Corgenix third quarter revenues down 16.7% to $1,828,943

Corgenix Medical Corporation (OTC QB:CONX.OB), a worldwide developer and marketer of diagnostic test kits, today filed its third quarter Form 10-Q and reported its financial results. Some of the results highlighted by the report are as follows:

“Our business relationship with ELITech continues to grow, and together we are laying the groundwork for making important strides in the combined business base. That, along with our other strategic initiatives, should enable us to far exceed our historical financial performance very quickly.”

• Revenues were down 16.7% to $1,828,943, primarily as a result of the decrease in international sales related to the transfer of international distribution to the ELITech Group
• Operating loss was $110,719 vs. operating income in the prior period of $146,227
• Interest expense declined $10,854 to $54,292
• Net loss was $164,809 vs. net income in the prior period of $81,175

"While our financial performance for the quarter was not as strong as we had hoped due to continued weakness in international product revenue, we are seeing strong signs of near-term revenue growth across other segments of our business," stated Douglass Simpson, Corgenix CEO and President. "We anticipate that in the next few quarters this growth should more than overcome the impact of moving our international distribution to a master distributor relationship and return us to profitability."

Mr. Simpson continued, "Our business relationship with ELITech continues to grow, and together we are laying the groundwork for making important strides in the combined business base. That, along with our other strategic initiatives, should enable us to far exceed our historical financial performance very quickly."

The Company expects to have a much stronger overall fourth quarter, possibly at record or near-record quarterly sales levels, and consequently Fiscal Year 2011 revenues are expected to be very comparable to those of the prior fiscal year. Additionally, preliminary management projections indicate that the next fiscal year ending June 30, 2012, is expected to be a record year in many of the aspects of our business, which are expected to translate to record sales and operating results.