,317
Total assets		6,433		6,953
Long-term debt		529		600
Total stockholders’ equity		4,807		4,194