Corgenix Medical reporting loss for first fiscal quarter
BROOMFIELD – Corgenix Medical Corp. (OTC: CONX) on Wednesday reported preliminary results for its first fiscal quarter that ended Sept. 30, noting an expected $700,000 drop in revenue compared with the same period a year ago.
The Broomfield-based diagnostic test kit maker expects a net loss of $770,000 versus a profit of $84,000 for the same quarter last year. The loss came on $2.2 million in revenue, down from $2.9 million last year.
Corgenix is, among other things, developing a 10-minute rapid diagnostic test for Ebola. In August, the company reached a deal to be acquired by Germany-based Orgentec Diagnostika. That deal is expected to close by the end of the year.
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Corgenix’s share price remained mostly flat Wednesday at about 27 cents.
“The first quarter weakness resulted from a slow down in demand from a major customer for our Aspirin Works product and contract manufactured end products,” Corgenix president and chief executive Doug Simpson said in a prepared statement. “The company also incurred approximately $600,000 in expenses associated with its review of strategic alternatives and definitive agreement to be acquired by Orgentec Diagnostika.”
Corgenix will release its complete financial results on Friday, Nov. 7.
BROOMFIELD – Corgenix Medical Corp. (OTC: CONX) on Wednesday reported preliminary results for its first fiscal quarter that ended Sept. 30, noting an expected $700,000 drop in revenue compared with the same period a year ago.
The Broomfield-based diagnostic test kit maker expects a net loss of $770,000 versus a profit of $84,000 for the same quarter last year. The loss came on $2.2 million in revenue, down from $2.9 million last year.
Corgenix is, among other things, developing a 10-minute rapid diagnostic test for Ebola. In August, the company reached a deal to be acquired by Germany-based Orgentec Diagnostika. That deal…
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